BSE Limited (BSE)
₹3,363.00 -1.90% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)BSE Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Operating profit | ₹1,170 | +70.8% | — |
| Net profit | ₹873 | +62.2% | — |
| EPS (₹) | 21.22 | +62.1% | — |
BSE delivery percentage, bulk deals and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 34.13% of the BSE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.86%. That is close to its usual level. In BSE futures, open interest fell 1.05% while the futures price fell 1.96%: long unwinding (longs closing out). 4 bulk or block deals were reported in BSE in the last 60 days: ₹1,678 Cr bought and ₹2,186 Cr sold.
Delivery in the last 5 sessions: 40.9% · 36.1% · 34.1% · 32.0% · 34.1%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 29 Sep | Sell | Bnp Paribas Financial Markets | ₹1,424.34 Cr | ₹3,199.54 | 4,451,693 | Bulk |
| 29 Sep | Buy | Uti Mutual Fund | ₹868.14 Cr | ₹3,200.00 | 2,712,950 | Bulk |
| 29 Sep | Buy | Nippon India Mutual Fund | ₹809.46 Cr | ₹3,200.00 | 2,529,550 | Bulk |
| 29 Sep | Sell | Goldman Sachs Investments Mauritius I Limited | ₹762.10 Cr | ₹3,200.00 | 2,381,571 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
BSE Limited has informed the exchanges that its trading window for designated persons and their immediate relatives will close on Thursday, October 1, 2026. The closure is in compliance with SEBI Insider Trading Regulations for the quarter and half year ended September 30, 2026. The window will reopen 48 hours after the declaration of the un-audited financial results. The board meeting date to approve the results will be announced separately.
- Trading window closes on Thursday, October 1, 2026
- Applies to Designated Persons and their Immediate Relatives
- Closure extends until 48 hours after declaration of financial results for period ended September 30, 2026
- Date for the Board Meeting to approve Q2 results to be intimated in due course
BSE Limited has notified the exchanges regarding a scheduled one-on-one physical investor meeting with Westwood Global Investments. The meeting is scheduled to take place on Thursday, September 24, 2026, in Mumbai. The company noted that the schedule remains subject to changes depending on exigencies from either party. Such institutional interactions are routine compliance disclosures under Regulation 30 of SEBI LODR.
- One-on-one physical meeting scheduled with Westwood Global Investments
- Meeting date set for Thursday, September 24, 2026
- Meeting location: Mumbai
- Intimation filed under Regulation 30 of SEBI LODR Regulations, 2015
BSE Limited has notified exchanges of scheduled virtual one-to-one analyst and institutional investor meetings on September 22, 2026. Company officials will meet representatives from Schonfeld Strategic Advisor, Axis Max Life Insurance, and William Blair. Such interactions are routine procedural disclosures under Regulation 30 and do not contain unpublished price-sensitive information. The market capitalization of BSE stands at ₹1,32,901 Cr with TTM revenue of ₹5,245 Cr.
- Scheduled 3 one-to-one virtual institutional investor meetings on September 22, 2026
- Participating entities include Schonfeld Strategic Advisor, Axis Max Life Insurance, and William Blair
- Filing submitted under Regulation 30 of SEBI Listing Regulations on September 17, 2026
BSE Limited has notified exchanges under Regulation 30 about an upcoming physical investor meeting in Mumbai. Company officials are scheduled to meet with J.P. Morgan at a conference on Monday, September 21, 2026. This is a routine administrative disclosure without any material financial or transactional announcements.
- Analyst/Investor meeting scheduled for Monday, September 21, 2026
- Meeting to be held with J.P. Morgan in Mumbai
- Mode of interaction is a physical conference
- Schedule remains subject to change based on exigencies
BSE Limited has notified exchanges regarding a scheduled one-to-one physical investor meeting with Abakkus Asset Management. The interaction is slated to take place on Thursday, September 17, 2026, in Mumbai. This is a routine institutional interaction under SEBI LODR Regulation 30 disclosures with no financial transactions announced. The company holds a market cap of ₹1,34,005 Cr with TTM revenue of ₹5,245 Cr.
