Shares of BSE Ltd. leapt 5% to ₹3,355 on Monday, the first big move since the brokerage downgraded the stock in June 2025. Motilal Oswal’s new buy rating came with a price target hike from ₹3,480 to ₹4,000, implying a 23% upside from Friday’s close.
The exchange now commands a 30% share of premium turnover and has nudged its cash market share from 7% to 9%. Notional average daily turnover in October is up 85%, a rebound helped by the regulatory backing of the closing‑auction session reversal slated for December 7.
Of the 20 analysts covering BSE, 13 recommend a buy, 4 hold and 3 sell. The consensus price target suggests a 12.4% upside from current levels, while Motilal Oswal’s note highlights the 70% EBITDA margin target for FY 2026, up from 65% and a dramatic jump from 9% in FY 2021.
Looking ahead, Motilal Oswal has increased its FY 2027 PAT estimate by 10% and FY 2028 PAT by 12%. It also projects a possible 20% further lift in FY 2028 PAT if volume recovery continues. The forecast hinges on the launch of a lock‑in product in March 2027 and the NSE listing of BSE’s new trading platform, both seen as catalysts for turnover.
With the upgraded rating, the market is already pricing in the upside, and traders will watch closely for any signs of sustained volume growth as the exchange pushes toward its higher margin and profit targets.