Stock performance
Shares of BSE Ltd rose sharply in Wednesday’s early trade, gaining 5.51% to Rs 2,770 on the NSE, after the company reported a strong set of financial results for the quarter ended September 30, 2025. The exchange’s robust September-quarter performance, supported by higher trading activity and platform revenues, drew renewed investor interest.
Q2 FY26 results highlight strong operational performance
BSE Ltd posted a consolidated net profit of Rs 558 crore, marking a 61% year-on-year increase from Rs 347 crore in the corresponding quarter of FY25. Revenue from operations rose 44% YoY to Rs 1,068 crore, compared with Rs 741 crore in the same period last year.
The company’s EBITDA surged 78% YoY to Rs 691 crore, with margins expanding significantly to 64.7% from 52.4% in Q2 FY25. The exchange attributed the strong performance to higher income from trading segments, mutual fund platforms, and corporate services, reflecting broad-based growth across business verticals.
Brokerage view and operational insights
Following the results, Goldman Sachs maintained a neutral rating on BSE Ltd, with a target price of Rs 2,460 per share, noting that the quarterly performance was broadly in line with expectations.
The brokerage highlighted that underlying EPS stood at Rs 13.6, about 3% above its estimate of Rs 13.2, while PAT grew 6% sequentially and 62% year-on-year. Operating revenue rose 12% QoQ and 44% YoY, primarily driven by a surge in index derivative trading volumes, even as the cash market moderated. Operating expenses were up 14% QoQ and 7% YoY, reflecting continued investments in infrastructure and technology.
Goldman Sachs noted that starting September 2025, BSE began contributing 5% of transaction revenue to its Core Settlement Guarantee Fund (SGF), as part of a new risk management framework that strengthens capital stability.
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