- Meeting scheduled with Abakkus Asset Management on Thursday, September 17, 2026
- Mode of interaction is a physical one-to-one meeting in Mumbai
- Intimation filed pursuant to Regulation 30 of SEBI LODR Regulations, 2015
BSE Limited has received regulatory approval from SEBI on September 11, 2026, for the re-appointment of Shri Jagannath Mukkavilli as a Non-Independent Director. Shareholders had earlier approved this re-appointment at the 21st AGM held on August 19, 2026, subject to SEBI's concurrence. The filing represents a procedural regulatory clearance required under Market Infrastructure Institution (MII) norms with no financial impact.
- SEBI approved the re-appointment vide its letter dated September 11, 2026
- Shareholders previously approved the re-appointment at the 21st AGM reported on August 19, 2026
- Re-appointed Shri Jagannath Mukkavilli (DIN: 10090437) as Non-Independent Director
BSE Limited has acquired additional equity shares in India International Bullion Holding IFSC Limited (IIBH) by subscribing to its rights issue for an aggregate consideration of ₹9.28 crore. Following this transaction, BSE's direct stake in IIBH increased from 3.33% to 5.54%. Additionally, a separate secondary acquisition of IIBH shares from subsidiaries India INX and India ICC is currently underway. Upon completion of that purchase, BSE will hold a 20% direct stake, turning IIBH into an associate company.
- Invested ₹9.28 crore via subscription to the rights issue of IIBH
- Direct shareholding increased from 3.33% to 5.54%
- SEBI and other requisite regulatory approvals have been secured for the investment
- Post ongoing secondary acquisition from India INX and India ICC, direct stake will rise to 20%, making IIBH an associate company
BSE Limited has notified the exchange regarding a scheduled physical one-on-one investor meeting with Polar Capital LLP. The meeting is scheduled to take place in Mumbai on Monday, September 7, 2026. This is a routine compliance disclosure pursuant to Regulation 30 of the SEBI Listing Regulations with no operational or financial updates disclosed.
- One-on-one physical meeting scheduled with Polar Capital LLP
- Meeting date: Monday, September 7, 2026 in Mumbai
- Filing submitted under Regulation 30 of SEBI LODR Regulations, 2015
BSE Limited has informed exchanges that CRISIL ESG Rating & Analytics has assigned it an ESG rating of 69 and a Core ESG rating of 72 for FY 2025-26. The evaluation was communicated via email on August 31, 2026. BSE noted that it did not formally engage CRISIL ESG, and the rating was prepared independently using public domain data. This disclosure is procedural with no direct financial or operational impact.
- CRISIL ESG assigned an ESG rating of 69 for FY 2025-26
- CRISIL ESG assigned a Core ESG rating of 72 for FY 2025-26
- Communication received via email dated August 31, 2026
- BSE clarified it did not commission or engage CRISIL ESG for this assessment
BSE Limited has informed the exchanges about its participation in an upcoming investor conference. Officials of the exchange will attend the Elara India Dialogue 2026 Conference in person in Mumbai on Wednesday, September 2, 2026. This is a routine statutory disclosure under Regulation 30 of the SEBI LODR Regulations without any commercial or financial announcements.
- Meeting Date: Wednesday, September 2, 2026
- Conference Name: Elara India Dialogue 2026 Conference
- Meeting Mode & Location: Physical meeting in Mumbai
- Disclosure under Regulation 30 of SEBI LODR Regulations
BSE Limited has informed the exchange that its one-on-one analyst/investor meeting with Macquarie has been rescheduled. Originally slated for August 24, 2026, the virtual meeting will now take place on Tuesday, August 25, 2026. The postponement was attributed to unavoidable circumstances. This is a routine procedural update under SEBI Listing Regulations.
- One-on-one investor meeting with Macquarie rescheduled from August 24, 2026, to August 25, 2026
- Meeting to be conducted virtually (Mumbai location base)
- Update filed pursuant to Regulation 30 of the SEBI LODR Regulations, 2015
BSE Limited has informed the exchange of scheduled institutional investor interactions set for Monday, August 24, 2026. The company officials are slated to hold one-to-one meetings with Macquarie (Virtual) and Shreya Capital (Physical in Mumbai). As standard practice under Regulation 30, no unpublished price-sensitive information is expected to be shared.
