BSE Ltd (NSE: BSE) Q1 2026 Earnings Call dated Aug. 07, 2025
Corporate Participants:
Anand Sethuraman — Head – Investor Relations
Sundararaman Ramamurthy — Managing Director and Chief Executive Officer
Deepak Goel — Chief Financial Officer
Analysts:
Prayesh Jain — Analyst
Devesh Agarwal — Analyst
Amit Chandra — Analyst
Shalini Gupta — Analyst
Gurpreet Sahi — Analyst
Sanketh Godha — Analyst
Madhukar Ladha — Analyst
Neeraj Toshniwal — Analyst
Shalabh Agrawal — Analyst
Unidentified Participant
Rattan Joneja — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the BSE Limited Q1 FY26 earnings call. As a reminder, all participant lines 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 Start then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anand Sethuraman, head Investor Relations. Thank you. And over to you, sir.
Anand Sethuraman — Head – Investor Relations
Thank you so much, Manav. Good evening everyone and warm welcome to you all. Thank you for participating in Q1 FY26 earnings call for BSE. My name is Anand Sethuraman and I’ll be the host for the call.
Today we are joined by the BSE’s leadership team consisting of Mr. Sundara Raman Ramamurthy, Managing Director and CEO. Mr. Deepak Goel, Chief Financial Officer. Rashrimati Kamalakya, Chief Regulatory Officer. Mr. Sunil Ramla Khiani, Chief Business Officer. Mr. Subhash Verkar, Chief Information Officer. Shimathi Radha Pirti Wasan, Head of Listing and SME. Mr. Vivek Garg, Head of Trading Development. We also have key management of BSE subsidiaries. Shimati Varshali Babu MD and CEO iccl And Mr. Ashutosh Singh MD and CEO of bse. Index services. Also present here are members of our Business, Finance and Industrial Relations team. The results for quarter ended 30 June 2025 have been announced and the data pack consisting of financials and investor presentation is available on the BSE website. We will begin today’s call with remarks from BSE MD and CEO on the Company’s business and financial performance. All participant lines will be muted for the duration of the call. There will be an opportunity for you to ask questions after the management remarks. Please note that some of the statements made in today’s call may be forward looking in nature and are subject to risks and uncertainties. The Company does not undertake to update this forward looking statements publicly. With that, I would now invite the BSE MDN CEO to share his views. Thank you and over to you sir.
Sundararaman Ramamurthy — Managing Director and Chief Executive Officer
Thank you Anand. Good evening everybody and a warm welcome to all of our esteemed stakeholders for joining the call today to discuss Q1FY 2026 earnings. The Indian economy demonstrated resilience in an otherwise volatile quarter marked by trade, tariff stresses and conflicts in West Asia.
Strong balance sheet, political and policy stability, demographic and digitalization opportunities continue to drive India’s growth story. Key high frequency indicators in the services and manufacturing sectors continue to signal a broad based growth. The easing on inflation, a favorable monsoon and RBA’s unchanged policy repo rate of 5.5% after three consecutive rate cut to the tune of 100 basis points during the previous three months could further aid the growth momentum in the economy.
Despite a significant sell off by foreign investors of around 47,667 crores in July, domestic institutional investors demonstrated remarkable confidence injecting around 61,000 crores could. Cushioning the market. In fact, DIIs have been net buyers in every month in 2025 so far, infusing more than rupees 4 lakh crores. In 2025. Systemic Investment Plan SIP investments via mutual funds stood at a record 1.4 lakh crores for the quarter, demonstrating confidence of investors in the broader Indian economy and capital markets. Against this backdrop, BSE demonstrated focus and resilience to report its best quarterly financial performance ever with a top line of rupees 1045 crores. For the first time ever, our clear strategy commitment to offering our stakeholders in India and around the world the choice and opportunity to invest and our resolute focus on our unique service offerings is continuing to produce results. Let me now highlight a few of the many milestones in Q1FY to 2026. We crossed the landmark of 600 SME listings on our SME platform with July 2025 marking a record breaking month with 18 new listings raising a total of rupees eight hundred and eighty crores. This reflects BSC’s pivotal role in empowering India’s entrepreneurial ecosystem, capital formation and supporting Honorable Prime Minister’s vision of Vixit Bhagat by 2047. Moreover, this platform which started in 2012 March has facilitated Indian entrepreneurs to raise Rupees 10,652 crores. The last 100 SMEs to list on the exchange have raised an amount of Rs.4071 crores, contributing to 38% of the total amount raised on this platform so far. This growth depicts. The increasing confidence of the investors on the SMEs raising capital on this platform. Furthermore, we have rebranded our wholly owned subsidiary Asia Index Private Limited to BSC Index Services Private Limited. This reflects the deep trust, faith and respect the BSE brand inspires globally, reinforcing our commitment to driving India’s capital markets forward with clarity and ambition. Empowering investors through education and awareness is of paramount importance to BSE. In the Q1 FY26 BSE IPS undertook around 1020.
