Analysts/Institutional Investor Meet/Con. Call Updates

BSE - PUBLIC The Power of Vibrance November 11, 2026 Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1 G Block, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 051 Symbol: BSE ISIN: INE118H01025 Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Sub: Transcript of the Conference Call held on November 4, 2026 Dear Sir/ Madam, With reference to our letter dated October 27, 2026, intimating about the conference call with Analysts/Investors held on November 4, 2026, please find attached the transcript of the aforesaid conference call. This intimation will also be available on the website of the Company: www.bseindia.com This is for your information & record. Thanking you, Yours faithfully, For BSE Limited Vishal Bhat Company Secretary and Compliance Officer ACS - 41136 Encl: a/a Registered Office: BSE Limited, Floor 25, P J Towers, Dalal Street, Mumbai - 400 001, India. T: +91 22 2272 1234/33 | E: corp.comm@bseindia.com www.bseindia.com | Corporate Identity Number : L67120MH2005PLC155188 The Power of Vibrance BSE LIMITED Q2 FY27 Earnings Conference Call November 4, 2026 BSE LIMITED 25th Floor, P.J. Tower, Dalal Street, Fort, Mumbai 400 001 ESSE The Power of Vibrance Moderator: Ladies and gentlemen, good day, and welcome to BSE Limited Q2 FY27 Earnings Conference Call. As a reminder, all participants will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero and you touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anand Sethuraman. Thank you, and over to you, sir. Anand Sethuraman: Thank you so much, Yusuf. Good evening, everyone. Welcome to BSE's Q2 FY 2027 Earnings Call. I'm Anand Sethuraman, and it's my privilege to introduce you to the members of the BSE's leadership team today. Starting with Mr. Sundararaman Ramamurthy, Managing Director and CEO; Mr. Saurabh Shukla and Mr. Gopalan S. Raghavan, Executive Directors; Mr. Deepak Goel, Chief Financial Officer; Mr. Sunil Ramrakhiani, Chief Business Officer; Ms Geetha Gangadharan, Chief Regulatory Officer; Mr. Viral Davda, Chief Technology Officer; Mr. Rudresh Kunde, Chief of Product, Policy and Strategy, Ms. Radha Kirthivasan, Head of Issuer Relations and Corporate Sales; Mr. Ramesh Gurram, Chief Information Security Officer; Mr. Abhishek Jha, Joint Chief Information Security Officer; Mr. Sanjay Jain, Chief Risk Officer; Mr. Vishal Bhat, Company Secretary; Mr. Ashutosh Singh, Managing Director and CEO, BSE Index Services; Ms. Vaishali Babu, Managing Director and CEO of BSE Clearing Corporation. We also have representatives from our finance, business, Investor Relations team here. Please note that our latest financial results and investor presentation are available on the BSE website. Today, we'll start with remarks from our MD and CEO on our performance, followed by a Q&A session. All participant lines will be muted for the duration of the call and there will be an opportunity for you to ask questions after the management remarks. Some of the remarks made today in this call may be forward-looking in nature and are subject to risks and uncertainties. The company does not undertake to update these forward-looking statements publicly. With that, I would now invite BSE MD and CEO to share his views. Thank you, and over to you, sir. BSE - PUBLIC ESSE The Power of Vibrance S. Ramamurthy: Thank you. Good evening, everyone, and thank you for joining us today. Let me begin by welcoming our shareholders, analysts, investors, members and all other stakeholders on this call. Let me first talk a little bit about the macroeconomic environment. Indian capital markets continue to demonstrate structural resilience despite a volatile global environment marked by intensifying geopolitical tensions, fluctuating crude oil prices and prolonged tightening of global financial conditions. Against this challenging backdrop, India's core macroeconomic fundamentals remain exceptionally robust. Real GDP expanded by 7.8% in Q1 of FY27, fundamentally driven by sustained momentum across private consumption, capital investment, manufacturing output and a resurgent services sector. Importantly, institutional market dynamics have evolved to provide unparalleled systemic stability. While foreign institutional investors adopted a cautious stance amid macro uncertainties resulting in a net outflow of approximately Rs. 35,861 crores from Indian equities in September 2026 domestic institutional investors absorbed this liquidity pressure, deploying approximately Rs. 76,030 crores during the same period. This robust influx of domestic capital serves as a critical countercyclical buffer, deepening market liquidity and validating long-term confidence in the Indian growth narrative. Indian capital markets are now increasingly anchored by domestic long-term financial savings. Evidencing this depth, the mutual fund industry's assets under management reached a historic milestone of approximately Rs. 82.64 lakh crores as of September 2026, making an impressive 12.5% expansion during the first half of FY27. The compounding participation of both household and institutional investors underscores the self-sustaining nature, maturation and expanding capacity of the domestic financial ecosystem. Against this backdrop, I'm pleased to share that BSE continued to deliver strong financial performance during the first half of FY27. Consolidated revenues for H1 FY27 stood at Rs. 3,257 crores compared with Rs. 2,184 crores in the corresponding period last year, representing a robust year-on-year growth of 49%. I will now share some of the key financial numbers on a consolidated basis for the half year ended September 30, 2026, as compared to the previous year. Operational revenues have grown by 48% to Rs. 2,999 crores from Rs. 2,026 crores. BSE - PUBLIC ESSE The Power of Vibrance Transaction charges comprising revenues from the equity cash, equity derivatives, mutual fund and clearing house segments registered a substantial increase of 60%, rising to Rs. 2,456 crores from Rs. 1,531 crores reflecting robust growth in core trading and settlement related activities. Other operating income, which includes enhanced data dissemination fees, co-location and order throttle charges, index services, etc., has increased by 23% to Rs. 200 crores from Rs. 163 crores. Operating expenses increased by 36% Rs. 980 crores from Rs. 721 crores. It may be noted that 50% of the total operating expenses are attributable to regulatory fees and clearing and settlement expenses, all of which is directly correlated to increasing transaction volumes. The operating EBITDA, including contribution to core SGF has increased by 55% to Rs. 2,019 crores as compared to Rs. 1,306 crores with margins expanding to 67% from 64%. The net profit attributable to the shareholders of the company has demonstrated a significant increase to reach Rs. 1,680 crores from Rs. 1,095 crores representing a robust year-on-year growth of 53% with a net profit margin of 52%. The continued growth of BSE's investor base remains an encouraging indicator of the growing reach of India's capital markets. Investor accounts registered on BSE have now reached 26.8 crores, 3.9 crores new accounts added over the past year. Importantly, this participation is becoming increasingly broad-based with 11 states now having more than 1 crore investor reach, reflecting the widening geographic reach of the capital markets across the country. Alongside this growth, investor education and awareness continue to remain an important priority for BSE. We conducted 2,328 investor awareness programs during H1 FY27 reaching over 1.2 lakhs participants. Looking ahead, BSE remains deeply committed to expanding investor awarenes [Showing first 8,000 characters — download PDF for full document]