Financials BSE Limited

Equities

BSE

INE118H01025

Financial & Commodity Market Operators

Market Closed - NSE India S.E. 12:43:47 02/05/2024 BST 5-day change 1st Jan Change
2,859 INR +2.46% Intraday chart for BSE Limited -10.66% +28.70%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 31,651 13,363 25,713 127,693 58,378 387,255 - -
Enterprise Value (EV) 1 31,651 -2,840 -4,668 79,162 53,848 374,984 377,858 381,119
P/E ratio 16.2 x 12.1 x - 51 x 26.8 x 50.6 x 42.5 x 34.1 x
Yield 4.91% 5.73% 3.68% 1.43% 2.78% 1.13% 1.71% 2.12%
Capitalization / Revenue 4.85 x 2.19 x 3.93 x 14.8 x 6.12 x 26.7 x 16.8 x 13.7 x
EV / Revenue 4.85 x -0.47 x -0.71 x 9.17 x 5.64 x 25.9 x 16.4 x 13.5 x
EV / EBITDA 14.5 x -2.6 x -2.78 x 25.5 x 17.6 x 57.4 x 33.1 x 26.2 x
EV / FCF -8.33 x -0.79 x 4.4 x 5.62 x -19.2 x 72.9 x 45.1 x 37.1 x
FCF Yield -12% -126% 22.7% 17.8% -5.21% 1.37% 2.21% 2.7%
Price to Book 0.95 x 0.55 x - 4.81 x 2.16 x 11.9 x 10.9 x 10.4 x
Nbr of stocks (in thousands) 155,367 135,073 135,073 135,268 135,463 135,463 - -
Reference price 2 203.7 98.93 190.4 944.0 431.0 2,790 2,790 2,790
Announcement Date 07/05/19 21/05/20 13/05/21 11/05/22 11/05/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,525 6,092 6,546 8,635 9,539 14,483 23,026 28,295
EBITDA 1 2,188 1,094 1,679 3,107 3,068 6,531 11,432 14,529
EBIT 1 1,677 583.4 - 2,624 2,464 6,155 10,350 12,948
Operating Margin 25.71% 9.58% - 30.39% 25.83% 42.5% 44.95% 45.76%
Earnings before Tax (EBT) 1 2,175 1,355 1,094 2,631 2,480 10,389 11,342 14,055
Net income 1 1,993 1,223 1,449 2,543 2,207 8,146 8,876 10,662
Net margin 30.54% 20.07% 22.13% 29.45% 23.13% 56.25% 38.55% 37.68%
EPS 2 12.58 8.190 - 18.51 16.06 55.13 65.68 81.74
Free Cash Flow 1 -3,798 3,589 -1,061 14,098 -2,805 5,141 8,369 10,278
FCF margin -58.21% 58.91% -16.2% 163.26% -29.4% 35.5% 36.35% 36.32%
FCF Conversion (EBITDA) - 328.09% - 453.76% - 78.72% 73.21% 70.74%
FCF Conversion (Net income) - 293.5% - 554.32% - 63.11% 94.29% 96.4%
Dividend per Share 2 10.00 5.667 7.000 13.50 12.00 31.66 47.76 59.06
Announcement Date 07/05/19 21/05/20 13/05/21 11/05/22 11/05/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - 1,700 1,857 - 2,186 2,334 1,977 2,398 2,449 2,715 2,712 2,270 3,678 5,001
EBITDA 1 - 503.5 700.8 - 834.8 846.3 557.6 555.2 390.2 1,272 1,141 1,166 1,960 2,372
EBIT - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 260 370.1 543.2 733.5 660.3 693.8 425.6 358.8 565.5 1,130 5,044 1,042 1,787 2,414
Net income 1 323.7 325.7 534.2 651.4 612.9 744.8 440.4 338.1 476.3 911.8 4,427 - 1,345 1,807
Net margin - 19.16% 28.76% - 28.04% 31.91% 22.28% 14.1% 19.45% 33.59% 163.23% - 36.56% 36.13%
EPS - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/02/21 13/05/21 06/08/21 12/11/21 08/02/22 11/05/22 03/08/22 07/11/22 07/02/23 11/05/23 09/08/23 - - -
1INR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - 16,203 30,382 48,531 4,530 12,271 9,397 6,136
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -3,798 3,589 -1,061 14,098 -2,805 5,141 8,369 14,913
ROE (net income / shareholders' equity) 6.09% 4.57% 5.89% 9.88% 8.24% 18% 27.6% 33%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 214.0 180.0 - 196.0 199.0 234.0 253.0 265.0
Cash Flow per Share - - - - - - - -
Capex 1 618 379 382 320 1,434 1,173 1,352 1,598
Capex / Sales 9.47% 6.21% 5.83% 3.7% 15.03% 8.1% 5.59% 5.35%
Announcement Date 07/05/19 21/05/20 13/05/21 11/05/22 11/05/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
2,859 INR
Average target price
3,007 INR
Spread / Average Target
+5.17%
Consensus

Quarterly revenue - Rate of surprise

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