Q2 FY27 results analysis · November 04, 2026
BSE Q2 FY27 Results Analysis: PAT Jumps 45%, EBITDA Margin Expands 425 bps
+45.0%PAT year on year, Rs. 807.52 Cr
Source: Quarterly results filing (NSE)
Quick summary
BSE Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,432.66 Cr (+34.10% YoY) and PAT growth of +44.97% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,432.66 Cr (+34.10% YoY) |
| PAT (Q2) | Rs. 807.52 Cr (+44.97% YoY) |
| EBITDA margin | 67.92% (+425 bps YoY) |
| EPS (Q2) | Rs. 19.64 (+44.84% YoY) |
Quarter Snapshot
BSE delivered 34.10% YoY revenue growth and 44.97% PAT growth with EBITDA margin (incl Core SGF) up 425 bps YoY to 67.92%, as notional-linked costs fell faster than revenue. The sequential revenue decline of 8.52% broke the 14-quarter record-revenue streak, while no numeric FY27 guidance exists to benchmark a beat. Catalysts ahead include the cash-market share target by early CY2027 and direct market-data distribution from Jan 1, 2027.
Q2 FY27 Expectations vs Results
| Driver | What happened | Verdict |
|---|---|---|
| Revenue "likely ahead (YoY), on strong flow proxies" | +34.10% YoY | Played out |
| QoQ revenue direction "not determinable" | −8.52% QoQ — no claim made | Not observable |
| Margins "likely compressing vs Q1's 67%" | 67.92% incl SGF, up from 66.79% QoQ and 63.67% YoY | Contradicted |
| Watch: Core SGF run-rate at 3.5% | Rs.10.97 Cr vs Rs.25.91 Cr | Played out |
| Watch: RBI-circular follow-through / fresh ECL provisions | Nothing disclosed in the filing — remains open for the call | Not addressed in the filing |
| Watch: co-location racks, market-data readiness, tech-budget confirmation | Nothing in the filing — remains open for the call | Not addressed in the filing |
| "the test is whether the 14-quarter record-revenue streak resumes" | Revenue −8.52% QoQ — streak broke | Contradicted |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Technology investment "almost going to be doubling" from ~Rs.300 Cr | Q4 FY26 earnings call | H1 FY27 technology expense +21.27% YoY (Q2 −5.26% QoQ) | Too Early |
| Core SGF voluntary contribution cut from 5% to 3.5% of profits after the 150% threshold | Q4 FY26 earnings call | Rs.10.97 Cr in Q2 vs Rs.25.91 Cr in Q1 (−57.66% QoQ); corpus +2.95% in six months — direction consistent | Too Early |
| "Very meaningfully double-digit" cash market share by beginning of CY2027 (from 7–8%) | Prior earnings calls | No market-share data in the interim filing | Too Early |
| Direct management of market data distribution from Jan 1, 2027 | Prior earnings calls | No update in the filing | Too Early |
| Q1 FY27 was the 14th consecutive record-revenue quarter | Q1 FY27 earnings materials (per prior-quarter notes) | Q2 FY27 revenue −8.52% QoQ — sequential decline — as a continuing streak | Contradicted |
| SGF contribution reduced to 3.5% of profits | Q4 FY26 earnings call | Contribution fell to Rs.10.97 Cr from Rs.25.91 Cr | Confirmed in direction |
| Profits as an "automatic outcome" of market-building, no top/bottom-line targets | Q4 FY26 call framing (per prior-quarter notes) | No financial targets introduced in the filing | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Index-deriv. AD premium turnover (Rs. Cr) | >15,000 | 19,459 | 28,920.7 | 29,615 |
| StAR MF transactions (Cr) | 20.1 | 21.7 | — | 23.4 |
| StAR MF revenue (Rs. Cr) | 69.7 | 72.5 | — | 73.3 |
| Co-location revenue (Rs. Cr) | 46 | 48 | — | 51 |
Key Investment Insights
Key Positives
- Revenue from operations grew 34.10% YoY to Rs.1,432.66 Cr
- PAT from continuing operations grew 44.97% YoY to Rs.807.52 Cr; EPS Rs.19.64 (+44.84% YoY)
- EBITDA margin incl Core SGF expanded 425 bps YoY and 113 bps QoQ to 67.92%
- Total expense ratio improved to 34.53% of revenue from 38.37% YoY, with all operating cost lines down sequentially
- H1 operating cash flow from continuing operations grew 33.79% YoY to Rs.1,32,702 Lakhs
- Net worth rose 19.4% in six months to Rs.7,951.99 Cr with zero borrowings; trade receivables fell to Rs.460.99 Cr from Rs.553.16 Cr
- Core SGF contribution fell 57.66% QoQ to Rs.10.97 Cr after the contribution rate cut from 5% to 3.5%
- H1 capex declined to Rs.17,271 Lakhs from Rs.31,324 Lakhs in the prior-year period
Risk Factors
- Revenue declined 8.52% QoQ, breaking the 14-quarter record-revenue streak
- Investment income fell 20.05% QoQ to Rs.1,080.7 Lakhs
- Depreciation rose 41.93% YoY to Rs.4,607 Lakhs on the technology capacity build
- Cash and cash equivalents fell Rs.786.63 Cr to Rs.884.96 Cr as funds moved into deposits and investments
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.