BSE India - Public Comps and Valuation Multiples

BSE India Overview

About BSE India

BSE Ltd operates as a stock exchange and is one of the exchange groups in India. The company operates through one segment namely Stock Exchange Operations i.e. Facilitating Trading in Securities and other related ancillary Services, while generating a majority of its revenues through stock exchange activities. It predominantly provides a trading platform for over 5000 companies that are listed on its exchange. The exchange offers various services such as trading in equity, debt instruments, derivatives, and mutual funds. BSE also offers its customers other services such as risk management, market data services, and educational programs. Geographically, the company generates a majority of its revenue from its customers within India.

Founded

2005

HQ

Employees

771

Website

bseindia.com

Sectors

Stock Exchanges
FinTech

Financials

LTM Revenue $397M

LTM EBITDA $233M

EV

$11.0B

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BSE India Financials

As of September 2025, BSE India reported last 12-month revenue of $397M and EBITDA of $233M.

In the same period, BSE India achieved $184M in LTM net income.

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BSE India P&L

In the most recent fiscal year, BSE India reported revenue of $333M and EBITDA of $209M.

BSE India expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$397M	XXX	$333M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$205M	XXX	XXX	XXX
Gross Margin	n/a	XXX	62%	XXX	XXX	XXX
EBITDA	$233M	XXX	$209M	XXX	XXX	XXX
EBITDA Margin	59%	XXX	63%	XXX	XXX	XXX
EBIT	$228M	XXX	$160M	XXX	XXX	XXX
EBIT Margin	58%	XXX	48%	XXX	XXX	XXX
Net Profit	$184M	XXX	$149M	XXX	XXX	XXX
Net Margin	46%	XXX	45%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for BSE India including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $397M. EBITDA for the last twelve months was $233M. In the most recent fiscal year, BSE India achieved $333M in revenue and $209M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$397M	Analyst estimates available to subscribers	$333M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$205M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	61.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$233M	Analyst estimates available to subscribers	$209M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	58.7% EBITDA margin	Analyst estimates available to subscribers	62.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$228M	Analyst estimates available to subscribers	$160M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	57.5% EBIT margin	Analyst estimates available to subscribers	48.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$184M	Analyst estimates available to subscribers	$149M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	46.4% net profit margin	Analyst estimates available to subscribers	44.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for BSE India

This financial data table provides comprehensive performance metrics for BSE India, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

BSE India generated $397M in revenue over the last twelve months.
The company achieved $233M in EBITDA over the last twelve months.
Net income over the last twelve months reached $184M.

Fiscal Year Performance

In the most recent fiscal year, BSE India reported $333M in total revenue.
Fiscal year EBITDA was $209M.
The company maintained a gross profit margin of 61.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 62.9%.
Net profit margin reached 44.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for BSE India. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

BSE India Stock Performance

BSE India has current market cap of INR 1.01T (or $11.3B), and EV of INR 977B (or $11.0B).

Market Cap Evolution

BSE India Stock Data

As of October 14, 2025, BSE India's stock price is INR 2476 (or $28).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$11.0B	$11.3B	XXX	XXX	XXX	XXX	$0.46

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BSE India Valuation Multiples

BSE India's trades at 38.1x EV/Revenue multiple, and 58.4x EV/EBITDA.

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BSE India Financial Valuation Multiples

As of October 14, 2025, BSE India has market cap of $11.3B and EV of $11.0B.

Equity research analysts estimate BSE India's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

BSE India has a P/E ratio of 61.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.3B	XXX	$11.3B	XXX	XXX	XXX
EV (current)	$11.0B	XXX	$11.0B	XXX	XXX	XXX
EV/Revenue	27.7x	XXX	38.1x	XXX	XXX	XXX
EV/EBITDA	47.2x	XXX	58.4x	XXX	XXX	XXX
EV/EBIT	48.2x	XXX	85.0x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	61.5x	XXX	84.6x	XXX	XXX	XXX
EV/FCF	78.2x	XXX	111.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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BSE India Margins & Growth Rates

BSE India's last 12 month revenue growth is 22%

BSE India's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.

BSE India's rule of 40 is 88% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

BSE India's rule of X is 115% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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BSE India Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	22%	XXX	32%	XXX	XXX	XXX
EBITDA Margin	59%	XXX	65%	XXX	XXX	XXX
EBITDA Growth	32%	XXX	30%	XXX	XXX	XXX
Rule of 40	88%	XXX	88%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	115%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	13%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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