The company reported a 10.2% quarter-on-quarter increase in revenue at ₹846.70 crore. The figure was 10% higher than the consensus estimate of ₹768.10 crore. Revenue growth has been being driven by:
|
% QoQ |
|
|
Transaction Charges |
19.7% |
|
Treasury Income |
-8.7% |
|
Services To Corporates |
-16.5% |
|
Other Op Income |
11.8% |
BSE’s net profit exceeded estimates, largely led by a reversal from the Settlement Guarantee Fund (SGF). The SGF reversal stood at ₹109.4 crore during the quarter, compared to a contribution of ₹199.2 crore in the previous quarter. As a result, net profit surged to ₹493.7 crore from ₹218.6 crore in the preceding quarter, a sharp 125.8% quarter-on-quarter increase and a 21% beat over consensus estimates.
Operational Metrics:
|
Q4 FY25 |
Q3 FY25 |
% QoQ |
|
|
Avg. Daily Notional T/O (₹ lakh cr) |
83 |
128 |
-35.2% |
|
Avg. Daily Premium T/O (₹ cr) |
11782.7 |
8758.4 |
34.5% |
The board of BSE Ltd. recommended a special dividend of ₹5 per share and regular dividend of ₹18 per share, resulting into a final dividend of ₹23 per share.
Brokerage firm Nuvama Institutional Equties has maintained a ‘Buy’ rating on BSE, and revised its price target higher to ₹7,200 from ₹
6,730 earlier.
The brokerage has factored in higher volumes for FY26–27E, leading to a 7.1% and 6.7% increase in estimated adjusted profit after tax for FY26E and FY27E, respectively.
Motilal Oswal has raised its earnings estimates for FY26 by 9% and FY27 by 13%. The brokerage has reiterated its ‘Buy’ recommendation on the stock with a target price of ₹7,600 per share.
Jefferies has a ‘Hold’ rating on the stock, but raised its price target to ₹7,000 from ₹5,250 earlier. The brokerage has raised its earnings estimates by 10–11%, citing stronger-than-expected revenues from options trading and improved rack revenues. It expects a robust 21% compound annual growth in revenue and a 27% rise in profit over FY25–28.
Out of the 14 analysts that have coverage on BSE, 12 of them have a ‘Buy’ rating on the stock, while two others have a ‘Hold’ rating. Motilal Oswal has the highest target on the stock at ₹7,600, followed by Nuvama at ₹7,200.
Shares of BSE are trading 8.95% higher on Wednesday at ₹6,801. The stock has risen over 25% so far in 2025.
