How has been the historical performance of BSE?

Revenue and Profitability Trends

Over the past six years, BSE's net sales have shown a remarkable increase, rising from ₹652.48 crores in March 2019 to ₹2,957.34 crores in March 2025. This more than fourfold growth underscores the company's expanding market presence and enhanced business activities. Correspondingly, total operating income has mirrored this trend, reflecting consistent revenue generation without reliance on other operating income streams.

Operating profit margins have improved substantially, with the operating profit (PBDIT) excluding other income climbing from ₹205.82 crores in March 2019 to ₹1,499.69 crores in March 2025. The operating profit margin excluding other income rose to 50.71% in the latest fiscal year, indicating enhanced operational efficiency and cost management. Gross profit margin, although fluctuating, stood at a healthy 60.14% in March 2025.

Profit after tax (PAT) has also seen a significant uplift, increasing from ₹164.94 crores in March 2019 to ₹1,234.47 crores in March 2025. The PAT margin, while variable, remained strong at 44.54% in the most recent year, reflecting the company's ability to convert revenue into net earnings effectively. Earnings per share (EPS) followed a similar pattern, reaching ₹32.65 in March 2025, up from ₹38.47 in March 2019, with some fluctuations in the intervening years.

Asset and Liability Overview

BSE's total assets have expanded significantly, from ₹4,348.14 crores in March 2020 to ₹10,322.26 crores in March 2025. This growth is supported by increases in both current and non-current assets. Notably, cash and bank balances surged from ₹1,609.18 crores in March 2020 to ₹5,183.86 crores in March 2025, highlighting strong liquidity. Current investments also rose, contributing to the overall asset base expansion.

Shareholder's funds have grown steadily, reaching ₹4,423.73 crores in March 2025 from ₹2,425.10 crores in March 2020, reflecting retained earnings and reserves accumulation. The company maintains a debt-free status, with no long-term or short-term borrowings reported in recent years, which strengthens its financial stability and reduces interest burden.

On the liabilities side, total current liabilities increased to ₹4,614.63 crores in March 2025, up from ₹1,585.59 crores in March 2020, primarily due to higher other current liabilities. Deferred tax liabilities have decreased over the years, indicating effective tax planning. Contingent liabilities have also risen, reaching ₹10,944.12 crores in March 2025, which investors should monitor closely.

Cash Flow and Operational Efficiency

Cash flow from operating activities has been positive in recent years, with ₹414 crores generated in March 2025, although it experienced volatility in earlier years. Investing activities consistently show cash outflows, reflecting ongoing investments in capital expenditure and intangible assets development. Financing activities have generally resulted in cash outflows, consistent with the company's debt-free position and dividend or other shareholder returns.

Net cash inflow/outflow has fluctuated, with a net outflow of ₹550 crores in March 2025 following a strong inflow of ₹1,622 crores in March 2024. The closing cash and cash equivalents remain robust at ₹1,524 crores, ensuring ample liquidity for operational and strategic needs.

Summary of Historical Performance

In summary, BSE has exhibited strong financial growth over the last six years, with substantial increases in revenue, profitability, and asset base. The company’s operating margins have improved markedly, and it has maintained a clean balance sheet with no debt. Cash reserves and investments have grown, supporting liquidity and future expansion. While contingent liabilities have increased, the overall financial health remains robust, positioning BSE favourably within the capital markets sector.

Investors looking at BSE can appreciate its consistent upward trajectory in earnings and operational efficiency, alongside prudent financial management. These factors contribute to its standing as a key player in the Indian stock exchange landscape.

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