Initial Listing Price (2017)
The BSE IPO was priced at the upper band of ₹806. On its listing day, February 3, 2017, it listed on the National Stock Exchange (NSE) at:
- Listing Open: ₹1,085 (a premium of ~35% over the issue price).
- Listing Day High: ₹1,200.
- Listing Day Close: ₹1,069.20.
2. Volume Growth: From "Laggard" to "Leader"
The volume growth of BSE has been the primary engine for its recent stock price surge.
- The NSE Dominance Era (2017–2022): For several years after listing, BSE struggled with low trading volumes, especially in the high-margin Derivatives (F&O) segment, where NSE held a near-monopoly. Daily volumes were relatively modest.
- The Turnaround (2023–2026): Under new leadership and revamped product structures (like the Sensex and Bankex derivatives), volumes exploded.
- 2017 Volumes: Daily traded shares were often in the low lakhs.
- 2026 Volumes: Today, it is common to see 50 lakh to 80 lakh shares traded daily on the NSE, with turnover reaching thousands of crores per session.
- Derivatives Explosion: BSE’s market share in equity derivatives has jumped from nearly 0% to over 20% in the last two years, driving its massive profit growth.
If you had bought 100 shares of BSE Ltd in June 2017 at ₹1,000 per share, you would be sitting on one of the most successful "multibagger" runs in recent Indian market history.
Here is the step-by-step breakdown of your holdings and returns as of February 10, 2026.
1. The Share Multiplication (Bonus History)
BSE has issued two major bonuses since your purchase, both in a 2:1 ratio. This means for every 1 share you held, you received 2 additional free shares.
- Initial Purchase (June 2017): 100 shares
- Bonus 1 (March 2022, 2:1): 100 shares became 300 shares
- Bonus 2 (May 2025, 2:1): 300 shares became 900 shares
Current Share Count: 900 Shares
2. Return on Investment (ROI) Calculation
To calculate your percentage returns, we compare your initial capital to the current market value of your total shares.
Component | Value | Calculation |
|---|---|---|
Initial Investment | ₹1,00,000 | $100 \text{ shares} \times ₹1,000$ |
Current Price (Feb 10, 2026) | ₹3,131 | Approx. market price today |
Current Market Value | ₹28,17,900 | $900 \text{ shares} \times ₹3,131$ |
Total Absolute Profit | ₹27,17,900 | $₹28,17,900 - ₹1,00,000$ |
Total Percentage Return: ~2,718%
Summary
- Shares Held: You now have 9 times the number of shares you started with.
- Portfolio Growth: Your ₹1 Lakh investment has turned into approximately ₹28.18 Lakhs.
- Annualized Growth (XIRR): This represents a staggering compounded annual growth rate of roughly 48-50% over the last 8.5 years.
The impending listing of the National Stock Exchange (NSE) on the BSE is being viewed as the single biggest catalyst for the exchange sector in the next three years. Because SEBI regulations prevent an exchange from listing on itself, NSE must list on BSE, effectively making the "rival" its home platform.
Here is the outlook for BSE Ltd regarding this listing, turnover, and earnings through 2029:
1. The "NSE Effect" on BSE’s Turnover
The listing will directly impact BSE’s trading volumes in two ways:
- Massive Listing Day Volume: NSE’s IPO is expected to be India’s largest-ever financial services IPO. The sheer volume of trading in NSE shares on Day 1 (and the subsequent weeks) will provide a massive one-time and ongoing boost to BSE’s cash segment turnover.
- Institutional Traction: As institutional investors trade NSE shares on the BSE platform, it increases the overall "liquidity pool" of BSE. This helps narrow bid-ask spreads, making BSE a more attractive alternative to NSE for other stocks as well.
2. Impact on Earnings (Next 3 Years)
Analysts have a strong bullish outlook, with earnings expected to grow significantly.
Metric | Forecast (2026–2029) | Primary Driver |
|---|---|---|
Revenue Growth | ~16% – 24% CAGR | Surge in transaction charges from derivatives and the NSE listing. |
Net Profit (PAT) | ~20% – 34% CAGR | Operating leverage; as volumes grow, costs don't rise proportionally. |
Return on Equity (ROE) | ~39% (by 2029) | High cash generation and low capital expenditure requirements. |
- Derivatives Market Share: BSE’s profit explosion is currently driven by its success in the weekly options segment (Sensex/Bankex). Analysts expect BSE to capture 25%–30% of the total derivatives market share by 2028, up from its current ~20%.
- Listing Fees: As more companies (including NSE) list and stay listed on BSE, the recurring annual listing fees provide a stable, high-margin revenue stream.
3. Future Risks to Watch
While the outlook is positive, two "impending" factors could temper growth:
- Regulatory Changes: The 2026 Budget increased the Securities Transaction Tax (STT) on F&O. While the market has absorbed this so far, any further hikes could hit the high-frequency trading (HFT) volumes that BSE relies on.
- The "NSE Listing" Paradox: Once NSE is listed on BSE, investors will have a choice between the two giants. Some "exchange-thematic" capital might move from BSE to NSE, as NSE remains the larger and more dominant business by absolute profit.
Outlook
The next 3 years (2026–2029) are likely to be "Golden Years" for BSE Ltd. The NSE listing will not only provide a massive revenue spike through transaction fees but also cement BSE's position as a technologically equal competitor to NSE.
