NSE: BSE
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Derivatives trading fees, Cash equity trading fees, Listing and IPO fees, Co-location services, BSE StAR MF platform, Index services and market data. Asset-light exchange and data platform with high operating margins (~70% EBITDA) and no materials input
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 743 | 816 | 1,390 | 2,957 | 4,834 |
| EBITDA (ex other income) | 213 | 197 | 806 | 1,500 | 3,079 |
| margin % | 28.7 | 24.2 | 58.0 | 50.7 | 63.7 |
| Owners' profit | 254 | 221 | 778 | 1,326 | 2,497 |
| EPS, as reported (₹) | 18.51 | 16.06 | 29.91 | 96.55 | 60.61 |
| ROE % · ROCE % | — · — | 7.3 · 7.7 | 22.3 · 21.2 | 28.9 · 29.0 | 36.6 · 40.0 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,442 | (137) | 2,842 | 410 | 3,104 |
| Capex | (32) | (143) | (131) | (153) | (515) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 746 | 774 | 847 | 958 | 1,068 | 1,244 | 1,564 | 1,566 |
| Profit before tax | 432 | 268 | 643 | 685 | 719 | 777 | 1,053 | 1,144 |
| Net profit | 346 | 219 | 494 | 538 | 557 | 597 | 795 | 873 |
| EPS (₹) | 25.25 | 16.00 | 36.00 | 13.09 | 13.56 | 14.61 | 19.35 | 21.22 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BSE LIMITED ◆ | 1,42,153 | 50.7 | 20.92 | 41.4 | 36.6 | 40.0 | 57.3 | 75.8 |
| MULTI COMMODITY EXCHANGE | 81,105 | 27.6 | 28.48 | 45.4 | 46.8 | 39.0 | 42.6 | 78.9 |
| INDIAN ENERGY EXC LTD | 9,150 | 18.0 | 6.71 | 14.0 | 36.1 | 44.2 | 14.1 | 111.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 50.7 | 19.6 | 55 of 58 | 5% |
| P/B | 20.9 | 2.8 | 61 of 65 | 6% |
| ROCE | 40.0 | 16.0 | 4 of 33 | 91% |
| ROE | 36.6 | 11.4 | 4 of 65 | 95% |
| Debt / Equity | 0.0 | 0.0 | 1 of 30 | 72% |
| EBITDA margin | 75.8 | 45.7 | 12 of 64 | 83% |
| Revenue growth | 63.4 | 23.1 | 9 of 58 | 86% |
| Profit growth | 62.1 | 17.6 | 18 of 61 | 72% |
| Market cap | 142153 | 940 | 1 of 69 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · BSE schedules Q2 FY27 results investor call for November 4, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · BSE invites applications for Managing Director and CEO | compliance | minimal | — | — |
| 21 Oct 2026 · BSE appoints Ashutosh Singh as Executive Director for Vertical 3 | management changes | medium | — | — |
| 16 Oct 2026 · BSE receives ESG rating of 70 from NSE Sustainability for FY26 | business updates | medium | — | — |
| 12 Oct 2026 · BSE submits routine dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · BSE trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 24 Sept 2026 · Schedule of analyst/investor meeting with Blackrock | board shareholder meetings | low | — | — |
| 18 Sept 2026 · BSE Limited to attend JP Morgan Investor Meeting on September 23, 2026 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · BSE Limited schedules investor meeting with Westwood Global Investments | board shareholder meetings | low | — | — |
| 17 Sept 2026 · BSE informs exchange about schedule of analyst/investor meetings | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.