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INVESTOR PRESENTATION H1 FY27
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This presentation and the discussion may contain certain words or phrases that are forward - looking statements, which are tentative, based on current expectations of the management of BSE Limited or any of its subsidiaries and associate companies (“BSE”). Actual results may vary significantly from the forward-looking statements contained in this presentations due to various risks and uncertainties. These risks and uncertainties include competitive landscape, stakeholders' preferences, effect of economic and political conditions in India and outside India, volatility in interest rates and in the securities market, new regulations and Government policies that may impact the businesses of BSE as well as the ability to implement its strategy. The information contained herein is as of the date referenced and BSE does not undertake any obligation to update these statements. BSE has obtained all market data and other information from sources believed to be reliable or are its internal estimates, although its accuracy or completeness cannot be guaranteed. Competition numbers are based on published results and management analysis. For the purpose of comparison, following stock exchanges are considered – National Stock Exchange of India Limited, Metropolitan Stock Exchange of India Limited, NSE IFSC Limited, Indian Commodity Exchange Limited, Multi Commodity Exchange of India Ltd and MF Utilities India Pvt Ltd. The presentation relating to financial performance herein is reclassified/regrouped based on Management estimates and may not directly correspond to published data. The numbers have also been rounded off in the interest of easier understanding. Prior period figures have been regrouped/reclassified wherever necessary. All information in this presentation has been prepared solely by the company and has not been independently verified by anyone else. This presentation is for information purposes only and does not constitute an offer or recommendation to buy or sell any securities of BSE. Any action taken by you on the basis of the information contained herein is your responsibility alone and BSE or its directors or employees will not be liable in any manner for the consequences of such action taken by you. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. Disclaimer 2
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Index About BSE1. Business Key Growth Drivers & Other Initiatives Financial Highlights & Investor Information 2. 4. 3. 3
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Name Bio Name Bio Shri Saurabh Shukla Executive Director – Vertical 1 Took charge in September 2026 ◼25+ years of experience in technology, digital transformation, and banking technology ◼Former Chief Technology Officer of Bank of Baroda ◼Expertise in cloud, cybersecurity, data analytics, and enterprise technology leadership Shri Sundararaman Ramamurthy Managing Director & CEO Took charge in Jan 2023 ◼Diverse experience of 40+ years in Indian capital market and banking sectors ◼Prior to joining BSE, he was the MD & COO in Indian arm of Bank of America ◼Senior member of NSE since its inception, where he was responsible for significant transformation of the Indian capital markets for over 20 years About BSE – Board & Management Team Board of Directors 4 Prof. Subhasis Chaudhuri Chairman (Public Interest Director) On BSE Board since 2022 ◼Former Director of IIT Bombay and K.N. Bajaj Chair Professor, Dept. of Electrical Engineering ◼He has 110 journal publications and over 240 conference presentations, has authored 7 monographs and 13 National/International Patents Shri Gopalan S Raghavan Executive Director – Vertical 2 Took charge in June 2026 ◼30+ years in India’s capital markets and financial infrastructure ◼Former NSDL Executive Director and member of SEBI’s founding team. ◼Board-level leader with experience across BSE, MCX, and key market institutions. Dr. Padmini Srinivasan Public Interest Director On BSE Board since 2023 ◼Faculty in the Finance and Accounting Area at the IIM, Bangalore (IIMB) ◼Chairperson Centre for Corporate Governance and Citizenship. ◼PhD from the National Law School of India, Fellow member of the ICAI, and an Associate Member of the ICSI Justice (Retired) Shiavax Jal Vazifdar Public Interest Director On BSE Board since 2022 ◼Retired Chief Justice of the Punjab & Haryana High Court ◼Practiced as advocate in the Bombay High Court ◼Appointed Additional Judge of High Court in 2001
