Guidance ledger · Q4 FY26

BSE Limited BSE

3 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

refuses forward guidance · held across quarters

Holding view → · latest concall · The pulse

↓ lowered SGF voluntary contribution percentage Q2 FY26 → Q4 FY26

~~5% of transaction-related revenue (capped at 150% threshold)~~ → reduced from 5% to 3.5% after crossing 150% threshold

“we are reducing the contribution requirement per quarter from 5% to 3.5%”

↑ raised Broker / member count goal Q1 FY26 → Q4 FY26

~~528 members (Q1FY26), no explicit forward target~~ → at least 700 brokers target (587 actual)

“at least 700 is what is the goal”

↑ raised FPI / FPA participation target Q1 FY26 → Q4 FY26

~~330 FPIs (Q1FY26), no explicit cap~~ → 800 FPA target, 9% volume contribution target (vs current 5-6%)

“we have put for ourselves a target of around 800 FPAs”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.