BSE Share Price: Profit **174%** Bhaga Derivatives Ke Dam Par, Par Valuation Aur STT Hike Ki Fikar

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AuthorAarav Shah|Published at:
BSE Share Price: Profit **174%** Bhaga Derivatives Ke Dam Par, Par Valuation Aur STT Hike Ki Fikar
Overview

Bhai log, BSE ne latest results mein toh kamaal hi kar diya! Q3 FY26 mein inka consolidated net profit **174%** tad gaya, seedha **₹602 Crore** tak pahunch gaya. Revenue bhi **62%** badh kar **₹1,244 Crore** ho gaya. Yeh sab derivatives trading ki wajah se hua hai.

Achanak numbers mein itni tezi kaise aayi?

Asal mein, BSE ne Q3 FY26 mein zabardast performance dikhaya hai. Profit mein 174% ka YoY jump aur revenue mein 62% ka growth dekha gaya. Iski sabse badi wajah hai transaction charges mein 86% ka uchaal, jo ₹953 Crore tak pahunch gaye. Sabse zyada support mila index options trading se, jahan average daily premium turnover ₹19,459 Crore raha. Stock exchange ke liye ye ek badi baat hai ki unka index options market share ab 29.4% ho gaya hai. BSE StAR MF platform par bhi 21% zyada transactions hue, jo 21.7 Crore tak pahunche.

Profitability Aur Margins Mein Bhi Sudhar

Jab transactions badhte hain toh profitability toh badhegi hi. BSE ka EBITDA margin 60.8% tak pahunch gaya, aur EBITDA mein 73.5% ka YoY growth dekha gaya. Net profit margin bhi 45% ho gaya, jo pehle 26% tha. Consolidated Operating EBITDA toh ₹732 Crore tak pahunch gaya, jo pichle saal se ti-gune se bhi zyada hai. Ye sab operational efficiency aur cost management ki wajah se ho paya hai.

Valuation Ka Mamla Thoda Tang

Ab numbers toh mast hain, par valuation ka scene thoda alag hai. BSE ka market cap lagbhag ₹1.21 Trillion hai, aur P/E ratio kareeb 68.4x hai. Ye apne competitor NSE se kaafi zyada hai, jiska P/E ratio 42-45x ke aas-paas hai. Matlab, investors BSE ke liye thoda zyada premium pay kar rahe hain. Pichle saal BSE ka share 59.1% badha tha, aur Q2 FY26 ke baad bhi ~7% bhaga tha. NSE ke comparison mein BSE ka revenue primarily transaction charges par zyada dependent hai, jabki NSE ke paas data feeds aur listing services jaisi alag alag revenue streams hain.

STT Hike Aur Regulatory Risks Ki Chinta

Agli cheez jo investors ko pareshan kar rahi hai, woh hai Union Budget 2026 mein derivatives par STT hike. Futures par STT 0.02% se badha kar 0.05% aur options premium par 0.10% se 0.15% kar diya gaya hai. Company aur kuch analysts keh rahe hain ki isse trading volumes par zyada fark nahi padega, par sachai toh waqt hi batayega. Isse trading ka cost badh jayega, aur retail traders ke liye thoda mushkil ho sakta hai. SEBI ke naye regulations aur single-stock derivatives par restrictions bhi ek risk factor hain. Zyadatar derivatives par dependent hona ek structural risk hai.

Analysts Kya Keh Rahe Hain?

Analysts ke beech is stock ko lekar alag alag views hain. Nuvama ne toh 'Buy' rating maintain rakhi hai aur target ₹3,760 kar diya hai. Lekin Jefferies ne 'Hold' rating dekar target ₹3,050 rakha hai. Goldman Sachs 'Neutral' hai target ₹2,460 ke saath, aur ICICI Securities ne bhi 'Hold' rating dekar target ₹2,750 diya hai. Bloomberg ke data ke according, average target price ₹3,227 hai, jo current price se lagbhag 8% upside dikha raha hai. Nuvama ne FY26-28 ke liye earnings estimates bhi badha diye hain, par FY29 ke baad growth ke liye clear roadmap dikhna abhi baaki hai.

Disclaimer:This content is for educational and informational purposes only and does not constitute investment, financial, or trading advice, nor a recommendation to buy or sell any securities. Readers should consult a SEBI-registered advisor before making investment decisions, as markets involve risk and past performance does not guarantee future results. The publisher and authors accept no liability for any losses. Some content may be AI-generated and may contain errors; accuracy and completeness are not guaranteed. Views expressed do not reflect the publication’s editorial stance.