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About BSE – Board & Management Team Board of Directors 5 Shri Jagannath Mukkavilli Non-Independent Director On BSE Board since 2024 ◼Former Managing Director of Life Insurance Corporation of India ◼Under his stewardship, the South-Central Zone Zone scripted newer heights in New Business growth ◼Previously served as MD & CEO of LIC (Lanka) Ltd., Colombo, Sri Lanka between 2009 and 2013 Shri Shamanna Balasubramanya Public Interest Director On BSE Board since 2025 ◼Over 38 years of international experience with expertise in solution implementation and management across ◼BE in Mechanical Engineering from University of Mysore and Master of Technology in Industrial Management from IIT Madras ◼Previously worked with Tata Consultancy Services Limited and PSI Data Systems Name Bio Name Bio Shri Rajiv Bansal Public Interest Director On BSE Board since 2025 ◼Former Secretary, Ministry of Civil Aviation, with a distinguished career in key government ministries and regulatory bodies, including roles in Petroleum, IT, Energy, and Heavy Industries ◼Led major initiatives in M&A, disinvestment, digital transformation, and public sector reforms; ◼Served as CMD of Air India and held board positions in top PSEs like ONGC, GAIL, and BHEL. Dr. Santanu Paul Public Interest Director On BSE Board since 2026 ◼Founding CEO of the digital upskilling platform Talent Sprint between 2009 and 2024. ◼Currently serves on the Board of various companies in diverse sectors such as financial services and design systems ◼Dr. Paul earned his B.Tech. from IIT Madras and Ph.D. in Computer Science from the University of Michigan
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Name Designation About BSE – Board & Management Team Key Management Personnel 6 • Managing Director & CEOShri Sundararaman Ramamurthy • Executive Director – Vertical 2*Shri Gopalan S. Raghavan • Chief Financial OfficerShri Deepak Goel • Head-Trading OperationsShri Ketan Jantre • Chief Information Security OfficerShri Ramesh Gurram • Chief Risk OfficerShri Sanjay Jain • Chief Business OfficerShri Sunil Ramrakhiani • Company SecretaryShri Vishal Bhat Name Designation • Executive Director-Vertical 1*Shri Saurabh Shukla • Joint Chief Information Security OfficerShri Abhishek Jha • Chief Regulatory OfficerMs. Geetha Gangadharan • Head-Issuer Relations and Corporate SalesSmt. Radha Kirthivasan • Chief-Product, Policy and StrategyShri Rudresh Kunde • Head-LegalShri Shailesh Jain • Chief Technology OfficerShri Viral Davda • Chief of Staff and HR StrategyDr. Vivek Jain *Vertical 1 (Critical Operations) *Vertical 2 (Regulatory, Compliance, Risk Management & Investor Grievances)
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About BSE Business – Overview BSE at a Glance Market Capitalization of BSE Listed Companies USD 4.86 trillion Registered Investors 266 million+ Rs. 1,02,356 million Equity Cash ADTV Members Registered 1,289 Mutual Funds Registered 54 Mutual Funds Orders 479.6 million Cities covered 721 Mutual Fund Distributors 84,711 EQD - Highest Single Day T/o Mutual Fund Order Value Rs. 949 trillion Rs. 7.04 Trillion EQD – Total Contracts Traded 17.16 billion EQD Average Daily Turnover Rs. 210 trillion Funds Mobilized Rs. 14.12 Trillion Consolidated EPS – H1 FY27 Cons. Net Worth – H1 FY27 Cons. Revenue – H1 FY27 Rs. 32,573 million Cons. EBITDA – H1 FY27 Cons. Net Margin – H1 FY27 Rs. 22,777 million 52%Rs. 40.86 Rs. 79,520 million Note: Data is for the period April 26 to Sept 26 7