- Meetings scheduled for Monday, August 24, 2026
- One-to-one virtual meeting with Macquarie
- One-to-one physical meeting in Mumbai with Shreya Capital
BSE Limited concluded its 21st Annual General Meeting on August 19, 2026, where shareholders passed all proposed resolutions with requisite majority. Key approvals included the adoption of FY26 standalone and consolidated financial statements and declaration of a final dividend of ₹10.00 per equity share. Shareholders also approved the re-appointment of Non-Independent Director Shri Jagannath Mukkavilli, subject to SEBI approval.
- Shareholders approved a final dividend of ₹ 10.00 per equity share for FY26.
- Audited standalone and consolidated financial statements for the year ended March 31, 2026 were formally adopted.
- Re-appointment of Shri Jagannath Mukkavilli as Non-Independent Director approved, subject to SEBI clearance.
- Chairperson welcomed new board members Dr. Santanu Paul (Public Interest Director) and Shri Gopalan S Raghavan (Executive Director).
BSE Limited concluded its 21st Annual General Meeting on August 19, 2026, via video conferencing. Shareholders approved all proposed ordinary resolutions with the requisite majority, including the adoption of FY26 standalone and consolidated financial statements. The meeting ratified a final dividend of ₹10.00 per equity share for the financial year ended March 31, 2026, along with the re-appointment of Non-Independent Director Shri Jagannath Mukkavilli subject to SEBI approval.
- Shareholders approved a final dividend of ₹ 10.00 per equity share for FY26
- Audited standalone and consolidated financial statements for FY ended March 31, 2026, adopted
- Re-appointment of Non-Independent Director Shri Jagannath Mukkavilli approved subject to SEBI clearance
- All resolutions from the AGM notice dated May 7, 2026, passed with requisite majority
BSE Limited has entered into an agreement with global index provider MSCI to explore launching futures and options (F&O) contracts in India linked to MSCI indexes. The launch of these derivatives is subject to regulatory approvals. MSCI indexes benchmark more than USD 21 trillion in assets under management (AUM) globally as of December 31, 2025. This initiative aims to expand BSE's derivatives suite and attract institutional flows seeking exposure and hedging tools for the Indian market.
- Entered into an agreement with MSCI for a number of their indexes to explore F&O contracts in India.
- Derivatives launch is subject to necessary regulatory approvals.
- MSCI benchmarks more than USD 21 trillion in AUM globally as of December 31, 2025.
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached a record INR 1,139.5 Cr in Q2 FY26, up 40% YoY. Transaction charges grew 57% YoY to INR 794 Cr. Services to Corporates increased 16% YoY to INR 138.5 Cr. Other Operating Income (co-location, index services) surged 82% YoY to INR 93.2 Cr. Treasury income from clearing/settlement funds declined 32% YoY to INR 42.8 Cr.
Geographic Revenue Split
Primarily India-based operations; however, the company is expanding via India International Exchange (IFSC) Limited (62.87% stake) and India International Bullion Holding (10% stake) to capture global capital flows. Specific regional % splits are not disclosed.
Profitability Margins
Net Profit Margin for continuing operations stood at 49% in Q2 FY26 compared to 42% in Q2 FY25. Consolidated Net Margin for H1 FY26 was 50%. The improvement is driven by operating leverage as revenue grew 40% while operating expenses increased only 7%.
EBITDA Margin
Operating EBITDA margin (including Core SGF contribution) expanded to 64% in Q2 FY26 from 52% in Q2 FY25. Operating EBITDA reached INR 680.3 Cr, driven by high-margin derivative volumes and revised co-location pricing.
Capital Expenditure
Not disclosed as a single aggregate figure, but the company highlighted ongoing investments in data centers, enhanced connectivity operations, and scaling trade capacity (Equity: 2 Cr to 10 Cr trades/day; Derivatives: 4 Cr to 9 Cr trades/day).
Credit Rating & Borrowing
Subsidiary ICCL maintains AAA credit ratings from India Ratings and Care Ratings. Specific borrowing costs are not applicable as the company is net cash positive with investment income of INR 65.7 Cr in Q2 FY26.
Operational Drivers
Raw Materials
Technology infrastructure and regulatory costs. Regulatory fees and clearing/settlement expenses represent 51% of total operating expenses.
Import Sources
Not applicable for an exchange; however, technology hardware and software licenses are sourced globally to maintain a 6-microsecond trading speed.
Key Suppliers
Not specifically named, but includes technology vendors for data center management and connectivity, and SEBI for regulatory oversight.
