Goldman Sachs has maintained its neutral rating on BSE Ltd with a target price of ₹2,460 per share after the exchange reported steady Q2FY26 results, broadly in line with expectations. Underlying EPS stood at ₹13.6, about 3% above the estimate of ₹13.2, while underlying PAT grew 6% sequentially and 62% year-on-year.
Operating revenue rose 12% quarter-on-quarter and 44% year-on-year, supported by a surge in index derivative trading volumes, even as the cash segment moderated. Operating expenses increased 14% QoQ and 7% YoY as the company continued to invest in infrastructure and technology.
Goldman Sachs highlighted that from September 2025, BSE will contribute 5% of transaction revenue to its Core Settlement Guarantee Fund (SGF), aligning with the new risk management framework and adding stability to its capital structure.
Trading turnover trends remain strong despite the recent change in the expiry day for derivatives contracts. The first new expiry session witnessed the highest-ever daily turnover of nearly ₹50,000 crore, while Q2 average daily notional turnover rose 22% QoQ to ₹100 lakh crore.
Goldman Sachs said recent comments from regulators and the Finance Minister endorsing innovation in market structure have further boosted sentiment for exchange stocks.
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