BSE Ltd Share Price Today: Q2 FY26 Results, Analyst Targets and Valuation Outlook (1 December 2025)

Updated: 1 December 2025

BSE share price today: near record levels after a powerful multi-year rally

As of the morning of 1 December 2025, BSE Ltd (BSE) is trading around ₹2,925–2,940 per share on the NSE, up roughly 1% versus the previous close of ₹2,902.40. The stock has moved between ₹2,911 and ₹2,951 intraday and remains close to its 52‑week high of ₹3,030, well above the 52‑week low near ₹1,227. ^[1]

At these levels, BSE commands a market capitalisation of roughly ₹1.18 lakh crore and is classified as a mid-cap constituent of key indices such as Nifty Midcap 150, Nifty 500, Nifty 200 and Nifty LargeMidcap 250. ^[2]

Over the past year, the stock has been a major wealth creator:

1 month: ~18–19% gain
3 months: ~35% gain
12 months: roughly 90% gain
3 years: over 14x returns (more than 1,400%) ^[3]

On fundamentals, trailing twelve‑month (TTM) numbers show:

TTM EPS: ~₹44.6
TTM P/E: ~65–66x
P/B: about 23–27x
Book value per share: ~₹109
Dividend yield: ~0.8% ^[4]

This is a classic “high‑growth infrastructure monopoly” type valuation: expensive in absolute terms, but backed by strong earnings momentum.

Retail interest is also elevated. Data from INDmoney suggests investments in BSE shares on its platform grew ~29% over the last 30 days, while search interest for the stock rose ~46% versus the previous month – a sign that the name is firmly on the radar of individual investors. ^[5]

The backdrop is a roaring broader market. On 1 December 2025, Nifty 50 traded above 26,250 and the BSE Sensex hovered near 86,000, with sentiment buoyed by India’s Q2 FY26 GDP growth of 8.2% and expectations of global rate cuts. ^[6]

Strong Q2 FY26 results are the main fundamental driver

BSE’s latest quarterly numbers, for Q2 FY26 (quarter ended September 2025), explain a big part of the stock’s strength.

Across multiple disclosures and brokerage summaries:

Consolidated PAT: about ₹557–558 crore, up ~61% YoY and ~3.5% QoQ ^[7]
Revenue from operations:₹1,068 crore, up 44% YoY and 12% QoQ ^[8]
Total income: around ₹1,139–1,140 crore ^[9]
Operating EBITDA (incl. SGF contribution): about ₹680–751 crore, with margins expanding to roughly 64–66% ^[10]

Angel One pegs Q2 EPS at ₹13.56, consistent with the TTM EPS near ₹44.6 given the recent bonus issue. ^[11]

A detailed breakdown from Angel One, Bajaj Broking and Multibagg.ai underlines a few key themes: ^[12]

Profit growth is outsized relative to revenue, implying operating leverage.
Q2 FY26 marks roughly the tenth consecutive quarter of record revenue for BSE.
Margin expansion has come despite higher regulatory and technology-related costs.

In short, the earnings engine is definitely not idling.

Where the growth is coming from: derivatives, SME listings and StAR MF

BSE’s growth is not coming from a single line item. Several engines are firing simultaneously:

1. Transaction revenue – powered by derivatives

Transaction charges in Q2 FY26 were about ₹794 crore, up 57% YoY and 8% QoQ, making this the single largest contributor to revenue growth. ^[13]
In equity derivatives, BSE’s average daily notional turnover climbed to ₹164 lakh crore in Q2 FY26 from ₹128 lakh crore a year earlier. ^[14]
Multibagg.ai highlights that BSE’s index derivatives segment is now delivering an average daily premium turnover above ₹15,000 crore, reflecting robust depth in the options market. ^[15]

Brokerage commentary (ICICI Securities, Goldman Sachs, HDFC) has long argued that BSE’s strategic tweaks to contract sizes, expiries and product design have unlocked this derivatives growth. ^[16]

2. Corporate services and listings

Corporate services revenue (listing fees, corporate actions, etc.) increased to ₹138 crore, higher both QoQ and YoY. ^[17]
BSE’s SME platform continues to scale rapidly. As of late October 2025, it hosted 657 listed companies, with cumulative fund‑raising exceeding ₹13,083 crore. October alone saw 27 SME listings raising about ₹1,056 crore. ^[18]

The SME board has become a meaningful differentiator for BSE in the capital-raising ecosystem.

