BSE Limited — Q3 FY26
BSE delivered its 11th consecutive quarter of record revenues, with consolidated revenue of ₹1,244 crore (+62% YoY) and PAT of ₹602 crore (+176% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
44%Questions answered3Evaded / deflected9Questions auditedContradictedNumbers vs filing
Evasive
High priority
How does BSE balance new products, tech, and profit protection?
Asked by Sukrit Deep Part, Eyesight Finate Private Limited
Management avoided specifics on trade-offs, instead gave philosophical answer about profit being automatic.
reframed as complementaryno specific metrics or trade-offs given
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Question
How do you see BSC balancing between expanding new product offerings, strengthening technology infrastructure and protecting the profits as investor participation and competition evolves?
MD (unnamed)
I'm not sure whether these objectives that you are talking about are conflicting actually I feel they are complimentary... profit is a natural corollary that will be happening.
Evasive
Medium priority
Which financial metrics guide cost control and capital allocation?
Asked by Sukrit Deep Part, Eyesight Finate Private Limited
CFO did not name any specific financial signals or metrics, just said it's continuous.
no specific metrics givengeneric process description
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Question
Which financial signals or metrics will be most important in guiding decisions on cost control, cash flow management and capital allocation for technological investments?
CFO (unnamed)
Protecting margin and managing cost is a continuous process. So it doesn't get driven by any one particular objective.
Answered
High priority
How much runway is left for core SDF contribution?
Asked by Sarab Mukharji, BNK securities
Management clearly stated threshold reached and contribution reduced below 5%.
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Question
I just wanted to understand in terms of the core SDF contribution so the limit that you have in mind. So how much runway for that is left?
Management (unnamed)
In this quarter we have reached the threshold of 150%. Limiting therefore the requirement to contribute the amount to lesser than 5%.
Partial answer
Medium priority
How does BSE view commodities as a segment for growth?
Asked by Supritim Duta, Jeff
Management acknowledged importance but deferred action to unspecified future after stabilization.
no timeline givenconditional on stabilization
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Question
Commodities has emerged as a key segment of interest for both HFDs as well as retail traders. Just wanted to understand how are you seeing that category and is that a category of interest that you would like to build?
Dr. G (unnamed)
We do recognize the fact that commodities are very important underlyings from a nation's perspective... once we feel well stabilized in what we have started to do we will certainly be embarking on all the available opportunities including commodities.
Partial answer
High priority
Update on market share gains in cash segment and monthly options?
Asked by Amit Chandra, HDFC securities
Management gave a specific 5% figure for non-current week options but did not quantify cash market share.
no specific market share numbers for cash segmentqualitative only
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Question
Where we are in that journey maybe if you can update us versus last quarter commentary and also in terms of the market share that we see in terms of collocation and clearing corporation...
Management (unnamed)
Other than the current weekly expiry our market share has started growing... including the monthly other than the current week total volumes of around 5% comes from that.
Evasive
Medium priority
How will BSE scale up stock options segment?
Asked by Prag Jen, Motila Los Financial Services
Management gave no concrete plans or timeline for scaling stock options.
no specific plans or timelinedeferred to appropriate time
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Question
How do we kind of scale up that segment is it linked to the cash volumes and what are the efforts and what are the plans for that particular segment?
Management (unnamed)
Stock options would be one of the areas which we'll be looking into... at the appropriate time like what we talked about commodities we'll be putting in efforts for stock options as well.
Partial answer
High priority
Plan to increase charges given lower pricing than NSE?
Asked by Deepak Ajamira, IG India
Management acknowledged lower charges but gave no commitment or timeline for increase.
no specific timeline for increaseconditional on market capability
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Question
To my knowledge premium compared to the turnover we are charging lower than the NSE. So what is plan there to increase the same?
Management (unnamed)
The charges that we make are around 250 rupees lower on a per cr basis... any increase in charges will be considered at an appropriate time for appropriate reasons.
Answered
High priority
Impact of recent STT changes on markets and BSE?
Asked by Dshan Bulch Chandani, DB wealth
Management gave clear historical perspective and reasoning on STT impact.
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Question
What is it that we are thinking on the recent changes that the government has made on the ST? What are the reflection in the markets that you have started to expect?
Management (unnamed)
Whenever SGT charges are increased for options it has not had any meaningful impact on the volumes... as far as futures are concerned, I think the thought process behind the move probably could be twofold.
Partial answer
Medium priority
Clarification on SDF contribution threshold and STT impact on futures vs options?
Asked by Dish Agarwal, Capital
Management clarified current quarter but gave uncertain outlook for next quarter.
no definitive answer on next quarter contributioncomplex algorithm cited
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Question
Did you say that you are nearly at 150% of your core SDF requirement and to that extent the incremental contribution will not be there from the coming quarter?
Management (unnamed)
In this quarter with the type of parameters that we have seen we found that there was no need for us to contribute the entire full 5% and we restricted somewhere on 3% plus... depending upon what is the highest open interest in the next quarter there may be a need for contributing or there may be no need.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Collocation revenue around 45 to 48 crores per quarter | ₹46.5 cr | ₹1,244 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.