BSE
BSE share price & financials
- Price
- ₹4,020.2
- Market cap
- ₹1.5L Cr
- Sector
- Financial Services
- Calls analysed
- 7
BSE Limited Q1 FY27
What went well
- Consolidated revenues hit a new record of ₹1,707 crores, demonstrating strong top-line growth.
- Operational revenues surged 63% YoY to ₹1,566 crores, driven by an 80% increase in transaction charges.
- EBITDA margins expanded to 67% from 65%, with operating EBITDA growing 67% YoY to ₹1,046 crores.
What to watch
- Mainboard IPO activity saw a moderation in the first half of FY27, primarily due to global macroeconomic factors, though recovery signs are noted.
- The RBI circular and STT hike are noted as 'headwinds' impacting derivatives premium growth and overall market volumes, with the full effect of the RBI circular still unfolding.
What BSE Limited does
BSE Limited operates a securities exchange in India, providing trading across equity cash, equity/currency/commodity derivatives, debt, and the SME & startup platform. It earns primarily from transaction charges on trades, listing fees from companies and securities on its platform, and distribution income from its BSE StAR MF mutual-fund platform, alongside data-feed, co-location, index licensing and treasury income. Clearing and settlement run through its wholly-owned subsidiary Indian Clearing Corporation Limited (ICCL, established 2007), and index products including the SENSEX are managed by subsidiary BSE Index Services.
Segments
- Trading & Clearing
- Services to Corporates (Listing)
- Distribution
- Other Services
- Global rank for IPO listings (FY26)
- No.1 in the world
- Market cap of BSE-listed companies
- USD 4.5 trillion
- Registered investors
- 248 million+
- New company listings (FY26, main board + SME)
- 255
- Registered trading members
- 1,273
- BSE StAR MF distributor network
- 83,280 distributors
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 2 delivered 5 missed 4 open- Co-location Racks delivered said Q3 FY25 Promised: Providing extra colo space to clear big waiting list Q1 FY27: Confirmed having 500 racks, which are expected to be sufficient for the next 1.5 years, addressing the capacity need.
- Bankex Derivatives Volume went quiet said Q3 FY25 Promised: Rebuild monthly contract of Bankex after 95% volume drop Q1 FY27: No specific update on Bankex; focus remains on overall index derivatives and new launches.
- Total Broker Members on track said Q4 FY26 Promised: Reach at least 700 broker members Q1 FY27: Stated that 'more than 610 members regularly participate'. Progressing towards the 700 target.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 63.5%, net profit up 62.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 813 | 768 | 847 | 958 | 1,068 +31% | 1,244 +62% | 1,564 +85% | 1,566 +63% |
| EBITDA | 456 | 236 | 484 | 625 | 680 +49% | 732 +210% | 1,041 +115% | 1,046 +67% |
| Net profit | 346 | 219 | 494 | 538 | 557 +61% | 597 +173% | 795 +61% | 873 +62% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +49.3% 1Y
1Y: ₹2,266.5 on 10 Sept 2025 → ₹3,384. High ₹4,403.3 (26 May 2026), low ₹2,040.2 (30 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +1.2%
- 4 Aug
- Q4 FY26
- +2.9%
- 7 May
- Q3 FY26
- +3.0%
- 9 Feb
- Q2 FY26
- +0.7%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 73.5% a year over 3 years, FY23 to FY26. Operating margin widened to 63.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹925 Cr | ₹1.6k Cr | ₹3.0k Cr | ₹4.8k Cr |
| Operating profit | ₹307 Cr | ₹600 Cr | ₹1.5k Cr | ₹3.1k Cr |
| Operating margin | 33.2% | 37.8% | 48.1% | 63.7% |
| Interest | ₹27 Cr | ₹16 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹60 Cr | ₹95 Cr | ₹113 Cr | ₹159 Cr |
| Net profit | ₹206 Cr | ₹771 Cr | ₹1.3k Cr | ₹2.5k Cr |
| Net margin | 22.3% | 48.6% | 43.7% | 51.4% |
| ROCE | 12.0% | 23.0% | 47.0% | 60.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹27 Cr | ₹27 Cr | ₹27 Cr | ₹81 Cr | ₹82 Cr |
| Reserves | ₹2.5k Cr | ₹2.6k Cr | ₹2.7k Cr | ₹3.3k Cr | ₹5.1k Cr | ₹6.6k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹2.1k Cr | ₹3.5k Cr | ₹3.3k Cr | ₹6.1k Cr | ₹5.9k Cr | ₹6.8k Cr |
| Total liabilities | ₹4.6k Cr | ₹6.2k Cr | ₹6.0k Cr | ₹9.4k Cr | ₹11.1k Cr | ₹13.4k Cr |
| Fixed assets | ₹184 Cr | ₹161 Cr | ₹252 Cr | ₹285 Cr | ₹416 Cr | ₹642 Cr |
| Capital work in progress | ₹4 Cr | ₹10 Cr | ₹2 Cr | ₹15 Cr | ₹214 Cr | ₹77 Cr |
| Investments | ₹1.8k Cr | ₹2.0k Cr | ₹1.5k Cr | ₹2.4k Cr | ₹3.8k Cr | ₹3.8k Cr |
| Other assets | ₹2.6k Cr | ₹4.0k Cr | ₹4.3k Cr | ₹6.8k Cr | ₹6.7k Cr | ₹8.9k Cr |
| Total assets | ₹4.6k Cr | ₹6.2k Cr | ₹6.0k Cr | ₹9.4k Cr | ₹11.1k Cr | ₹13.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, others trimmed −20.58 pp while DIIs added +12.88 pp. The shareholder count grew 5% to 9,99,275.
