BSE LTD. — THE OLD EXCHANGE, THE NEW OPPORTUNITY

A century of history, A market changing fast, And BSE is trying to make Its comeback last. Born in 1875, BSE isn't a new-age company chasing the market. It is the market. But history alone doesn't create growth. Volumes do. Transactions do. Investors do. And market share does. That is where the BSE story gets interesting. FY26 consolidated revenue reached approximately ₹5,148 crore, compared with ₹3,236 crore in FY25, while profit for the year was about ₹2,497 crore. And the momentum has continued. In Q1 FY27, BSE's standalone revenue from operations reached about ₹1,474 crore, versus ₹873 crore a year earlier, while profit for the quarter rose to about ₹801 crore. But the bigger opportunity isn't simply revenue growth. It is the return of competition. For years, NSE has dominated India's trading landscape. But as India's investor base expands and derivatives participation grows, even a small shift in market share can create a meaningful change in BSE's earnings. And BSE is not fighting on only one battlefield. Equity is one. Derivatives are another. Mutual funds are another. Data, technology and clearing add more. BSE StAR MF has become a major part of India's mutual-fund infrastructure, processing 18.3 crore transactions in Q1 FY26, up 30% YoY, with around 89% market share at that time. That creates a different kind of compounding. More investors → More transactions → More volumes → More revenue → More technology → More scale. And India's capital-market story is still developing. More demat accounts. More SIPs. More retail investors. More derivatives participation. More financialisation of household savings. The question is no longer whether Indians will participate in markets. The question is: Which platforms will capture that participation? BSE wants a bigger piece of that answer.