BSE Shares Surge 4% After Q2 Profit Increases 45%

Limited shares surged nearly 4% in early trade to reach an intraday high of ₹3,753.60 following the announcement of its financial results for the second quarter ended September 30, 2026. The exchange operator reported a consolidated net profit of ₹809.15 crore for Q2 FY27, representing a 44.9% year-on-year increase compared to ₹558.43 crore recorded in the corresponding period of the previous fiscal year. Top-line performance demonstrated robust expansion, with revenue from operations rising 34.1% year-on-year to ₹1,432.66 crore. The strong operational performance was primarily driven by transaction fee growth and steady market participation across cash and derivative segments. Transaction charges surged 42% year-on-year to ₹1,127.80 crore, while operating EBITDA rose 42.4% to ₹984 crore, allowing operating EBITDA margins to expand to 68.7% from 64.66% in Q2 FY26. Total income increased 36.07% to ₹1,550.54 crore, further boosted by a 64.5% rise in investment income to ₹108.07 crore, despite derivatives trading volumes recording a minor sequential slowdown from Q1 FY27 levels. Major brokerages offered contrasting views on the exchange operator's future growth trajectory following the earnings release. Motilal Oswal maintained a Buy rating, citing market share gains and ongoing derivative product expansions, while JPMorgan issued a positive target implying further upside. Conversely, Bernstein retained an Underperform rating, highlighting concerns over sequential derivatives volume moderation and regulatory changes. Despite mixed institutional outlooks, the stock has gained over 41% so far in 2026, significantly outperforming broader benchmark indices.