The oldest stock exchange of Asia, Bombay Stock Exchange (BSE) announced its financial performance for the quarter ended June 30, 2025, putting in a spectacular show with highest ever profit growth and strong operating momentum across major business divisions.
Financial Highlights
BSE’s consolidated net profit jumped 103% year-on-year (YoY) to ₹539crore from ₹265crore in the comparable quarter previous year. Such a significant increase testifies to the exchange’s prowess at leveraging vibrant market activity and increasing retail participation, particularly in equity derivatives. Sequentially, net profit increased 9% over ₹494crore in the last March quarter.
Operation revenue jumped 59% YoY to ₹958crore from ₹601.87crore during the corresponding quarter of the previous year. Overall income for the quarter exceeded ₹1,000crore for the first time, demonstrating strong traction in core revenue streams like transaction charges, listing revenue, and technology services. Transaction charges alone jumped to ₹737crore from ₹400crore in the same quarter of the previous year, led by soaring equity derivatives trading.
Segment Performance
The derivatives business was the key growth driver, with equity derivatives revenue surging to ₹598crore (from ₹242crore in Q1 FY25). This increase indicates BSE’s growing proportion of index option volumes along with consistent interest from retail and institutional market participants.
Operating EBITDA, comprising Core SGF, increased significantly by 122% YoY to ₹626crore from ₹282crore in Q1 FY25. Although the EBITDA margin eased to 65% compared to the 70% in the earlier quarter, it was still much higher than the 47% of the same period last year, reflecting enhanced operating efficiency and cost management.
Strategic Initiatives & Investments
BSE board sanctioned additional financing of ₹55crore for its overseas subsidiary, India INX, reaffirming its focus on market infrastructure enhancement and growth in global businesses.
The exchange is still upgrading trading technology and risk management systems, with the objective to strengthen leadership in the face of growing competition from other exchanges. Management expectations point toward a stable future for regulatory and clearing house costs, reinforcing profitability for future quarters.
Market Response and Outlook
In spite of the impressive performance, BSE’s share price was a bit volatile and declined by almost 2% on August 8, 2025, as investors absorbed upcoming regulatory woes and the anticipated effect of a scheduled change in weekly options expiry from Tuesday to Thursday in the latter part of the year. However, BSE shares have gone up by almost 36% year-to-date through the latest close.
Brokerages have continued largely to take a neutral view, registering BSE’s good fundamental performance while pointing out possible headwinds from changes in market structure as well as regulatory steps on retail derivatives business.
Conclusion
BSE started FY26 with strong momentum, almost doubling its profits and new highs in core operating metrics. Its emphasis on technology, product development, and market infrastructure investment continues to strengthen its position in the fast-changing Indian capital markets ecosystem, making it a player to watch for stakeholders and investors in the quarters ahead.
