Notwithstanding Securities & Exchange Board of India’s (F&O) regulatory curbs in the F&O segment, the exchange is expected to report a higher premium turnover along with growth in BSE’s option segment.

The other prominent earnings will be those of State Bank of India (SBI), Trent, Britannia Industries, ITC, Hero MotoCorp and Bharti Airtel.

Here’s what to expect!

Motilal Oswal

Motilal Oswal has pegged BSE’s operating revenue around Rs 759 crore, which could go up by 104% YoY while jumping by a modest 1.7% on a sequential basis. The net profit is expected at Rs 369 crore which could be a 252% surge over Q3FY24 figures while a 7% QoQ uptick.

BSE’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) is seen at Rs 420 crore. This could likely be a 357% YoY uptick while an 8% QoQ growth. “The best ever premium to notional turnover ratio witnessed in December 2024, offsetting the adverse impact of volume decline. Transaction revenue to witness growth across cash, derivatives, and MF segments. Continued momentum with respect to new listings to boost revenue from service to corporates. Decline in regulatory and clearing costs, due to a fall in notional turnover, to improve profitability,” MOFSL said in a preview note.MOFSL said that BSE’s ADTO (Average Daily Turnover) premium for 3QFY25 increased to Rs 8,800 crore from Rs 8,200 in 2QFY25 despite an 18% drop in notional ADTO. This would drive revenue growth while sequential EBITDA margin expansion of 330 bps will be fueled by lower regulatory and clearing & settlement costs.

BSE’s market share in the options segment continues to scale up in terms of notional/ premium turnover, reaching 29%/15% in December 2024 versus 27%/13% in September 2024.

“BSE’s premium turnover has been stable despite a sharp decline in notional turnover due to F&O regulations. Additionally, the decline in notional turnover will aid margin expansion as regulatory fees have a direct linkage,” the brokerage said in a note.

It has a buy rating on the counter for a price target of Rs 6,500.

Also Read: Swiggy Q3 Results: Cons loss widens to Rs 799 crore, despite 31% YoY revenue jump

Mirae Asset Sharekhan

Mirae Asset Sharekhan sees the company’s core revenue at Rs 760 crore, which could go up by 104% on a YoY basis and 1.8% on a QoQ basis. The PAT is pegged at Rs 350, which will likely be a 223% YoY jump and a 1% sequential growth.

Transaction revenue is likely to improve as volume is expected to increase strongly, Sharekhan noted.

“Regulatory changes evolving are likely to create headwinds in terms of growth moderation in equity derivative volumes, which would affect growth and profitability. Assessing the overall impact at this juncture remains a bit challenging thus we would like to wait and watch the scenario how it pans out, resulting in a neutral stance,” Nuvama cautioned.

BSE is likely to see strong growth in transaction revenue however impact of key regulation changes remains a key monitorable, it said. Moreover, contribution towards core SGF (Settlement Guarantee Fund) should also be tracked.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)