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National Stock Exchange Of India Ltd

NSE

BSE

₹1,726.55-1.31%19 Oct 2026

Reports

Exchanges

National Stock Exchange Of India Ltd

NSE

BSE

₹1,726.55

-1.31%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Incorporated in 1992, National Stock Exchange of India operates India's primary electronic trading, clearing, and market infrastructure ecosystem across multiple asset classes. The company anchors its volume leadership by pairing proprietary matching engines with integrated post-trade settlement and real-time market data.

At a glance


Scale	Total income moved from ₹16,352.06 crore in FY24 to ₹19,176.83 crore in FY25 and ₹18,713.37 crore in FY26
Business mix	FY26 income was 69.77% transaction fees, 6.03% connectivity, 4.50% investment ops, 19.70% others
Market position	Maintained 92.99% cash equity share and 99.79% equity futures turnover share in India in FY26
Footprint	>200,000 terminals across >1,400 cities connected to 7 data centres in India and GIFT City
Customers	Top ten trading members generated 46.78% of consolidated revenue from operations in FY26
Revenue model	Volume-based fees per trade, periodic rack/connectivity rentals, and annual listing charges
The offer	Pure Offer for Sale of up to 148,905,525 shares by selling shareholders; zero Promoters exist

Business segments

Three reporting engines covering multi-asset trading services, post-trade clearing, and data index analytics.

1. Trading services: the core execution marketplace

Trading services generated segment revenue of ₹15,043.67 crore in FY26, representing over 90% of consolidated operational revenue as India's primary order execution engine.

Global execution scale - logged 795 crore cash equity trades in FY26, surpassing global venue operators including Nasdaq at 593 crore trades and Intercontinental Exchange at 538 crore trades.
Derivatives volume anchor - executed 3,699 crore equity derivatives contracts in FY26 while capturing essentially 100.00% domestic market share in single-stock futures trading turnover.
Primary listing magnet - captured 70.27% of dual listings across Indian exchanges in FY26, rising to 90.24% of offerings sized above ₹1,000 crore because large issuers prioritize deep secondary liquidity.
Asset class expansion - secured 71.38% of domestic electricity futures lots between July 14, 2025 and March 31, 2026, establishing early liquidity in newly deregulated power hedging contracts.
Hosting capacity growth - added 746 full rack equivalents across two years to reach 1,680 member colocation racks (renting server space directly inside exchange data centres for ultra-fast trading access) in FY26.

2. Clearing services: the settlement and risk barrier

Clearing operations guarantee post-trade novation (stepping in as the legal buyer to every seller and seller to every buyer) across asset classes, generating ₹1,762.37 crore in FY26 segment revenue.

High settlement coverage - cleared 88.42% of cash market value and 91.04% of equity derivatives value in India in FY26 through operating subsidiary NSE Clearing Limited.
Large guarantee corpus - built a balance sheet Core Settlement Guarantee Fund corpus of ₹13,079.15 crore by FY26 to absorb systemic default losses without disrupting daily market operations.
Stringent risk containment - enforces real-time Value-at-Risk margining, daily stress simulations, and minimum 50% cash collateral requirements to insulate clearing operations from member insolvency.
Faster settlement turnaround - executed the mandatory shift to T+1 cash equity settlement (completing trade settlement one business day after execution) and piloted optional T+0 same-day settlement.

3. Data and indexing: monetising market intelligence

The data and indexing division commercialises proprietary pricing feeds and benchmark IP, generating ₹644.49 crore in FY26 segment revenue.

Benchmark capital concentration - the flagship Nifty 50 index represented 53.74% of the free float market capitalisation (the value of shares readily available for public trading) of NSE-listed equities in FY26.
Passive asset integration - Nifty benchmarks license intellectual property tracking 265 domestic index funds, 230 domestic exchange-traded funds, and 33 international funds.
Market terminal deployment - distributes real-time market data and analytical tools across brokerage desks through subsidiary Cogencis Information Services workstations.
Regulatory audit mandate - designated under the PaRRVA framework alongside Care Ratings to verify the performance track records of investment advisers and algorithm providers.

In-house trading technology and synchronized site redundancy

Proprietary matching architecture and geographically distributed data centres maintain microsecond order throughput while meeting national critical infrastructure standards.