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About BSE Business – Overview BSE Group 8 BSE Group India International Clearing Corporation (IFSC) Limited - 60.53% India International Exchange (IFSC) Limited – 65.27% India INX Global Access IFSC Limited – 100% BSE Technologies Private Limited** - 100% Countrywide Commodity Repository Limited* - 24% EBIX Insurance Broking Private Limited – 40% Hindustan Power Exchange Limited – 22.62% Open Network for Digital Commerce – 6.46% BSE E-Agricultural Markets Limited – 26.09% BIL Ryerson Technology Startups Incubator Foundation – 51% BIL Ryerson Futures Private Limited – 10.43% BSE CSR Integrated Foundation – 100% Central Depository Services (India) Limited – 15% BSE Index Services Private Limited – 100% BSE Clearing Limited– 100% BFSI Sector Skill Council of India – 48.78% India International Bullion Holding IFSC Limited- 20% *Countrywide Commodity Repository Limited is a Group companies of CDSL **BSE Investments Limited and BSE Administration & Supervision Limited got merged into BSE Technologies Private Limited with effect from April 23, 2026 Holding as on September 30, 2026
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Trading & Clearing Distribution Services to Corporates Other Services • Equity • Debt • Equity Derivatives • Currency Derivatives • Commodity Derivatives • SME & Startups • Interest Rate Futures • Spot Markets • Mutual Funds • Book-building services for IPO • Offer to Buy • Offer for Sell • New Bond platform • Insurance • Equity Listing • Listing of Debt Securities • ETF Listing • Listing of Commercial Papers • Social Stock Exchange • Co-Location Services • Data feed • Index Services • Software Services About BSE Business – Overview Diversified Lines of Business .. 9
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About BSE Business – Overview ..Reflected in Revenue Stream 10 11,278 1,659 365 1,024 1,081 98 13,277 1,007 400 977 1,352 55 7,940 1,385 428 932 657 55 0 2,0 00 4,0 00 6,0 00 8,0 00 10, 000 12, 000 14, 000 Transaction Charges Listing Services Treasury Income on C&S Funds Other Operating Income Investment Income Other Income Consolidated (₹ million) Sept'26 Jun'26 Sept'25 10,975 1,657 861 1,316 135 12,939 1,004 797 1,182 93 7,616 1,385 754 907 83 0 2,0 00 4,0 00 6,0 00 8,0 00 10, 000 12, 000 14, 000 Transaction Charges Listing Services Other Operating Income Investment Income Other Income Standalone (₹ million) Sept'26 Jun'26 Sept'25
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Index About BSE1. Business Key Growth Drivers & Other Initiatives Financial Highlights & Investor Information 2. 4. 3. 11
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Business – Segment Update Equity Cash - Performance 12 26,757 41,971 53,961 41,320 66,221 77,666 79,500 75,837 1,02,356 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Average Daily Turnover (₹ million) 467 616 891 705 1,190 1,394 1,451 684 959 211 390 1,130 820 1,405 1,624 1,044 532 425 678 1,006 2,021 1,525 2,595 3,018 2,495 1,216 1,384 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Transaction Charges Income (₹ million) Normal Rate Special Rate Total
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Business – Segment Update Equity Derivatives - Performance 13 BSE has entered into an agreement with MSCI to explore the launch of futures and options contracts in India linked to MSCI indexes 0.62 14 46 70 98 128 105 112 131 164 210 245 237 185 0.98 20 68 94 126 153 128 83 82 100 125 151 156 120 0.0 0 50. 00 100 .00 150 .00 200 .00 250 .00 300 .00 0.0 0 20. 00 40. 00 60. 00 80. 00 100 .00 120 .00 140 .00 160 .00 180 .00 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Avg Daily Notional T/o (in Rs. Tn) Average Daily Lots (Mn) 200 306 365 391 422 453 479 505 528 550 567 586 600 616 0.1 0.6 1.7 3.1 4.4 5.6 6.2 7.1 7.9 8.7 9.5 10.4 11.2 12.0 0 100 200 300 400 500 600 700 0.0 2.0 4.0 6.0 8.0 10. 0 12. 0 14. 0 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Members UCC (Mn) 2 48 576 1,137 2,422 3,456 3,530 4,748 5,980 6,242 7,842 11,27911,550 9,519 0 2,0 00 4,0 00 6,0 00 8,0 00 10, 000 12, 000 14, 000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Total Revenue (₹ million) 468 7,684 25,50746,301 71,61782,03487,584 1,17,827 1,50,838 1,50,045 1,94,591 2,89,207 2,96,154 2,25,307 0 50, 000 1,0 0,000 1,5 0,000 2,0 0,000 2,5 0,000 3,0 0,000 3,5 0,000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 AD Premium T/o (₹ million)
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307 Million Registered Investors Mutual Funds Registered Schemes Available Network of Distributors Cities/towns covered 54 72184,711 Data as on Sept 26 15,871 Business – Segment Update BSE StAR Mutual Fund Platform – Pan-India Reach & Coverage 14
