PESB research view: Buy
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PESB recommendation · Stock
₹3,800▲ 10.00 (+0.26%) todayNSE · as of 6 Nov 2026, 5:30 am
Our recommendation read against today's market data.
BSE Limited is a premier market-infrastructure institution (MII) in India and the world’s fastest stock exchange. It operates fully integrated platforms across equity cash, equity derivatives, currency derivatives, commodity derivatives, and debt markets. Beyond core exchange trading, BSE offers clearing and settlement through ICCL, SME listing services, data dissemination, index licensing, and mutual fund distribution infrastructure through its flagship platform, BSE StAR MF. The exchange conti
Derivatives and Cash Turnover Drive Transaction Revenue Revenue from operations grew 63% YoY to ₹1,566 crore in Q1 FY27, while consolidated total income rose to ₹1,707 crore. Core transaction charges increased 80% YoY to ₹1,328 crore, powered by surging index options volumes (average daily premium turnover rising 96% YoY to ₹29,615 crore) and robust equity cash ADTV of ₹9,955 crore. The sustained market-share expansion across contracts continues to propel operational cash flows. Strong Operating Leverage Expands Margins Operating EBITDA surged 67% YoY to ₹1,046 crore in Q1 FY27, with operating EBITDA margins expanding to ~67%. Net profit from continuing operations jumped 62% YoY to ₹873 crore, achieving a net profit margin of 51% and a quarterly EPS of ₹21.22. The exchange's platform-based model allows incremental volume to convert into operating profit with limited marginal cost. BSE StAR MF Solidifies Platform Monopolisation BSE StAR MF processed 23.4 crore transactions during Q1 FY27, generating ₹73.3 crore in platform revenue (up 20% YoY). Commanding over 85% of India's mutual fund digital order-routing market, StAR MF serves as a recurring annuity stream linked to systemic SIP inflows, decoupling earnings from pure secondary market volatility. Strategic Moats and Diversified Ecosystem BSE holds a debt-free balance sheet with a net worth exceeding ₹7,500 crore and strong treasury yields generating ~₹141 crore in investment income per quarter. Strategic initiatives—including raising its direct stake in India International Bullion Holding (IIBH) at GIFT City to 20%, expanding SME platform listings, and monetising colocation/market data feeds—further broaden its long-term institutional revenue foundation. Rationale Contact: info@pesb.co.in | +91 85300 09
Research by Pune E-Stock Broking Ltd., SEBI Research Analyst Reg. No. INH000018197. Investments in the securities market are subject to market risks; read all related documents carefully before investing. Past performance is not indicative of future returns.
Market data from Accord; delayed, for information only.
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