High throughput processing - processed a peak daily volume of 2,189 crore order messages on March 24, 2026, executing trades at microsecond matching latency.
Failover infrastructure redundancy - links the primary data centre in Mumbai to a near-disaster recovery facility and a remote disaster recovery site in Chennai capable of full operational takeover within 45 minutes.
Specialized engineering pool - deploys 776 full-time internal IT and critical operations personnel supported by 2,849 technical vendor resources to maintain uptime.

Transaction turnover fees paired with fixed infrastructure rentals

Turnover-based execution fees - charges transaction fees levied as a percentage of traded cash value or derivatives option premium at the instant an order executes on the exchange.
Tiered messaging bandwidth - collects recurring data connectivity fees billed across subscribed Messages Per Second tiers for each market segment.
Contracted facility subscriptions - recognizes colocation rack rentals and live data feed subscriptions on a straight-line basis over the contract period.
Capital-scaled issuer charges - levies initial admission charges on new capital offerings alongside recurring annual listing fees scaled by company size.

Expanding domestic participation while defending leadership against BSE

NSE defends over 90% market share in cash and futures turnover while broader capital market participation deepens nationwide.

Cash market expansion - total Indian cash equity market turnover increased from ₹49.77 trillion in FY16 to ₹280.26 trillion in FY26 as financial savings shifted toward equities.
Broadening retail reach - registered investor counts expanded from 3.99 crore in FY21 to over 13 crore unique investors in 2026, widening the domestic trading liquidity pool.
Domestic venue competition - BSE leads total listed company counts with 5,663 companies against NSE's 2,978, while MCX and NCDEX contest commodity derivative segments.

A Mumbai exchange hub coordinating specialized operating arms

No holding company exists above the exchange; five operating arms handle clearing, tech investments, offshore trading, surveillance, and market indices.

Entity	Stake	What it adds
NSE Clearing Limited	99.99%	Operates domestic clearing, settlement guarantees, and houses Core SGF reserves
NSE Investments Limited	99.99%	Holds operating technology subsidiaries, index IP, and strategic minority investments
NSE IFSC Limited	99.99%	Operates GIFT City international exchange and NSEIX-SGX Connect trading gateway
NSE Data & Analytics Limited	99.99% (indirect)	Distributes live market data feeds and owns terminal vendor Cogencis
NSE Indices Limited	99.99% (indirect)	Owns, calculates, and licenses Nifty benchmark indices to fund managers
NSE Administration and Supervision Limited	99.99%	Regulated surveillance subsidiary monitoring front-running and market abuse

Full secondary exit with zero fresh capital proceeds

Pure secondary offering - the initial public offering consists entirely of an Offer for Sale (a sale of existing shares by current investors rather than issuing new shares) of up to 148,905,525 equity shares, generating zero capital proceeds for corporate balance sheet use.
Broad public shareholder base - the transaction provides liquidity to existing financial and institutional shareholders because the exchange is demutualised and operates with zero Promoters.
Regulatory holding divestments - booked an exceptional gain of ₹1,200.94 crore in FY26 by divesting a 9.00% stake in National Securities Depository Limited to satisfy regulatory ownership limits.

Worth keeping in mind

The company incurred regulatory settlement charges of ₹1,431.56 crore in FY26 and ₹670.18 crore in FY25 to resolve regulatory proceedings regarding colocation access, dark fibre links, and trading access point systems.
Tighter derivatives regulations introduced by SEBI alongside higher securities transaction taxes in CY2024 and CY2025 moderated derivatives contract trading volumes and segment revenues in FY26.
Subsidiary NSE Clearing Limited saw its cash market settlement share decline from 94.24% in FY25 to 88.42% in FY26 following the full operational rollout of clearing interoperability across Indian exchanges.
The board discontinued voluntary profit-and-loss contributions to the Core Settlement Guarantee Fund in January 2025 after fulfilling the regulator-mandated corpus target of ₹10,500 crore.
IT services provider NSEIT ceased to be a subsidiary in February 2025 after being divested, shifting internal tech spending directly onto higher third-party vendor management expense lines.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

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Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