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Business – Segment Update BSE StAR Mutual Fund Platform – Performance 15 57 94 185 265 411 663 841 384 480 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Number of Orders (₹ million) 25% 447 341 504 786 1,281 2,307 2,852 1,311 1,457 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Mutual Fund Revenue 11%
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Business – Segment Update Services to Corporates - Performance 16 1,580 1,520 1,559 1,688 1,928 2,243 2,415 1,165 1285 300 335 643 640 865 1,279 1,396 687 636 1,880 1,855 2,202 2,328 2,793 3,522 3,811 1,852 1,921 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Listing Related Income (₹ million) Annual Listing Fee Listing processing and Other Listing fees 182 345 560 447 476 954 1,040 441 559 58 55 98 129 226 408 338 146 182 240 400 658 576 702 1,362 1,378 587 741 - 200 400 600 800 1,00 0 1,20 0 1,40 0 1,60 0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Book Building & Other Services (₹ million) Book Building Fees Other Services Fees
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Business – Segment Update BSE SME: Enabling SME Growth Through Capital Markets 17 811 companies listed on the BSE SME platform ₹19,459 Cr Capital raised through IPOs ₹1.03 lakh Cr Market cap of SME companies 207 Migrated to Main Board Milestones 400 October 2022 600 August 2025 700 February 2026 800 October 2026200 October 2017100 July 2015 1 17 36 36 38 47 60 57 29 13 33 63 58 78 146 99 9 141 316 245 236 425 700 887 324 122 413 1,002 1,475 2,701 6,225 4,238 0 20 40 60 80 100 120 140 160 - 1,00 0 2,00 0 3,00 0 4,00 0 5,00 0 6,00 0 7,00 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 IPO Count Fund Raised Data as of October 2026
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Business – Segment Update Co-location Services – Capacity & Revenue 18 38 85 123 216 340 342 412 412 477 477 477 - 100 200 300 400 500 600 FY23 FY24 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Racks Capacity (Full rack equivalent basis) 52 63 73 235 244 250 268 289 157 184 201 227 236 224 235 234 209 247 274 462 481 474 504 523 - 100 200 300 400 500 600 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Revenue (₹ million) Throttle Colocation & Other connectivity
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Business – Segment Update BSE Clearing Limited (BSECL) 19 BSECL, a wholly-owned subsidiary of BSE Ltd., was established in 2007. Recognized by Securities and Exchange Board of India (SEBI) under the Securities Contracts Regulations (2018), BSECL serves as the clearing corporation for BSE, managing Collateral, Risk Management, Clearing, and Settlement functions. Quantitative Reforms Upgraded Real- Time Risk Management System for Equity & Derivatives Trades/Second per member per client improved: 9x (3,000 → 27,000), enabling faster trade processing Daily Trade capacity scaled: Equity: 2 Cr → 10 Cr & Derivatives: 4 Cr → 9 Cr Focus on Quality ISO 22301 (Business Continuity) & ISO 27001 (Information Security) AAA credit ratings (India Ratings & Care Ratings) Upgrading Enterprise Risk Management (ERM) for unified risk oversight Member-Centric Approach Engaged 160+ members to strengthen ecosystem Conducted webinars for operational ease & inclusive growth 0.19 0.63 1.06 1.20 1.07 1.26 1.34 1.09 1.21 1.49 1.36 1.40 1.35 1.25 1.36 1.29 0.89 1.02 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 EQD - No. of Contracts Settled (in Bn) 998 2,319 2,854 2,819 2,369 2,918 2,843 2,541 2,751 3,305 3,364 3,171 3,942 3,867 3,907 3,897 3,330 3,095 2,284 3,921 4,808 4,653 3,991 4,309 4,655 3,930 3,988 5,024 5,224 5,676 4,708 4,336 4,027 3,864 2,878 3,028 0 1000 2000 3000 4000 5000 6000 Monthly Settled Turnover in Rs. Bn EQT EQD
