The company posted a profit after tax (PAT) of Rs 539 crore, compared to Rs 265 crore in the same quarter last year. The PAT is attributable to the shareholders of the holding company.
On a sequential basis, the PAT was up 9% from Rs 494 crore in Q4FY25, while revenue grew 13% over Rs 847 crore reported in the March quarter.
The company’s board has also approved an infusion of Rs 55 crore in INDIA INX, its international exchange subsidiary, further signaling BSE’s ongoing investment in capital markets infrastructure.
Operating performance remained robust. EBITDA, including Core SGF, stood at Rs 626 crore in Q1FY26, registering a 5% quarter-on-quarter (QoQ) and 122% YoY increase, compared to Rs 594 crore in Q4FY25 and Rs 282 crore in Q1FY25.
However, Operating EBITDA margin moderated slightly to 65% in Q1FY26, compared to 70% in the preceding quarter, but was still significantly higher than the 47% margin recorded in Q1FY25.
After the Q1 results, here is what analysts say:
Avendus: Add| Target price: Rs 2,590
Avendus has raised its target price on BSE to Rs 2,590 from Rs 2,366, while downgrading the stock to ‘Add’ from ‘Buy’.
The brokerage stated that its FY26 and FY27 estimates remain broadly unchanged. Avendus expects BSE to gain the index option ADTO share to 38.5% in FY26E and 39.5% in FY27E. While premium realization is likely to dip following the post-options expiry change, it is still expected to remain better than FY25 levels.
Realization is projected at 10.5 basis points in FY26E and 11.25 basis points in FY27E. The brokerage forecasts a 45% premium CAGR over FY25–27E. Despite changes to the SGF cost structure, operating leverage is expected to drive EBITDA margins to an average of ~62% during FY26–27E. Avendus also projects revenue, EBITDA, and PAT CAGR at 29%, 43%, and 41%, respectively, for the same period.
Motilal Oswal: Neutral| Target price: Rs 2,600
Motilal Oswal has revised its target price on BSE to Rs 2,600 from Rs 2,400 while maintaining a Neutral rating on the stock.
The brokerage noted that the recent PAT beat was driven by lower clearing house costs and reduced operating expenses. It also highlighted strong transaction revenue growth, especially from the Sensex derivatives product.
However, MOFSL flagged a potential impact from the weekly expiry shift to Thursday, which could cause a 300–400 basis point drop in premium turnover market share. The firm has raised its FY26/FY27 earnings estimates by 7%, supported by cost savings and increased colocation income, but has retained a neutral stance despite the improved outlook.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)