According to Motilal Oswal's research report dated August 04, 2026, BSE has been assigned a Neutral rating with a target price of ₹3,900. The target price is premised on 40x FY28E EPS valuation multiples, as reported by Motilal Oswal.
As reported by Motilal Oswal, BSE reported an operating revenue of ₹15.7 billion, which was in line with expectations and reflected 63% YoY growth while remaining flat QoQ. The revenue growth was primarily driven by 70% YoY growth in transaction charges, while revenue from services to corporates declined 4% YoY. Operating expenses came in at ₹4.9 billion, up 49% YoY and down 2% QoQ, with employee costs growing 24% YoY and other expenses rising 55% YoY.
According to the research report, BSE's EBITDA stood at ₹10.7 billion, representing 71% YoY growth and remaining flat QoQ. The EBITDA margin was 68.4%, which was above expectations of 65.3% in Q1 FY26 but below expectations of 70.2% for the quarter. As reported by Motilal Oswal, this performance was in line with their estimates for the quarter.
As noted in the research report, Motilal Oswal has not baked in any impact from the RBI regulations on proprietary trading in their analysis. The brokerage has reiterated their Neutral rating on the stock with the target price of ₹3,900, maintaining their cautious stance on the stock despite the strong quarterly performance.
