Exchange and Data Platform industry

3 companies · ₹2.2 L cr · 3 with AI deep dives · Q1FY27 report

SIP flows and exchange volumes at records, but TER-to-BER yield reset and F&O regulation cap earnings upside

Mid cyclemargin range-bound near 0.0%

Revenue YoY: +64.7%
EBITDA margin: 0.0%; 0bps YoY
Price, 1 year: +53.7%; 67% of names up
P/E vs own 5y: +10.9%; 45.6x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2,426 cr	2,627 cr	-7.7%	1,473 cr	+64.7%	2,627 cr	-7.7%
EBITDA margin	0.0%	0.0%	0bps	0.0%	0bps	0.0%	0bps

Revenue

Jun 26: 2,426 cr
Mar 26: 2,627 cr
QoQ: -7.7%
Jun 25: 1,473 cr
YoY: +64.7%
Peak: 2,627 cr
vs peak: -7.7%

EBITDA margin

Jun 26: 0.0%
Mar 26: 0.0%
QoQ: 0bps
Jun 25: 0.0%
YoY: 0bps
Peak: 0.0%
vs peak: 0bps

Breadth: 100% of 3 companies grew revenue year on year (was 100% a quarter earlier) and 0% expanded margin (was 0%).

Exhibit 2What it costs

33.26x - 49.95x across the panel today

The median name trades at 45.6x, +10.9% against this industry's own 5-year median of 41.1x, and -22.6% against its own peak of 58.9x.

Exhibit 3Structure

₹2.2 L cr

BSE Ltd is 57.8% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

large 2mid 13 above ₹500 cr

Exhibit 5Coverage (3 of 3)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
BSE Ltd	₹1.4 L cr	48.8x	-	45.7%	-	+63.4%	Unlock
Multi Commodity Exchange of India Ltd	₹83,510 cr	54.2x	-	39.0%	-	+88.1%	Unlock
Indian Energy Exchange Ltd	₹10,161 cr	20.0x	-	45.6%	-	+11.4%	Unlock

BSE Ltd

Mcap: ₹1.4 L cr
P/E: 48.8x
EV/EBITDA: -
ROCE: 45.7%
Margin: -
Rev YoY: +63.4%

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Multi Commodity Exchange of India Ltd

Mcap: ₹83,510 cr
P/E: 54.2x
EV/EBITDA: -
ROCE: 39.0%
Margin: -
Rev YoY: +88.1%

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Indian Energy Exchange Ltd

Mcap: ₹10,161 cr
P/E: 20.0x
EV/EBITDA: -
ROCE: 45.6%
Margin: -
Rev YoY: +11.4%

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Exhibit 6What managements said

from Capital Markets earnings calls · as of 2026-06-30

tailwindSIP and systematic flows sustaining structural AUM growth across the sector8 managements

Monthly SIP flows grew 14 - 20% YoY at every large AMC. SBIFUNDS monthly SIPs reached ~₹4,000 crore (+14% YoY); HDFCAMC systematic transactions +20% YoY; CAMS-serviced SIP…

SBIFUNDS (Q1FY27): “SIP AUM increased by ₹2.1 trillion, reflecting 15% year-on-year growth and monthly SIPs…”

headwind7 managements mixed6 managements tailwind8 managements headwind5 managements tailwind4 managements headwind4 managements

6 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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