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Mkt Cap

Market Capitalization

₹4,27,160Cr

Close Price

₹1,725.90

Industry

Exchanges

Price To Earnings

47.78

Price To Sales

25.73

Revenue

₹16,601Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Upcoming Results on

3 Nov 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,852	1,788	1,929	2,367	2,635	2,810	3,158	2,824	3,453	4,032	4,968	4,560
Growth YoY Revenue Growth YoY%	87.8	66.6	49.8	67.7	42.3	57.1	63.7	19.3	31.1			13.1
Expenses ExpensesCr	476	416	570	637	553	658	718	599	692	903	1,335	1,009
Operating Profit Operating ProfitCr	1,376	1,373	1,359	1,731	2,082	2,152	2,439	2,225	2,762	3,130	3,633	3,551
OPM OPM%	74.3	76.8	70.5	73.1	79.0	76.6	77.3	78.8	80.0	77.6	73.1	77.9
Other Income Other IncomeCr	-804	236	175	145	191	128	233	297	336	796	414	786
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	72	67	73	80	112	99	105	94	102	150	151	163
PBT PBTCr	500	1,541	1,462	1,796	2,161	2,181	2,567	2,429	2,793	3,776	3,896	4,169
Tax TaxCr	118	367	367	447	519	492	793	562	695	964	1,032	1,048
PAT PATCr	382	1,174	1,095	1,349	1,580	1,689	1,774	1,826	2,067	2,924	2,871	3,120
Growth YoY PAT Growth YoY%	-6.9	66.2	-51.9	546.7	313.7	43.9	62.0	35.4	30.8			6.7
NPM NPM%	20.6	65.7	56.8	57.0	60.0	60.1	56.2	64.7	59.9	72.5	57.8	68.4
EPS EPS₹	27.7	21.9	22.1	27.3	31.9	34.1	35.8	36.9	41.7	11.8	11.6	12.3

Quarter	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,852	1,788	1,929	2,367	2,635	2,810	3,158	2,824	3,453	4,032	4,968	4,560
Growth YoY Revenue Growth YoY%	87.8	66.6	49.8	67.7	42.3	57.1	63.7	19.3	31.1			13.1
Expenses ExpensesCr	476	416	570	637	553	658	718	599	692	903	1,335	1,009
Operating Profit Operating ProfitCr	1,376	1,373	1,359	1,731	2,082	2,152	2,439	2,225	2,762	3,130	3,633	3,551
OPM OPM%	74.3	76.8	70.5	73.1	79.0	76.6	77.3	78.8	80.0	77.6	73.1	77.9
Other Income Other IncomeCr	-804	236	175	145	191	128	233	297	336	796	414	786
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	72	67	73	80	112	99	105	94	102	150	151	163
PBT PBTCr	500	1,541	1,462	1,796	2,161	2,181	2,567	2,429	2,793	3,776	3,896	4,169
Tax TaxCr	118	367	367	447	519	492	793	562	695	964	1,032	1,048
PAT PATCr	382	1,174	1,095	1,349	1,580	1,689	1,774	1,826	2,067	2,924	2,871	3,120
Growth YoY PAT Growth YoY%	-6.9	66.2	-51.9	546.7	313.7	43.9	62.0	35.4	30.8			6.7
NPM NPM%	20.6	65.7	56.8	57.0	60.0	60.1	56.2	64.7	59.9	72.5	57.8	68.4
EPS EPS₹	27.7	21.9	22.1	27.3	31.9	34.1	35.8	36.9	41.7	11.8	11.6	12.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	2,104	2,609	2,997	3,508	5,625	8,313	11,856	14,780	17,141	16,601
Growth Revenue Growth%		24.0	14.9	17.0	60.4	47.8	42.6	24.7	16.0	-3.1
Expenses ExpensesCr	766	832	1,073	1,242	1,484	1,708	2,428	4,910	4,494	5,377
Operating Profit Operating ProfitCr	1,339	1,777	1,924	2,266	4,141	6,605	9,428	9,870	12,647	11,224
OPM OPM%	63.6	68.1	64.2	64.6	73.6	79.5	79.5	66.8	73.8	67.6
Other Income Other IncomeCr	554	546	794	502	550	736	998	1,754	3,374	3,295
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	118	126	142	181	226	310	384	440	547	624
PBT PBTCr	1,775	2,197	2,576	2,525	4,465	7,031	10,042	11,184	15,475	13,896
Tax TaxCr	556	736	868	640	892	1,698	2,540	2,778	3,869	3,716
PAT PATCr	1,219	1,461	1,708	1,885	3,573	5,333	7,502	8,406	11,606	10,180
Growth PAT Growth%		19.9	16.9	10.3	89.6	49.2	40.7	12.1	38.1	-12.3
NPM NPM%	57.9	56.0	57.0	53.7	63.5	64.2	63.3	56.9	67.7	61.3
EPS EPS₹					72.2	105.0	148.6	167.8	49.2	41.6

