BSE (BSE IN) – Q2FY27 Result Update – Sequential volume softness; margins resilient – BUY
Published on 05 Nov 2026
Q2 operating revenue grew 34% YoY to INR14.3bn driven by robust growth in transaction charges (+42% YoY), although sequential growth momentum lagged due to geopolitical volatility and regulatory changes. Consequently, Q2FY27 EBITDA/PAT grew 45% YoY to INR11bn/ INR8.1bn. We slightly tweak our FY27 operating revenue estimates factoring in recovery of volumes following CAS revision, while the overhang of bank guarantee norms still persists. We expect opex to remain elevated due to continued investments in technology infrastructure and higher clearing & settlement costs linked to rising volumes, which are likely to weigh on EBITDA margin (-30bps for FY27E). We roll-forward our multiple to FY29E EPS and value the stock at 34x (earlier 42x), arriving at a TP of INR4,015. Reiterate “Buy”.
