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View Claim Ledger →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%).
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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.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Pending smart order routing approvals
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Read Transcript →Quarter Snapshot
Index Derivatives ADPT
₹19,523 crore
+118% YoY
Average daily premium turnover in index derivatives hit a record, reflecting strong momentum post expiry shift.
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.
What Changed vs Last Quarter
NEW
New index derivatives launch on May 11, 2026
BSE will launch derivatives on the BSE Focused IT index, expanding the monthly derivatives suite.
NEW
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.
NEW
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.
NEW
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.
DROPPED
Collocation racks to increase by 80 to ~500
BSE plans to add 80 more collocation racks, bringing total to around 500, with revenue stabilizing at ₹45-48 crore per quarter.
DROPPED
SGF contribution to normalize at 150% threshold
Core SGF reached 150% of requirement; future contributions will be less than 5% of transaction-linked revenue, potentially reducing costs.
DROPPED
Focus on cash market level playing field
Management expects common contract nodes and SOR implementation to boost cash market share, though bottlenecks remain.
NEW RISK
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.
NEW RISK
Slow development of monthly contracts
Despite progress, monthly contract volumes remain low, keeping the premium-to-notional ratio below peers.
NEW RISK
ECL provision for old NSC outstanding
An ₹80 crore outstanding from NSC led to an ECL provision, impacting other expenses in Q4.
NEW RISK
Volatility-dependent revenue correlation
Clearing expenses and premium revenue are influenced by unpredictable global volatility, making trends uncertain.
RISK GONE
STT hike impact on derivatives volumes
Increased STT on futures and options could dampen trading volumes, though management expects minimal impact on BSE's options-focused growth.
RISK GONE
Cash market share gains delayed by regulatory bottlenecks
ALGO approval bottlenecks for SOR implementation may slow progress in achieving a level playing field in cash equities.
RISK GONE
SGF contribution variability
Core SGF contributions depend on complex algorithms and open interest; future contributions may fluctuate despite the 150% threshold.
Fast read
Guidance and risk preview
BSE will launch derivatives on the BSE Focused IT index, expanding the monthly derivatives suite.
SOR applications at the other exchange have been pending for over 6 months, impeding BSE's cash market share growth.
View Risks →