BSE’s profitability has reached a new high. Operating EBITDA rose to ₹732 crore, marking a nearly threefold increase from the previous year, while the operating margin stood at a strong 59%. The exchange’s operating leverage highlights its ability to drive performance, despite a slight moderation from Q2 levels.
Experts Bullish on BSE: Structural Strength, Operating Leverage Fuel Long-Term Growth
Experts believe that BSE Ltd has a structural advantage that enables the company to benefit from India’s capital market growth and increasing financial participation by households. Analysts note that the exchange delivered strong Q3 FY26 results due to high operating leverage, which allows faster earnings growth as trading volumes rise.
Despite the impact of short-term market volatility on earnings, experts believe BSE’s regulatory moat, diversified revenue streams, and market leadership will ensure stable performance across market cycles. Brokerages remain positive, citing sustained strength in equity derivatives and improving profitability, and expect the stock to deliver value over the medium to long term.
(With Inputs)