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	2,104	2,609	2,997	3,508	5,625	8,313	11,856	14,780	17,141	16,601
Growth Revenue Growth%		24.0	14.9	17.0	60.4	47.8	42.6	24.7	16.0	-3.1
Expenses ExpensesCr	766	832	1,073	1,242	1,484	1,708	2,428	4,910	4,494	5,377
Operating Profit Operating ProfitCr	1,339	1,777	1,924	2,266	4,141	6,605	9,428	9,870	12,647	11,224
OPM OPM%	63.6	68.1	64.2	64.6	73.6	79.5	79.5	66.8	73.8	67.6
Other Income Other IncomeCr	554	546	794	502	550	736	998	1,754	3,374	3,295
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	118	126	142	181	226	310	384	440	547	624
PBT PBTCr	1,775	2,197	2,576	2,525	4,465	7,031	10,042	11,184	15,475	13,896
Tax TaxCr	556	736	868	640	892	1,698	2,540	2,778	3,869	3,716
PAT PATCr	1,219	1,461	1,708	1,885	3,573	5,333	7,502	8,406	11,606	10,180
Growth PAT Growth%		19.9	16.9	10.3	89.6	49.2	40.7	12.1	38.1	-12.3
NPM NPM%	57.9	56.0	57.0	53.7	63.5	64.2	63.3	56.9	67.7	61.3
EPS EPS₹					72.2	105.0	148.6	167.8	49.2	41.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	50	50	50	50	248	248
Reserves ReservesCr	11,586	15,361	20,429	23,925	30,106	31,866
Current Liabilities Current LiabilitiesCr	13,534	15,464	10,386	32,027	26,192	41,843
Non Current Liabilities Non Current LiabilitiesCr	4,036	4,725	5,698	9,463	12,921	13,980
Total Liabilities Total LiabilitiesCr	29,206	35,607	36,564	65,464	69,467	87,937
Current Assets Current AssetsCr	20,425	26,389	22,965	43,395	47,223	69,115
Non Current Assets Non Current AssetsCr	8,781	9,218	13,599	22,069	22,244	18,823
Total Assets Total AssetsCr	29,206	35,607	36,564	65,464	69,467	87,937

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	50	50	50	50	248	248
Reserves ReservesCr	11,586	15,361	20,429	23,925	30,106	31,866
Current Liabilities Current LiabilitiesCr	13,534	15,464	10,386	32,027	26,192	41,843
Non Current Liabilities Non Current LiabilitiesCr	4,036	4,725	5,698	9,463	12,921	13,980
Total Liabilities Total LiabilitiesCr	29,206	35,607	36,564	65,464	69,467	87,937
Current Assets Current AssetsCr	20,425	26,389	22,965	43,395	47,223	69,115
Non Current Assets Non Current AssetsCr	8,781	9,218	13,599	22,069	22,244	18,823
Total Assets Total AssetsCr	29,206	35,607	36,564	65,464	69,467	87,937

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,688	3,628	2,904	5,832	1,734	29,744	4,091	23,836
Investing Cash Flow Investing Cash FlowCr	-402	178	-2,402	-4,185	-3,217	-8,336	-5,431	-46
Financing Cash Flow Financing Cash FlowCr	-1,014	-1,084	-571	-1,258	-2,100	-3,994	-4,600	-8,809
Net Cash Flow Net Cash FlowCr	272	2,722	-69	388	-3,583	17,414	-5,939	14,981
Free Cash Flow Free Cash FlowCr			2,527	5,323	1,331	29,275	2,816	22,096
CFO To PAT CFO To PAT%	98.8	192.5	81.3	109.3	23.1	353.8	35.3	234.2
CFO To EBITDA CFO To EBITDA%	87.7	160.1	70.1	88.3	18.4	301.4	32.4	212.4

