BSE Limited – Investor Presentation Summary
Key Operational Highlights
- Market capitalization of BSE listed companies reached USD 4.86 trillion
- Registered investors grew to 266 million+
- Equity cash average daily turnover value (ADTV) stood at Rs. 1,02,356 million
- Equity derivatives achieved highest single-day turnover of Rs. 949 trillion
- Equity derivatives total contracts traded reached 17.16 billion
- Equity derivatives average daily turnover was Rs. 210 trillion
- 54 mutual funds registered on platform
- Funds mobilized through mutual fund platform reached Rs. 14.12 trillion
- Platform coverage expanded to 721 cities
- 84,711 mutual fund distributors onboarded
- 479.6 million mutual fund orders processed
- Mutual fund order value reached Rs. 7.04 trillion
- 1,289 members registered
Key drivers of operational performance: Market growth in terms of registered investors and turnover, increasing disposable household incomes and preference for financial savings, focus on innovation and launch of unique products across segments.
Segment-wise Performance
- Equity Cash Segment: Performance data shown for Q1 FY24 (specific metrics not detailed in text)
- Equity Derivatives Segment: Performance data shown for Q1 FY24 (specific metrics not detailed in text); BSE entered into agreement with MSCI to explore launch of futures and options contracts in India linked to MSCI indexes
- BSE StAR Mutual Fund Platform: Pan-India reach covering 721 cities
- Services to Corporates: Performance data shown (specific metrics not detailed in text)
- BSE SME: Enabling SME growth through capital markets (specific metrics not detailed)
- Co-location Services: Capacity and revenue data shown (specific metrics not detailed)
- BSE Clearing Limited: Serves as clearing corporation for BSE, managing collateral, risk management, clearing, and settlement functions
- BSE Index Services Private Limited: Flagship index SENSEX; 180+ indices across broad, sectoral, thematic, strategic equity indices and fixed income indices; Total AUM of INR 12.53 lakh crores tracked by passive products and active benchmarking; 129 passive products tracking 41 indices with AUM of INR 2.8 lakh crores; became wholly owned subsidiary w.e.f 1st June 2024; added 150+ clients post takeover; launched 32+ new indices post acquisition; awarded "Index Provider of the Year" 2025 by Futures and Options World
- India INX: Offers diversified portfolio including equity index derivatives, equity stock derivatives, commodity derivatives, currency derivatives, debt instruments, foreign currency bonds, masala bonds, sustainable bonds, corporate bonds, sovereign bonds, and colocation services; Sensex futures & options available for trading since 3rd February 2025; access to 135+ global exchanges via single integrated terminal; 100% subsidiary of India INX offers investment in 30,000+ stocks across 33 countries
Explanation of significant changes in segment performance: Focus on increasing market share across all segments, market growth in terms of number of registered investors and turnover, increasing disposable household incomes and preference for financial savings.
Financial Highlights
Revenue: Rs. 32,573 million (H1 FY27 consolidated)
EBITDA: Rs. 22,777 million (H1 FY27 consolidated)
PAT: Rs. 16,802 million (H1 FY27 consolidated from continuing operations)
EPS: Rs. 40.86 (H1 FY27 consolidated)
Margins: EBITDA margin 67% including Core SGF, 69% excluding Core SGF; Net margin 52%
YoY/QoQ comparison: Revenue increased 49% YoY from Rs. 21,841 million in H1 FY26; Net profit from continuing operations increased 55% YoY from Rs. 10,833 million in H1 FY26
Drivers of financial performance: Transaction charges increased 60% YoY to Rs. 24,556 million; Investment income increased 68% YoY to Rs. 2,433 million; Other operating income increased 23% YoY to Rs. 2,001 million
Comparison to market estimates: Not specified
Key Risks: Competitive landscape, stakeholders' preferences, effect of economic and political conditions in India and outside India, volatility in interest rates and securities market, new regulations and Government policies that may impact businesses
Geographical Revenue Split
Domestic vs Export/Regional Revenue: Not specified
Regional Breakdown: Not specified
Balance Sheet Snapshot
Net Debt/Equity: Not specified
Reserves: Not specified
Current Assets/Liabilities: Not specified
Working Capital/Leverage Metrics: Not specified
Financial Health Insights: Consolidated net worth of Rs. 79,520 million as of H1 FY27
Capex & Cash Flow Health
Capital Expenditure: Not specified
Free Cash Flow: Not specified
Operating Cash Flow: Not specified
Net Debt Movement: Not specified
Investment Rationale: Focus on innovation and launch of unique products across segments
Strategic & R&D Initiatives
Investments in Innovation: Agreement with MSCI to explore launch of futures and options contracts in India linked to MSCI indexes; StAR MF Plus premium platform for distributors and advisors; Expansion of services from current e-platforms like book-building for IPO, Offer to Buy, Offer for Sell, New Bond platform
Expected impact on growth: Not quantified
Strategic Rationale: Increasing market share across all segments, leveraging growing market of registered investors and turnover, benefiting from increasing disposable household incomes and preference for financial savings
Industry Trends & Business Environment
Macro/Industry Trends: Market growing vastly in terms of number of registered investors and turnover; Increasing disposable household incomes and preference for financial savings
Impact on Company: Provides advantage for business growth across segments
Management Commentary & Growth Outlook
Strategic Outlook: Focused on increasing market share across all segments; Emphasis on innovation and launch of unique products across segments
FY Guidance: Not specified
Market Share Targets: Not specified
Risks and Opportunities: Competitive landscape, stakeholders' preferences, effect of economic and political conditions in India and outside India, volatility in interest rates and securities market, new regulations and Government policies