Shares of BSE Ltd hit their all-time high on Friday after the bourse reported its Q4 earnings. BSE shares rose 0.76% to a high of Rs 3,994 in the current session. Market cap of the bourse stood at Rs 1.58 lakh crore. 

HDFC Securities maintained its 'Add' stance on BSE with a price target of Rs 4,300 based on 40 times core FY28E PAT along with the value of its CDSL stake and net cash (ex-SGF), with the stock currently trading at 46x/37x FY27/28E EPS. 

The brokerage said it estimated options premium market share of 31/35% in FY27/28E against 25% in FY26. 

"We raise EPS estimates by 12–14% on higher volume assumptions and project FY26–28E 
revenue and EPS CAGRs of ~32% and ~31%, respectively," said the brokerage. 

Brokerage Nuvama assigned a price target of Rs 4,570 (earlier Rs 3,760) to the BSE stock. 

"Post-NSE listing, there shall be further upgrades in earnings. AT CMP, the stock trades at FY27E/28E PE of 45.6x/38.9x; maintain ‘BUY’," added Nuvama. 

Motilal Oswal assigned an upside of 11% with a price target of Rs 4400 with a 'neutral' call.  

The brokerage raised its earnings estimates by 17%/20% for FY27E/FY28E, factoring in higher volume assumptions based on the robust Mar’26/Apr’26 run rate. 

"However, we have not baked in any impact from the RBI regulations on proprietary trading. We reiterate our Neutral rating on the stock with a TP of Rs 4,400 (premised on 40x FY28E EPS)," said MOFSL. 

Sachin Gupta, Vice President – Technical Research at Choice Broking said, "BSE has emerged as one of the market’s top performers, recently hitting a fresh lifetime high near Rs 3,994. The stock continues to remain in a strong uptrend, backed by steady buying interest and positive market sentiment. However, momentum indicators suggest the stock may be overheating in the short term. The Relative Strength Index (RSI) is currently around 82, which places the stock in the “overbought” category. In simple terms, the rally has been very sharp and fast, increasing the chances of some near-term profit booking or a phase of sideways consolidation. We believe any healthy correction toward the Rs 3,700–Rs 3,780 zone could offer a better entry opportunity for investors looking to accumulate the stock.  The broader bullish trend is expected to remain intact as long as stock holds above the crucial support level of Rs 3,650. On the upside, the next psychological target for the stock is seen around Rs 4,200."

Virat Jagad, Sr. Technical Research Analyst at Bonanza said,  "BSE  has delivered a strong breakout above the long-term rising resistance trendline with sustained bullish momentum and strong price action, indicating continuation of the primary uptrend. The stock is trading firmly above its 20, 50, 100 and 200-day EMAs, confirming strength across all major time frames, while the sharp rise in volumes supports institutional buying interest. RSI is near 82 reflecting strong momentum but also indicating overbought conditions, so short-term consolidation cannot be ruled out. Fresh entry can be considered on dips near Rs 3900–3920 with stop loss at Rs 3650, while upside targets remain Rs 4200 and Rs 4400. Existing holders can continue to hold with trailing stop loss at Rs 3650 as the stock continues forming higher highs and higher lows with strong trend continuation signals."

BSE earnings 

BSE reported a 61% rise in Q4 profit at Rs 795 crore from Rs 494 crore in the same period last year. BSE's revenue from operations surged 85% to Rs 1,564 crore in the fourth quarter of financial year 2025-26 (Q4FY26) from Rs 847 crore in the year-ago period.

BSE said the average daily turnover of its equity cash segment jumped to Rs 7,950 crore at the end of FY26 compared Rs 7766.6 crore in FY25.

The exchange's board announced a final dividend of Rs 10 per share and fixed July 10 as the record date and said that the payment will be made on or before Thursday, September 17, 2026.

For FY26, BSE's net profit rose 88% to Rs 2,487 crore compared with Rs 1,322 crore in financial year 2024-25.