India’s oldest stock exchange, BSE, reported a 61% increase in consolidated net profit for the March quarter, reaching ₹795.47 crore. This surge is attributed to a significant rise in derivatives revenue and increased trading activity, marking the exchange’s strongest financial performance in its 150-year history.
For the January-March quarter, consolidated revenue rose to ₹1,630 crore from ₹926.38 crore a year earlier. For the full fiscal year, net profit soared 88% to ₹2,487 crore in FY26, up from ₹1,322 crore in FY25, while total revenue climbed 59% to ₹5,148 crore.
The board has recommended a final dividend of ₹10 per share for FY26. BSE shares reached a 52-week high of ₹3,985 during Thursday’s trading session ahead of the results announcement.
The strong performance was primarily driven by the equity derivatives segment, where annual revenue more than doubled to ₹3,134 crore. Average daily premium turnover rose 118% to ₹19,522 crore in FY26 from ₹8,977 crore the previous year.
During the post-results analyst call, BSE Managing Director and CEO Sundararaman Ramamurthy expressed dissatisfaction with the exchange’s cash market share, which stands at 7-8%. He indicated that delays in the implementation of smart order routing (SOR), a mechanism allowing brokers to route orders across exchanges for optimal price execution, have impeded market growth.
“This is far away from what we wanted it to be. We wanted it to be at least double digit,” Ramamurthy noted. He anticipated that both institutional and retail participants would become indifferent to exchanges and trade where prices are favorable. However, he stated that applications for SOR have been pending for over six months with other exchanges, potentially impacting market share growth.
Ramamurthy described BSE’s strategy in derivatives as focusing on “deepening and broadening” participation rather than merely increasing volumes. The number of brokers trading options on BSE rose to 587, up from 446 a year ago.
In another positive development, the exchange’s foreign portfolio investor count surged from 100 to 520. Ramamurthy mentioned a goal of reaching approximately 800 FPIs and noted that more long-term funds are beginning to engage in monthly options contracts as liquidity improves.
BSE is also planning to enter the commodity derivatives market. “We do not want a ‘me too’ syndrome where we also start something because others are starting it,” he said. “We want to create a value proposition for the market by developing a unique selling proposition.”
The annual general meeting is scheduled for August 19. Additionally, BSE StAR MF reported revenues of ₹285 crore, up 24%, with transaction volumes increasing 27% to 84 crore. The total number of investor accounts on BSE has surpassed 25 crore, with 3.53 crore new accounts added during the year.
Published on May 7, 2026.
