BSE reported operating revenue of ~INR10.7b (5% beat), up 44% YoY/12% QoQ, mainly driven by 57% YoY growth in transaction charges. For 1HFY26, revenue grew 50% YoY to INR20.3b. Opex stood at INR3.8b, up 7% YoY (in line). Regulatory expenses/employee costs/technology costs/other expenses grew 30%/26%/16%/42% YoY, while clearing house expenses declined 42% YoY. EBITDA stood at INR6.9b, up 78% YoY, leading to EBIDTA margins of 64.7% vs. est. of 62.1% and 52.4% in 2QFY25.
OutlookWe reiterate our Neutral rating on the stock with a TP of INR2,800 (premised on 40x Sep’FY27E EPS).
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