Index Derivatives ADPT
₹19,523 crore
+118% YoY
Average daily premium turnover in index derivatives hit a record, reflecting strong momentum post expiry shift.
BSE
Other
2026-05-??
BSE Limited — Q4 FY26
BSE delivered a record FY26 with consolidated revenues of ₹5,148 crore (+59% YoY) and PAT of ₹2,497 crore (+88% YoY), driven by a 118% surge in index derivatives premium turnover (ADPT ₹19,523 crore) and strong transaction charge growth (+87%).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
BSE delivered a record FY26 with consolidated revenues of ₹5,148 crore (+59% YoY) and PAT of ₹2,497 crore (+88% YoY), driven by a 118% surge in index derivatives premium turnover (ADPT ₹19,523 crore) and strong transaction charge growth (+87%). The 13th consecutive quarter of record revenues reflects deepening market participation, with 3.53 crore new investor accounts added and 255 IPOs raising ₹1.8 lakh crore. Management guided for continued momentum in derivatives, new product launches (Focused IT index derivatives from May 2026), and expansion of StarMF and StarNPS platforms. However, cash equity market share remains stagnant at 7-8% due to pending smart order routing approvals, and the premium-to-notional ratio gap persists as monthly contracts are still developing.
Key Numbers
New Investor Accounts Added
3.53 crore
+16% YoY
Total registered investor accounts crossed 25 crore, with broad-based regional growth.
IPO Listings
255
+60% YoY
BSE ranked first globally for IPO listings in FY26, raising ₹1.8 lakh crore.
Collocation Revenue
₹171 crore
+131% YoY
Revenue from collocation services more than doubled, aided by revised throttle charges.
Management Guidance
New index derivatives launch on May 11, 2026
BSE will launch derivatives on the BSE Focused IT index, expanding the monthly derivatives suite.
Management guidance expansionSGF contribution reduced from 5% to 3.5% of quarterly profits
Having crossed the 150% threshold of required SGF, the voluntary contribution rate is lowered.
Management guidance otherTarget of 700 brokers and 800 FPIs on derivatives platform
Management aims to increase broker count from 587 to 700 and FPI count from 520 to 800.
Management guidance growthTechnology capex to nearly double due to hardware cost increases
The current year's technology budget of ~₹300 crore is expected to double due to rising memory and hardware prices.
Management guidance capexKey Risks
Pending smart order routing approvals
SOR applications at the other exchange have been pending for over 6 months, impeding BSE's cash market share growth.
high · management_commentarySlow development of monthly contracts
Despite progress, monthly contract volumes remain low, keeping the premium-to-notional ratio below peers.
medium · analyst_questionECL provision for old NSC outstanding
An ₹80 crore outstanding from NSC led to an ECL provision, impacting other expenses in Q4.
low · data_observationVolatility-dependent revenue correlation
Clearing expenses and premium revenue are influenced by unpredictable global volatility, making trends uncertain.
medium · management_commentaryNotable Quotes
FY26 has been a landmark year for BSE in many ways. This year marked my third full year as MD and CEO and it is particularly gratifying to share that FY2026 was a record year of achievements.
We are evolving from India's premier mutual fund distributor into the country's definitive super gateway for long-term wealth. With Star NPS, we now capture the entire financial life cycle of the Indian investor from their first SIP to their final pension.
Our targets for ourselves as KPIs and for our employees is on how many members, how many FPIs, how much of colo utilization, how much of monthly contracts building up, what is the percentage of contribution of FPIs to the total volumes of ours not to anybody else.
Frequently Asked Questions
What was BSE's revenue in Q4 FY26?
BSE reported revenue of ₹1,564 Cr in Q4 FY26, representing a +59% change compared to the same quarter last year.
What guidance did BSE management give for FY27?
New index derivatives launch on May 11, 2026: BSE will launch derivatives on the BSE Focused IT index, expanding the monthly derivatives suite. SGF contribution reduced from 5% to 3.5% of quarterly profits: Having crossed the 150% threshold of required SGF, the voluntary contribution rate is lowered. Target of 700 brokers and 800 FPIs on derivatives platform: Management aims to increase broker count from 587 to 700 and FPI count from 520 to 800. Technology capex to nearly double due to hardware cost increases: The current year's technology budget of ~₹300 crore is expected to double due to rising memory and hardware prices.
What are the key risks for BSE in FY27?
Key risks include Pending smart order routing approvals — SOR applications at the other exchange have been pending for over 6 months, impeding BSE's cash market share growth.; Slow development of monthly contracts — Despite progress, monthly contract volumes remain low, keeping the premium-to-notional ratio below peers.; ECL provision for old NSC outstanding — An ₹80 crore outstanding from NSC led to an ECL provision, impacting other expenses in Q4.; Volatility-dependent revenue correlation — Clearing expenses and premium revenue are influenced by unpredictable global volatility, making trends uncertain..
Did BSE meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full BSE Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.