BSE LIMITED

Operates as India's stock exchange and capital markets platform, earning revenue primarily from trading transaction fees on its derivatives and cash segments, listing fees for new IPOs and SME issues, co-location services for trading members, and its mutual fund distribution platform. In FY26 it ranked #1 globally for IPO listings with 255 issues raising Rs 1.8 lakh crore, while Sensex index options premium turnover reached Rs 19,523 crore/day (up 118% YoY), placing it among the most actively traded index option contracts globally. Co-location revenue surged to Rs 171 crore from Rs 74 crore under a revised Throttle Charges Framework, with co-location racks expanded from 300 to 500. The BSE StAR MF mutual fund distribution platform processed 84 crore transactions in FY26, generating Rs 285 crore revenue with a peak of 8.2 crore monthly transactions in March 2026; the BSE Index Services arm added 50 new indices with Rs 2.7 lakh crore AUM. The platform serves over 25 crore investor accounts, 587 trading members (up from 446), and 520 FPIs (up from 100), with technology infrastructure at clearing arm ICCL handling 27,000 trades/sec/member versus 3,000 earlier. Costs are dominated by other operating expenses at 30.2% of revenue and employee costs at 6.2%, while depreciation runs at 3.3% and capex at 10.7% of revenue.