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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,244 Cr
verified against source
Revenue YoY
62%
reported change
EBITDA
₹732 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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). EBITDA margin expanded to 59% from 39% YoY, driven by operating leverage as transaction charges surged 86%. The derivatives segment saw average daily premium turnover hit a record ₹19,459 crore, more than doubling YoY, supported by the Thursday expiry cycle and strong open interest growth. The SME platform listed its 700th company, and BSE StarMF achieved record monthly transactions of 7.97 crore in January 2026. Management highlighted a healthy IPO pipeline and sustained retail participation as growth drivers. Risks include potential volume impact from STT hikes on futures and options, though management views this as neutral for BSE given its focus on options. The core SGF contribution may normalize as the 150% threshold is reached, reducing incremental costs.
Colored figures show movement against the previous available record.
Guidance to track
- BSE plans to add 80 more collocation racks, bringing total to around 500, with revenue stabilizing at ₹45-48 crore per quarter.
- Core SGF reached 150% of requirement; future contributions will be less than 5% of transaction-linked revenue, potentially reducing costs.
- Management expects common contract nodes and SOR implementation to boost cash market share, though bottlenecks remain.
Risks flagged
- Increased STT on futures and options could dampen trading volumes, though management expects minimal impact on BSE's options-focused growth.
- ALGO approval bottlenecks for SOR implementation may slow progress in achieving a level playing field in cash equities.
- Core SGF contributions depend on complex algorithms and open interest; future contributions may fluctuate despite the 150% threshold.
Key quotes
- We don't strive hard to protect the top line or bottom line. We try to provide services which will suit the market's requirement and fulfill the market's demand for products and better the economy in terms of capital creation.
- The growth of BSC's derivatives has been based on Sensex options volumes at this point of time in comparison to the Sensex futures. Sensex futures are still at a very nascent stages of growth.
- We are very confident that wisdom will prevail and the market will be ready to embrace competitiveness with open mind so that the market participants get the benefit of best price execution and become exchange agnostic.
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