MSEI announced financial results of FY26. Although numbers may look impressive at first, with total revenue rising nearly 240% during the year. But beyond the headline growth, the exchange might still be facing pressure in its core business. So, what actually drove the growth? Let's understand in detail the MSEI financial statement.
MSEI Financials Statement Analysis
Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
Revenue From Operations | 0.76 | 0.81 | 1.20 | 3.38 | 4.31 |
Other Income | 17.48 | 19.48 | 4.77 | 55.69 | 13.07 |
Total Income | 18.24 | 20.29 | 5.97 | 59.07 | 17.38 |
EBITDA | -25.52 | -5.56 | -12.75 | -71.67 | -46.87 |
EBITDA Margin (%) | -3357.9 | -686.4 | -1062.5 | -2120.4 | -1087.5 |
Total Expenses | 32.40 | 20.44 | 13.76 | 84.91 | 52.23 |
PAT / Net Loss | -14.16 | -0.15 | -7.16 | -25.84 | -34.22 |
EPS | -0.01 | 0.00 | -0.01 | -0.02 | -0.06 |
Source: MSEI Results FY26
A. Total Income
Revenue from Operations
MSEI quarterly results show that the core operations of a company remained under pressure. It decreased from Rs.1.20 cr to Rs.0.76 cr in Q4 FY26, declining by 36.7%, and lowered sequentially by 6.2% from Rs.0.81 cr in Q3 FY26. Additionally, revenue from operations also declined nearly 21.6% yearly, which was from Rs 4.31 cr in FY25 to Rs 3.38 cr in FY26.
Other Income
Here, other income was the key growth driver for the company. It increased sharply from Rs 4.77 cr in Q4 FY25 to Rs 17.48 cr in Q4 FY26, having a growth of 266.5% YoY. Although it declined from Rs 19.48 cr in Q3 FY26, it was down by nearly 10.3%. However, a yearly sharp increase was seen in other income by 326.2%, from Rs 13.07 cr in FY25 to Rs 55.69 cr in FY26.
Total Income
The total income of MSEI reported was Rs 18.24 cr in Q4 FY26 from Rs 5.97 cr in Q4 FY25, reflecting a sharp rise of 205.5% YoY. However, sequentially, it declined by 10.1% from Rs 20.29 cr in Q3 FY26.
On a yearly basis, total income showed a strong growth of 240%, from Rs 59.07 cr in FY26 to Rs 17.38 cr in FY25. This growth had large support from other higher incomes, which are interest and investment returns.
B. EBITDA & Margins
The EBITDA loss widened to -Rs 25.52 Cr in Q4 FY26 compared to the -Rs 12.75 Cr loss in Q4 FY25. Whereas yearly, it declined from -Rs. 46.87 to -Rs. 71.67 cr in FY26. Hence, the company's continuous negative EBITDA could be due to weak operating revenue and elevated fixed costs.
Also, EBITDA margins remain negative, nearly -3357.9% in Q4 FY26. While yearly, it was nearly -2120.4% for FY26 because the operating revenue base could remain extremely low relative to expenses.
C. Expenses
Total expenses jumped sharply from 13.76 cr in Q4 FY25 to Rs.32.40 cr in Q4 FY26, showing a rise of nearly 135.5% YoY and 58.5% QoQ. This rise was primarily due to higher employee costs, technology, depreciation and other expenses. While, annually, total expenses increased from Rs 52.23 cr in FY25 to Rs 84.91 cr in FY26.
D. Profitability / PAT
MSEI had a net loss (PAT) of Rs 14.16 cr in Q4 FY26 compared to a loss of Rs 7.16 cr in Q4 FY25, showing an increase in losses YoY and QoQ. Although the annual net loss improved to Rs 25.84 cr in FY26 from a loss of Rs 34.22 cr in FY25. The improvement reflects a 24.5% reduction in losses despite higher expenses.
E. EPS (Earnings Per Share)
Quarterly, EPS remained negative at -0.01 in Q4 FY26. But annually EPS improved from -0.06 in FY25 to -0.02 in FY26, reflecting a lesser loss per share.
MSEI Balance Sheet As On 31st March FY26
Particulars | FY26 | FY25 |
Total Non-Current Assets | 915.11 | 185.33 |
Total Current Assets | 519.37 | 258.53 |
Total Assets | 1,434.48 | 443.86 |
Total Equity | 1,369.29 | 396.69 |
Total Non-Current Liabilities | 31.54 | 30.11 |
Total Current Liabilities | 33.65 | 17.06 |
Total Liabilities | 65.19 | 47.17 |
Total Equity & Liabilities | 1,434.48 | 443.86 |
The balance sheet of MSEI had been strengthened significantly in FY26. Total assets increased by 223.2% to Rs 1434.48 cr in FY26. Here PPE (Property, plant and equipment) increased sharply from Rs 2.8 cr to Rs 112.7 cr, showing a huge infrastructure investment was done, which could be due to exchange resuming trading previously again.
Also, non-current assets jumped to 393.8% to Rs 915.11 cr, while current assets doubled to Rs 519.37 Cr.
The total equity, while strengthening the company's net worth, rose sharply from Rs. 396.69 Cr to Rs 1,369.29 Cr.
LES Is Slowly Bringing Trading Activity Back To MSEI
MSEI has started seeing improved trading activity after relaunching its Liquidity Enhancement Scheme (LES) in January 2026. In just six weeks, the exchange recorded nearly 12.19 lakh trades with a traded value of Rs 24.08 cr. This indicates improving participation on the platform.
The LES scheme likely targets stocks that are usually seen with low trading volumes. In order to improve liquidity, MSEI is encouraging market makers to regularly place buy and sell orders so that investors can trade more easily without facing liquidity issues.
As liquidity improves, trading activity across selected stocks is also gradually picking up, helping MSEI strengthen volumes and bring more activity back to the exchange.
Therefore, by encouraging smoother trading and higher participation, the LES is gradually helping MSEI strengthen volumes and bring more activity back to the exchange.
Also Read: MSEI Liquidity Enhancement Scheme (LES), Process And Impact
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