BSE vs NSE vs MCX vs IEX shares: Which exchange stock to buy after Q2 results for good returns? Experts' views
BSE vs NSE vs MCX vs IEX shares: Shares of exchange companies are in focus after their September quarter results for the financial year 2026-27 (Q2 FY27), with investors assessing which exchange stock offers better earnings growth and return potential.
Among the key listed players, Multi Commodity Exchange of India (MCX), BSE, National Stock Exchange (NSE) and Indian Energy Exchange (IEX) reported varying performances during the quarter.
According to market experts, MCX emerged as the strongest performer in terms of revenue and profit growth, BSE also delivered robust earnings, supported by growth across its derivatives and mutual fund platforms.
NSE maintained strong operating margins and reported healthy profit growth, while IEX posted steady earnings expansion despite regulatory uncertainty surrounding market coupling.
The four exchange companies reported different growth trajectories in Q2 FY27, reflecting changes in trading activity, operating leverage, revenue diversification and regulatory developments.
MCX delivered the strongest financial performance among the four exchanges during the September quarter.
The commodity exchange reported a 113.9% year-on-year (YoY) increase in revenue from operations to ₹800 crore. EBITDA surged 145.9% to ₹664 crore, while profit after tax (PAT) jumped 130.8% to ₹455 crore.
Its EBITDA margin stood at a robust 78%, highlighting the operating leverage in its business model.
The company's strong performance was supported by a 207.1% increase in futures and options (F&O) average daily turnover (ADTV), primarily driven by a 224.8% jump in options turnover. Its dominant position in commodity derivatives further strengthens its growth prospects.
BSE also reported strong financial growth, supported by higher activity across its trading and market infrastructure businesses.
The exchange's revenue from operations increased 34% YoY to ₹1,433 crore, while EBITDA grew 43% to approximately ₹973-984 crore. PAT advanced 45% to ₹809 crore.
BSE reported an EBITDA margin of around 68%, reflecting strong operating leverage and improved business performance.
Growth across equity cash, derivatives, StAR MF, listing and co-location services supported its performance. The expanding derivatives franchise and its agreement with MSCI also provide additional growth opportunities.
NSE reported relatively moderate revenue growth compared with MCX and BSE, although its profitability remained strong.
The exchange's revenue increased 11% YoY to ₹4,067 crore, while PAT rose 23% to ₹2,578 crore. Its operating EBITDA margin stood at 76%.
Profitability was supported by lower expenses, particularly due to the absence of the ₹1,297 crore SEBI settlement provision recognised in the corresponding quarter last year.
NSE also reported 24% growth in cash market ADTV. Its established market position, alongside diversified revenue streams from data services and listings, supports its long-term business prospects.
IEX reported steady growth in the September quarter, with revenue increasing 10.7% YoY to ₹203 crore and PAT rising 12.9% to ₹139.2 crore.
Electricity trading volumes grew 12.7%, while strong growth in IGX gas volumes provided additional diversification to its business.
However, regulatory uncertainty surrounding the proposed market coupling mechanism remains a key concern for investors and could influence the company's future growth prospects.
According to Seema Srivastava, Senior Research Analyst at SMC Global Securities, MCX has the strongest earnings growth momentum among the four exchanges, followed by BSE. However, BSE offers an attractive combination of earnings growth, operating leverage and diversified revenue streams.
She said that MCX's exceptional quarterly performance highlights its strong operating leverage and expanding market participation. Its dominant position in commodity derivatives further strengthens its growth outlook. However, investors should monitor the sustainability of trading volumes and the potential impact of regulatory changes.
Srivastava believes BSE offers a balanced growth opportunity, supported by its expanding derivatives business and mutual fund platform. Its diversified revenue streams and growing market share in derivatives provide additional earnings visibility.
On NSE, the analyst highlighted its established market leadership, strong operating margins and diversified revenue streams as key positives. However, investors should account for the one-time expense base effect while evaluating its underlying profitability growth.
Meanwhile, IEX remains a relatively steady business, but regulatory uncertainty surrounding market coupling continues to weigh on its investment outlook.
Srivastava said, "MCX and BSE appear relatively attractive for growth-oriented investors, subject to reasonable valuations."
She added that investors should compare current market prices, valuation multiples and earnings sustainability before taking fresh positions, as strong quarterly performance alone does not necessarily make a stock attractively valued.
Meanwhile, Mahesh M Ojha, VP Research & Business Development at Kantilal Chhaganlal Securities, said BSE shares have immediate support in the ₹3,480– ₹3,320 range. On the upside, the stock could encounter resistance at ₹3,735, followed by ₹3,810 and ₹3,940.
He said a sustained move above the immediate resistance could strengthen bullish momentum and open the door for further gains. However, a breach of the support zone could trigger additional selling pressure.
For NSE shares, Ojha recommends buying in the ₹418– ₹430 range, with a stop-loss below ₹390.
He has set successive upside targets of ₹455, ₹470 and ₹485. Investors should maintain strict stop-loss discipline while considering the trade.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
Get Latest real-time updates
Catch all the Business News , Market News , Breaking News Events, JIO IPO Listing Today LIVE and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
HomeMarketsStock MarketsBSE vs NSE vs MCX vs IEX shares: Which exchange stock to buy after Q2 results for good returns? Experts' views
✕
Wait for it…
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.