Operator
Ladies and gentlemen, sorry to inform that the management line is dropped. Please stay connected while we reconnect them. Sam Ladies and gentlemen, thank you for patiently waiting. We have the management back with us. Over to you sir.
Sundararaman Ramamurthy — Managing Director and Chief Executive Officer
Apologies for this dropping of the call. Let me start from where the place I left. Empowering investors through education and awareness is of paramount importance to BSC. In the Q1 FY26 BSE IPF undertook around 1026 investor awareness programs to promote financial literacy and bring about awareness in securities market for their financial well being and protect the interest of investors.
BSE India has joined hands with market regulator SEBI in its campaign against financial fraud to protect investors through Sebi vs Kam. We aim to empower every investor with the right knowledge and tools to make informed decisions, avoid digital traps and invest securely. BSE also introduced. Nivesh Mitra mobile app. A purely educational offering with no investment advice or promotional content. The app allows users to learn how to open a trading or DEMAT account, assess their personal risk profile and simulate investments using historical market data. Despite economic fragility impacting equity cash volumes this quarter, our derivatives market has gone from strength to strength. As mentioned earlier, BSE marked its strongest performance in his 150 year history in Q1FY26 with a historic milestone of over rupees 1045 crores in revenue for the quarter on a consolidated basis, an increase of 59% against the previous year. The growth in revenues is led by strong performance in transaction related income, other operating income and investment related income. I will now share some of the key financial numbers on a consolidated basis for the quarter ended June 30, 2025 as compared to the corresponding previous year. BSE’s operational revenues on a year on year basis have grown by 59% to Rs. 958 crores from rupees 602 crores. Transaction charges, which include equity cash, equity derivatives, mutual fund and clearing house income has increased by 84% to Rs. 737 crores from Rs. 400 crores. Treasury income from clearing and settlement has decreased by 27% to Rs. 45 crores from Rs. 62 crores. Other operating income, which includes enhanced data dissemination fees, index services, software charges, etc. Has increased by 57% to Rs. 70 crores from Rs. 45 crores. Income from investments increased by 28% to Rs. 79 crores from Rupees 61 crores. Operating expenses increased by 5% to Rupees 359 crores from Rupees 340. Further, 48% of the total operating expenses are attributable to regulatory fees and clearing and settlement expenses, all of which is directly correlated to increasing derivatives volumes. The operating EBITDA has increased to rupees six hundred twenty six crores as compared to Rs. 282 crores with margins expanding to 65% from 47%. BSE score SGF stood at Rs 1144 crores as of July 25th. During the quarter there was no additional contribution to Core sdf. The net profit attributable to shareholders of the company stands at rupees 539 crores up from rupees 265 crores, a growth of 104% for Q1FY26 against the corresponding quarter previous year. I would now like to share updates pertaining to business. For specific numbers pertaining to turnover, kindly refer to the BSE website and the investor presentation. As mentioned earlier, despite the challenging global economic and geopolitical backdrop, DSC remained one of the world’s senior capital raising venues with positive sentiments returning to the IPO market, augmenting capital formation and reflecting strong market fundamentals. This has proved a robust foundation for market stability and growth, contributing to the diversification of the investor base and enhancing market liquidity. BSE platforms continue to remain the preferred choice by Indian companies to raise capital by enabling issuers to raise to rupees 7.59 lakh crores by means of equity, debt, bonds, commercial papers, mutual funds. In Q1FY26, BSE welcomed 21 new equity listings across main and SME board raising rupees 14,237 crores. The IPO market continues to be exceptionally vibrant in July 2025 with 13 companies raising rupees 24,559 crores and is expected to remain robust on account of economic growth and investor confidence. In August 2025, BSC saw listing of NSDL on BSC marking yet another. Significant milestone in India’s capital markets on the listing compliance trend. We continue in our efforts to promote high standards of governance and disclosure practices