3. BSE StAR MF – the mutual fund transaction platform

The BSE StAR Mutual Fund platform is another quiet compounder:

Q2 FY26 revenue from StAR MF was about ₹69.7 crore, up 18% YoY.
The platform processed 20.1 crore MF transactions during the quarter, a 24% YoY growth.
In October 2025 alone, StAR MF handled a record 7.13 crore transactions. ^[19]

This business benefits from the structural shift toward mutual fund investing, with BSE acting as a key transaction backbone.

4. Cash equity – softer, but still meaningful

By contrast, the cash equity segment has softened:

Average daily turnover (ADTV) in the equity cash market for H1 FY26 was ₹7,584 crore, down 19% YoY from ₹9,396 crore. ^[20]

That makes it very clear: BSE today is a derivatives, platforms and services story much more than a pure cash equity volume story.

Fresh strategic moves: India INX, leadership change and derivatives pre-open

Several recent corporate actions and announcements from November 2025 add nuance to the investment case.

1. More capital into India INX

On 12 November 2025, BSE disclosed that it had infused ₹41.28 crore into India International Exchange (IFSC) Ltd (India INX) via a rights issue, taking its stake to about 65.27%, subject to full subscription. ^[21]

The stated intent is to support continued operations and new strategic initiatives at India INX, BSE’s international exchange at GIFT City. While India INX’s turnover is still small (FY25 revenue ~₹3.54 crore), the additional capital underscores BSE’s long-term ambitions in offshore markets. ^[22]

2. Appointment of a new Chief – Product, Policy & Strategy

On 17 November 2025, BSE announced the appointment of Shri Rudresh Kunde as Chief – Product, Policy & Strategy, designated as Key Management Personnel and senior management, effective 20 November 2025. ^[23]

Kunde is a capital market specialist with 18+ years of experience, including 17+ years at NSE across product development, trading, clearing and settlement, index development and strategy. This hire is notable: BSE is effectively bringing in deep derivatives microstructure expertise from its main rival to sharpen its product and policy edge.

3. Pre‑open session for index and stock futures

BSE has also announced that it will introduce a pre‑open session for index and single stock futures in its equity derivatives segment from December 2025 (expected 8 December). ^[24]

A pre‑open phase for futures can help:

Improve price discovery at the start of trade
Reduce opening volatility
Align BSE’s market structure more closely with global best practices

For an exchange betting heavily on derivatives, this is a strategically important microstructure tweak.

4. Investor outreach

On 26 November 2025, BSE informed exchanges that its officials will attend the Elara Capital investor conference in Singapore on 2 December 2025, as part of its analyst/investor engagement schedule. ^[25]

Global investor visibility matters when your stock has already re‑rated dramatically; management clearly recognises that.

Fundamentals: a debt‑free, high‑growth exchange platform

Aggregated financial data from Screener and other analytics platforms paints a picture of an unusually fast‑growing, asset‑light exchange: ^[26]

TTM revenue: around ₹3,699 crore
TTM net profit: around ₹1,807 crore
5‑year profit CAGR: roughly 65%
ROCE (FY25): ~47%
Dividend payout ratio: about 41%
Net debt: effectively zero

On the ownership side, institutional and retail participation has surged:

FIIs: from 7.6% (Jun 2023) to 16.25% (Sep 2025)
DIIs: to 19.91% (Sep 2025)
Public shareholding: ~63.76%
Number of shareholders: from ~4.7 lakh (Mar 2023) to ~12.9 lakh (Sep 2025) ^[27]

In other words, BSE has evolved into a widely‑held, heavily‑followed mid‑cap compounder with virtually no balance‑sheet risk, high returns on capital and multiple growth engines.

Moneycontrol’s “MC Insights” classification captures this succinctly: low financial risk, strong growth trend, expensive valuations. ^[28]

Valuation check: priced for perfection?

At ~₹2,930, the headline multiples tell a clear story:

P/E (TTM): ~65–66x
P/B: high‑20s
Dividend yield: sub‑1%
Sector P/E (broking/financial services peers): ~94x ^[29]

So BSE trades:

Well above the broader market,
At a discount to the very frothy sector average, and
With a valuation level that assumes sustained double‑digit earnings growth and continued market‑share gains.

Some independent valuation models are far more sceptical. Smart‑Investing.in, which uses long‑term EV/EBITDA, EV/Sales and Price/Sales medians, estimates that as of 28 November 2025, BSE is trading at roughly 455% above its median intrinsic value – i.e., more than five times what their model considers fair value. ^[30]

Earlier in March 2025, InvestingPro’s fair‑value model had similarly flagged BSE as overvalued when the stock was near ₹5,300 (pre‑bonus), with an intrinsic value about 28% lower. ^[31]

It’s worth noting that BSE completed a 2:1 bonus issue in May 2025 (two new shares of ₹2 each for every one existing share). At that time, the stock hit an intraday high of ₹7,210 pre‑bonus, equivalent to roughly ₹2,400 on the post‑bonus base. ^[32]

Since then:

Earnings have continued to surge,
The share count has tripled, and
The stock, despite corrections and volatility, is once again near record levels in post‑bonus terms.

