BSE shares fall ahead of Q2 results; earnings preview, consensus target 

BSE Ltd shares fell 2 per cent in Wednesday's trade ahead of its September quarter results. The stock exchange is expected to report a 35 per cent year-on-year (YoY) jump in net profit for the September quarter, on similar growth in net sales, consensus data available with Bloomberg suggested. A median of 10 analyst estimates pegged consolidated net profit at Rs 756 crore. Net sales are seen at Rs 1,440 crore, based on a median of seven analyst estimates. Ebitda is seen at Rs 958 crore.

Also read: NSE share price: Morgan Stanley, Jefferies, Macquarie, JPMorgan targets post Q2 results 

BSE shares fell 2.33 per cent to hit a low of Rs 3,580 on NSE. The 12-month consensus target price on the stock, based on 19 estimates, stood at Rs 3,772.68, implying limited upside.

Kotak Institutional Equities, in a note, said BSE had executed a strong turnaround in equity derivatives and continued to grow faster from a smaller base, supported by its expanding index-options franchise. It initiated coverage on BSE with an 'ADD' rating and a fair value of Rs 4,000.

"BSE’s volume growth beyond expiry days, alongside healthy growth in non transaction revenues, should support approximately 17 per cent revenue CAGR and 20 per cent PAT CAGR over FY2026-29E. However, sustained high share of index options in revenues is a potential risk," it said.

The same brokerage suggested a 'Buy' on NSE with a target of Rs 2,200, implying 22 per cent potential upside.