Comments
Target: ₹6,211
CMP: ₹4,706
BSE reported exceptional financial growth in Q2-FY25. Revenue increased by 22.8/137.3 per cent q-o-q/ y-o-y to ₹740 crore. Operating EBITDA for Q2 improved by 29/129.6 per cent q-o-q/y-o-y to ₹430 crore, up from ₹340 crore in Q1-FY25, with the operating EBITDA margin increasing from 2.8 per cent in Q2 FY25 to a staggering 58.2 per cent. PAT grew 30.8/192 per cent q-o-q/y-o-y to ₹350 crore in Q2FY25.
In terms of mutual fund activity, BSE Star MF has seen impressive growth, with the total number of transactions processed rising by 68 per cent. Furthermore, BSE has launched 11 new indices in Q2 FY25, including several innovative indices such as the Business Group, Premium Consumption, and Internet Economy indices. The management is currently in negotiations with ICCL to reduce the can unlock significant financial gains by reducing clearing costs through negotiation with NCL.
We continue to remain bullish on this stock with an FY26E EPS of 127 and a P/E multiple of 49x based on these factors: BSE’s derivatives business has experienced remarkable growth, driven by increased turnover and higher transaction fees. BSE’s Q2-FY25 performance reflects strong growth across segments, with a significant increase in cash turnover, equity derivatives, and mutual fund transactions.
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