Should you buy BSE, MCX, CDSL, IndiaMART, Info Edge stocks ahead of Q4 results? Target prices

Q4 results preview: According to a latest results preview note by HDFC Securities, the fourth quarter of the financial year 2026 presents a mixed bag for market infrastructure institutions and new-age internet players.

MCX

Starting with the commodity front, Multi Commodity Exchange of India Ltd (MXC) is expected to deliver an upbeat performance. HDFC Securities said that "MCX is expected to report a robust quarter, led by strong growth in options trading, driven by energy contracts". 

The brokerage estimates a massive 49.6% quarter-on-quarter (QoQ) jump in options revenue, lifting the total quarterly revenue to an estimated Rs 887 crore. The bottom line is also projected at net profit (PAT) of Rs 547 crore, marking a 36.3% rise QoQ. 

HDFC Securities maintained a ‘Buy’ rating on the stock with a target price of Rs 3,230. “MCX remains our preferred pick among exchanges,” the brokerage added.

BSE

BSE Ltd is estimated to print positive revenue growth. “Total revenue is likely at Rs 1,574 crore (+26.5/86.0% QoQ/YoY), with derivatives contributing Rs 1,128 crore (~72% of total),” HDFC Securities said.

"The regulatory concerns around weekly options are now behind and BSE has been gaining market share," the HDFC Securities noted. 

Supported by higher premium realisations and options growth, EBITDA margins are projected to expand to  68%, it said.

HDFC Securities has an ‘Add’ rating on BSE stock with a target price of Rs  3,800.

CDSL

Central Depository Services (India) Ltd (CDSL) is likely to post a sluggish quarter. “CDSL is expected to deliver a weak quarter, led by a drop in IPO revenue while the annuity, KYC and transaction revenue will be stable,” the brokerage said.

Revenue for the quarter is expected to dip by 4.2% QoQ. Furthermore, technological investments are anticipated to down its EBITDA margins, dragging them down by 367 basis points quarter-on-quarter to 49.2%, it said

HDFC Securities maintained an ‘Add’ call with a revised target price of Rs 1,400.

IndiaMART

Moving to the internet stocks, the brokerage said that B2B e-commerce platform IndiaMART InterMESH Ltd, “is set for a soft quarter with muted net supplier additions (-500 in Q4) due to a recent price hike and no change in monthly churn.” 

However, HDFC Securities noted the same price hike, coupled with package upgrades, is driving an expansion in its Average Revenue Per User (ARPU). The brokerage expects marginal revenue growth of 2.2% sequentially, but noted that "while ARPU growth has powered performance across recent quarters, higher-than-anticipated churn is curbing volume expansion". 

HDFC Securities has a ‘Buy’ rating on Indiamart with a target price of Rs 2,650.

Info Edge

Info Edge (India) Ltd, “core recruitment billing growth slowed down in Q4 to 9.5% YoY, due to a slowdown in IT sector and war-related uncertainty,” the brokerage said.

“Standalone revenue should rise 3.7% QoQ, with EBITDA at 40.5%. Jeevansathi is witnessing growth and reaching close to breakeven while 99acres continues to struggle on growth front and will report a loss,” it said.

Despite the near-term headwinds, the brokerage keeps a ‘Buy’ rating on Info Edge, setting a target price of Rs 1,275