among listed issuers and ensure the competitiveness of our listing framework. Moving to our Trading segment As I mentioned earlier, revenue growth in skill Q1FY26 was led by strong volumes in our census derivatives product as we expanded our client base and drove higher non expiry day activities. Our equities and mutual fund business lines are on a healthy growth momentum. Cash market trading volumes remained at long term Normalized levels of Rupees 7180 Crores in Q1FY2026 against 9005 Crores the same period last year. Importantly, we are pleased to share that Common Contract Note has been successfully implemented in India with effects from 27 June 2025, a long standing request of BSE. This brings about the adoption of a major market reform which was long sought by the institutional investor for hassle free trading experience across trading venues. BSE has been reaching out to all stakeholders about this change to use smart order routing to trade multiple venues thereby further reducing the impact cost and improve yields on their order execution. The BSE index derivatives segment sustained its growth trajectory in the quarter with the highest ever average daily premium turnover of rupees 15,084 crores for the quarter. In the coming year we will continue to move ahead with our efforts to increase market participation, product development and adoption of longer dated contracts as well as investment in data center and enhanced connectivity options. In October 2024, BSE introduced throttle charges for the first time applicable only to those member to exceed 10,000 messages per second. Effective June 30, 2025, member level throttle limits were revised. Members are allowed 40 NPS free for from earlier 10,000 NPS charges start at low. Rupees fifty thousand annually for 100 MPa and increases proportionally depending on subscription. Detailed information is available in the circular on BSE website. Notably, BSE charges remain lower than competition reinforcing our commitment to cost effective and efficient market access. As I have been saying in my previous earning call updates, this is one of our important strategic initiatives aimed to enhancing BSE services and diversify revenue lines. Moving on to our mutual fund distribution business, BSE Star MF delivered yet another quarter of record revenues and performance, up 30% year on year to reach rupees 61.2 crores. The total number of transactions processed by BSE star MF grew by 30% to reach 18.3 crores SAMS sessions in Q1FY26 from 14.1 crores in the previous year. On an average, the platform processed 6.1 crore transactions per month in the current financial year as compared to 4.7 crores last year. The platform also processes a new high of 6.65 crore transactions in July 2025. BSE also remains committed to strengthening the SME and social stock exchange platform by fostering an enabling ecosystem for entrepreneurship and social impact fundraising. Moving on to our subsidiary businesses now, BSE Index Service Private Limited has a product portfolio of 170 indices across broad thematic factor and strategic equity indices catering to 300 plus marquee clients domestically as well as globally. The current financial year the company has launched seven new indices including four factor indices. This is in addition to the 20 launched in the last financial year. BSE Group, directly or via subsidiaries also has its presence in other related business including Indian Clearing Corporation Limited India INS Power Exchange BSE Agricultural Markets a stock platform for trading in commodities. BSE is committed to these new areas and is constantly working with partners for the growth of these businesses. In summary, the year has got off to a very good start. At bse, our strategic focus will continue to be on customer centric approach and maintaining highest standards of governance with a focus on simplicity and operational resilience. While the macro landscape continues to shape market sentiment, we are pleased to see encouraging signs of a revival in our IPO market managed by very healthy pipeline. We are also excited about the increasingly broad portfolio of markets, products and opportunities that we now offer our clients. The positive progress we are making to deliver on our strategy while the road ahead will not be without challenges, we are excited about the year ahead and remain fully committed to prudently investing with our people, our technology and Data center operations, etc. Reinforcing our relevance and role at the heart of one of the world’s fastest growing economies. With these updates, I now hand over the call back to Anand.
