BSE Q2 results preview: Strong revenue growth seen, margins may to fall over higher cost
BSE Q2 results preview: India's leading stock exchange BSE is set to announce its results for quarter and half year ended on September 30, 2025 on Tuesday, November 11.
- Nov 11, 2025,
- Updated Nov 11, 2025 9:36 AM IST
BSE Q2 results preview: India's leading stock exchange BSE is set to announce its results for quarter and half year ended on September 30, 2025 on Tuesday, November 11. Analysts expect BSE to post strong revenue growth, aided by higher derivative and IPO transaction volumes, though Ebitda margins may compress slightly due to higher clearing and regulatory costs.
While derivatives remain the key driver (over 60 per cent of total revenue), margin normalization from SGF expenses and moderation in premium realization could weigh mildly on profitability. Regulatory uncertainty around weekly index options remains an investor concern, they added.
Brokerage firms are expecting BSE's revenue to rise up to 40 per cent on a year-on-year (YoY) and up to 9 per cent quarter-on-quarter (QoQ) basis, driven by strong transaction and IPO revenue, despite moderation in options premium. Ebitda may improve 65-70 per cent YoY and 5 per cent QoQ but margins may drop sequentially. Net profit is likely to zoom 60-65 per cent YoY and 3 per cent QoQ.
Nuvama Institutional Equities is expecting BSE's revenue to come in at Rs 1,046 crore, up 40 per cent YoY and 9 per cent QoQ in September 2025 quarter. Ebitda is seen coming in at Rs 658.1 crore, up 69 per cent YoY and 5 per cent QoQ. Net profit is likely to come in at Rs 529.1 crore, up 64 per cent YoY and 3 per cent QoQ.
"BSE reported moderate 0.7 per cent QoQ growth in index option ADPTV in Q2. With expiry flip, in September 2025 BSE recorded Rs 15,700 crore ADPTV (-8.5% MoM). Key monitorables include SEBI discussion paper on tweaking tenure of equity derivative, cash market share improvement and update on SGF contribution," it said. Nuvama has a 'buy' rating on BSE with a target price of Rs 2,820.
BSE is expected to report strong revenue growth on higher transactions and surge in IPO revenue. Margins will decline due to increases in regulatory and clearing cost as premium realization dropped in the quarter. BSE is likely to report revenue of Rs 1,020.2 crore, up 36.7 per cent YoY and 6.4 per cent QoQ. Cash/StarMF is up 24/12 per cent QoQ while options premium is up 4.4 per cent QoQ, driving transaction revenue, said HDFC Securities.
Derivatives will contribute Rs 624 crore, 61 per cent of revenue. Ebitda margin will drop to 63.4 per cent, down 189 bps QoQ. SGF will normalize and will be 6 per cent of derivative revenue. We expect APAT to be at Rs 512 crore. The regulatory risk on the existence of weekly Index options remains the biggest concern for investors. The volume of BSE has stabilized post the change in expiry in September 2025 with premium market share of 27 per cent in October 2025," it added with an 'add' rating a target price of Rs 2,600.
BSE reported strong MoM growth in premium turnover during April 2025/May 2025, offset by a decline in volumes during June 2025, said Motilal Oswal Financial Services. "BSE’s market share in the options segment continued to scale up in terms of notional/premium turnover, reaching 37.2 per cent/22 per cent in June 2025," it added with 'neutral' rating and a target price of Rs 2,775.
Shares of BSE dropped nearly 2 per cent to Rs 2,627 on Tuesday, commanding a total market capitalization close to Rs 1.07 lakh crore. It has tumbled 13 per cent from its 52-week high at Rs 3,030, hit in June 2025. However, the stock has soared 114 per cent from its 52-week low at Rs 1,227.33 in March 2025.
BSE Q2 results preview: India's leading stock exchange BSE is set to announce its results for quarter and half year ended on September 30, 2025 on Tuesday, November 11. Analysts expect BSE to post strong revenue growth, aided by higher derivative and IPO transaction volumes, though Ebitda margins may compress slightly due to higher clearing and regulatory costs.
While derivatives remain the key driver (over 60 per cent of total revenue), margin normalization from SGF expenses and moderation in premium realization could weigh mildly on profitability. Regulatory uncertainty around weekly index options remains an investor concern, they added.
Brokerage firms are expecting BSE's revenue to rise up to 40 per cent on a year-on-year (YoY) and up to 9 per cent quarter-on-quarter (QoQ) basis, driven by strong transaction and IPO revenue, despite moderation in options premium. Ebitda may improve 65-70 per cent YoY and 5 per cent QoQ but margins may drop sequentially. Net profit is likely to zoom 60-65 per cent YoY and 3 per cent QoQ.
Nuvama Institutional Equities is expecting BSE's revenue to come in at Rs 1,046 crore, up 40 per cent YoY and 9 per cent QoQ in September 2025 quarter. Ebitda is seen coming in at Rs 658.1 crore, up 69 per cent YoY and 5 per cent QoQ. Net profit is likely to come in at Rs 529.1 crore, up 64 per cent YoY and 3 per cent QoQ.
"BSE reported moderate 0.7 per cent QoQ growth in index option ADPTV in Q2. With expiry flip, in September 2025 BSE recorded Rs 15,700 crore ADPTV (-8.5% MoM). Key monitorables include SEBI discussion paper on tweaking tenure of equity derivative, cash market share improvement and update on SGF contribution," it said. Nuvama has a 'buy' rating on BSE with a target price of Rs 2,820.
BSE is expected to report strong revenue growth on higher transactions and surge in IPO revenue. Margins will decline due to increases in regulatory and clearing cost as premium realization dropped in the quarter. BSE is likely to report revenue of Rs 1,020.2 crore, up 36.7 per cent YoY and 6.4 per cent QoQ. Cash/StarMF is up 24/12 per cent QoQ while options premium is up 4.4 per cent QoQ, driving transaction revenue, said HDFC Securities.
Derivatives will contribute Rs 624 crore, 61 per cent of revenue. Ebitda margin will drop to 63.4 per cent, down 189 bps QoQ. SGF will normalize and will be 6 per cent of derivative revenue. We expect APAT to be at Rs 512 crore. The regulatory risk on the existence of weekly Index options remains the biggest concern for investors. The volume of BSE has stabilized post the change in expiry in September 2025 with premium market share of 27 per cent in October 2025," it added with an 'add' rating a target price of Rs 2,600.
BSE reported strong MoM growth in premium turnover during April 2025/May 2025, offset by a decline in volumes during June 2025, said Motilal Oswal Financial Services. "BSE’s market share in the options segment continued to scale up in terms of notional/premium turnover, reaching 37.2 per cent/22 per cent in June 2025," it added with 'neutral' rating and a target price of Rs 2,775.
Shares of BSE dropped nearly 2 per cent to Rs 2,627 on Tuesday, commanding a total market capitalization close to Rs 1.07 lakh crore. It has tumbled 13 per cent from its 52-week high at Rs 3,030, hit in June 2025. However, the stock has soared 114 per cent from its 52-week low at Rs 1,227.33 in March 2025.