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Business – Segment Update BSE Index Services Private Limited 20 BSE Index Services Pvt. Ltd. (formerly Asia Index Pvt. Ltd) is a wholly owned subsidiary of BSE Ltd. Its flagship index, which is also the oldest in India, the SENSEX, is one of the most popular barometers of the Indian economy, reflecting the performance of 30 of the most well established and financially sound companies listed on the exchange Solutions & Offerings ➢ Product offerings: Customized index solutions as well as licensing and subscription of our index data ➢ Other Services: Provide iNAV calculation solution for ETFs ➢ Host of indices: We have 180+ indices across broad, sectoral, thematic, strategic equity indices and fixed income indices ➢ Total AUM: INR 12.53 Lakh Crores tracked by passive products and active benchmarking ➢ Passive products: 129 Passive Products tracking 41 indices with an AUM of INR 2.8 Lakh Crores linked to it Key Highlights ➢ Strategic transition: BISPL became a wholly owned subsidiary w.e.f 1st June 2024 ➢ Client acquisition: Addition of 150+ clients post takeover ➢ Product innovation: Launch of 32+ new indices post acquisition ➢ Product Innovation: Pioneered innovative indexing in India with the launch of the country’s first Growth Factor Index Series, first Saatvik Index (BSE Saatvik 100), and first Total Markets Index (BSE Total Markets), covering ~93% of the listed market universe. ➢ Awards and Recognition: Awarded with “Index Provider of the Year” 2025 by Futures and Options World Distribution of Indices Across Categories Broad Based 57 Indices Sectoral & Industry 54 Indices Thematics 32 Indices Strategy 68 Indices Fixed Income 5 Indices Hybrid 1 Indices
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INDIA INX INDIA INX – Global Access A well-diversified portfolio of financial services and products to compete internationally Access to 135+ global exchanges and products across the US, Asia-Pacific and Europe, via a single integrated terminal Equity Index Derivatives Equity Stock Derivatives Commodity Derivatives Currency Derivatives Debt Foreign Currency Bonds Masala Bonds Sustainable Bonds Corporate Bonds Sovereign Bonds Colocation Services Real Time Data w.e.f. 3rd February 2025, Monday – Sensex Futures & Options will be available for trading at India INX 100 % subsidiary of India INX, a subsidiary of BSE Ltd Invest in more than 30,000 stocks across 33 countries and more than 80 global portfolios of renowned international portfolio managers with a minimum of $100 Business – Segment Update BSE @ International Financial Hub 21 Month Companies Total Trades Value ($ Mn) Jul-25 790 23,445 487 Aug-25 677 21,582 429 Sep-25 840 25,088 399 Oct-25 895 29,459 215 Nov-25 581 19,458 228 Dec-25 544 27,306 345 Jan-26 571 25,168 207 Feb-26 665 28,511 259 Mar-26 685 35,656 497 Apr-26 835 46,422 780 May-26 1,523 57,782 572 Jun-26 1,487 56,381 584 Jul-26 1,844 75,741 733 Aug-26 2,031 65,447 583 Sep-26 2,179 43,466 673 Month Total Trades Total Contracts Value ($ Mn) Jul-25 3,519 5,021 415 Aug-25 2,919 4,341 353 Sep-25 2,149 3,691 302 Oct-25 2,106 3,678 308 Nov-25 3,630 5,352 454 Dec-25 3,007 4,723 404 Jan-26 2,418 4,287 358 Feb-26 2,327 4,260 355 Mar-26 2,138 4,007 306 Apr-26 2,144 4,134 319 May-26 3,117 5,084 387 Jun-26 9,547 16,187 1,229 Jul-26 7,397 12,467 968 Aug-26 85,574 1,09,909 8,546 Sep-26 52,429 58,899 4,505
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About BSE1. Business Key Growth Drivers & Other Initiatives Financial Highlights & Investor Information 2. 4. 3. Index 22
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Key Growth Drivers & Other Initiatives Key Milestones – The transformation over time 1875 - 2011 2012 - 2015 2016 - 2017 2023 - 2025 • Started as The Native Share & Stockbroker's Association • BSE corporatized • Launch of StAR MF • Launch of SME Platform • Launch of Currency Derivatives • Launch of Interest Rate Derivatives • Launch of New Debt segment • Trading of Sovereign Gold Bonds commenced • Launch of “BSE–BOND”- Electronic Book Mechanism • Launch of India International Exchange (IFSC) Ltd • First listed exchange in India • Launch of Commodity Derivatives • JV with Ebix Inc for insurance broking business • JV with PTC and ICICI Bank to set up a power exchange • Launch of StAR MF mobile application • Launch of “BSE E-Agricultural Markets” • Commencement of Power Trading by HPX • Launch of EGR Segment • Equity Derivatives relaunch - 15th May 2023 • Bankex moves to Monday - 16th October 2023 • Acquisition of 50% stake in AIPL, making it wholly owned subsidiary of BSE • FM Unveils BSE Coin, Logo, Index Commemorating 150 Years of Building Market Trust • W.e.f 04/09/2025 – Sensex: Weekly Expiry (Thursday) & Bankex: Monthly Expiry (Thursday) • 11th Jan 2026 – MoU with Department of Post for distributing Mutual Funds • 22nd April 2026 – Launch of BSE StAR NPS • 11th May 2026 - Launch of BSE Focused IT Derivatives 2026 onwards 2018 - 2022 23
