NSE vs BSE vs MCX: India’s leading stock exchanges, Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and Multi Commodity Exchange (MCX), have reported their financial results for the quarter ended September 30, 2026. All three exchanges registered strong year-on-year growth in net profit, supported by trading activity and business expansion.
With the Q2 FY27 earnings announcements out, investors will be keen to assess their financial performance, growth prospects and potential share price returns. Here’s a look at the brokerage ratings and share price targets for the three exchanges.
BSE Q2 Results FY27
BSE reported a 45 per cent year-on-year jump in consolidated net profit to Rs 807.52 crore in Q2 FY27. Revenue from operations increased 34 per cent to Rs 1,432.66 crore.
The exchange recorded its highest-ever quarterly Average Daily Turnover (ADTV) of Rs 10,494 crore in the equity cash segment, while derivatives premium turnover averaged Rs 22,531 crore daily.
BSE Share Price Target 2026
Nuvama maintains HOLD for the stock exchange and has recommended a HOLD rating on BSE with a target of Rs 3,810.
The brokerage highlighted higher VIX, October ADPTV recovery and cash market share gains as positive triggers. It expects FY27 and FY28 ADPTV of Rs 272 billion and Rs 305 billion, respectively, with revenue CAGR of 16 per cent over FY26-29. Key risks include cybersecurity threats, global turmoil and foreign capital outflows.
Against the previous closing price of Rs 3,601.50, the stock could rise 5.79 per cent to Nuvama’s target.
NSE Q2 Results FY27
NSE’s consolidated net profit increased 23 per cent year-on-year to Rs 2,578 crore. Total income rose 9 per cent to Rs 4,554 crore, supported by transaction revenue. Expenditure declined 51 per cent, largely due to a prior-year SEBI settlement provision.
NSE Share Price Target 2026:
Jefferies maintained its BUY rating on NSE and raised its share price target to Rs 2,125 from Rs 2,085.
The brokerage described the quarter as largely in line, with operating revenue increasing 11 per cent. Non-trading income, including listing, data and clearing revenue, grew 16 per cent.
Against the previous closing price of Rs 1,809.40, the stock could rise approximately 17.44 per cent to Jefferies’ revised target.
MCX Q2 Results FY27
MCX reported more than a two-fold increase in consolidated net profit to Rs 455 crore. Total income surged to Rs 799.66 crore, supported by higher trading activity in futures and options.
MCX Share Price Target 2026
Jefferies maintained its BUY rating with an unchanged target of Rs 4,000.
The brokerage highlighted an 11 per cent QoQ increase in options traders to 13 lakh and higher bullion trading volumes. EBITDA margin improved 1.5 percentage points sequentially to 76.4 per cent. However, higher taxation and technology costs impacted the outlook. Jefferies expects earnings to grow approximately 24 per cent annually over three years.
Against the previous closing price of Rs 3,312, the stock could rise 20.77 per cent to the brokerage’s target.
BSE vs NSE vs MCX: Which stock could rise the most?
| Company | Brokerage | Rating | Share Price Target (Rs) | Previous Close (Rs) | Potential Upside |
|---|---|---|---|---|---|
| BSE | Nuvama | HOLD | 3,810 | 3,601.50 | 5.79% |
| NSE | Jefferies | BUY | 2,125 | 1,809.40 | 17.44% |
| MCX | Jefferies | BUY | 4,000 | 3,312 | 20.77% |
Bottom Line
Among the three exchanges, MCX has the highest indicated potential upside of 20.77 per cent, followed by NSE at 17.44 per cent and BSE at 5.79 per cent, based on their respective brokerage targets and previous closing prices. While all three reported strong Q2 earnings growth, their valuations, business mix and growth drivers differ.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)