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BSE Bull Vs Bear: Earnings beat estimates but Jefferies and Goldman differ on prospectsBSE has formalised a policy to allocate 5% of its derivatives revenue toward the Settlement Guarantee Fund (SGF), which Jefferies mentioned was lower than earlier estimates.By Meghna Sen   November 12, 2025, 8:22:38 AM IST (Published)2 Min ReadShares of BSE Ltd. will be in focus on Wednesday, November 12, after the exchange reported a strong September-quarter performance, beating Bloomberg estimates across all major parameters.

Net profit rose 3.5% sequentially to ₹557 crore, which is 10.5% above Bloomberg consensus, led by robust operating revenue despite higher costs and lower investment income.

Revenue surged 44.1% year-on-year to ₹1,068 crore from ₹741 crore. On a quarterly basis, operating revenue grew 11.5% to ₹1,068 crore, 6.7% ahead of estimates.

Growth was driven by a 31% quarter-on-quarter jump in services to corporates and a 33% rise in other operating income, partly offset by a 6% decline in treasury income.

Transaction charges, the largest revenue contributor, increased 8% sequentially.

EBITDA rose 10.4% quarter-on-quarter, also ahead of estimates, though margins saw a slight contraction due to higher regulatory contributions.

Average daily notional turnover jumped sharply to ₹100 lakh crore, which shows strong traction in the derivatives segment.

Brokerage firm Jefferies maintained a 'Buy' rating on BSE with a price target of ₹2,930, citing strong index derivative volumes and revenue growth that offset weakness in the cash segment.

The exchange has also formalised a policy to allocate 5% of its derivatives revenue toward the Settlement Guarantee Fund (SGF), which Jefferies mentioned was lower than earlier estimates.

Meanwhile, Goldman Sachs retained a 'Neutral' rating with a price target of ₹2,460. The brokerage said BSE's Q2 underlying EPS of ₹13.6 was broadly in line (+3%) with its estimate of ₹13.2.

Operating expenses rose 14% quarter-on-quarter and 7% year-on-year.

BSE contributed ₹10 crore during the quarter toward its core SGF as part of the new 5% policy.

Overall, underlying net profit rose 6% sequentially and 62% year-on-year, coming in 3% ahead of Goldman's estimates.

On Tuesday, shares of BSE closed 0.68% higher at ₹2,643.10 on the NSE. The stock has gained nearly 46% so far in 2025.Continue ReadingNote To ReadersBSE has formalised a policy to allocate 5% of its derivatives revenue toward the Settlement Guarantee Fund (SGF), which Jefferies mentioned was lower than earlier estimates.Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsBSEBSE Ltd.share market today