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01 02 03 • Focussed to increase market- share across all segments • Market is growing vastly in terms of number of registered investors and turnover • Increasing disposable household incomes and preference for financial savings – an advantage • Focus on innovation and launch of unique products across segments • Savings in cost and convenience • Strong network of intermediaries • Good network connectivity across country • Increasing household incomes and financial savings • StAR MF Plus - a premium platform for distributors and advisors • Supports Demat & Non-Demat transactions • Purchase/Redeem/SIP/Switch Mutual Funds without filling lengthy forms • Expansion of services from current e-platforms like book-building for IPO, Offer to Buy, Offer for Sell, New Bond platform, etc. • Leadership position in Fund-raising for India Inc. across all segments including Equity, Bonds, Commercial papers etc. Trading Segments Mutual Fund Platform Services Key Growth Drivers & Other Initiatives Key Growth Drivers – Existing Business 24
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About BSE1. Business Key Growth Drivers & Other Initiatives Financial Highlights & Investor Information 2. 4. 3. Index 25
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Transaction Charges ◼ To an extent linked to Market Activity ◼ Linked to market activity levels and household savings and investments Treasury Income on Clearing and Settlement Funds ◼ Linked to Market Activity to an Extent ◼ Linked to interest rates and, to an extent, market activity since that would lead to more margin being deposited by members Other Securities Services ◼ Recurring ◼ Primarily consists of charges recovered from members for network connectivity Listing Services ◼ Recurring ◼ Mostly derived from listing income that is not impacted by market activity ◼ Dependent on number of listed entities and hence is a recurring revenue stream ◼ Potential for increase if amount charged is increased Data Dissemination Fees ◼ Recurring ◼ Impacted primarily due to level of subscriptions and revision in pricing policies ◼ Contributes only 4-5% in India compared to 10-25% in developed markets Income From Investments and Deposits ◼ Recurring ◼ Linked to investment yields Other Income ◼ Recurring ◼ Mostly derived from rent and training institute etc., which are stable sources of income Multiple contact points with members and market participants provides the ability to generate revenue from multiple levels of the business 1 2 3 4 5 6 7 Linked to Market Activity Recurring Primary Trading Clearing & Settlement Distribution Financial Highlights & Investor Information Integrated Business Model 26
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Financial Highlights & Investor Information Consolidated Profit & Loss (₹ in million) 27 Sr. No. Particulars Sept'26 Jun'26 Sept'25 H1 FY H1 FY YoY FY Quarter Quarter Quarter 2027 2026 2026 1 Transaction Charges 11,278 13,277 7,940 24,556 15,315 60% 37,950 2 Treasury Income on Clearing and Settlement Funds 365 400 428 765 882 -13% 1,714 3 Services To Corporates 1,659 1,007 1,385 2,665 2,439 9% 5,190 4 Other Operating Income 1024 977 932 2,001 1,628 23% 3,485 5 Revenue From Operations (1+2+3+4) 14,327 15,661 10,685 29,987 20,264 48% 48,340 6 Investment Income 1,081 1,352 657 2,433 1,448 68% 2,903 7 Other Income 98 55 55 153 129 19% 239 8 Total Income (5+6+7) 15,505 17,068 11,397 32,573 21,841 49% 51,481 9 Employee benefits expenses 847 871 709 1,718 1,409 22% 2,978 10 Technology expenses 576 608 478 1,184 977 21% 2,031 11 Regulatory Contribution 1660 1,928 1,467 3,588 2,630 36% 6,497 12 Clearing and settlement expenses 800 903 633 1,703 1,188 43% 2,804 13 Other Expenses 603 632 489 1,235 897 38% 2,475 14 Depreciation Expense 461 426 325 887 593 50% 1,590 15 Total Operating Expenses (9+10+11+12+13+14) 4,947 5,368 4,101 10,314 7,694 34% 18,374