- FIIs
- 21.3%
- DIIs
- 24.1%
- Government
- 0.1%
- Public
- 54.5%
Since Jun 2025
- Others −20.58 pp
- DIIs +12.88 pp
- Public +4.44 pp
How it drifted, 12 quarters
Over this window others fell from 25.1% to 0.0% — −25.1 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 7.9%, DIIs 8.1%, Public 58.9%, Others 25.1%.Dec '23: FIIs 12.0%, DIIs 11.3%, Public 53.6%, Others 23.1%.Mar '24: FIIs 13.0%, DIIs 12.7%, Public 51.9%, Others 22.4%.Jun '24: FIIs 11.1%, DIIs 11.6%, Public 54.5%, Others 22.8%.Sep '24: FIIs 13.0%, DIIs 11.7%, Public 52.4%, Others 22.9%.Dec '24: FIIs 16.0%, DIIs 12.1%, Public 50.0%, Others 21.9%.Mar '25: FIIs 16.8%, DIIs 12.3%, Public 48.8%, Others 22.1%.Jun '25: FIIs 18.1%, DIIs 11.3%, Public 50.0%, Others 20.6%.Sep '25: FIIs 16.3%, DIIs 19.9%, Government 0.1%, Public 63.8%.Dec '25: FIIs 17.4%, DIIs 23.7%, Government 0.1%, Public 58.7%.Mar '26: FIIs 19.4%, DIIs 25.1%, Government 0.1%, Public 55.4%.Jun '26: FIIs 21.3%, DIIs 24.1%, Government 0.1%, Public 54.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- New World Fund Inc Global fund house newly disclosed 1.09% held
- SBI Life Insurance Co. Ltd Insurer +0.21 pp 1.65% held
- HDFC Life Insurance Company Limited Insurer +0.19 pp 1.36% held
- Motilal Oswal Individual +0.14 pp 1.36% held
The same filing shows 5 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of BSE Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Life Insurance Corporation Of India Insurer | 5.57% | unchanged |
| Kotak Mahindra Bank | 1.83% | −0.60 pp |
| Siddharth Balachandran | 1.70% | −0.31 pp |
| SBI Life Insurance Co. Ltd Insurer | 1.65% | +0.21 pp |
| Tata AIA Life Insurance Company Limited Insurer | 1.37% | −0.36 pp |
| Nippon Life India Trustee Ltd. Mutual fund | 1.36% | −0.35 pp |
| Motilal Oswal Individual | 1.36% | +0.14 pp |
| HDFC Life Insurance Company Limited Insurer | 1.36% | +0.19 pp |
| Invesco India Mutual fund | 1.34% | −0.26 pp |
| S Gopalakrishnan | 1.17% | unchanged |
| New World Fund Inc Global fund house | 1.09% | newly disclosed |
| Unclaimed or Suspense or Escrow Account | 0.05% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BSE
Filings to Aug 2026
3 new, 11 added, 3 trimmed, 0 sold out — net +28.12 L shares (+38.8%).
- Held by funds
- ₹3.4k Cr
- 20 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹1.3k Cr · 2.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹1.3k Cr | +1.00 L | Aug '23 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹572 Cr | +4.77 L | Feb '26 |
| SBI Flexicap Fund SBI Mutual Fund | ₹339 Cr | new | Aug '26 |
| SBI MultiCap Fund SBI Mutual Fund | ₹263 Cr | new | Aug '26 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹164 Cr | held | Jan '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹139 Cr | +0.18 L | May '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹128 Cr | +0.23 L | Mar '24 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹102 Cr | held | Jul '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 3 trimmed — net +28.12 L shares (+38.8%)
- Funds are sitting on
- +42%
- vs est. average cost
- Held by funds
- ₹3.4k Cr
- 20 schemes · ≈ 2.8% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹1.3k Cr · 2.5% of that fund
Shares held by these funds +1461%
Aug '23 79.02 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse BSE Limited
Guides on how to read this kind of business and the numbers that matter.