Anand Sethuraman — Head – Investor Relations
Thank you so much sir for these updates. We will now open the floor for Q and A.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Participants are also requested to restrict themselves to only one question per participant. Should they have follow up questions. You may please rejoin the queue. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles.We have our first question from the line of Prayesh Jain from Modilal Oswal Financial Services. Please go ahead.
Prayesh Jain
Yeah. Hi. Congratulations with current numbers. Just one question. With the clearinghouse expenses in this quarter seems to have declined while if I look at the number of contracts that would have traded on the derivative side haven’t fallen as much. So how should we read this and how should we kind of model this cost going ahead?
Sundararaman Ramamurthy
Sorry, I’m not sure whether I understood the question properly. Are you saying that.
Prayesh Jain
Let me repeat my question. So what I’m saying is clearing and settlement costs, clearinghouse expenses have declined sequentially in this quarter. And when we see, when we look at the number of contracts traded that has not declined as much. So how should we think about with respect to the clearinghouse expenses?
Sundararaman Ramamurthy
Got it. The answer is, first of all, thanks for attending the call and asking this question. If you recall, the transaction charges that we get is based on the premium. The clearing and settlement charges that we pay is based on the number of contracts traded. Multiple changes have happened in the recent past. The contract size has gone up.
When the contract size go up, the value traded go up. And in times of volatility, which we saw in the last quarter, as you would appreciate, in between because of multiple reasons including global, what should I say, global issues with regard to people fighting with each other, countries fighting trade tariffs, etc. So because of the volatility, the premium traded when it goes up, that is one thing where the revenue goes up when the contracts continue to grow.
But the contracts are of larger size. So larger volume processed with lesser cost and larger revenue because of increased premium. This results in clearing and settlement cost as a percentage of revenue coming down.
Prayesh Jain
So my question was more on the absolute decline because there, what we’ve seen is, you know, in the, in the fourth quarter of FY25 we had about 84 crores of this cost. And this quarter it’s about 56 crores. And if I look at the number of contracts traded in both the quarters, it’s not, is not as, as much different as we, we have seen in the cost. So that’s the question actually now.
Sundararaman Ramamurthy
Absolutely right. Sorry for interrupting you. You’re absolutely right. That is because more volumes have shifted from expiry date to non expiry date. So when that happens, the quality of premium increases and improves and due to volatility the premium also goes up. Both of these two result in a better realization. Whereas the number of contracts traded remaining the same, the cost comes up.
Prayesh Jain
Okay, I’ll probably take this off offline with. Thank you so much.
Operator
Thank you. A reminder to all participants to please restrict yourself to only one question per participant. Should you have a follow up question, we request you to rejoin the queue. We have a next. Next question from line up. Devi Shagarwal from IIFL Capital, please go ahead.
Devesh Agarwal
Yeah, good evening sir and thank you for the opportunity and firstly many congratulations to the entire team and a very good set of members. So my question would be basically if you could help us understand the regulatory thought process around further regulations, especially in the light of sustained retail participation and losses. So how does the regulator is looking at the entire thing?
And we keep hearing this different measures in terms of being taken away, although the regulator clarified. But there are other measures also in terms of increasing the contract size or increasing the FTP. So what as an exchange are you advising the regulators? Whether in terms of let the current set of regulations play out and then implement more regulations. So how are you approaching the entire thing? Yeah, that will be my question. Thank you.
Sundararaman Ramamurthy
Thanks for your congratulatory message and thanks for joining the call and thanks for asking this question. As you would appreciate, in India regulatory process is a consultative co created process. We are not big enough to advise the regulators, but certainly when there is a consultation, we do participate and we give our views which helps in shaping up the regulatory atmosphere. In respect of derivatives, regulations have been a very evolving thing in the recent past.
Particularly if you recall, starting from November till April, we have been implementing multiple changes which were brought in place based on the co created process which I just mentioned. So this has resulted certainly in a change in the paradigm with some amount of cooling off. Whether that is adequate or not is a question which we need to be continuously asking. And whether still the retailers are losing money and how to ensure that they do not. They are able to understand what they trade and trade what they understand.
This will be a continuous process and evolving process. What would be the regulatory process? What all could come out as regulation is something which we will not be able to predict. Whether there’ll be rule for rule, room for more regulatory evolutions that cannot be ruled out. Because this has been a consistent process. As you yourself observe, some of the points which are put in the media subsequently have been negated by the regulators as not their views.