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Financial Highlights & Investor Information Consolidated Profit & Loss (cont’d) (₹ in million) 28 Sr. No. Particulars Sept'26 Jun'26 Sept'25 H1 FY H1 FY YoY FY Quarter Quarter Quarter 2027 2026 2026 16 Profit Before Contribution to core settlement guarantee fund (8-15) 10,558 11,700 7,296 22,259 14,147 57% 33,107 17 Contribution to core settlement guarantee fund 110 259 106 369 106 248% 770 18 Profit Before Tax, Exceptional Items And Share Of Associates (16-17) 10,449 11,441 7,190 21,890 14,041 56% 32,337 19 Exceptional Item – (net of tax of ₹ 391) 0 0 0 0 0 0% 0 20 Share of profits From Associates 275 195 200 471 363 30% 654 21 Tax Expenses 2,649 2,910 1,820 5,559 3,571 56% 8,238 22 Net Profit from continuing operations (18+19+20-21) 8,075 8,727 5,570 16,802 10,833 55% 24,753 23 Profit from discontinued operation 0 0 0 0 120 120 24 Net Profit from total operations (22+23) 8,075 8,727 5,570 16,802 10,953 53% 24,872 25 Net Profit Excluding exceptional item & discontinued operations (24-23-19) 8,075 8,727 5,570 16,802 10,833 55% 24,753 26 Net Profit Attributable To Shareholders 8,092 8,740 5,585 16,832 10,979 53% 24,970 27 Net Profit Attributable To Shareholders (Ex. exceptional item & discontinued operations) 8,092 8,740 5,585 16,832 10,859 55% 24,850 28 Operating EBITDA Including Core SGF 9,731 10,460 6,803 20,191 13,057 55% 30,785 29 Operating EBITDA Margin Including Core SGF (28/5 in %) 68% 67% 64% 67% 64% 64% 30 Operating EBITDA Excluding Core SGF 9,840 10,719 6,909 20,560 13,163 56% 31,555 31 Operating EBITDA Margin Excluding Core SGF (30/5 in %) 69% 68% 65% 69% 65% 65% 32 Net Profit Margin (Continuing Operations) (22/8 in %) 52% 51% 49% 52% 50% 48% 33 Net Profit Margin (excluding exceptional item & discontinued operations) (25/8 in %) 52% 51% 49% 52% 50% 48%
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(₹ in million) Financial Highlights & Investor Information Standalone Profit & Loss 29 Sr. No. Particulars Sept'26 Jun'26 Sept'25 H1 FY H1 FY YoY FY Quarter Quarter Quarter 2027 2026 2026 1 Transaction Charges 10,975 12,939 7,616 23,915 14,758 62% 36,695 2 Services To Corporates 1,657 1,004 1,385 2,661 2,438 9% 5,189 3 Other Operating Income 861 797 754 1,658 1,290 29% 2,811 4 Revenue From Operations (1+2+3) 13,493 14,740 9,755 28,233 18,485 53% 44,695 5 Investment Income 1,316 1,182 907 2,498 1,560 60% 3,311 6 Other Income 135 93 83 228 182 25% 357 7 Total Income (4+5+6) 14,944 16,015 10,744 30,959 20,227 53% 48,363 8 Employee benefits expenses 527 539 467 1,066 933 14% 1,919 9 Technology expenses 577 583 475 1,160 979 18% 2,016 10 Regulatory Contribution 1660 1,927 1,466 3,587 2,629 36% 6,398 11 Clearing and settlement expenses 1035 1,178 873 2,213 1,580 40% 3,719 12 Other Expenses 436 438 325 874 649 35% 1,476 13 Depreciation Expense 390 359 272 749 491 53% 1,353 14 Total Operating Expenses (8+9+10+11+12+13) 4,624 5,024 3,879 9,648 7,261 33% 16,881
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(₹ in million) Financial Highlights & Investor Information Standalone Profit & Loss (cont’d) 30 Sr. No. Particulars Sept'26 Jun'26 Sept'25 H1 FY H1 FY YoY FY Quarter Quarter Quarter 2027 2026 2026 15 Profit Before Contribution to core settlement guarantee fund (7-14) 10,320 10,991 6,865 21,310 12,966 64% 31,483 16 Contribution to core settlement guarantee fund 110 259 106 369 106 248% 770 17 Profit Before Exceptional Item and Tax (15-16) 10,210 10,732 6,759 20,942 12,860 63% 30,713 18 Exceptional Item 0 0 0 0 159 0 159 19 Tax Expenses 2,477 2,720 1,614 5,197 3,191 63% 7,531 21 Net Profit After Tax (17+18-19-20) 7,734 8,012 5,145 15,745 9,828 60% 23,342 22 Net Profit After Tax excluding exceptional item & tax on it (17-19) 7,734 8,012 5,145 15,745 9,669 63% 23,183 23 Operating EBITDA Including Core SGF 9,150 9,816 6,042 18,966 11,609 63% 28,398 24 Operating EBITDA Margin Including Core SGF (23/4 in %) 68% 67% 62% 67% 63% 64% 25 Operating EBITDA Excluding Core SGF 9,260 10,075 6,148 19,335 11,715 65% 29,168 26 Operating EBITDA Margin Excluding Core SGF (25/4 in %) 69% 68% 63% 68% 63% 65% 27 Net Profit Margin (21/7 in %) 52% 50% 48% 51% 49% 48% 28 Net Profit Margin (excluding exceptional item) (22/7 in %) 52% 50% 48% 51% 48% 48%
