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 turnove...
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.
56%Questions answered2Evaded / deflected9Questions audited
Partial answer
Medium priority
Trends in ICCL member additions and impact on core SGF contribution.
Asked by Swarnab Mukharji, 361 Capital
Answered member additions but deflected SGF impact, saying no direct correlation.
no direct correlation givenno forward guidance on SGF
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Question
I just wanted to understand in terms of ICCL member additions etc. How should we think about this? what is how are the trends playing out and in terms of our core SGF how does this manifest into the core SGF contribution?
Management (likely CEO or senior executive)
ICCL has been adding members both big and small. The addition of members alone does not directly contribute to the growth or requirement of SGF. SGF is a function of a stress test conducted with the largest market participants.
Answered
High priority
Reason for higher other expenses this quarter and future trend.
Asked by Swarnab Mukharji, 361 Capital
Provided specific reason (ECL provision on old NSC outstanding) for higher expenses.
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Question
On the other expenses side if you could highlight this out to be slightly higher this quarter some color on that would be helpful sir how should the trend be going forwards.
Management (likely CFO or senior executive)
There is an outstanding of 80 cr rupees which is an old outstanding from NSC. So we have taken some ECL provision that is in line with our ECL policy and as accounting standard requirement which has led to this increase in part current quarter.
Evasive
High priority
Pricing strategy for options and potential reduction in investor protection fund contribution.
Asked by Supratim Datta, Jefferies
Declined to give pricing outlook and ruled out reducing IPF contribution without specifics.
no specific pricing guidancerefused to comment on reduction
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Question
Could you give us some color around how are you thinking about pricing going into FY27 given you have a lever to increase pricing there or if you could reduce the investor protection fund contribution like your competition has also done.
Management (likely CEO or senior executive)
Contributions to ITF and other statutory things are governed by CD rules. So there will be no intention to reduce any of them. As far as the cost is concerned, we always believe in charging appropriate amounts at appropriate points of time.
Partial answer
Medium priority
Growth in monthly option contracts and quantification of incremental volume sources.
Asked by Amit Chandra, HDSC Securities
Provided qualitative progress but refused to quantify volume sources or give timeline.
no quantification of volume sourcesno forward guidance on timeline
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Question
How do we see this panning out maybe in the next like one or two quarters and also in the incremental volume that you're seeing in the option side if you can quantify whether how much of that is coming from existing vendors and new vendors.
Management (likely CEO or senior executive)
The percentage of monthly contracts for us is going up but that is not the destination. Honestly I do not know how much of volume is coming from new people and how much is coming from existing people because we don't measure it as participant wise.
Evasive
Medium priority
Trend in clearing expenses and potential for further reduction.
Asked by Amit Chandra, HDSC Securities
Explained mechanics but refused to predict trend, citing volatility unpredictability.
no forward guidanceblamed unpredictability of volatility
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Question
How do you see the clearing expenses panning out? Maybe if we are gaining share maybe we can see further reduction in the clearing expenses.
Management (likely CEO or senior executive)
The clearing expense is based on the number of contracts and we earn revenue based on premium. In times of volatility when the premium is higher... the clearing expense comes down. Whether we can predict this trend it is of course not predictable.
Evasive
Low priority
Innovative thoughts on commodity derivatives beyond expiry day differentiation.
Asked by Deep Vmera, IG India
Acknowledged exploration but gave no specifics or timeline, admitted no immediate plans.
no concrete plansadmitted no immediate ideas
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Question
My question is only other than equity like electricity derivative and commodity derivative how because of the different day expiring the fortune of BC changed all together similarly any innovative thought there that will be helpful.
Management (likely CEO or senior executive)
We will be starting to think on commodity derivatives. We want to create a value proposition for the market by thinking about some unique selling proposition just not the expiry day alone as a differentiator. Do we have anything immediately on our mind? No.
Answered
Low priority
Difference between special rate income and normal rate income in transaction charges.
Asked by Yash Parik, Individual Investor
Clearly explained the difference and provided rationale for trend.
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Question
In the investor presentation in the transaction charges income there are two headers one is special rate income and another is a normal rate income. So wanted to understand the difference between the two.
Management (likely CEO or senior executive)
The special one is for exclusive stocks and the first one is the other one is for commonly traded stocks across. When new investors come, they are more migrating towards the commonly traded large cap stocks. Therefore, that income is going compared to the income on the other side.
Answered
High priority
View on MSEI as competitor and current market share in cash segment.
Asked by Satam Chosia, Individual Investor
Provided specific market share number and explained challenges.
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Question
How do you look at MSEI as an emerging competitor and please give me a number that what's your current market share in the cash segment.
Management (likely CEO or senior executive)
Market share in equities has been hovering around 7 to 8% compared to 5 to 6% when I joined. This is far away from what we wanted it to be. We wanted it to be at least double digit.
Partial answer
High priority
Runway for additional volumes from brokers and HFTs on derivatives platform.
Asked by Maduk Lada, JP Morgan
Provided member count targets but declined to quantify volume runway or market share.
no volume or market share guidancerefused forward-looking numbers
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Question
How many more HFTs and how much sense on what more additional volumes could come onto BSE.
Management (likely CEO or senior executive)
We have around 587 brokers... goal for this year is we should go at least to 700. Our FBI count has grown from 100 to 520 which is commendable but we have put for ourselves a target of around 800 FPIs.
Partial answer
Medium priority
Convergence of premium-to-notional ratio for Sensex with other indices.
Asked by Dishadval, Capital
Acknowledged gap and expressed confidence but gave no concrete steps or timeline.
no timeline givenno specific actions mentioned
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Question
What can be done to converge this premium to notional ratio and can that happen.
Management (likely CEO or senior executive)
The premium to notional ratio of Sensex is lower mainly because the monthly contracts are yet to develop and grow in a big way. Can it be closed? Yes, that's exactly what we are working in for.
Answered
High priority
Reasons for lower dividend payout ratio and holding excess cash.
Asked by Rashad Doshi, Nirmati Investment Advisors
Provided detailed rationale for retaining cash and highlighted increased dividend payout.
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Question
What could be the reasons that you are holding on to excess cash on the balance sheet and you might be just generating around over 4 and a half% cash back returns on the excess cash.
Management (likely CEO or senior executive)
A 100% dividend payout may indicate a situation where the company is not having any growth idea at all. We are paying a 10 rupees dividend which is around 66% more than last year. The money is being used for capacity increase, technology investment, and potential land acquisition.