We maintain BUY on BSE, and our SoTP for BSE factors Rs 430/sh from CDSL and assigns 25x to Sep-19 earnings (ex-CDSL), which works out to Rs 1,206 (22% upside from CMP). Bombay Stock Exchange Ltd (BSE) posted better-than-expected numbers in 2QFY18, on both the revenue and margin fronts. Revenue was up 7.9% QoQ to Rs 1.11bn (our est. was Rs 1.06bn), led by 11.3% up-tick in services to corporates (48% of rev) and 10.4% QoQ rise in transaction revenue (32% of rev). Margin improvement was sharp (+797bps QoQ to 23.4% vs. our estimate of 15.7%), led by a cut in tech expenses.