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Financial Highlights & Investor Information Financial Overview * Net profit & EPS from Continuing operation and excluding Gain from CDSL Stake Sale & BSE Institute Post Bonus issue, earnings per share (EPS) for all periods presented have been adjusted and restated * Net profit & EPS from Continuing operation and excluding Gain from CDSL Stake Sale & BSE Institute 31 1,921 3,335 3,359 6,239 17,787 33,928 14,634 22,777 - 5,00 0 10,0 00 15,0 00 20,0 00 25,0 00 30,0 00 35,0 00 40,0 00 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Consolidated EBITDA (₹ million) 1,819 3,025 2,866 4,895 15,657 32,066 13,351 21,691 - 5,00 0 10,0 00 15,0 00 20,0 00 25,0 00 30,0 00 35,0 00 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Standalone EBITDA (₹ million) 6,547 8,635 9,539 15,960 32,363 51,481 21,840 32,573 1,417 2,449 2,057 4,164 13,171 24,755 10,833 16,802 22% 28% 22% 26% 41% 48% 50% 52% 0% 10% 20% 30% 40% 50% 60% - 10,0 00 20,0 00 30,0 00 40,0 00 50,0 00 60,0 00 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Consolidated Key Performance Indicators Total Revenue Net Profit Net Margin (₹ in million) EPS 3.51 6.17 5.35 9.90 32.18 60.61 26.36 40.86 5,651 7,240 7,424 12,918 29,128 48,363 20,227 30,959 973 1,951 1,669 2,883 11,125 23,342 9,694 15,745 17% 27% 22% 22% 38% 48% 48% 51% 0% 10% 20% 30% 40% 50% 60% - 10,0 00 20,0 00 30,0 00 40,0 00 50,0 00 60,0 00 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Standalone Key Performance Indicators Total Revenue Net Profit Net Margin (₹ in million) 2.36 4.73 4.05 7.00 27.00 56.66 23.47 38.22
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#Dividend pay-out ratio is calculated based on Standalone Profit excluding gain on sale of strategic investment Financial Highlights & Investor Information Financial Overview (cont’d) Financial Year Dividend (Including DDT) # (₹ million) Buyback (Incl transactions cost & Tax) -(₹ million) Total (₹ million) 2015-16 937 - 937 2016-17 765 - 765 2017-18 1,733 450 2,183 2018-19 2,255 1,230 3,485 2019-20 1,584 4,762 6,346 2020-21 779 - 779 2021-22 962 - 962 2022-23 1,851 - 1,851 2023-24 1,649 93 1,742 2024-25 2,060 - 2,060 2025-26 3,158 - 3,158 Total 17,733 6,535 24,268 #Dividend Distribution Tax 32 24,924 26,545 27,012 33,023 44,237 66,730 52,108 79,520 - 10,0 00 20,0 00 30,0 00 40,0 00 50,0 00 60,0 00 70,0 00 80,0 00 90,0 00 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Consolidated Net Worth (₹ million) 21,872 22,872 22,690 28,440 37,476 57,665 44,129 69,294 - 10,0 00 20,0 00 30,0 00 40,0 00 50,0 00 60,0 00 70,0 00 80,0 00 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 Standalone Net Worth(₹ million) 15 28 36 30 17 21 14 12 15 23 10 74% 93% 95% 97% 95% 99% 95% 99% 71% 28% 18% 0% 20% 40% 60% 80% 100 % 120 % 0 5 10 15 20 25 30 35 40 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 Dividend per share* (₹) & Pay-out Ratio Dividend Per Share Dividend Payout Ratio
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Business Shareholding Pattern MARKET DATA Market Capitalization* (₹ Mn) 12,55,751 Price* (₹) 3,092 No. of Shares Outstanding 40,61,29,077 Face Value (₹) 2.00 Avg. Daily Trading Value# (₹ Mn) 14,405 Avg. Daily Trading Volume# (Mn shares) 4.23 52-week High-Low (₹) 4,447 – 2,035 *Market data as of Sept 30, 2026 #For the period of July 2026 to Sept 2026 TOP 10 SHAREHOLDERS (As on Sept 2026) LIFE INSURANCE CORPORATION OF INDIA 4.44% ICICI PRUDENTIAL FOCUS EQUITY FUND 2.70% SBI NIFTY 50 ETF 2.57% NIPPON LIFE INDIA TRUSTEE LTD- A/C NIPPON INDIA GR 1.84% SIDDHARTH BALACHANDRAN . 1.64% KOTAK FLEXICAP FUND 1.52% TATA AIA LIFE INSURANCE CO LTD-WHOLE LIFE MID CAP 1.42% INVESCO INDIA MID CAP FUND 1.25% UTI NIFTY 50 ETF 1.22% S GOPALAKRISHNAN 1.17% 33 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 BSE Adjusted Closing Price Public, 36.2% Trading Members, 8.4%QIB, 8.9% Body Corporates, 6.9% FPI's & … Mutual Funds, 16.8% AIF's, 0.3%Others, 2.1%
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Exchange of The Year Derivative Exchange of the Year Asia Best Employer Brand Best Content Marketing Trusted Brand 2025 Asia’s Best Derivatives Exchange Innovation of the Year Exchange of the Year - India Best Investor Education World BFSI Congress Awards Risk Asia Awards 2025 CMO Asia Awards 2026 AFAQ’s Bankfin 2026 Reader's Digest Euromoney Market Awards 2026 Euromoney Market Awards 2026 FOW Asia Pacific Awards 2026 Asia Asset Management 2026 Business Awards & Recognitions Wealth Creator of the Year NDTV Profit – Business Leadership Awards 2026
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INVESTOR RELATIONS CONTACT: Anand Sethuraman Head – Investor Relations +91 22 2272 8229 bse.ir@bseindia.com THANK YOU