BSE Limited operates India's leading stock exchange platform for equity, debt, derivatives and mutual fund trading, and enters this print on 14 consecutive quarters of record revenue after Q1 FY27 revenue paused sequentially. The quarter's key tests are whether the record streak resumes amid a subdued-volatility backdrop, and how margin holds against memory-cost inflation, the RBI circular on derivatives bank guarantees and the Core SGF contribution run-rate at the reduced 3.5%.
| Results date | November 04, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,566.02 Cr (+63.48% YoY) |
| Previous quarter PAT | Rs. 872.66 Cr (continuing operations, +65.84% YoY) |
| Previous quarter EBITDA margin | 67% (Operating EBITDA including Core SGF) |
| Market cap | Rs. 143,183.62 Cr |
| CMP | Rs. 3,510.4 |
The board of BSE Limited will meet on November 04, 2026 to consider the audited financial results for the quarter and half year ended September 30, 2026.
The central question for this print is whether BSE's 14-quarter record-revenue streak resumes after Q1 FY27 revenue was flat sequentially at +0.16% QoQ, with every flow proxy — cash ADT running near Rs. 10,000 Cr against a Rs. 7,950 Cr FY26 average and a heavy IPO calendar of 13 mainboard issues raising Rs. 18,348 Cr in July alone — pointing to strong year-on-year demand.
The margin swing factors are premium-versus-notional dynamics, since India VIX stayed subdued at roughly 11–13 for most of July–September before spiking to a 14.15 high on September 28, and management has said premium turnover is a function of volatility, which compressed margins in the subdued Q2 FY26 base quarter.
On costs, server DRAM prices rose 13–18% QoQ in 3Q26 with a further 10–15% QoQ projected for 4Q26, landing on a technology budget management has guided is 'almost going to be doubling' from around Rs. 300 crores; Q1 FY27 already showed tech expenses +21.9% YoY and depreciation +58.5% YoY. The full-quarter impact of the RBI circular on derivatives bank guarantees, effective July 1, 2026, also lands in this print, with management having flagged that 'the full impact of the RBI circular might not yet be visible'.
The upcoming call is expected to cover the margin bridge versus Q1's 67%, the Core SGF contribution run-rate at the reduced 3.5%, and progress on the cash-market share path toward a 'very meaningfully double-digit market share' by the beginning of calendar year 2027.
Guidance scorecard: Status of management's stated goals as of the upcoming call:
RBI circular and STT follow-through
Margin sustainability and one-off items
Strategic execution and primary market pipeline
Management has guided for a 'very meaningfully double-digit market share' by the beginning of calendar year 2027, up from the current 7–8%. It has attributed the shortfall so far to delays in Smart Order Routing implementation at the competing exchange, which prevents participants from being exchange-agnostic.
Management says SGF requirements follow a complex stress-test model stipulated by SEBI, describing it as 'a moving goalpost based on a complex simulated model'. It declined to project future SGF requirements or state the current gap to the 150% cap that triggered the contribution cut from 5% to 3.5% of profits.
The payout ratio declined from historical highs of about 99% to about 28%, with the CEO arguing that very high payouts previously signalled a lack of growth prospects. The company cited the Rs. 500 crore gross block investment over two years, a doubling technology budget, and a 67% YoY dividend increase (total outgo rising from about Rs. 230 crores to about Rs. 414 crores) as the rationale for retention.
Q1 FY27 revenue from operations rose 63.48% YoY to Rs. 1,566.02 Cr, extending the streak to 14 consecutive record-revenue quarters, though it was nearly flat sequentially at +0.16% QoQ. Growth has been driven by transaction charges, which rose 80% YoY to Rs. 1,328 crores in Q1 FY27 on record equity cash ADT of Rs. 9,955 crores.
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