Shares of BSE Limited, the stock exchange operator, rose 6.53% to ₹3,836.80 by 11:38 AM IST on Thursday, 5 November 2026. The rise came a day after the company shared strong results for the July to September quarter (Q2 FY27), according to The Hindu BusinessLine.
BSE's profit rose 45% to ₹809 crore. Three big brokerages gave their views, and they did not agree. Two set targets above Thursday's price. One still expects the stock to do worse than the market.
What happened
The stock had closed at ₹3,601.50 on Wednesday. On Thursday morning it gained ₹235.30 on the NSE and touched a high of ₹3,842, BusinessLine reported. By mid-morning, 65.37 lakh shares had been traded, worth more than ₹2,455 crore.
It was a strong day for the whole market. According to NDTV Profit, the Sensex rose 2,100 points and the Nifty was above 24,550. Other large stocks also rose, including Bajaj Finance, which led Nifty gainers.
BSE shares have risen 45.93% so far in 2026 and 53.61% over the past year. The company's market value stood at ₹1,56,607 crore. In the past 52 weeks, the stock has traded between ₹2,377.40 and ₹4,446.80. So even after Thursday's jump, it was about 13.7% below its 52-week high (our calculation).
The numbers
Revenue from operations grew 34% from a year ago to ₹1,433 crore, according to Livemint. EBITDA grew 43%. EBITDA is the money a business earns from its daily work, before interest, tax and some accounting charges.
The reported EBITDA figure differs slightly. Livemint put it at about ₹973 crore to ₹984 crore. JPMorgan, as quoted by BusinessLine, put it at ₹9.73 billion, which is ₹973 crore. We could not confirm the exact figure. Readers can check BSE's filing on the BSE or NSE website.
The EBITDA margin was about 68%, Livemint said. JPMorgan put it at 67.9%, up from 63.7% a year ago. A 68% margin means about ₹68 of EBITDA from every ₹100 of revenue.
Profit after tax rose 45% to ₹809 crore. JPMorgan also gave a narrower number. Net profit, excluding CDSL's share, rose 45.7% to ₹7.83 billion, or ₹783 crore. Other income of ₹1.18 billion helped. These are two different measures, so the numbers are not the same.
For the first half (April to September), BSE reported consolidated revenue of ₹32,573 million, up 49%. That is about ₹3,257 crore (our calculation). Its net margin was 52%, and earnings per share (EPS) was ₹40.86.
Where the growth came from
Livemint said many parts of the business grew: equity cash trading, derivatives, StAR MF, listing and co-location services. Derivatives are contracts, like futures and options, whose value depends on a share or an index. StAR MF is BSE's mutual fund platform.
Index options saw record turnover in October, BusinessLine reported. All 500 co-location racks have also been allocated. Livemint pointed to BSE's agreement with MSCI as another possible source of growth.
There was a weak spot too. BSE flagged that money leaving India through foreign portfolio investors (FPIs) is hurting equity trading volumes. FPIs are overseas funds that buy Indian shares and bonds.
How BSE compares with other exchanges
Livemint compared four listed exchange companies for the quarter.
| Company | Revenue | Revenue growth | Profit after tax | Profit growth |
|---|---|---|---|---|
| MCX | ₹800 crore | 113.9% | ₹455 crore | 130.8% |
| BSE | ₹1,433 crore | 34% | ₹809 crore | 45% |
| NSE | ₹4,067 crore | 11% | ₹2,578 crore | 23% |
| IEX | ₹203 crore | 10.7% | ₹139.2 crore | 12.9% |
The table shows BSE grew faster than NSE and IEX, but slower than MCX, compared with the same quarter last year.
NSE's profit growth had help from a one-time item. A year ago, it had set aside ₹1,297 crore for a SEBI settlement, Livemint said. You can also read our story on MCX's Q2 results and why its shares fell.
What analysts said
UBS kept an Outperform rating. It said results beat estimates, cash equity did better than expected, and growth in what it called normal-rate revenue sped up. Lower regulatory and operating costs, as a share of sales, lifted the margin.
Bernstein kept an Underperform rating but raised its target. It said the beat came from lower Settlement Guarantee Fund contributions during the quarter. It said the impact of CAS was visible in softer volume growth and market share. It also doubts BSE can keep growing this fast, as market share gains near their peak.
| Brokerage | Rating | Price target | Gap from ₹3,836.80 |
|---|---|---|---|
| UBS | Outperform | ₹4,050 | 5.6% above |
| JPMorgan | Overweight | ₹3,960 | 3.2% above |
| Bernstein | Underperform | ₹3,180 | 17.1% below |
The gaps are our calculation, using the 11:38 AM price reported by BusinessLine.
Seema Srivastava of SMC Global Securities told Livemint that MCX has the strongest earnings momentum, followed by BSE. "MCX and BSE appear relatively attractive for growth-oriented investors, subject to reasonable valuations," she said. She added that one strong quarter does not make a stock fairly priced.
Mahesh M Ojha of Kantilal Chhaganlal Securities sees support at ₹3,480 to ₹3,320. He sees resistance at ₹3,735, ₹3,810 and ₹3,940. Thursday's mid-morning price was already above the first two resistance levels.
Risks to keep in mind
- Exchanges earn from trading. If markets turn quiet, volumes and income can fall.
- BSE itself said FPI outflows are hurting equity volumes.
- Part of the profit beat came from lower Settlement Guarantee Fund contributions, Bernstein said. This may not repeat every quarter.
- Bernstein thinks market share gains are close to their peak.
- The stock moved between ₹2,377.40 and ₹4,446.80 in one year, so prices can swing a lot.
What to watch next
Watch monthly derivatives turnover and BSE's market share. Watch whether FPI selling slows. Also look for updates on the MSCI agreement. Our results section covers other Q2 numbers, and our markets page tracks the wider trend.
Words explained
- EBITDA: Earnings before interest, tax, depreciation and amortisation. It shows what a business earns from its main work.
- Margin: The share of revenue left as profit. A 52% net margin means ₹52 profit on every ₹100 of revenue.
- Profit after tax: The profit left after all costs and taxes are paid.
- EPS: Earnings per share. Profit divided by the number of shares.
- Derivatives: Contracts like futures and options whose value depends on a share, index or commodity.
- Co-location: A service where trading firms keep their computers inside the exchange's data centre so orders reach faster.
- FPI: Foreign portfolio investor. An overseas fund that invests in Indian shares and bonds.
- Settlement Guarantee Fund: A safety fund that helps make sure trades are completed even if a trading member fails to pay.
- Price target: The price a brokerage thinks a share may reach in the future. It is an estimate, not a promise.
- Support and resistance: Chart levels where buying (support) or selling (resistance) has often appeared before.
Sources: The Hindu BusinessLine, Livemint, NDTV Profit.
This article is for information and education only. It is not investment advice. MarketUpDown is not registered with SEBI as an investment adviser or research analyst. Read our disclaimer.