Fiscal 2026 delivered record revenue of ₹5,148 crore and an 88% profit surge. The 150-year-old exchange is no longer just a heritage name—it is competing hard where capital markets make money.
Founded in 1875 under a banyan tree in Bombay, BSE became a public company in 2017 and listed on rival NSE. It now backs 5,500-plus listed companies worth over $5.25 trillion.
Revenue spans derivatives and cash trading, mutual fund routing, listing fees, data and index licensing. The business is asset-light: extra trades flow to profit with little extra cost, and the balance sheet carries zero long-term debt.
Consolidated revenue hit ₹5,148 crore, up 59% from ₹3,236 crore. Net profit rose 88% to ₹2,497 crore, while operating EBITDA margin jumped from 51% to 64%. The board declared a final dividend of ₹10 per share.
BSE relaunched Sensex and Bankex contracts with smaller lots and non-competing expiry days under CEO Sundararaman Ramamurthy. Equity derivatives revenue more than doubled to ₹3,134 crore, and average daily premium turnover rose to ₹19,522 crore, up 118%.
SEBI directed BSE to pay turnover fees on notional options value, creating ₹165 crore in arrears. The stock briefly fell 19%. BSE then raised options tariffs by up to 44%, using its pricing power to offset most of the hit.
That translated into ₹2,497 crore in consolidated profit after tax, up from ₹1,330 crore. Operating EBITDA margin reached 64%, and net profit margin expanded from 41% to 48%.
Cash and bank balances exceed ₹5,172 crore, reserves stand at ₹7,838 crore, and the company has no long-term debt. ROCE is about 66.2%, ROE about 50%, and the stock has delivered a five-year CAGR above 111%.
Derivatives face tighter lot sizes and weekly expiry limits. The SEBI notional fee hit was absorbed through price hikes, but the August 2026 Sensex expiry manipulation—index leaped 362.02 points in two seconds—shows the risks of BSE’s index centrality.
BSE’s future depends on technology, regulatory agility, and India INX expansion. For the full story behind the numbers, read the complete deep dive.
Read the full analysis →