So we need to wait at this point of time as to how this process evolves. And as and when consultative process start, we will certainly contribute from our side the best way in which the derivatives market healthily develop as a good. The hedging and arbitrage mechanism helping in the stabilization of the cash markets and that serves an economic purpose.
Devesh Agarwal
Will it be right to say that at this point in time there is no consultative process which is being ongoing to implement further regulations?
Sundararaman Ramamurthy
You will be right to say that at this point of time no consultative process has been at all on this. If any changes have to make and has to be done, certainly a consultative process will happen and the regulators will co create a meaningful regulatory framework. Good for all of us.
Devesh Agarwal
And sir, finally on the regulation itself, this phase 2 or W 2.0 regulations which have gone live from 1st of July, what is your assessment in terms of a likely impact on the volume of that? Yeah, that will be nice.
Sundararaman Ramamurthy
What will be the impact on what?
Devesh Agarwal
On the option volume, sir.
Sundararaman Ramamurthy
So that has already gone live and it is live for the past four months. And the impact as you are seeing has not been anyway devastating in a way. It is some, to some extent it has achieved the purpose for which it was brought in. And more way to go. As we discussed, regulations will be an evaluation.
Devesh Agarwal
I was talking about the regulation which has gone live from July in terms of future existed equivalent open position and as well as the graph limits and the net limits that were introduced.
Sundararaman Ramamurthy
That is too early for us to comment. We have to wait for some more time to understand how it is.
Devesh Agarwal
Okay, thank you.
Operator
Thank you. A reminder to all participants, please restrict yourself to only one question per participant. Should you have any follow up question, we request you to rejoin the queue. We have our next question from the line of Amit Chandra from HDFC Securities. Please go ahead.
Amit Chandra
Thanks for the opportunity and for conversations for a very strong set of results. So my question as a follow up on the options volume, if you can clarify what would be the mix of options volume in terms of the contribution from weekly and monthly contracts in the overall volumes and also if you can give some color in terms of what will be volume from HFPs, retail prop and institution in terms of options contribution and how this has evolved maybe in the last four quarters.
Sundararaman Ramamurthy
Sure. Thanks first of all Amit Chandra for joining this conversation and thanks for your congratulatory message. As far as the question on the. The participation the HFTs contribute for around 35% and the retailers contribute a bit shy of 25 26%. The remaining comes from the PROP and other traders. You asked a question about what is the mix of long term versus the current week expiry volumes. As you would appreciate, BSE is a very late entrant into the derivative journey. Building long term contracts is an effort and it takes time. It was first of all very big effort for us to build the weekly volumes itself. What we must say is the weekly volumes have grown well and the next week and next week volumes are picking up. Other than current week volumes, currently lower between two to two and a half percent on a regular basis. And our feeling is that with the type of effort that we are putting, we will be able to grow the mix more towards the other than weekly options. And our efforts are on in this detection.
Anand Sethuraman
Amit Also with regard to the participant wise training data, the trend that you requested, it is available on our website. We’ll be happy to share the link if you request.
Amit Chandra
Okay, so thank you for answering the questions.
Operator
Thank you. We have our next question from the line of Shalini Gupta from East India Securities. Please go ahead.
Shalini Gupta
Yeah, good evening sir. I. I am just, just a bit new to to bse. But sir, I was just wondering the substantial increase in turnover volume that we have seen that is driven by derivatives I think. But specifically which data point in derivatives. Like if I look at it contract contracts are down more than 20% but the average ADPV is up and turnover is up almost 30%. If you could just say which specific specific data point reveals why your turnover has got. Sales have gone up from there from turnover.
Sundararaman Ramamurthy
Hi Shalim.
Anand Sethuraman
For the index derivative contracts, you may please look at the premium turnover for having to derive the revenue numbers. Our charges are flat with respect to derivatives so it is available on our website. As far as the costs are concerned, you may please look at the notional turnover for computing. The regulatory costs and the contract stated for computing the clearing and settlement costs. You will please reach out to us offline and we’ll be probably in a better position to to give more clarifications. Thank you.
