Brokerage firm Jefferies has a ‘Hold’ rating on BSE but has slashed its price target to ₹2,790.
The first-quarter profit was in line with Jefferies’ estimate, driven by lower net clearing costs and higher other income. Revenue growth of 58% missed expectations slightly due to lower cash and corporate revenues.Management clarified that there has been no discussion yet on introducing fortnightly or monthly expiry. The shift in expiry day is expected to have a limited impact, JS had a negligible impact, and the common contract note is expected to aid revenues by FY27.
Jefferies has trimmed its EPS estimates by 5-6% to account for lower options activity.
Goldman Sachs has maintained a ‘Neutral’ rating on the stock with a price target of ₹2,550.
Q1 underlying EPS came in at ₹12.8, which was 8% above Goldman Sachs’ estimate of ₹11.8, driven by lower operating expenses.Operating revenue was up 13% quarter-on-quarter and 59% year-on-year, in line with estimates.
A miss in cash trading revenue, due to a lower effective fee rate, was offset by stronger non-transactional revenue.
Operating expenses were down 8% QoQ and up 4% YoY, coming in 13% below estimates, mainly due to lower-than-expected regulatory and clearing house expenses.
Management guided that regulatory expenses as a percentage of turnover are expected to remain stable.
Motilal Oswal expects BSE to lose 300-400 basis points of premium turnover market share once the weekly expiry shifts to Thursday from the current Tuesday. Any further regulatory moves aimed at curbing retail activity in the F&O segment could also impact volumes for the exchange.
The brokerage has raised its earnings estimates by 7% each for FY26 and FY27 to factor in lower clearing house costs and higher income from colocation.
However, with a likely market share loss from the expiry shift in September 2025 and uncertainty over future regulatory actions, Motilal Oswal has reiterated its ‘Neutral’ rating on the stock with a price target of ₹2,600.
Shares of BSE ended with gains of 2.70% on Thursday at ₹2,452. The stock has climbed nearly 36% so far in 2025.
