BSE Ltd. reported a decline in consolidated net profit for the September quarter, with a sequential fall in equity derivatives activity weighing on its performance. The exchange operator's net profit attributable to shareholders fell 7.4% to Rs 809 crore in Q2 FY27, compared with Rs 874 crore in the preceding quarter.
According to the company's exchange filing, revenue from operations declined 8.5% quarter-on-quarter to Rs 1,433 crore from Rs 1,566 crore in Q1 FY27. The pressure on earnings coincided with a moderation in activity in the equity derivatives segment, one of BSE's key revenue drivers.
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According to BSE's investor presentation, average daily premium turnover in equity derivatives declined 23.9% to Rs 2,25,307 million in Q2 FY27 from Rs 2,96,154 million in the June quarter.
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The slowdown was also visible in other trading activity indicators. Average daily notional turnover fell to Rs 185 trillion from Rs 237 trillion, while average daily lots traded declined to 120 million from 156 million.
According to the company's exchange filing, the decline in derivatives activity was reflected in segment revenue as well. Equity derivatives revenue fell 17.6% sequentially to Rs 9,519 million in Q2 FY27 from Rs 11,550 million in Q1 FY27.
These numbers point to a moderation in derivatives trading activity during the quarter, although the company's overall financial performance also reflects movements in other income and expenses.
Despite the sequential decline in revenue and profit, BSE managed to maintain its operating profitability. Consolidated EBITDA declined 8.2% to Rs 984 crore from Rs 1,072 crore in the year-ago quarter, as reported in the company's financial highlights.
However, the EBITDA margin improved to 68.7% from 68.5% in the preceding quarter, indicating marginally better operating margins despite lower revenue.
For the first half of FY27, BSE reported consolidated net profit of Rs 1,683 crore, against Rs 1,083 crore in the corresponding period last year. Revenue from operations rose to Rs 2,999 crore from Rs 2,026 crore.
Separately, BSE's board approved the acceptance of an offer from the Mumbai Metropolitan Region Development Authority (MMRDA) for allotment of a plot at Bandra-Kurla Complex, Mumbai.
The proposed land allotment is intended for developing additional premises and infrastructure facilities. The transaction remains subject to necessary documentation, applicable conditions and execution of definitive agreements with MMRDA.
According to the company's exchange filing, BSE also approved the appointment of Ashutosh Singh as Executive Director, Business (Vertical 3) for five years, effective November 30, 2026, subject to shareholder ratification.
The appointment comes as Singh brings over 23 years of experience across exchanges, indexing, broking, mutual funds and banking. He is currently the MD and CEO of BSE Index Services.
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