BSE Limited Earnings Summary — Q1 FY2027
BSE Reports 66% Growth in Net Profit Amid Derivatives Scaling and Bullion Hub Consolidation
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 7 consecutive quarters.
- Revenue of ₹1,566 Cr is 63.5% higher year-on-year.
- Revenue has compounded at 60.6% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹874 Cr is 62.0% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 154.3% annualised across the period.
- Operating margin stands at 66.8% in Q1 FY2027.
- Operating margin expanded by 150 bps year-on-year.
- Over the last two years operating margin has expanded by 1987 bps.
- PBT margin is 74.3%.
- Expense growth of 56.4% remained below revenue growth of 63.5%.
- Operating profit of ₹1,046 Cr is 67.2% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 83/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Strong Uptrend | 1,566 | 1,564 | 1,244 | 1,068 | 958 | 847 | 768 | 813 | 602 | 539 |
| Expenses | Improving | 520 | 523 | 512 | 388 | 332 | 362 | 533 | 358 | 319 | 388 |
| Operating Profit | Strong Uptrend | 1,046 | 1,041 | 732 | 680 | 625 | 484 | 236 | 456 | 282 | 151 |
| Operating Margin | Improving | 66.8% | 66.6% | 58.9% | 63.7% | 65.3% | 57.2% | 30.7% | 56.0% | 46.9% | 28.0% |
| Other Income | Improving | 160 | 78 | 108 | 91 | 115 | 205 | 83 | 30 | 91 | 29 |
| Interest | Insufficient data | — | — | — | — | — | — | — | — | — | — |
| Depreciation | Improving | 43 | 55 | 45 | 32 | 27 | 30 | 30 | 29 | 24 | 26 |
| Profit Before Tax | Strong Uptrend | 1,164 | 1,063 | 795 | 739 | 713 | 660 | 288 | 457 | 349 | 154 |
| Tax | Strong Uptrend | 291 | 268 | 199 | 182 | 175 | 166 | 69 | 111 | 85 | 47 |
| Net Profit | Strong Uptrend | 874 | 797 | 602 | 558 | 539 | 494 | 220 | 347 | 265 | 107 |
| Net Margin | Volatile | 55.8% | 51.0% | 48.4% | 52.3% | 56.3% | 58.4% | 28.6% | 42.6% | 44.0% | 19.9% |
Key Takeaways
- Net profit attributable to shareholders grew to ₹874 Cr, a 62% increase year-on-year, reflecting strong operating leverage.
- Consolidated revenue from operations surged 63% YoY to ₹1,566 Cr, maintaining high performance levels seen in the prior record-breaking quarter.
- BSE is consolidating its stake in India International Bullion Holding (IIBH) from 3.33% to 20%, making it a direct associate company.
- Technology expenses rose to ₹60.8 Cr, up 22% YoY, as the exchange continues to invest in its high-speed execution infrastructure.
- Regulatory contributions remained high at ₹192.8 Cr, representing approximately 12% of revenue from operations.
- The Board approved the appointment of KKC & Associates LLP as new Statutory Auditors for a five-year term starting FY 2027-28.
Management Guidance
Management remains focused on consolidating the derivatives market share and scaling the Bullion Exchange infrastructure at GIFT City. The direct acquisition of IIBH shares from subsidiaries is intended to streamline the group structure.
Sentiment Shift
Improving
Margins continue to expand as transaction volumes stabilize at new highs; the consolidation of the bullion entity suggests strategic long-term confidence in GIFT City operations.
Outlook
BSE is well-positioned to benefit from the ongoing financialization of Indian savings, with its derivatives segment (Sensex/Bankex) acting as a primary growth engine alongside the stable listing fee and mutual fund platform (StAR MF) businesses.
From the Annual Report (Key Quotes)
“The primary objective of BSE's investment in IIBH is to participate in and support the development of India's international bullion market infrastructure.”
“Upon completion of the present acquisition, BSE Limited’s direct shareholding in IIBH will increase from 3.33% to 20%.”
Official Quarterly Documents
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This summary is AI-generated from BSE Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.