1. Opening Hook
FIIs dumped ₹1.29 lakh crore worth of stocks, geopolitics stayed messy, and volatility played hide-and-seek.
Meanwhile, BSE calmly dropped its 10th consecutive record revenue quarter, as if chaos were a minor inconvenience.
While global markets hyperventilated, Dalal Street’s oldest landlord quietly collected rent from derivatives, IPOs, co-location racks, and mutual fund SIP addicts. Management sounded confident, spreadsheets behaved, and margins expanded instead of apologising.
But beneath the bravado, a few things lurked: volatility cooled, premiums shrank, SGF suddenly became management’s favourite child, and capex numbers raised a few investor eyebrows.
This wasn’t just a “good quarter.” It was a structural flex—with a few fine-print clauses analysts shouldn’t ignore.
Stick around. It gets interesting once the excitement fades and the maths starts talking.
2. At a Glance
- Revenue up 44% to ₹1,068 cr – Tenth record quarter; even history is tired of applauding.
- Transaction income up 57% – Derivatives doing the heavy lifting while everyone else cheers.
- EBITDA margin at 64% – When operating leverage finally hits the gym.
- Net profit up 61% to ₹558 cr – FIIs sold, BSE smiled.
- Operating costs up just 7% – Growth without expense tantrums, rare sight.
- SGF contribution begins – Management chooses pain today over panic tomorrow.
3. Management’s Key Commentary
“We have achieved our highest-ever quarterly revenue of ₹1,139 crores.”
(Translation: Record-breaking has become routine; excitement optional 😏)
“Domestic investors infused over ₹6.3 lakh crores this year.”
(Translation: Retail India said ‘FII who?’ and kept buying 📈)
“Transaction income growth
was driven mainly by derivatives.”
(Translation: Options traders paid the bills, again.)
“We introduced a policy to contribute 5% of transaction revenue to core SGF.”
(Translation: Let’s smooth earnings before regulators do it for us.)
“Margins compressed due to lower volatility in Q2.”
(Translation: Calm markets are bad for option premiums, not great for margins.)
“Co-location revenue rose to ₹46 crores after throttling revision.”
(Translation: Faster pipes, fatter bills 🚀)
“We don’t track market share; our product is unique.”
(Translation: We’re winning, but pretending we’re not counting 😌)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change | What It Really Means |
|---|---|---|---|
| Revenue | ₹1,068 cr | +44% | Structural growth, not a fluke |
| Transaction Income | ₹794 cr | +57% | Derivatives dominance confirmed |
| EBITDA | ₹680 cr | +75% | Operating leverage kicking hard |
| EBITDA Margin | 64% | +1,200 bps | Rare margin expansion story |
| Net Profit | ₹558 cr | +61% | Clean, high-quality earnings |
| Co-location Revenue | ₹46 cr | QoQ jump | Pricing power unlocked |
| SGF Contribution | ₹10.6 cr | New | Earnings smoothing in action |
One-liner: Revenue surged, costs behaved, profits smiled—SGF just made sure no one gets too happy.
5. Analyst Questions
- Options market share & 0-DTE products?
BSE said it’ll listen to customers, consult markets, and then
