BSE’s futures and options turnover is up 85 per cent in October 2026 so far, and the partial rollback of closing auction session norms from 7-Dec-26 adds support. Growth extends beyond derivatives: 30 per cent+ share of options premium turnover, cash market share at 9 per cent, and recurring income from mutual fund and co-location services. Operating margin rose to 65 per cent+ in FY26 from 9 per cent in FY21. “We estimate a 27 per cent net profit CAGR over FY26-28,” said the brokerage house. Motilal Oswal sees the stock reaching Rs 4,000 over the next 12 months, which is a gain of 14 per cent from the price of Rs 3,510.