Operator
Thank you. We have our next question from the line of Gurpreet Sahi from Goldman Sachs. Please go ahead.
Gurpreet Sahi
Thank you for taking my question. Congratulations from my side also Mr. Amamurthy and the BSE team on an excellent numbers. So my one question is allowed. So my one question is on the regulatory expense. So 116 crore for this quarter we were gaining clients and at the last call Mr. Ramamurthy told us there depends on many factors. New client addition, volatility, etc. But would we be fine with assuming that for the quarter if it goes higher we can appropriately model higher? In other words, is this set of numbers a clean number for us to model the regulatory expense? Because as you can imagine that moves around a lot and difficult to model. Thank you so much.
Sundararaman Ramamurthy
Thanks for the congratulatory message from you.
Operator
Ladies and gentlemen, please patiently wait while we reconnect the management. The management client got disconnected. Sami. Ladies and gentlemen, thank you for patiently waiting. We have the management back with us. Over to you sir.
Sundararaman Ramamurthy
Apologies first of all Gurpreet for dropping out. I don’t know what is the problem with the line today. Twice it has happened. Thanks for your congratulatory message. And as far as your question is concerned, the regulatory charges represent the turnover fee that we are paying to the regulator. It is a fairly simple number that is available from the. The public domain and you will be able to compute it and model it very easily. For cash market what is the methodology? And for the derivatives market what is the methodology? All are available in public domain. So if you are able to track the volumes that we trade on a daily basis and if you have to model it, it will be as simple as it and as straight as an arrow. In case you require any help, please feel free to call our relations people. We will be able to show you how to go ahead with it.
Gurpreet Sahi
Understood sir. Thank you.
Operator
Thank you. We have our next question from the lineup. Sanket Gora from MNS Park. Please go ahead.
Sanketh Godha
Yeah, thank you for the opportunity sir. My questions probably are we have seen a 50 basis point improvement in our cash market share from June to July. So if you can attribute whether that has happened largely because of common contract note or it’s a usual trend of market share, we just wanted to understand the color whether common contact mode played any role for the market share gain.
And the second thing sir is if you can give a bit color on the co location tracks how much we have, how much we are expected to add. And lastly, do you see any impact on premium realization due to future surge response?
Sundararaman Ramamurthy
So your question is on common contract note co location and yeah, so let me explain one by one. It is too early to say that common contract note has contributed for this. We have been making multiple efforts in garnering institutional support and also ensuring the retail participation gets a level playing field. Common contract Note regulatory provided a level playing field for institutions, but unless and until it is backed with proper SOR and best price execution, it’s not going to translate into any meaningful avoidance and removal of the concentration risk seen in the market. So we are working on it.
So it is too early but probably the volume increase could be because of various other areas of operations which we were doing in improving the mobile applications of the retailers to ensure level playing field and also in introducing sor. Even before the common contract note came some amount of institutional participation increase from mutual fund side and insurance side because there is a good amount of price difference in respect of scripts.
So they all have a mandate of displaced execution that could have resulted in it. But it is very too early to predict that or to state conclude that it is. Because of common contract note this has happened on the colocation journey. If you would recall, we started with the situation with not any meaningful level of data center or colo racks with us. We built it over a period of time and currently we have allocated around 300, some of them 15 KVA, some of them 6 KVA which has been fully taken up by the market. And some of the racks are in the process of being populated with servers and also the algorithms inside the servers. So while this is happening, we are in the process of putting in place around 140 more racks in two tranches. One probably will happen very soon, probably within a month’s time and another before the end of this financial year, which we think should be able to cater to the current requirements of the market. As far as Thursday is concerned. I would like you to recall my previous conversation if you would remember that we started with our expiry day on Friday because we didn’t have option. Every day in the week was with one expiry, so we had no option but to start with Friday and subsequently even the Friday want was wanted for another expiry and subsequently wisdom prevailed and we continued with our Friday and when the opportunity of only one weekly contract per exchange came, exchanges were given the option to choose whichever expiry they want. Since LSE chose Thursday, we chose Tuesday at that point of time. Subsequently there was huge amount of market non in trying to shift the expiry to Monday or uniform expiry. It was confused and very noisy and this made the regulators to jump in with a consultation paper which necessitated Tuesday or Thursday. Honestly, normally everybody would have expected that the status quo would have continued because the status quo was already Tuesday and Thursday. Since suddenly there was a renewed and interesting demand for Tuesday. In order to put a lid on this matter, we thought we will concede Tuesday. And also we felt very strongly that Thursday is a very wonderful great day. We did not opt for it because it was offered earlier by somebody else. So now that there is an availability for it, we wanted to lap it up and we have taken Thursday. We do not feel that Thursday is a bad day. That is not the input that we have got from the market participants. So we go by whatever the market participants think. Since Thursday was found by the market participants to be a good day for us to take, we have gone with their verdict and we have taken.
