National Stock Exchange of India Limited
/8 shares
₹1,700 – ₹1,785
8 Equity Shares
Up to ₹22,568.94 Cr
₹1 per Equity Share
100% Book Built OFS
BSE Limited only
NSE IPO Schedule
Key dates at a glance
16 Sep 2026
Wednesday
17 Sep 2026
Thursday
21 Sep 2026
Monday
24 Sep 2026
BSE Limited
NSE IPO opens on 17 September 2026
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Business Overview
National Stock Exchange of India Limited was incorporated on November 27, 1992 and operates from Exchange Plaza, Bandra Kurla Complex, Mumbai. It has been the largest stock exchange in India by total turnover in the cash market and by total turnover in equity derivatives, measured on notional turnover for equity options, from Fiscal 2001 through Fiscal 2026 and the three months ended June 30, 2026, and the largest by total turnover in exchange-traded currency derivatives from Fiscal 2009 over the same span, according to the Redseer Report. It is a first level regulator under the SEBI circular on charges levied by Market Infrastructure Institutions dated July 1, 2024, combining the trading platform with surveillance, issuer oversight and intermediary supervision, and it clears and settles through its subsidiaries NSE Clearing Limited and NSE IFSC Clearing Corporation Limited.
Market leadership is near-total in cash equities and equity futures and dominant, but eroding, in equity options. In Fiscal 2026 and the three months ended June 30, 2026 respectively, NSE held 92.99% and 93.05% of the Indian cash market by total turnover, 99.79% and 99.72% of equity futures, 74.71% and 68.48% of equity options on premium turnover, 99.48% and 100.00% of exchange-traded currency futures and 100.00% and 100.00% of exchange-traded currency options. Against leading listed exchange groups globally it was the largest multi-asset class exchange by number of cash equity trades and equity derivative contracts in both periods, with a global share of 11.38% and 51.18% respectively in Fiscal 2026, and it has been the world’s largest derivatives exchange by contracts traded for seven consecutive years.
As of June 30, 2026 the exchange served 132.37 million Unique Registered Investors across over 99% of Indian postal codes, supported 261.36 million registered investor accounts and 1,328 trading members, and hosted 3,005 Listed Entities. Revenue from operations was ₹16,601.31 Crore in Fiscal 2026 and Profit After Tax ₹10,302.06 Crore. In the three months ended June 30, 2026 revenue from operations rose 13.10% to ₹4,560.41 Crore and Profit After Tax rose 6.71% to ₹3,120.08 Crore.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | September 17, 2026 to September 21, 2026 |
| Anchor Investor Bidding Date | September 16, 2026 |
| Issue Type | 100% Book Built Offer – Offer for Sale only |
| Tentative Listing Date | September 24, 2026 on BSE Limited only |
| Face Value | ₹1 per Equity Share |
| Price Band | ₹1,700 to ₹1,785 per Equity Share |
| Employee Discount | ₹170 per Equity Share |
| Lot Size | 8 Equity Shares |
| Minimum Retail Investment | ₹14,280 for 1 lot at the Cap Price |
| Issue Size | Up to 12,64,36,650 Equity Shares; ₹21,494.23 Crore at the Floor Price to ₹22,568.94 Crore at the Cap Price |
| Fresh Issue | Nil |
| Offer for Sale | Up to 12,64,36,650 Equity Shares of face value ₹1 each |
| Employee Reservation | Up to ₹70.00 Crore |
| Offer as % of Post-Offer Capital | 5.11% |
| Equity Shares Pre and Post Offer | 2,47,50,00,000 Equity Shares (unchanged) |
| Post-Issue Market Cap | ₹4,20,750.00 Crore at the Floor Price to ₹4,41,787.50 Crore at the Cap Price |
Objects of the Offer
The Offer is entirely an Offer for Sale. The Company will not receive any proceeds; the entire amount, net of each Selling Shareholder’s share of Offer expenses and taxes, goes to the Selling Shareholders.
