BSE achieves record Q3: Profits nearly triple amid derivatives surge
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BSE Limited on Monday reported a strong set of earnings for the third quarter of FY26, marking its all-time high quarterly revenue of ₹1,334 crore. The Asia's oldest stock exchange reported a consolidated net profit (attributable to shareholders) at ₹602 crore, up 174% year-on-year (YoY) as against ₹220 crore reported during the same period last year. This profit jump was accompanied by a sharp expansion in net profit margins, which rose to 45% from 26%.
Revenue from operations grew by 62%, totalling ₹1,244 crore. BSE Ltd's EBITDA doubled to ₹878 crore during Q3 FY26 as against ₹435 crore reported during the year ago quarter.
Segmental growth
The primary catalyst for this growth was the equity derivatives segment, which set a new record by trading 772 crore contracts during the quarter. This activity alone generated ₹784 crore in revenue.
Other key operational highlights include:
Primary markets: BSE welcomed 99 new equity listings across its main and SME boards, facilitating the raising of ₹97,657 crore.
Mutual funds: The BSE StAR MF platform continued its dominance with an 87.4% market share. Transactions grew by 21% to reach 21.7 crore during the quarter.
Index services: The exchange's index portfolio grew to over 200 indices, with a passive AUM of ₹2.7 lakh crore across 85 schemes.
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Leadership changes
During the quarter, BSE completed the divestment of its wholly-owned subsidiary, BSE Institute Limited, recording a consolidated profit of ₹14.40 crore from the sale. Additionally, the boards of subsidiaries BSE Investments and BSE Administration & Supervision approved a merger into BSE Technologies to streamline operations.
The board also announced that Khushro Bulsara, the chief risk officer (CRIO), will retire on March 31, 2026. He will be succeeded by Sanjay Jain, who has been appointed for a five-year term starting April 1, 2026.
Despite an incremental expense of ₹23.75 crore recognised due to new labour codes implemented in November 2025, the exchange's overall financial health remains strong.
The shares of BSE Ltd ended 3.07% higher at ₹2,986 apiece today. The scrip, listed on NSE, has gained nearly 60% in the past one year, outperforming the Nifty 50 index that has gained close to 10% during the same period.