BSE targets a 14% gain to Rs 4,000, bolstered by an 85% surge in futures and options notional turnover alongside an upcoming partial CAS reversal scheduled for December 2026. Motilal Oswal projects the exchange will generate a 27% compound profit growth rate through fiscal year 2028. Meanwhile, Symbiotec Pharmalab presents an estimated 15% upside to Rs 1,430 as it transitions into precision fermentation and contract manufacturing. Supported by Rs 16.7 billion in cumulative capital expenditure by fiscal year 2027, the drugmaker is modeled to deliver a 37% earnings expansion through fiscal year 2029.
Key points
BSE is positioned for long-term expansion through premium turnover market share exceeding…: BSE is positioned for long-term expansion through premium turnover market share exceeding 30% and rising institutional market participation.
Symbiotec Pharmalab is scaling beyond steroid APIs into complex injectables and contract…: Symbiotec Pharmalab is scaling beyond steroid APIs into complex injectables and contract development backed by heavy capital expenditure.
Motilal Oswal anticipates both companies will generate multi-year compound annual profit…: Motilal Oswal anticipates both companies will generate multi-year compound annual profit growth exceeding 25% across their respective projection periods.
Sources checked by our analysis pipeline: 1
Stock market recommendations: BSE, and Symbiotec Pharmalab - these are the top stocks to buy this week (starting November 2, 2026), as recommended by Motilal Oswal Wealth Management Research Desk. Below are the details:NAME | CMP (Rs) | TP (Rs) | Upside (%) |
BSE | 3510 | 4,000 | 14% |
Symbiotec Pharmalab | 1244 | 1,430 | 15% |
BSEBSE’s F&O notional ADTO surged 85% in Oct’26MTD from the post-CAS reset in Aug’26 (-34% MoM). The partial CAS reversal effective 7-Dec-26 provides an additional regulatory catalyst, supporting our FY27 ADTO estimate of Rs 216t (+16% YoY). Premium turnover market share has exceeded 30%, while the premium-to-notional (P/N) ratio has improved to ~14bp from 6–7bp in 2023–24, versus 20bp+ for NSE.
Greater institutional participation, longer-dated contracts and product expansion offer further upside to premium ADTO growth. We raise our estimates to a 27% FY26-28 PAT CAGR on a 23% revenue CAGR, supported by the strong volume run-rate, the likely benefit of the CAS reversal and the benefit of NSE listing on cash volumes. A sustained volume recovery combined with…
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