BSE Q3 FY26 Results: Profit Jumps Nearly 3x on Higher Trading Volumes

BSE Limited reported a robust set of financial results for the quarter ended December 31, 2025, reflecting sustained growth in trading activity, higher regulatory income, and steady contributions from its market infrastructure businesses. The Board approved the unaudited consolidated and standalone results at its meeting held on February 9, 2026.

Solid Revenue Growth on Rising Trading and Ancillary Income

On a consolidated basis, BSE’s total income for Q3 FY26 stood at ₹1,33,395 lakh, marking a sharp improvement compared to ₹82,935 lakh in the same quarter last year. Revenue from operations rose to ₹1,24,410 lakh, supported by increased cash market volumes, derivatives activity, clearing and settlement services, and regulatory contributions. Investment income and other income also contributed positively during the quarter.

The strong topline performance highlights BSE’s ability to monetize higher market participation across asset classes while maintaining a diversified revenue mix beyond pure transaction fees.

Profitability Improves Sharply Year-on-Year

Profitability saw a significant expansion during the quarter. Consolidated profit after tax from continuing operations came in at ₹59,659 lakh, nearly three times the ₹21,713 lakh reported in Q3 FY25. Higher operating leverage, disciplined cost control, and stable clearing and settlement operations supported margin expansion despite elevated regulatory and technology-related expenses.

Including discontinued operations, net profit attributable to shareholders stood at ₹60,181 lakh, underscoring the strength of the core exchange business.

Earnings Per Share Reflect Strong Operating Leverage

For the quarter, BSE reported a basic and diluted EPS of ₹14.61 from continuing operations, compared with ₹5.30 in the corresponding period last year. The sharp improvement reflects both higher earnings and the impact of the bonus issue implemented earlier in FY26, with historical EPS figures restated accordingly.

Nine-Month Performance Shows Consistency

For the nine months ended December 31, 2025, consolidated revenue from operations stood at ₹3,27,044 lakh, while net profit attributable to shareholders reached ₹1,69,965 lakh, compared with ₹83,147 lakh in the same period last year. This consistent performance across quarters highlights the structural strength of BSE’s business model amid evolving market conditions.

Balance Sheet and Capital Structure Update

During FY26, BSE completed a bonus issue in the ratio of 2:1, resulting in a paid-up equity share capital of ₹8,158 lakh, with a face value of ₹2 per share. The company continues to maintain a strong equity base and healthy reserves, providing flexibility for future investments in technology, new products, and market development initiatives.

Management Update: Change in Chief Risk Officer

Alongside the results, the Board announced a leadership transition in its risk function. Shri Khushro Bulsara, Chief Risk Officer, will retire on March 31, 2026. Shri Sanjay Jain has been appointed as the new Chief Risk Officer for a five-year term starting April 1, 2026, ensuring continuity and stability in BSE’s risk management framework.

What This Means for Investors

BSE’s Q3 FY26 performance reinforces its position as a resilient market infrastructure institution benefiting from higher financial market participation, expanding product offerings, and operating leverage. With strong profitability, a solid balance sheet, and continued investment in technology and governance, the exchange remains well-placed to capitalize on India’s deepening capital markets.