BSE Q3 FY26 Results: Net Profit Soars 174% to ₹602 Crore

Introduction

BSE Ltd. announced a remarkable financial performance for the third quarter of fiscal year 2026, delivering its 11th consecutive quarter of record revenues. The exchange reported a consolidated net profit of ₹602 crore, a significant 174% increase compared to the same period last year. This growth was fueled by a substantial rise in operational revenue and a notable expansion in margins, underscoring the company's robust operational efficiency and strong market position.

Detailed Financial Performance

For the quarter ending December 31, 2025, BSE's total consolidated revenue reached an all-time high of ₹1,334 crore, marking a 61% year-on-year increase from ₹829 crore. Revenue from operations grew by 62% to ₹1,244 crore, up from ₹768 crore in Q3 FY25. This growth was primarily driven by an 86% surge in transaction charges, which rose to ₹953 crore.

The company's operating efficiency saw a significant improvement. Consolidated operating EBITDA, including income from the Core Settlement Guarantee Fund (SGF), more than tripled to ₹732 crore from ₹236 crore in the prior year. Consequently, operating margins expanded sharply to 59%, a substantial increase from 31% in Q3 FY25. The net profit margin also improved, climbing to 45% from 26% a year ago.

Capital Mobilisation and Listings

BSE's platforms continued to be a preferred venue for capital raising. In FY26, companies mobilized a total of ₹22.4 lakh crore through various instruments. The third quarter was particularly strong, with 39 companies raising a record ₹95,272 crore. The exchange also welcomed 99 new equity listings across its main and SME boards during the quarter.

The BSE SME platform achieved a significant milestone, crossing its 700th listing on February 1, 2026. The last 100 listings on this platform were completed in just 179 days. To date, SMEs listed on BSE have collectively raised ₹14,735 crore and command a combined market capitalisation of ₹1.8 lakh crore, highlighting the platform's crucial role in supporting small and medium-sized enterprises.

Trading Segments and Derivatives Growth

The trading segments demonstrated sustained momentum. While cash market trading volumes remained stable at ₹7,645 crore, the index derivatives segment set new records. The average daily premium turnover in index derivatives reached an unprecedented ₹19,459 crore, driven by the growing popularity of Sensex Index Options. During Q3 FY26, the exchange recorded a total of 772 crore equity derivatives contracts traded, which generated ₹784 crore in revenue.

Performance of Key Subsidiaries and Platforms

BSE StAR MF, India's largest mutual fund distribution platform, continued its growth trajectory. The platform's revenue increased by 14% year-on-year to ₹72.5 crore in Q3 FY26. Transaction volumes grew by 21% to 21.7 crore. The platform also set a new monthly record in January 2026, processing 7.97 crore transactions, reinforcing its systemically important role in the mutual fund industry.

ICCL, BSE's clearing subsidiary, managed substantial volumes with high efficiency. In Q3, it reported an equity settled turnover of ₹8.14 lakh crore and an equity derivatives premium turnover of ₹12.57 lakh crore, settling a total of 364 crore derivatives contracts. Recent technological upgrades have increased its trades-per-second capacity nine-fold, enhancing its risk management capabilities.

Expansion in Index Services

BSE Index Services has expanded its offerings significantly. The portfolio now includes over 200 indices, which serve as benchmarks for 85 passive schemes with a total Assets Under Management (AUM) of ₹2.7 lakh crore. Since acquiring the stake from its joint venture partner SPDJI, BSE has launched 50 new indices and has received RBI approval for two debt indices, diversifying its product suite beyond equities.

Management Outlook

The MD & CEO of BSE commented on the results, stating, "BSE's strong Q3 performance is a testament to the strength of our platforms and the confidence the market places in BSE. With record SME listings, growing index derivatives activity and continued success of StAR MF, we are accelerating innovation across all our businesses. In the year ahead, we remain committed to innovation, technology excellence and market development as India's capital markets continue their growth trajectory."

Conclusion

BSE Ltd.'s Q3 FY26 results reflect a period of exceptional growth across all its business segments. The significant increase in profitability and revenue, coupled with record-breaking operational metrics in derivatives, mutual fund distribution, and SME listings, positions the exchange for sustained growth. The company's focus on technological enhancement and product diversification continues to strengthen its market leadership and contribute to the development of India's capital markets.