BSE Share Price Target Soars to Rs 4,570 Following Q4 Results: Insights from Jefferies, Motilal Oswal, and Others.

The BSE shares faced notable declines, dropping by as much as 3.3% to Rs 3,832 on the NSE, despite the exchange reporting a robust consolidated net profit of Rs 797 crore for Q4FY26. This figure represents a remarkable 61% increase from the Rs 494 crore recorded in the same quarter of the previous year. Revenue for the quarter also experienced significant growth, soaring 85% year-on-year to Rs 1,564 crore, up from Rs 847 crore in Q4FY25. Sequentially, this marks a 32% increase in net profit from Rs 602 crore reported in Q3FY26 and a 26% revenue increase from Rs 1,244 crore in the preceding quarter.

Brokerage firm Nuvama Institutional Equities maintains a ‘Buy’ rating on BSE, with a target price set at Rs 4,570, indicating a potential upside of 15%. The firm anticipates that BSE will experience a lower impact from the reduction in weekly contract volumes, particularly as discontinued weekly contracts currently account for 21.3% of its index options premium volumes, in contrast to 46.9% for the NSE. Additionally, the brokerage notes that BSE has considerable room for growth in its derivatives customer base, which currently stands at 15 lakh to 20 lakh monthly users compared to approximately 42 lakh for its larger competitor, NSE.

In contrast, Jefferies has issued a ‘Hold’ rating on BSE with a target price of Rs 3,620, reflecting a 9% potential downside. Their cautious outlook is influenced by BSE’s heavy reliance on Sensex weekly options, regulatory challenges, and mounting competition in co-location services. Jefferies has also revised down its EPS estimates for FY27 and FY28 by 4-5%. Meanwhile, Motilal Oswal Financial Services has adopted a ‘Neutral’ stance with a raised target price of Rs 4,400—an 11% upside. Their analysis suggests BSE is showing broad-based growth driven by enhanced institutional participation, a stable retail environment, and ongoing investments that bolster long-term earnings visibility.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova team.)