Earnings Review
BSE Q2 results above view on higher transaction, listing fees
This story was originally published at 19:59 IST on 11 November 2025
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--BSE Jul-Sept consol net profit INR 5.58 bln
--BSE Jul-Sept consol net profit INR 5.58 bln vs INR 5.39 bln qtr ago
--BSE Jul-Sept consol revenue INR 10.68 bln vs INR 9.58 bln qtr ago
--BSE contributed INR 106 mln to core settlement guarantee fund in Jul-Sept
--BSE Apr-Sept consol net profit INR 10.98 bln vs INR 6.12 bln year ago
--BSE Apr-Sept consol revenue INR 20.26 bln vs INR 13.43 bln year ago
--BSE Q2 consol transaction fee income INR 7.94 bln vs INR 7.38 bln qtr ago
--BSE Q2 consol svcs to corporates income INR 1.4 bln vs INR 1.05 bln qtr ago
--BSE Q2 revenue from equity derivatives INR 6.24 bln vs INR 5.98 bln qtr ago
By Anshul Choudhary
MUMBAI – BSE Ltd. reported better-than-expected revenue growth in the September quarter led by a slight growth in income from transaction charges and a sharp rise in listing fees. Higher regulatory expenses during the quarter hit growth in net profit, but the bottom line still managed to beat expectations.
BSE reported a consolidated revenue of INR 10.68 billion during the quarter, up nearly 12% on quarter. Compared to the previous year, its revenue was up over 44%. Three brokerages had expected the revenue at INR 10.14 billion-INR 10.46 billion.
Its consolidated net profit during the quarter was up 3.5% on quarter and 61% on year to INR 5.58 billion. Analysts had expected the net profit at INR 5.08 billion-INR 5.29 billion. More
Higher expenses towards regulatory contribution were the major reason behind muted growth in net profit sequentially. The exchange's regulatory expenses were INR 1.47 billion during the quarter, up 26% on quarter. This led to the overall expenses rising 14% on quarter to INR 4.10 billion.
More than INR 106 million of outgo towards the core settlement guarantee fund also hit operating performance. Its consolidated operating earnings before interest, tax, depreciation, and amortisation was INR 6.80 billion, up nearly 9% on quarter--slightly slower than the revenue growth. Excluding the outgo towards the SGF fund, the exchange's operating EBITDA was up 10.5% on quarter.
STRONG FEE INCOME
BSE's income from transaction charges rose nearly 8% on quarter to INR 7.94 billion during the September quarter. Further, the company's income from services to corporates, which includes income from listing fees, rose 31% on quarter to nearly 1.40 billion.
The company's revenue from the equity derivative business rose as daily lots in the segment increased even as average daily premium turnover was unchanged on quarter. Its revenue from equity derivative segment rose 4% on quarter to INR 6.24 billion. The average daily premium turnover was unchanged at INR 150 billion and average daily lots rose to 100 million from 82 million quarter ago.
For the six months ended September, BSE's consolidated net profit was up 79% on year to nearly INR 11 billion. Its revenue during the same period rose 51% on year to INR 20.26 billion. Tuesday, shares of BSE closed nearly 1% higher at INR 2,644.20 on the National Stock Exchange. End
Edited by Akul Nishant Akhoury
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