BSE gains 7% post Q2; Jefferies keeps 'Hold' rating; what should you do?

The rally came after BSE posted a 61 per cent year-on-year rise in consolidated net profit to ₹558.5 crore for Q2FY26, compared with ₹346.8 crore in the corresponding quarter last year.

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BSE share price today, Q2 results: BSE Ltd shares were in focus on Wednesday, November 12, 2025, surging as much as 7 per cent to hit an intraday high of ₹2,818 apiece after the exchange operator reported strong September-quarter earnings. 

 

At 10:10 AM, the stock was trading 5.43 per cent higher at ₹2,787.80, while the Nifty50 index gained 0.63 per cent to 25,856.15 levels.

 

Why did the BSE Ltd share price rally today?

 

The rally came after BSE posted a 61 per cent year-on-year (Y-o-Y) rise in consolidated net profit to ₹558.5 crore for Q2FY26, compared with ₹346.8 crore in the corresponding quarter last year (Q2FY25). 

 

BSE's revenue for the quarter grew 44.2 per cent to ₹1,068.4 crore in the September quarter of FY26, from ₹740.7 crore in September quarter of FY25.

 

Transaction charges, meanwhile, grew to ₹794 crore in Q2FY26, from ₹507.1 crore in the same quarter last year.

 

BSE stock : Should you buy, sell or hold?

 

Motilal Oswal

 

BSE reported operating revenue of around ₹1,070 crore, a 5 per cent beat over estimates, rising 44 per cent Y-o-Y and 12 per cent sequentially, primarily led by a 57 per cent jump in transaction charges. 

 

For the first half of FY26 (H1FY26), revenue grew 50 per cent Y-o-Y to ₹2,030 crore. Operating expenses stood at ₹380 crore, up 7 per cent Y-o-Y, with regulatory, employee, technology, and other costs rising 30 per cent, 26 per cent, 16 per cent, and 42 per cent respectively, while clearing house expenses fell 42 per cent. 

 

Net profit for the quarter stood at ₹560 crore, up 61 per cent Y-o-Y and 5 per cent Q-o-Q, aided by strong revenue growth. For H1FY26, profit after tax jumped 78 per cent Y-o-Y to ₹1,090 crore. 

 

The brokerage noted management’s focus on boosting derivatives volumes through greater institutional participation, longer-dated contracts, and data centre upgrades. Thus, Motilal Oswal raised its earnings estimates by 14-15 per cent for FY26-FY28 and maintained a ‘Neutral’ rating with a target price of ₹2,800 (based on 40x Sep’FY27E EPS).

 

Jefferies

 

According to reports, foreign brokerage firm Jefferies maintained its ‘Hold’ rating on BSE Ltd with a target price of ₹2,930 per share.

 

Nuvama

 

According to analysts at Nuvama, BSE’s index options average daily premium turnover value (ADPTV) market share improved to 27.1 per cent, up 334 basis points (bps) quarter-on-quarter (Q-o-Q), driving a 43.2 per cent Y-o-Y and 11.5 per cent Q-o-Q revenue increase in Q2FY26. 

 

Strong operating leverage boosted Ebitda margins by 1,160 bps Y-o-Y to 62.5 per cent, leading to 75.1 per cent Y-o-Y Ebitda growth. Adjusted profit after tax came in at ₹5.4 billion, up 66.8 per cent Y-o-Y and 4.9 per cent Q-o-Q. 

 

Despite the expiry swap in September 2025, BSE’s market share declined only marginally by 221 bps month-on-month (M-o-M), while October ADPTV surged 30.2 per cent M-o-M. 

 

Therefore, Nuvama raised its FY26-FY28 earnings projections by 10-14 per cent and lifted its target price to ₹3,130 (from ₹2,820 earlier), valuing the stock at 45x P/E plus a 15 per cent stake in CDSL.

Centrum Broking 

BSE reported a strong Q2FY26, with net profit up 62 per cent annually and core PAT rising 74 per cent Y-o-Y, led by 44 per cent growth in operating revenue to ₹1,070 crore. The equity derivatives segment surged 81 per cent Y-o-Y on higher volumes and market share, while co-location revenues also improved after revised message rates.  Factoring in robust performance, Centrum Broking analysts raised FY26-28E PAT and core PAT estimates by 8-13 per cent, projecting 31 per cent and 34 per cent CAGR respectively. Settlement Guarantee Fund (SGF) is expected to grow at 35 per cent CAGR to ₹220 crore. The stock trades at 40x Sep’27 EPS; Centrum values it at 41x, maintaining a 'Buy' with a revised target price (TP) of ₹2,701 (₹2,475 earlier).