Shares of BSE surged nearly 7% in early trade on Wednesday after the exchange operator reported a stellar financial performance for the September quarter of FY26, aided by higher trading and platform revenues. The exchange posted a 61% year-on-year (YoY) growth in profit, while revenue rose 44%, driven by strong volume growth across the equity derivatives segment.

Continuing its gaining streak for the second straight session, BSE shares rallied as much as 6.57% to hit a high of ₹2,818 on the NSE. The stock opened 4.75% higher at ₹2,770 after ending 0.72% higher at ₹2,644.20 in the previous session.

Trading volumes remained strong, with over 1.02 crore shares changing hands, pushing BSE’s market capitalisation to over ₹1.13 lakh crore.

At the current level, BSE shares trade above its 52-week low of ₹1,227.33 touched on March 11, 2025, but below its 52-week high of ₹3,030, recorded on June 10, 2025.

The stock has rallied 79% in the past one year, while it surged 20% in the last six months. The counter added nearly 13% in the past one month.

Strong Q2 fuelled rally

In the second quarter ended September 30, 2025, BSE posted a 61% year-on-year (YoY) rise in consolidated net profit to ₹558 crore, driven primarily by top-line growth. The exchange achieved its highest-ever quarterly revenue of ₹1,068 crore, growing by 44% YoY, while EBITDA jumped 78% to ₹691 crore. The EBITDA margin jumped to 64.7% from 52.4% a year earlier.

“BSE platforms continue to remain the preferred choice by Indian companies to raise capital by enabling issuers to raise ₹15.91 lakh crore in FY26 by means of equity, debt, bonds, commercial papers, mutual funds etc,” the company said in its exchange filing.

In Q2 FY26, BSE welcomed 97 new equity listings across both the main and SME boards, raising a total of ₹53,548 crores. The IPO market continued to remain vibrant in October 2025 as well, with 45 companies collectively raising ₹41,856 crore, and is expected to stay strong in the coming quarter.

The trading volume continued to remain strong during Q2 FY26, driven by robust volumes and increased client participation across major business lines. While cash market trading volumes remained at long-term normalized levels at ₹7,968 crore, compared to ₹9,768 crore in the same quarter last year, the index derivatives segment sustained its upward trajectory with an average daily premium turnover exceeding ₹15,000 crore. 

BSE StAR MF, an online platform developed by the exchange, reported record performance in Q2 FY26, with revenue rising 18% YoY to ₹69.7 crore. Transactions grew 24% to 20.1 crore, averaging 6.4 crore per month versus 5.5 crore last year. The platform also hit a new high of 7.13 crore transactions in October 2025.

Analysts view

Post Q2, Jefferies reiterated its ‘Buy’ rating on BSE with a target price of ₹2,930, saying the profit growth was in line with expectations. The brokerage noted that robust growth in index derivatives volumes and revenues helped offset the decline in the cash market segment.

Another global brokerage Goldman Sachs maintained a ‘Neutral’ rating with a target of ₹2,460, observing that BSE’s earnings per share (EPS) of ₹13.6 came in 3% above estimates.

Meanwhile, domestic brokerage Centrum Broking maintained its ‘Buy’ rating, raising the target price to ₹2,701 from ₹2,475 earlier. ICICI Securities retained a ‘Hold’ rating but raised its target price to ₹2,750 from ₹2,450, citing that potential regulatory changes remain a key risk to BSE’s earnings outlook.

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