BSE vs NSE vs MCX vs IEX shares: Which exchange stock to buy after Q2 results for good returns? Experts' views

Exchange Stocks In Focus After Q2

Listed exchange operators drew investor attention following their September quarter results for the financial year 2026-27. MCX, BSE, NSE and IEX each reported distinct trajectories, shaped by trading volumes, operating leverage, revenue mix and regulatory developments. Market experts cited by the report noted that MCX posted the strongest revenue and profit growth, BSE delivered robust earnings, NSE held strong margins with healthy profit growth, and IEX recorded steady expansion amid regulatory uncertainty over market coupling.

How The Four Compared

MCX reported revenue from operations of ₹800 crore, up 113.9% year on year, with EBITDA rising 145.9% to ₹664 crore and profit after tax climbing 130.8% to ₹455 crore. Its EBITDA margin stood at 78%. Growth was driven by a 207.1% rise in futures and options average daily turnover, including a 224.8% jump in options turnover.

BSE's revenue rose 34% to ₹1,433 crore, EBITDA grew 43% to roughly ₹973-984 crore, and PAT advanced 45% to ₹809 crore, with an EBITDA margin near 68%. Gains came from equity cash, derivatives, the StAR MF platform, listing and co-location services, alongside its MSCI agreement.

NSE's revenue increased 11% to ₹4,067 crore and PAT rose 23% to ₹2,578 crore, with a 76% operating EBITDA margin. Profitability benefited from the absence of a ₹1,297 crore SEBI settlement provision booked a year earlier. Cash market ADTV grew 24%.

IEX posted revenue of ₹203 crore, up 10.7%, and PAT of ₹139.2 crore, up 12.9%. Electricity volumes rose 12.7%, with IGX gas volumes adding diversification.

Why It Matters For Businesses

Exchange earnings are a proxy for activity in capital and commodity markets. Stronger derivatives and commodity volumes affect transaction costs, hedging capacity and liquidity for corporates and intermediaries. Margin trends indicate how efficiently these platforms convert volumes into profit, which matters for listed peers, brokers and institutional parti…