BSE Q1 FY26: Profit Doubles, Revenue Surges, but Stock Slips

BSE reported an impressive Q1 FY26 performance, with its consolidated net profit (PAT) soaring 103% year-on-year to ₹539 crore, up from ₹264 crore in the same quarter last year. The company’s revenue from operations jumped 59% YoY to ₹958 crore, compared to ₹601 crore in Q1 FY25. Including non-operating income, total income crossed ₹1,000 crore for the first time, reaching ₹1,044 crore.

A key driver was transaction charges, which surged to ₹737 crore from ₹400 crore a year ago and ₹611.7 crore in Q4 FY25. Other income streams also improved: corporate services income rose to ₹125.3 crore, clearing & settlement/treasury income slightly increased to ₹45.4 crore, and investment income grew to ₹79.1 crore. The company’s EBITDA expanded 122% YoY to ₹626 crore, boosting the EBITDA margin from 47% a year ago to a healthy 65%, though it remained slightly below the 70% margin recorded in the previous quarter.

Despite these strong financials, BSE’s share price fell about 2.5% intraday to ₹2,382 on the NSE, following cautious brokerage downgrades. Analysts from Avendus maintained an Add rating with a target price of ₹2,590, optimistic about market share gains and margin expansion. Conversely, Motilal Oswal held a Neutral rating with a target of ₹2,600, warning of margin risks due to expiry shifts affecting premium turnover.

In summary, BSE’s Q1 results showcased stellar growth in profits and revenue, largely driven by booming transaction income, but the stock faced downward pressure as investors weighed concerns about the sustainability of future margins.