# Jefferies raises NSE target by 18% with 15% premium over BSE

> Jefferies assigns Rs 2,125 target to NSE, citing 15% valuation premium over Bse.
- Title: Jefferies raises NSE target by 18% with 15% premium over BSE
- Summary: Jefferies assigns Rs 2,125 target to NSE, citing 15% valuation premium over Bse. Jefferies maintains Buy on NSE with Rs 2,125 target, seeing 18% upside and…
- Keywords: jefferies, nse, bse, stock market, price target, valuation premium, financial market, Financialexpress
- Source: Financialexpress — https://financialexpress.com/market/nse-price-target-raised-3-reasons-why-jefferies-assigns-15-valuation-premium-over-bse-4376652
- Author: Oliviya Kunjumon
- Published: 2026-11-04T06:13:14+00:00
- Read time: 1 min
- Topics: jefferies, nse, bse, stock market, price target, valuation premium, financial market, business, money, news
## Jefferies maintains Buy on NSE
Jefferies has raised NSE's price target to Rs 2,125 from Rs 2,085, indicating 18% upside potential.

> In-line Results; Valuations Do Not Reflect NSE’s Moats
## NSE's non-trading revenue growth
NSE's non-transaction revenue grew 16% year-on-year, led by listing services and market data.

> Sep’26 qtr. operating revenue grew 11% y-y, with non-transaction revenue growing faster (16% y-y), led by listing, data feed, and clearing services
## Cash market activity supports NSE
Cash market turnover increased 24% year-on-year, driving 30% rise in cash transaction revenue.

> Average daily traded turnover (ADTO) in cash equities increased 24% YoY
## Technology spending rises
Technology spending climbed 23% year-on-year, with employee costs rising 18%.

> Operating expenses, excluding one-off items, increased 10% YoY in the September quarter
## Jefferies assigns 15% valuation premium
Jefferies cites NSE's revenue diversification, margins and dividend yield for 15% premium over BSE.

> Price target of Rs 2,125 is based on 35x Dec-28e EPS, a c.15% premium to BSE due to better diversification, margins, and dividend yield
## NSE's growth outlook
Jefferies expects NSE's operating revenue to grow at 15.6% CAGR through FY29.

> We expect operating revenue to grow at a compound annual growth rate (CAGR) of 15.6% between FY27-29
## Jefferies' target rationale
Jefferies maintains Rs 2,125 target based on 35x December 2028 EPS with 15% premium over BSE.

> Price target of Rs 2,125 is based on 35x Dec-28e EPS, a c.15% premium to BSE due to better diversification, margins, and dividend yield
## Key takeaway

Jefferies maintains Buy on NSE with Rs 2,125 target, seeing 18% upside and 15% valuation premium over BSE.