The net result: valuations remain demanding, but no longer in the outright “bubble” zone that many models flagged earlier in 2025.

Analyst targets and forecasts: limited near‑term upside, but growth intact

Consensus numbers and broker commentary as of 1 December 2025 point to a cautious but still constructive stance.

1. Street consensus (Investing.com)

Investing.com’s compilation of 14 analysts shows: ^[33]

Overall rating:Buy
Breakdown: 8 Buy, 5 Hold, 1 Sell
Average 12‑month target price:₹2,678.90
Implied downside vs ~₹2,930: about 8.5%
Target range:₹904 – ₹3,200

So even though the average stance is “Buy”, the current market price is already above the consensus target, tilting the one‑year risk‑reward toward mild downside in the aggregate.

2. Trendlyne & brokerage baskets

Trendlyne data (from multiple broker reports) pegs the average target near ₹2,687, implying a similar ~8% downside from current levels and labels BSE an “expensive star”. ^[34]

3. Recent detailed views: Goldman Sachs, ICICI Securities, HDFC

The individual broker targets now cluster below or around the market price:

Goldman Sachs: “Hold,” with a recent target around ₹2,460, implying meaningful downside from current levels. ^[35]
ICICI Securities: “Hold,” with a target of ₹2,750, signalling limited downside but little upside. ^[36]
HDFC (HDFC Sky): “ADD,” with a revised target price of ₹2,750. HDFC models revenue and EPS CAGRs of about 24% and 31% respectively over FY25–28, but notes that BSE is trading at around 47x and 42x its FY26E and FY27E EPS, and flags regulatory risk around weekly index options even as it believes the overhang is gradually easing. ^[37]

Earlier in January 2025, Nuvama Institutional Equities had initiated with a target of ₹6,730 at then‑LTP ~₹5,448 (pre‑bonus). Adjusted for the 2:1 bonus, that target is roughly ₹2,240 today – a level BSE has already exceeded by a fair margin. ^[38]

That evolution tells an important story: even very bullish early‑cycle targets can quickly become conservative when the underlying stock compounds both earnings and multiples.

Key risks and triggers investors are watching

While this article is not investment advice, it’s helpful to outline the main factors that could skew the BSE stock narrative in either direction.

Potential positive drivers

Sustained derivatives market‑share gains versus NSE, particularly in index options and longer‑dated contracts. ^[39]
Successful rollout and adoption of the pre‑open session for futures, which could further improve liquidity and price discovery. ^[40]
Continued growth of the SME listing platform and StAR MF, both of which are high‑margin, structurally growing businesses. ^[41]
Improved profitability and strategic relevance of India INX post fresh capital infusion. ^[42]
A benign regulatory environment that does not materially restrict weekly options or derivatives products, allowing the current earnings trajectory to continue. ^[43]

Key risks

Regulatory intervention in derivatives (weekly expiries, contract designs, margins or speculative position limits) that could curb volumes and fees. ^[44]
Competitive response from NSE or potential new entrants, which could slow or reverse BSE’s market‑share gains in derivatives. ^[45]
A broader market correction from record index levels – with P/E in the mid‑60s, BSE’s stock could be more sensitive than the average mid‑cap. ^[46]
Execution risk around technology and infrastructure, especially as colocation and high‑frequency trading volumes rise.
Slower‑than‑expected scaling or profitability at India INX despite higher ownership and capital. ^[47]

Put simply, BSE today is a “priced‑for‑perfection” high‑growth exchange, and perfection is a high bar in a heavily regulated, competitive industry.

Bottom line: high‑quality business, finely balanced risk‑reward

As of 1 December 2025, BSE Ltd combines:

A debt‑free balance sheet with high ROCE,
Multiple structural growth drivers (derivatives, SME platform, StAR MF, India INX),
Strong institutional and retail interest, and
A share price sitting close to record levels after an extraordinary three‑year rally. ^[48]

Street forecasts still expect solid double‑digit earnings growth, but with average 12‑month target prices below the current market price, indicating limited near‑term upside on consensus assumptions. ^[49]

For investors and traders tracking BSE Ltd stock, the story from here is likely to hinge less on whether the business continues to grow (most evidence suggests it will), and more on how much of that growth the current valuation has already discounted.