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,688	3,628	2,904	5,832	1,734	29,744	4,091	23,836
Investing Cash Flow Investing Cash FlowCr	-402	178	-2,402	-4,185	-3,217	-8,336	-5,431	-46
Financing Cash Flow Financing Cash FlowCr	-1,014	-1,084	-571	-1,258	-2,100	-3,994	-4,600	-8,809
Net Cash Flow Net Cash FlowCr	272	2,722	-69	388	-3,583	17,414	-5,939	14,981
Free Cash Flow Free Cash FlowCr			2,527	5,323	1,331	29,275	2,816	22,096
CFO To PAT CFO To PAT%	98.8	192.5	81.3	109.3	23.1	353.8	35.3	234.2
CFO To EBITDA CFO To EBITDA%	87.7	160.1	70.1	88.3	18.4	301.4	32.4	212.4

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr											4,27,160
Price To Earnings Price To Earnings											47.8
Price To Sales Price To Sales											25.7
Price To Book Price To Book											13.3
EV To EBITDA EV To EBITDA											34.4
Profitability Ratios Profitability Ratios
GPM GPM%					96.5	97.3	97.1	96.9	99.2	99.2	99.2
OPM OPM%	63.6	68.1	64.2	64.6	73.6	79.5	79.5	66.8	73.8	67.6	67.6
NPM NPM%	57.9	56.0	57.0	53.7	63.5	64.2	63.3	56.9	67.7	61.3	61.3
ROCE ROCE%					38.1	45.3	48.7	46.4	50.1	42.7	42.7
ROE ROE%					30.7	34.6	36.6	35.1	38.2	31.7	31.7
ROA ROA%					12.2	15.0	20.5	12.8	16.7	11.6	11.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr											4,27,160
Price To Earnings Price To Earnings											47.8
Price To Sales Price To Sales											25.7
Price To Book Price To Book											13.3
EV To EBITDA EV To EBITDA											34.4
Profitability Ratios Profitability Ratios
GPM GPM%					96.5	97.3	97.1	96.9	99.2	99.2	99.2
OPM OPM%	63.6	68.1	64.2	64.6	73.6	79.5	79.5	66.8	73.8	67.6	67.6
NPM NPM%	57.9	56.0	57.0	53.7	63.5	64.2	63.3	56.9	67.7	61.3	61.3
ROCE ROCE%					38.1	45.3	48.7	46.4	50.1	42.7	42.7
ROE ROE%					30.7	34.6	36.6	35.1	38.2	31.7	31.7
ROA ROA%					12.2	15.0	20.5	12.8	16.7	11.6	11.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	NSE	BSE	MCX	IEX
Market CapitalizationMkt CapCr	4,27,160	1,36,070	81,202	9,345
Close PriceClose₹	1,725.90	3,336.00	3,184.50	104.80
IndustryIndustry	Exchanges	Exchanges	Exchanges	Exchanges
Price To EarningsPE	47.78	48.53	52.67	18.39
Price To SalesPS	25.73	25.00	30.87	14.79
RevenueRevenueCr	16,601	5,442	2,631	632
Revenue Growth TTMRev Gr TTM%		60.7%	110.2%	13.7%
PAT Growth TTMPAT Gr TTM%		76.8%	136.4%	11.8%

	NSE	BSE	MCX	IEX
Market CapitalizationMkt CapCr	4,27,160	1,36,070	81,202	9,345
Close PriceClose₹	1,725.90	3,336.00	3,184.50	104.80
IndustryIndustry	Exchanges	Exchanges	Exchanges	Exchanges
Price To EarningsPE	47.78	48.53	52.67	18.39
Price To SalesPS	25.73	25.00	30.87	14.79
RevenueRevenueCr	16,601	5,442	2,631	632
Revenue Growth TTMRev Gr TTM%		60.7%	110.2%	13.7%
PAT Growth TTMPAT Gr TTM%		76.8%	136.4%	11.8%

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