BSE Ltd. shares surged as much as 10% on Wednesday, hitting an intraday high of Rs. 6,847.50. The sharp rise follows a solid March quarter earnings report and a generous dividend announcement.
Revenue for the quarter came in at Rs. 846.7 crore, up 10.2% from the previous quarter. This was 10% above the consensus estimate of Rs. 768.1 crore. The strong performance was driven mainly by transaction charges, which rose 19.7% quarter-on-quarter. Other operational income also increased by 11.8%. However, treasury income and services to corporates saw declines of 8.7% and 16.5%, respectively.
The standout number was net profit, which more than doubled. Profit rose to Rs. 493.7 crore, up 125.8% from Rs. 218.6 crore in the previous quarter. This exceeded analyst expectations by 21%. A key driver of the profit surge was a Rs. 109.4 crore reversal from the Settlement Guarantee Fund (SGF), compared to a Rs. 199.2 crore contribution in Q3.
Despite the strong earnings, some operational metrics showed a slowdown. Average daily notional turnover fell 35.2% quarter-on-quarter to Rs. 83 lakh crore. On the other hand, average daily premium turnover rose 34.5%, reaching Rs. 11,782.7 crore.
The company’s board announced a final dividend of Rs. 23 per share—Rs. 18 as a regular dividend and Rs. 5 as a special dividend.
Brokerages responded positively. Motilal Oswal raised its FY26 earnings estimate by 9% and FY27 by 13%, maintaining a ‘Buy’ rating and lifting its target price to Rs. 7,600—the highest among analysts. Nuvama Institutional Equities also reiterated its ‘Buy’ call and raised its target to Rs. 7,200, up from Rs. 6,730. The firm cited higher expected volumes in FY26–27 and upgraded adjusted profit after tax forecasts by 7.1% and 6.7% for the two years, respectively.
Jefferies took a more cautious stance with a ‘Hold’ rating, but still raised its target to Rs. 7,000 from Rs. 5,250. It boosted its earnings forecast by 10–11%, citing better-than-expected revenues from options trading and rack revenues. The brokerage expects revenue to grow at a 21% compound annual rate and profit to rise 27% between FY25 and FY28.
Currently, 12 of 14 analysts covering the stock have a ‘Buy’ rating, with only two maintaining a ‘Hold’.
As of mid-day Wednesday, BSE shares were trading at Rs. 6,801, up 8.95%. The stock is already up more than 25% in 2025.
Disclosure: The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
