BSE (BSE) Q2 26/27 earnings summary

Executive summary

• H1 FY27 total income was ₹3,25,726 lakh, up 49% YoY; net profit from continuing operations was ₹1,68,018 lakh, up 55%.

• Trading activity and platform reach expanded, including H1 equity cash ADTV of ₹1,02,356 million and 17.16 billion equity-derivative contracts traded.

Financial highlights

• H1 revenue from operations was ₹2,99,868 lakh, up 48%; transaction charges rose 60% to ₹24,556 million.

• Q2 revenue from operations was ₹1,43,266 lakh versus ₹1,06,839 lakh; continuing net profit was ₹80,752 lakh versus ₹55,702 lakh.

• H1 shareholder-attributable net profit was ₹16,832 million, up 53%; continuing-operations net profit was ₹16,802 million, up 55%.

• H1 operating EBITDA including core SGF was ₹2,019 crore, up 55%, with a 67% margin; excluding core SGF, EBITDA was ₹20,560 million, up 56%, with a 69% margin.

• Operating expenses rose 36% to ₹980 crore; regulatory fees and clearing and settlement expenses were 50% of expenses and varied with transaction volumes.

Outlook and guidance

• Management expects EBITDA margins of 65%-70% to be sustainable, barring significant risks; higher volumes are expected to lift revenue more than related variable expenses.

• The mainboard IPO pipeline includes over 150 companies targeting ₹1.5 lakh crore in fundraising.

• Growth priorities include trading-market share, product innovation, digital services, and expanded IPO, offer and bond-platform services.

• Technology upgrades and CapEx continue, with no plan to slow spending; management expects a fuller view of cash outflows by year-end.