Revenue surged 44.1% year-on-year to ₹1,068 crore from ₹741 crore. On a quarterly basis, operating revenue grew 11.5% to ₹1,068 crore, 6.7% ahead of estimates.
Growth was driven by a 31% quarter-on-quarter jump in services to corporates and a 33% rise in other operating income, partly offset by a 6% decline in treasury income.Transaction charges, the largest revenue contributor, increased 8% sequentially.
EBITDA rose 10.4% quarter-on-quarter, also ahead of estimates, though margins saw a slight contraction due to higher regulatory contributions.
Average daily notional turnover jumped sharply to ₹100 lakh crore, which shows strong traction in the derivatives segment.Brokerage firm Jefferies maintained a ‘Buy’ rating on BSE with a price target of ₹2,930, citing strong index derivative volumes and revenue growth that offset weakness in the cash segment.
The exchange has also formalised a policy to allocate 5% of its derivatives revenue toward the Settlement Guarantee Fund (SGF), which Jefferies mentioned was lower than earlier estimates.
Meanwhile, Goldman Sachs retained a ‘Neutral’ rating with a price target of ₹2,460. The brokerage said BSE’s Q2 underlying EPS of ₹13.6 was broadly in line (+3%) with its estimate of ₹13.2.
Operating expenses rose 14% quarter-on-quarter and 7% year-on-year.
BSE contributed ₹10 crore during the quarter toward its core SGF as part of the new 5% policy.
Overall, underlying net profit rose 6% sequentially and 62% year-on-year, coming in 3% ahead of Goldman’s estimates.
On Tuesday, shares of BSE closed 0.68% higher at ₹2,643.10 on the NSE. The stock has gained nearly 46% so far in 2025.
First Published: Nov 12, 2025 8:22 AM IS
