• Event Type: Q2 FY27 Earnings Conference Call held for Analysts/Investors.
  • Date and Time: The conference call was held on November 4, 2026. The specific time and time zone were not disclosed in the transcript.
  • Purpose: Discussion of BSE Limited's Q2 FY27 financial performance and operational updates.
  • Management Participants: The call featured numerous BSE leadership team members including:
  • Mr. Sundararaman Ramamurthy, Managing Director and CEO
  • Mr. Saurabh Shukla and Mr. Gopalan S. Raghavan, Executive Directors
  • Mr. Deepak Goel, Chief Financial Officer
  • Mr. Sunil Ramrakhiani, Chief Business Officer
  • Ms. Geetha Gangadharan, Chief Regulatory Officer
  • Mr. Viral Davda, Chief Technology Officer
  • Mr. Rudresh Kunde, Chief of Product, Policy and Strategy
  • Ms. Radha Kirthivasan, Head of Issuer Relations and Corporate Sales
  • Mr. Ramesh Gurram, Chief Information Security Officer
  • Mr. Abhishek Jha, Joint Chief Information Security Officer
  • Mr. Sanjay Jain, Chief Risk Officer
  • Mr. Vishal Bhat, Company Secretary
  • Mr. Ashutosh Singh, Managing Director and CEO, BSE Index Services
  • Ms. Vaishali Babu, Managing Director and CEO of BSE Clearing Corporation
  • Availability of Materials: The company stated that their latest financial results and investor presentation were available on the BSE website. The transcript of the call was filed with the National Stock Exchange of India Limited and would be available on the company's website.
  • UPSI Statement: The company included standard forward-looking statement language noting that some remarks may be forward-looking and subject to risks and uncertainties, with no commitment to update them publicly.

Financial Highlights Discussed

  • Consolidated Performance H1 FY27: Revenue stood at ₹3,257 crores (up 49% YoY from ₹2,184 crores), operational revenues at ₹2,999 crores (up 48% from ₹2,026 crores), and net profit attributable to shareholders at ₹1,680 crores (up 53% from ₹1,095 crores).
  • Transaction Charges: Increased 60% to ₹2,456 crores from ₹1,531 crores, reflecting growth in core trading and settlement activities.
  • Other Operating Income: Increased 23% to ₹200 crores from ₹163 crores, including data dissemination, co-location, and index services fees.
  • Operating Expenses: Increased 36% to ₹980 crores from ₹721 crores, with 50% attributable to regulatory fees and clearing/settlement expenses correlated to volumes.
  • Operating EBITDA: Increased 55% to ₹2,019 crores from ₹1,306 crores, with margins expanding to 67% from 64%.
  • Net Profit Margin: Stood at 52% for H1 FY27.
  • Investor Base: BSE registered investor accounts reached 26.8 crores, with 3.9 crore new accounts added over the past year. 11 states now have over 1 crore investor reach.
  • Investor Education: BSE conducted 2,328 investor awareness programs during H1 FY27 reaching over 1.2 lakh participants.

Operational and Market Highlights

  • Primary Markets: Record 71 main board IPOs in H1 FY27 raising over ₹84,000 crores. September alone saw 32 main board IPO listings raising ₹40,354 crores.
  • SME Segment: Crossed 800 listed companies in October 2026 (up from 600 a year earlier). The latest 200 listings raised ₹8,387 crores.
  • Total Fundraising: Issuers raised over ₹13.9 lakh crores through BSE's platforms across equity, debt, bonds, commercial papers, REITs, and InvITs in H1 FY27.
  • IPO Pipeline: Over 150 companies seeking to raise approximately ₹1.5 lakh crores.
  • Equity Cash Segment: Record quarterly average daily turnover of ₹10,494 crores in Q2 FY27.
  • Index Options Segment: Q2 FY27 ADTV by premium volumes stood at ₹22,531 crores (down from ₹29,615 crores in Q1). However, September 2026 showed recovery and October 2026 registered record monthly index options premium ADTV of ₹35,481 crores. Highest single-day expiry premium turnover of ₹85,356 crores achieved on October 22, 2026.
  • New Products: BSE Focus IT index derivatives are gradually establishing participation. Strategic collaboration with MSCI announced to develop MSCI-linked derivatives products.
  • Colocation: Revenues of ₹103 crores in H1 FY27. Currently has ~500 racks allocated, with plans to add 170-190 more racks. Land allotted in BKC for future expansion.
  • Mutual Fund Business: BSE StAR MF processed 24.5 crore transactions in Q2 FY27 (22% YoY increase). H1 FY27 revenue grew 11% YoY to ₹146 crores.
  • Partnerships: MOUs signed with Government of Andhra Pradesh, MMTC-PAMP for electronic gold receipts, Chamber of Marathwada Industries and Agriculture, and Meesho.

Q&A Session Key Topics

Analysts from Macquarie, HDFC Securities, Motilal Oswal, Avendus Spark, and others asked questions about:

  • Derivative volume trends and recovery patterns
  • Equity cash market share goals (aiming for double-digit, currently below)
  • Impact of RBI's bank guarantee norms on volumes
  • Colocation capacity and expansion plans (~500 racks currently, adding 170-190 more)
  • Technology capex trends (no reduction planned)
  • Sustainable EBITDA margins (current 67-68% considered sustainable)
  • MSCI index derivatives application status (submitted to regulators, awaiting outcome)
  • Potential transaction charge increases (being considered based on market feedback)
  • Impact of revised CAS rules on expiry settlement (positive for market development)
  • Key growth drivers for Sensex derivatives (product-market fit, concentration risk reduction)
  • Major risks identified (cyber risk, global turmoil impacting flows, supply chain issues)

Additional Notes

  • The document was a regulatory filing containing the transcript of the earnings conference call.
  • The transcript included full management remarks and the complete Q&A session with analysts.
  • The filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.