Highlights

• BSE shares rose 6.54% on 10 February 2026, extending one-year gains to 69.48%.
• Q3 FY26 revenue from operations increased 62% year-on-year to ₹1,244.1 crore.
• Net profit for Q3 FY26 surged 174% year-on-year to ₹601.8 crore amid margin expansion.
• EBITDA margin improved to 59% in Q3 FY26 from 31% in the prior year quarter.
• Nine-month FY26 net profit rose by 104% to ₹1,699.6 crore, supported by higher volumes.

BSE Ltd (NSE:BSE) shares were trading at ₹3,180.30, up 6.54% during the afternoon session on 10 February 2026. The stock has gained 69.48% over the past year. Today’s move followed the release of the company’s financial performance for Q3 FY26 and the nine months ended December 2025, which reflected higher income, improved margins, and increased activity across trading and platform services.

Revenue Growth Driven by Core Operations

For Q3 FY26, BSE reported revenue from operations of ₹1,244.1 crore, compared with ₹768.1 crore in Q3 FY25, marking a year-on-year increase of approximately 62%. Transaction charges remained the largest contributor, rising to ₹952.6 crore in Q3 FY26 from ₹511.1 crore in the prior year corresponding quarter, reflecting a Y-o-Y increase of 86.3%.  Income from services to corporates stood at ₹156.4 crore, broadly stable compared with ₹150.0 crore a year earlier.

Other operating income increased to ₹92.2 crore in Q3 FY26 from ₹58.5 crore in Q3 FY25, supporting overall topline growth. Total income for the quarter reached ₹1,334.0 crore, up from ₹829.4 crore in the same period last year, marking a yearly increase of approximately 60%.

Profitability and Margin Expansion in Q3 FY26

Operating expenses for Q3 FY26 were reported at ₹511.2 crore, compared with ₹363.5 crore in Q3 FY25. Despite higher employee, technology, and regulatory costs, profit before tax rose sharply to ₹777.2 crore from ₹266.7 crore a year earlier, reflecting operating leverage from higher volumes.

Net profit attributable to shareholders for Q3 FY26 stood at ₹601.8 crore, compared with ₹219.7 crore in Q3 FY25, representing a year-on-year increase of around 174%. Operating EBITDA for the quarter was ₹732.2 crore, up from ₹235.6 crore, with EBITDA margin expanding to 59% from 31%.

Nine-Month FY26 Numbers Reflect Sustained Operating Momentum

For the nine months ended December 2025 (9M FY26), revenue from operations rose to ₹3,270.4 crore from ₹2,110.7 crore in 9M FY25, an increase of nearly 55%. Transaction charges accounted for ₹2,484.0 crore, compared with ₹1,418.3 crore in the previous year period.

Net profit attributable to shareholders for 9M FY26 reached ₹1,699.6 crore, up from ₹831.5 crore in 9M FY25, reflecting a Y-o-Y increase of 104.5%, while operating EBITDA stood at ₹2,037.9 crore versus ₹906.1 crore a year earlier. EBITDA margin for the nine-month period improved to 62%, compared with 43% in the prior year.

Business Segments Anchored by Participation, Platforms and Services

BSE’s operating focus spans trading, mutual fund distribution, and platform services, supported by rising investor participation and higher market activity. Growth in registered investors and turnover has been aided by increasing household incomes and a preference for financial savings, which has contributed to broader engagement across trading segments.

In mutual funds, the exchange operates through its StAR MF Plus platform, which offers distributors and advisors a centralised system for purchase, redemption, systematic investment plans, and switches across both dematerialised and non-dematerialised formats. The segment is supported by a wide intermediary network and nationwide connectivity, enabling transactions without extensive documentation.

Platform services continue to extend beyond traditional exchange functions, with electronic offerings covering IPO book-building, offer-for-sale, offer-to-buy mechanisms, and bond platforms. These services support capital raising across equities, bonds, and commercial papers, providing additional activity across non-trading revenue streams.

Investor Takeaway

The Q3 FY26 and nine-month FY26 update highlights how increased market participation and transaction activity translated into higher revenue and profitability for BSE during the period. Growth in transaction charges, improved operating margins, and steady contributions from platform and clearing services underline the operating leverage embedded in the exchange model.

With the stock up around 69% over the past year, the latest financial performance has kept BSE in investor focus, with the earnings update helping reinforce confidence around the sustainability of its core operating segments.

FAQs

Why did BSE shares rise on 10 February 2026?

The stock moved higher following the release of Q3 FY26 and 9M FY26 financial results showing higher revenue and profits.

How did net profit perform in Q3 FY26?

Net profit attributable to shareholders increased to ₹601.8 crore from ₹219.7 crore in Q3 FY25.

What were the key revenue drivers during 9M FY26?

Transaction charges and clearing-related income were the primary contributors during the nine-month period.

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