BSE Limited
BSE.NS · NSE
Company research
BSE Limited, formerly known as the Bombay Stock Exchange, is Asia's oldest stock exchange, established in 1875 and headquartered at Phiroze Jeejeebhoy Towers on Dalal Street in Mumbai, India. The company provides a comprehensive platform for trading in equities, currencies, debt instruments, derivatives, and mutual funds, and is recognized as the 6th largest stock exchange in the world by total market capitalization, exceeding $5 trillion. Beyond core trading operations, BSE offers a diversified range of services including securities administration, data dissemination, clearing and settlement, IT services, index licensing, depository functions, and financial training, while also operating India INX — India's first international exchange — and BSE StAR MF, the country's largest online mutual fund platform. Under the leadership of CEO Sundararaman Ramamurthy, BSE became the first listed stock exchange in India following its IPO on the National Stock Exchange on February 3, 2017, and is widely recognized for its flagship S&P BSE SENSEX index, a key barometer of the Indian economy.
Research reports
Initiating coverage with a BUY rating and INR 4,850 target, the report highlights BSE’s rapid scale‑up in index options, strong operating leverage driving ~25% FY26–28E operating revenue CAGR, and diversification into high‑margin segments such as StAR MF, colocation, listing and data services, while flagging regulatory tightening and potential changes in expiry structures as key risks to derivatives-driven earnings.
Way2Wealth Brokers Pvt. Ltd. · May 27, 2026BSE Ltd – Study NoteThis study note presents BSE as a compelling structural re‑rating story, driven by explosive growth in derivatives revenue and market share, Q4FY26 revenue and PAT growth of 63% and 88% YoY, EBITDA margins around 69%, and narrowing valuation gap versus global exchanges, while emphasizing upside from sustained options premium ADTO above ₹300bn/month and EPS CAGR ~26% and cautioning on SEBI F&O regulations, potential NSE expiry changes, and market downcycles as material risks.
Suresh Rathi Securities Pvt. Ltd. · February 23, 2026BSE Ltd – 150 Years of Vibrance (Equity Research Note)The report portrays BSE as a cornerstone of India’s capital markets with Q3FY26 revenue from operations rising to ₹1,244.1 crore, transaction charges of ₹952.6 crore, operating EBITDA margin near 63% and net profit margin around 45%, and underscores growth from equity derivatives (record single‑day turnover of ₹821 trillion), dominant StAR MF mobilizations of ₹21.36 trillion and 600.9 million orders, and recurring corporate services revenues, valuing the stock at 19x FY28 EPS with a target price of ₹3,519 (c. 28% upside) anchored in long‑term financialisation, product innovation and international expansion.
Nuvama Institutional Equities (Nuvama Wealth Management Ltd) · November 11, 2025BSE – Stellar performance continues (Result Update)This Q2FY26 result update reiterates a BUY with a 12‑month target of INR 3,130, citing 43.2% YoY revenue growth, 75.1% YoY EBITDA growth, EBITDA margin expansion to 63.7%, rising index options ADPTV and market share (to c. 27% in Q2 and >29% in October), and a transaction revenue mix above 70%, while running scenarios on SEBI‑driven derivative tenure changes that show potential 20–34% downside to FY27E EPS in more restrictive fortnightly/monthly expiry cases and meaningful upside if a mid‑month BSE expiry structure is adopted.