What is the BSE stock pricing in?
High growth has been a key driver of BSE’s premium valuation. However, BSE’s growth is coming off a much smaller base, while NSE is already operating at market-leading scale.
NSE vs BSE growth CAGR FY24-26
| CAGR FY24-26 | NSE | BSE |
| Rev growth |
4% |
88.00% |
| PAT growth |
11% |
80% |
| Options ADTO |
-3.40% |
202.50% |
BSE has increased its market share in the equity derivatives segment, rising from around 3% in FY24 to nearly 25% in FY26. Options account for around 70% of BSE’s revenue and 60% of NSE’s revenue, making derivatives a critical revenue driver for both exchanges.Where NSE scores
While BSE has made significant gains in market share, NSE continues to monetise derivatives more effectively. This means NSE generates significantly higher revenue per unit of trading activity, reflecting its stronger liquidity ecosystem, deeper market participation and greater pricing power.
| FY26 |
NSE |
BSE |
| Yields (Options premium/notional turnover) |
~22 bps |
~10 bps |
How this reflects in the numbers
FYR 1Y COMPARISON
NSE vs BSE
|
FY26 |
BSE |
NSE |
| Revenue (` Cr) |
4,834 |
16,601 |
| Txn Charges (` Cr) |
3,795 |
13,057 |
| Revenue Growth YoY |
63% |
-3% |
| Txn Charge Growth YoY |
87% |
-4% |
| EBITDA (` Cr) |
3,156 |
12,657 |
| EBITDA Margin |
65% |
76% |
| PAT (` Cr) |
2,497 |
10,302 |
| PAT Growth YoY |
88% |
-15% |
| Options Market Share |
27% |
73% |
| FY25 Options Share |
12.60% |
87.40% |
| Options Market Share Change | 1,440.00 | -1,440.00 |
BSE has demonstrated stronger growth, but NSE continues to lead on scale and profitability. The difference is also evident in the revenue mix of the two exchanges.
BSE’s revenue streams are more concentrated, with transaction charges accounting for 82% of revenue, followed by listing fees at 8.7%, IPO-related book-building fees at 2.3% and other operating revenue at 6.3%.
NSE has a more diversified revenue mix. Transaction charges account for 79% of revenue, while listing services contribute 2%, data connectivity 7%, data feed and terminal services 3%, licensing services 1%, clearing and settlement services 2% and other operating revenue 6%.
BSE therefore remains more dependent on transaction activity and IPO flows, while NSE benefits from additional revenue streams such as data, connectivity and market infrastructure services.Where could the next leg of growth come from?
BSE is looking to diversify and expand its growth drivers through its mutual fund distribution business and new products such as the BSE Saatvik 100 and technology-focused indices.
NSE, meanwhile, is focusing on expanding its commodities and electricity futures segments, along with its international exchange operations in GIFT City.
