BSE Q1 FY27: 14th Record Quarter, Profit Up 62%, 77% EBITDA

BSE Limited reported Q1 FY27 results for the June 2026 quarter on 4 August. Q1 FY27 numbers (consolidated): Revenue from operations: Rs 1,566 crore, up 63% YoY from Rs 959 crore; 14th consecutive record quarter Total income: Rs 1,707 crore, up 63%; transaction charges Rs 1,328 crore, up 80% EBITDA: Rs 1,210 crore, up 72% YoY; margin 77% vs 73.6% PAT: Rs 873 crore, up 62% YoY from Rs 538 crore; EPS Rs 21.22 Investment income: Rs 135 crore, up 71%; IIBH stake raised to 20% for Rs 50.5 crore The 80% surge in transaction charges reflects strong equity and derivatives volumes. BSE holds 89% of the mutual fund transaction market. BSE takes over international data licensing directly from 1 January 2027 as the Deutsche Boerse partnership ends. BSE [][***** shares closed at Rs 3,382.46 (7 Sep 2026, 03:59 PM IST), up 57 percent in a year, 23 percent below the Rs 4,370 high. P/E 48.7; sector average near 58. My view: the operating leverage is the point. Transaction charges grew 80 percent on 63 percent revenue growth with a 77 percent EBITDA margin; at 48x, BSE trades at a discount to the sector and to NSE's implied multiple. Three real risks: transaction charge concentration that compresses when volumes normalise, the data licensing transition, and regulatory risk inherent in any exchange. If volumes hold and the data transition is managed, 48x for a 62 percent profit grower with zero debt is the case. Hold; fresh money accumulates below Rs 3,200. Levels: Rs 3,283 to 3,345, last week's lows, the near support; Rs 3,650 to 3,750 the band to reclaim; Rs 4,370 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.