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BSE Ltd shares jumped 5.17 per cent to ₹3,139.30 in morning trade on Monday, extending gains after the stock exchange operator reported better-than-expected third-quarter results on the last trading day. The stock touched a fresh 52-week high of ₹3,188.40 during the session, with over 86.76 lakh shares changing hands.
The rally came as leading brokerages upgraded their target prices following BSE’s quarterly earnings. UBS maintained its ‘Buy’ rating while raising the target price to ₹3,650, citing continued market share gains. Nuvama also retained its ‘Buy’ call with a revised target of ₹3,760, highlighting the company’s impressive market share expansion in index options. Jefferies kept a ‘Hold’ rating but increased its target to ₹3,050.
BSE reported a net profit of ₹601.8 crore for Q3FY26, beating analyst estimates of ₹591 crore, while revenue stood at ₹1,244 crore against the poll estimate of ₹1,152 crore. The company’s index options average daily premium turnover market share reached 29.4 per cent, up 227 basis points quarter-on-quarter, despite an expiry swap in September 2025.
Operating leverage drove EBITDA margins higher by 443 basis points year-on-year to 60.8 per cent, according to Nuvama’s analysis. The brokerage noted that January 2026 witnessed a further surge, with index option average daily premium turnover jumping 53.3 per cent month-on-month, pushing market share to 30.2 per cent.
However, analysts flagged concerns about long-term growth drivers. Jefferies pointed out that while market share gains support near-term growth, lack of clarity on new product launches could pose challenges post-FY29. Management expressed optimism that recent STT rate increases would have minimal impact on options volumes, though some effect on futures is anticipated.
The stock has delivered stellar returns, gaining 67.54 per cent over one year and 1,782.63 per cent over three years, significantly outperforming benchmark indices.
Published on February 10, 2026
English (US) ·