“Maintained a 'Neutral' call on BSE shares, but increased the target price to ₹3,940 from ₹3,902, implying a 9% upside. Q1 performance was in line with expectations, driven by a 93% YoY surge in equity derivatives. However, moderation in equity options trading volumes due to regulatory changes effective July 1 is expected to persist, partially offset by higher investor participation and market share gains. Operating revenue is projected to grow at a 19% CAGR over FY26–FY29E.”