I'm guessing that when you say "by-turn" you mean "one after the other" (i.e., execute the first setup.exe, let it complete, execute the second setup.exe, let it complete, etc).
If setup.exe is console-based, then you can just call your .EXEs directly. Each setup.exe will attach to the .BAT file's console window, thus blocking its execution until setup.exe completes. Similar to the for-loop example given by Bubbafat:
for /f %%i in ('dir /b /s setup.exe') do %%i
However, if setup.exe is gui-based, then you'll have to use the CALL command. This will cause the .BAT file to wait for the called process to terminate before executing any more commands:
for /f %%i in ('dir /b /s setup.exe') do call %%i
Now, if I misunderstood you and your EXEs are console-based and you want to execute them all at the same time without waiting for each to complete in turn, then you can use the START command. This will open a new console window for each EXE.
for /f %%i in ('dir /b /s setup.exe') do start %%i
NB: Changed from "for /r" type loop to "for /f" since it will only return existing paths (unlike "for /r", which generates paths that may not exist).