Capacity Expansion
Daily trade capacity scaled significantly: Equity capacity increased from 2 Cr to 10 Cr trades; Derivatives capacity increased from 4 Cr to 9 Cr trades. Throttled message charges were revised effective July 1, 2025, to optimize throughput.
Raw Material Costs
Operating expenses were INR 410 Cr in Q2 FY26, a 7% YoY increase. Regulatory and clearing costs are the primary drivers, directly correlated to transaction volumes.
Manufacturing Efficiency
Trades per second per member improved 9x (from 3,000 to 27,000), enabling faster trade processing and higher volume handling.
Logistics & Distribution
Not applicable; digital distribution via 81,805 Mutual Fund Distributors and 1,256 registered members.
Strategic Growth
Expected Growth Rate
40%
Growth Strategy
Expansion of the derivatives segment (average daily premium turnover >INR 15,000 Cr), scaling the StAR MF platform (24% transaction growth), and increasing co-location revenue (up 70% QoQ to INR 46 Cr). Growth is also supported by the SME platform which listed 657 companies and the successful implementation of common contract notes to attract FII/DII participation.
Products & Services
Equity cash trading, equity derivatives, mutual fund distribution (StAR MF), SME listing services, index services, co-location services, and debt/bond platforms.
Brand Portfolio
BSE, BSE StAR MF, India INX, ICCL (Indian Clearing Corporation Limited), BSE SME, BSE Index Services.
New Products/Services
Launch of two new debt indices and expansion into the Social Stock Exchange. Expected revenue contribution from new co-location pricing and data dissemination fees (currently 4-5% of revenue vs 10-25% globally).
Market Expansion
Focus on GIFT City via India INX and expansion of the passive product suite which has INR 2.54 lakh Cr in AUM as of Sept 2025.
Market Share & Ranking
Leading venue for SME listings; maintaining a strong position in equity cash and rapidly growing share in index derivatives.
Strategic Alliances
Joint ventures and stakes in ONDC (4.63%), Hindustan Power Exchange (22.62%), and EBIX Insurance Broking (40%).
External Factors
Industry Trends
Shift toward passive investing (INR 2.54 lakh Cr AUM) and digital mutual fund distribution. The industry is evolving toward multi-venue trading and smart order routing, where BSE is gaining share among DIIs and FIIs.
Competitive Landscape
Competes with NSE, MCX, and MSEI. Competitive advantage gained through the common contract note effective June 2025.
Competitive Moat
Network effects from 223 million registered investors, 150-year brand legacy, and high switching costs for clearing members. Sustainable due to regulatory licenses and the 'fastest exchange' technological edge.
Macro Economic Sensitivity
Highly sensitive to capital market activity and retail participation; SIP inflows reached a record INR 29,529 Cr in Oct 2025, supporting platform volumes.
Consumer Behavior
Increasing retail 'financialization' of savings, evidenced by 383.9 million mutual fund orders in H1 FY26.
Geopolitical Risks
Global geopolitical landscape impacts FII flows and IPO pipeline vibrancy, though BSE saw 97 new listings in Q2 FY26 raising INR 53,548 Cr.
Regulatory & Governance
Industry Regulations
Subject to SEBI stress test requirements for SGF. Compliance with ISO 22301 (Business Continuity) and ISO 27001 (Information Security).
Environmental Compliance
Managed through BSE CSR Integrated Foundation (100% subsidiary); specific ESG costs not disclosed.
Taxation Policy Impact
Effective tax rate not explicitly detailed, but net profit of INR 558 Cr is reported after all statutory dues.
Legal Contingencies
Not disclosed in the provided financial summaries; focus remains on listing compliance and investor protection via #SEBIvsScam initiatives.
Risk Analysis
Key Uncertainties
Market volatility impacting transaction volumes (70% revenue risk). Sudden spikes in SGF requirements due to SEBI stress tests could impact quarterly profits.
Geographic Concentration Risk
High concentration in the Indian capital market; 100% of primary operations are domestic.
Third Party Dependencies
Dependency on 81,805 distributors for the StAR MF platform's 18% revenue growth.
Technology Obsolescence Risk
Risk of being overtaken in latency; mitigated by maintaining 6-microsecond speed and upgrading trade capacity 5x for equity.
Credit & Counterparty Risk
ICCL manages counterparty risk; Core SGF stands at INR 1,159 Cr as of Oct 2025 to cover potential defaults.
