Shares of BSE Ltd experienced a 3.3% decline to ₹3,832.3 on the National Stock Exchange (NSE) as investors engaged in profit booking, despite the company reporting an impressive 85% year-on-year revenue increase for the January to March 2026 quarter. The operating revenue for this period reached approximately ₹1,560 crore, bolstered by a 114% rise in transaction charges, although revenue from corporate services fell by 5% due to a 34% decrease in listing processing fees. BSE's EBITDA more than doubled to ₹1,060 crore, achieving a margin of 67.9% compared to 57.2% in the previous year. The exchange's management anticipates further growth, supported by a robust IPO pipeline with over 250 applications expected in FY27. Analysts at Motilal Oswal Financial Services Ltd have raised their target price for BSE shares to ₹4,400, reflecting an 11% potential upside, while maintaining a 'Neutral' rating due to potential regulatory impacts from the Reserve Bank of India on proprietary trading. The brokerage has also increased its earnings estimates for FY27 by 17% and for FY28 by 20%, citing strong trading activity in March and April 2026.