BSE Ltd Q3 Results: Net Profit Surges 172% YoY on Strong Derivatives Momentum
BSE Ltd, one of Asia’s oldest stock exchanges, reported a stellar performance for the December quarter (Q3FY26), with consolidated net profit jumping 172% year-on-year to Rs. 603 crore, compared with Rs. 220 crore in the same quarter last year. On a sequential basis, net profit also rose 12% quarter-on-quarter from Rs. 538 crore in Q2FY26.
Revenue Growth Driven by Transaction Charges
Total consolidated revenue for the quarter increased 62% YoY to Rs. 1,244 crore, led by a sharp rise in transaction charges. Revenue from transaction fees surged to Rs. 952 crore, up from Rs. 511 crore in Q3FY25 and Rs. 794 crore in the previous quarter, reflecting heightened trading activity and strong traction in derivatives.
Segment-wise Performance
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Services to corporates: Revenue rose to Rs. 156 crore, compared with Rs. 150 crore in Q3FY25 and Rs. 138 crore in Q2FY26.
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Treasury income (clearing & settlement): Stood at Rs. 42.9 crore, marginally lower than Rs. 48 crore reported a year ago.
Equity Derivatives Power Growth
BSE’s equity derivatives segment delivered a robust performance in Q3FY26:
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Options average daily notional turnover doubled to Rs. 210 lakh crore, from Rs. 105 lakh crore in Q3FY25 and Rs. 164 lakh crore in Q2FY26.
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Options premium ADTV increased 29.33% QoQ to Rs. 194 lakh crore, up from Rs. 150 lakh crore in the previous quarter.
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Total options revenue surged 122% YoY to Rs. 784 crore, highlighting strong market adoption and rising participation.
EBITDA and Margins
Operating EBITDA (including Core SGF) stood at Rs. 732 crore, a sharp improvement from Rs. 235 crore in Q3FY25 and higher than Rs. 680 crore in Q2FY26.
The operating EBITDA margin came in at 59%, compared with 31% a year ago and 64% in the preceding quarter, indicating sustained operating leverage despite rapid scale-up.
BSE Share Price Trend & Outlook
BSE shares have rebounded nearly 25% from February lows to around Rs. 2,985, steadily approaching the all-time high of Rs. 3,030 recorded in June 2025. On a year-to-date basis, the stock has delivered an impressive 48% return in 2025.
The stock ended Monday’s session with a 3% gain at Rs. 2,985 on the NSE. Given strong earnings visibility, expanding derivatives volumes, and improving profitability metrics, the stock is expected to maintain a steady upward trend in the near term.
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