Sanketh Godha
You don’t see an impact on the premium because of the Thursday moment, in your opinion.
Sundararaman Ramamurthy
Whether there is going to be an impact or not, time will tell. Whether the market participants have predicted it and prevented me from taking it. I think I’ve explained. The answer is no. The market participants felt that Thursday is a better day. Beware. Thursday has been the expiry day traditionally for the most successful contract of this country. So if I am getting it on a platter why should I not take it?
Sanketh Godha
Thank you. Thank you for your answer.
Operator
Thank you. We have our next question from the line of Madhuka Ladda from Nuamant. Please go ahead.
Madhukar Ladha
Congratulations on a good set of numbers. Sir, just one thing. On the expenses line item we see the admin expenses have come down pretty significantly in Q1. What is happening over there? And what sort of run rate should we be building in?
Deepak Goel
Madhukar, this is Deepak. Thank you for your question. Expenses appears to have come down because there was a one off expenditure in previous quarter. So the number which is reflecting in P and L you can assume we will. It should continue at the same level.
Madhukar Ladha
Sir. But also in Q1. FY25 the number was like 53 crores in store FY25 the number was 61 crores. So that’s that. That’s where I’m coming from.
Deepak Goel
So I. I think I told you. These are the numbers which are at reasonably normalized level. And you can assume it will continue at that.
Madhukar Ladha
Understood. Okay. Thank you.
Operator
Thank you. We have our next question from the line of Neer toal from ubs. Please go ahead.
Neeraj Toshniwal
Sir, wanting to know more on CO location. How much is currently utilized in terms of utilization do we have allotted and what kind of revenue we can expect in this year from colocation services.
Sundararaman Ramamurthy
See the colocation. As I told you we have allotted 350 racks already. We will not know how many of them are fully utilizing it. From whatever our estimate is at least 75 to 80% of it is being used. Because we see some of the racks getting populated. But we’ll be coming out with further new data centers. They will be bringing in some 140 lakhs. Further.
Neeraj Toshniwal
In that.
Sundararaman Ramamurthy
Honestly I don’t know what is the collocation rent. Revenue for us. Deepak, would you be knowing what is the revenue that we get out of colocation rent?
Deepak Goel
We are not publishing it separately.
Sundararaman Ramamurthy
But what is the number.
Deepak Goel
We charge 12 lakh rupees per annum. So 12 lakh rupees per annum for 6 KVA rack and I think 25 lakhs is for a 15 KVA rack. Roughly around 10% of the total racks would be around 15 KVA racks. So you can estimate revenue based on that.
Neeraj Toshniwal
Okay.
Sundararaman Ramamurthy
I think roughly it should be around. I think roughly it should be around 12 crores for quarter one. That is my rough estimate.
Neeraj Toshniwal
Okay, thank you.
Operator
Thank you. We have our next question from Lionel from Oxbow Capital. Please go ahead.
Shalabh Agrawal
Hi sir. Thank you for taking my question. I have this one question. So what can be the second order impact on your volumes and premium turnover because of this Jane street regulatory issue and does it impact our co location business in the future because we were expected to have these HFPs. Thank you sir.
Sundararaman Ramamurthy
Honestly I don’t have an answer for this question as to what you call a second order impact Because Jane street order came at least some 10, 15 days ago now I guess. And whatever impact we are seeing we are not seeing any specific impact arising out of Jane street. At least as what we could recognize. It is more of the market factors that are dealing with it.
