NSE
NSE India's FY26 numbers came in ahead of consensus on the back of record derivatives volumes, though the regulatory overhang around the exchange's long-pending IPO continues to weigh on how the market prices the unlisted stock.
FY26 at a glance
- Revenue
- ₹18,400 Cr
- Net profit
- ₹11,200 Cr
- Operating margin
- 68%
- Market share (cash)
- 93%
+22% YoY
+19% YoY
+2pp YoY
vs BSE
Revenue and net profit, FY22–FY26 (₹ Cr)
Illustrative — standalone
The listing question
Even accounting for that discount, NSE's earnings power is hard to ignore — it remains the dominant exchange by volume across both cash and derivatives segments, with limited credible competition on the horizon.
Our take
We stay constructive on NSE for investors with a multi-year horizon and tolerance for listing-timeline uncertainty. The business fundamentals are not in question; the timing of value realisation is.