Hold BSE: target of Rs 2750 : ICICI Securities

Hold

ICICI Securities's research report on BSE

BSE enjoys strong prospects of volume growth across segments (options, cash as well as MF platform) led by derivatives, which has been our investment thesis for the stock. This, along with the prospects of improvement in costs, has led to quarterly EBITDA (ex-SGF) improving from INR 1.16bn in Q1FY24 to INR 7.5bn in Q2FY26. Our revised estimates factor in some moderation in volume growth on a higher base, leading to FY26/27E PAT of INR 22.3bn/26.3bn.

Outlook

We believe possible regulatory changes remain a key risk to earnings. Maintain HOLD with a revised target price of INR 2,750 (earlier INR 2,450).

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