India’s two largest stock exchanges closed FY26 with sharply different earnings trajectories despite strong March quarter performances driven by derivatives activity, cash market participation and listing momentum. 

Dividend payouts also stood out. NSE recommended a final dividend of Rs 35 per share, including a special dividend of Rs 10 per share, while BSE announced a final dividend of Rs 10 per share.

The quarter also showed how the competitive equation between the two exchanges has widened beyond equity trading. NSE retained dominance in derivatives, listings and debt market infrastructure, while BSE posted faster growth in quarterly revenue and profitability from a smaller base.

BSE vs NSE: Dividend payouts

NSE’s board recommended a final dividend of Rs 35 per equity share of face value Re 1 for FY26, including a one-time special dividend of Rs 10 per share. The payout followed consolidated profit after tax of Rs 10,302 crore in FY26.

BSE recommended a final dividend of Rs 10 per equity share of face value Rs 2 for FY26. The recommendation came after consolidated profit after tax increased to Rs 2,487.25 crore in FY26 from Rs 1,322.32 crore in FY25, while total income rose to Rs 5,148.10 crore from Rs 3,236.31 crore. The payout structures also reflected different capital allocation approaches. NSE announced a special dividend despite carrying large settlement-related provisions during FY26, while BSE retained a lower payout as it continued investments in technology and clearing infrastructure.

BSE vs NSE:  earnings growth for one, settlement cost for another

BSE reported stronger earnings acceleration during FY26. Consolidated revenue from operations increased to Rs 4,833.95 crore in FY26 from Rs 2,957.34 crore in FY25, while profit before tax rose to Rs 3,299.14 crore from Rs 1,748.27 crore. Net profit increased to Rs 2,487.25 crore from Rs 1,322.32 crore.

In Q4FY26, BSE’s consolidated revenue from operations increased to Rs 1,563.51 crore from Rs 846.64 crore in Q4FY25, while quarterly net profit rose to Rs 795.47 crore from Rs 493.67 crore. Standalone total income increased to Rs 1,583.34 crore in Q4FY26 from Rs 867.21 crore in Q4FY25.

NSE reported a different trend. Consolidated total income increased sequentially to Rs 5,360 crore in Q4FY26 from Rs 4,395 crore in Q3FY26, while quarterly profit after tax rose to Rs 2,871 crore from Rs 2,409 crore. However, for the full year, consolidated total income declined to Rs 18,713 crore in FY26 from Rs 19,177 crore in FY25, while profit after tax fell to Rs 10,302 crore from Rs 12,188 crore.

The decline largely came from regulatory settlement provisions. NSE recognised a provision of Rs 1,391.21 crore related to colocation and dark fibre matters after filing revised settlement terms with SEBI.

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BSE vs NSE : Margins stay elevated

NSE reported operating EBITDA of Rs 11,098 crore in FY26 against Rs 12,647 crore in FY25, while operating EBITDA margin stood at 67% compared with 74% in FY25. Quarterly operating EBITDA margin remained at 73% in Q4FY26. Profit after tax margin declined to 51% in FY26 from 58% in FY25.

NSE’s total expenditure increased to Rs 6,127 crore in FY26 from Rs 5,040 crore in FY25. Technology expenses rose to Rs 1,315 crore from Rs 1,022 crore, while SEBI settlement fees increased to Rs 1,432 crore from Rs 670 crore.

BSE’s consolidated expenses increased to Rs 1,837.42 crore in FY26 from Rs 1,480.63 crore in FY25. Regulatory contribution increased to Rs 649.69 crore from Rs 410.46 crore, while technology expense rose to Rs 203.13 crore from Rs 164.29 crore.

Despite higher spending, both exchanges retained industry-leading profitability because of operating leverage from derivatives and transaction-linked businesses.

BSE vs NSE: Derivative volumes continue to power revenue growth

Derivatives remained the biggest earnings driver for both exchanges. NSE’s transaction charge revenue increased to Rs 4,077 crore in Q4FY26 from Rs 3,037 crore in Q3FY26 and Rs 2,943 crore in Q4FY25. Equity options contributed Rs 9,996 crore in FY26, accounting for 77% of total transaction charges.

NSE’s average daily traded volume in equity options increased 43% sequentially to Rs 76,375 crore in Q4FY26, while equity futures ADTV increased to Rs 1,77,891 crore. Cash market ADTV rose to Rs 1,19,617 crore. NSE retained nearly 100% market share in equity futures and currency derivatives and 73% share in equity options during Q4FY26.

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BSE’s revenue momentum also reflected stronger trading activity. Consolidated revenue from operations increased 84.7% year-on-year to Rs 1,563.51 crore in Q4FY26 from Rs 846.64 crore in Q4FY25.

NSE’s investor presentation also pointed to product expansion beyond core equity derivatives. Commodity derivatives average daily turnover increased to Rs 91.1 crore in FY26 from Rs 18.9 crore in FY25, while electricity futures gained 72% market share after launch in July 2025.

BSE vs NSE: Listings and debt market businesses widen revenue streams

NSE’s non-transaction businesses continued to scale during FY26. Listing services revenue increased to Rs 352 crore from Rs 314 crore, while index licensing and data subscription fees rose to Rs 152 crore from Rs 121 crore.

The exchange handled total fund mobilisation of Rs 20.3 lakh crore during FY26, including Rs 15.6 lakh crore through debt issuances and Rs 4.5 lakh crore through IPOs. NSE also reported 219 IPO listings during FY26.

Debt market products also posted strong growth. NSE’s request-for-quote platform average daily value increased to Rs 5,882 crore in FY26 from Rs 4,199 crore in FY25, while tri-party repo average daily value rose to Rs 3,195 crore from Rs 1,236 crore.

BSE’s filings also showed continued expansion in clearing, technology and associated businesses alongside strong growth in core exchange operations.

BSE vs NSE: Regulatory exposure remains heavier for NSE

NSEdisclosed that it filed revised settlement terms with SEBI for a cumulative amount of Rs 1,491.21 crore related to colocation and dark fibre matters.

NSE recognised a provision of Rs 1,391.21 crore in FY26 tied to those matters. The exchange also disclosed a payment of Rs 40.35 crore linked to SEBI inspection-related settlement proceedings.

BSEconfirmed an unmodified audit opinion from S R Batliboi & Co LLP while also disclosing profit from the divestment of BSE Institute Limited during FY26.

BSE Managing Director and Chief Executive Officer Sundararaman Ramamurthy signed off on a year in which consolidated profit before tax increased to Rs 3,299.14 crore from Rs 1,748.27 crore.

Conclusion

FY26 showed two different earnings stories for India’s largest exchanges. NSE retained scale leadership across derivatives, listings and market infrastructure despite regulatory settlement costs weighing on annual profit growth, while BSE posted faster growth in revenue and profitability from a smaller base. Strong trading activity, rising technology investments and higher dividend payouts remained central themes across both exchanges during the year.

Disclaimer: This comparison of corporate earnings and dividend payouts is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold shares of any exchange or listed entity. Investors should note that past performance and dividend yields are not indicative of future results, and market-moving regulatory developments or settlement provisions can significantly impact financial outcomes. Prior to making any investment decisions, it is recommended to consult a SEBI-registered financial advisor to assess individual risk appetite and the fundamental outlook of the sector.

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