Co location requirement would be based on what the demand and supply is and what the utility of the product. I think at this point of time our estimate is we are better off with whatever number of colorads that we are manufacturing now. And I think that should take us for a good while. So that is what our estimated demand. This estimated demand is not after Jane street it is much before.
We have planned it at the beginning of the year and I think our plan stands. Well that is the way we are looking at it at this point of time.
Shalabh Agrawal
Thank you sir.
Operator
Thank you. We have our next question from the line of Amit Tapadia from IGE India family office. Please go ahead.
Thank you. We have our next question from line of SK Debnath from SK an individual investor. Please go ahead.
Unidentified Participant
Hello.
Unidentified Participant
Thank you for giving me the opportunity. I have. I’d like to congratulate the management for wonderful performance. A small query just in the standalone part of it where the business has already all gone up but I find particularly when the expenses and all have gone up.
The clearing and settlement itself. Compared to last previous quarter of. I mean year on year basis, June 24th quarter was 1017 against which in this current quarter has been 707. This is something that has reduced quite a bit.
Sundararaman Ramamurthy
What is the reason for it? That’s a very good question that you are asking. There are two things contributing to it in a big way. One is the contract size was very small in the year on year last quarter. If you could please put yourself on mute because I think some background noise. So in Q1 2024 which you are talking about, the contact size was small. And since we are paying the clearing and settlement charges based on the number of contracts traded, that’s contributed to a higher amount of charges for the same notional value traded. That was one part.
And second, since we were at the point of time in the initial stages of inception, most of our volumes were concentrated on the expiry date. As you would appreciate on expiry day theta is a declining trend and a smaller number because of which the premium value traded will always be small for the same notional number.
The income earned is based on the premiums traded. Right? When your income goes up whereas your settlement charges come down. That was the paradigm. Specifically we are talking about the clearing and settlement expenses as an absolute number. That reduction can be mainly attributed to the change in the contract size. The contract very small now the contract size has become bigger and therefore. No, it has become bigger.
Unidentified Participant
Okay, okay, okay. That’s correct. Otherwise every expenses has gone up. This particular expenses had been lower. That is why I had asked for it. Anyway, thank you. And it was a wonderful quarter performance. Despite the fact that equity has gone up. I mean number of share has gone up still the EPS has substantially higher than that of last year. Thank you.
Sundararaman Ramamurthy
Thank you sir.
Operator
Thank you. We have our next question from the line of Ratanja from Covalue Technologies. Please go ahead.
Rattan Joneja
Hi. Thanks for the opportunity and congratulations for really great set of numbers. I wanted to ask what is the growth in numbers and FBI’s and when do we see the equity cash segment come to a significant size? Those are my questions.
Sundararaman Ramamurthy
Sure. Thank you first of all for your congratulatory message. We have been as you know working very hard for getting increased number of participants in the market. That has been our stated objective. Market share and profits and revenues were all second order for us from a place where we did not have any member at all. Today we are very happy to tell you that we are having 528 members who are participating with us. There are around 7.9 million UCCs registered.
While all of them may not trade. But at least we have 7.9 million UCCs. And from no FPI situation today we are having 330 FPIs who are participating in the market with us. I hope I have answered the question. If I have not answered any part, please repeat.
Rattan Joneja
What is the growth compared to the last quarter? How many, how many members and FBI’s have we added?
Sundararaman Ramamurthy
So if you would able to see. In Q1FY24 we had 200 members. Today we are having around 5 members. We had less than 1 million around probably only 1 lakh investors. We had 1 lakh UCCs we had in Q1FY24 it has become 7.9 million. That is 79 lakhs in terms of registered people. As of now probably in Q1 FY24 we had less than 1015 FPIs returns. Today we are talking about 330 FPIs. It has been a significant growth in terms of timber participation, market participation this one year.
Operator
Thank you ladies and gentlemen. That would be the last question for today. And I now hand the conference over to the management for closing comments. Over to you sir.
Anand Sethuraman
Thank you so much. Thank you everyone. Thank you everyone for joining joining the call today. If you have any questions, please reach out to us at bse. Thank you.
Operator
Thank you. On behalf of BSE Limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.