| Issue Objects | Est. Amt (₹ Cr.) |
|---|---|
| Carry out the Offer for Sale of up to 12,64,36,650 Equity Shares by the Selling Shareholders | 21,494.23 – 22,568.94 |
| Achieve the benefits of listing the Equity Shares on BSE Limited | Not quantified |
| Total | 21,494.23 – 22,568.94 |
Key Strengths and Opportunities
-
Market Leadership Across Every Asset Class on Which the Exchange Trades
In Fiscal 2026 and the three months ended June 30, 2026 respectively, NSE held 92.99% and 93.05% of the Indian cash market by total turnover, 99.79% and 99.72% of equity futures, 74.71% and 68.48% of equity options on premium turnover, 99.48% and 100.00% of exchange-traded currency futures and 100.00% and 100.00% of exchange-traded currency options. It has been the largest Indian exchange by cash market and equity derivatives turnover continuously from Fiscal 2001, and by currency derivatives turnover from Fiscal 2009. -
Structural Growth in Indian Capital Markets Feeds Directly Into the Platform
As of June 30, 2026 NSE served 132.37 million Unique Registered Investors across over 99% of Indian postal codes. Total Fund Mobilisation on the exchange was ₹20,33,000.00 Crore in Fiscal 2026 and ₹6,19,000.00 Crore in the three months ended June 30, 2026. NSE has been among the top three exchange groups globally by number of new IPO listings from Fiscal 2023 to Fiscal 2026. -
A Vertically Integrated Stack with a Record of Firsts
NSE was the first stock exchange in India, among those still operational, to introduce a fully automated screen-based electronic trading system through the NEAT platform, and NSE Clearing was India’s first clearing corporation to be established and the first to provide a settlement guarantee mechanism. NSE Clearing was also among the first clearing corporations globally to transition gradually to a T+1 settlement cycle and has since introduced T+0. -
Technology Platform Engineered for Scale and Designated Critical Infrastructure
NSE has been designated a Critical Information Infrastructure by the National Critical Information Infrastructure Protection Centre. Its systems combine fault-tolerant servers with inbuilt redundancy and maintain a 4:1 ratio for critical telecom links. The platform handles equities, bonds, derivatives, exchange-traded funds, mutual funds, REITs and InvITs with microsecond order response times and nanosecond acknowledgement response times in major trading segments. -
Scale, Margins and Cash Generation That Fund Growth Internally
Total income grew to ₹18,713.37 Crore in Fiscal 2026 from ₹16,352.06 Crore in Fiscal 2024. In Fiscal 2026 NSE had one of the lowest non-volume-linked expenses, the highest adjusted operating EBITDA margin and one of the highest Profit After Tax Margins among leading listed stock exchange groups globally. Normalised Operating EBITDA was ₹12,655.90 Crore in Fiscal 2026 and dividend per share was ₹35 in both Fiscals 2026 and 2025.
Key Risks
-
High Dependence on Transaction Charges and Options Revenue
Transaction charges were 79.44%, 78.65%, 79.55% and 82.07% of revenue from operations in the three months ended June 30, 2026 and Fiscals 2026, 2025 and 2024, of which the options business alone contributed 60.17%, 60.22%, 59.47% and 64.62% respectively. Revenue from transaction charges fell 4.24% in Fiscal 2026 and futures transaction charges fell 14.31%, reflecting lower average daily trading volumes following regulatory measures introduced to strengthen the equity index derivatives framework. -
Nearly Half of Revenue Is Routed Through Ten Trading Members
The top ten trading members contributed 47.00% of revenue from operations in the three months ended June 30, 2026 and 46.78%, 44.48% and 45.26% in Fiscals 2026, 2025 and 2024. The loss, reduced activity or financial distress of one or more of these members, or their migration to competing exchanges or alternative trading venues, could reduce trading volumes and adversely affect revenue. -
Equity Options Market Share Has Fallen Sharply
NSE’s market share in equity options by premium turnover declined from 96.86% in Fiscal 2024 to 87.43% in Fiscal 2025, 74.71% in Fiscal 2026 and 68.48% in the three months ended June 30, 2026. This is significant because the options segment generated 60.17% of revenue in the latest quarter. Further regulatory interventions and higher securities transaction tax rates on derivatives may moderate speculative turnover and could disproportionately affect NSE.
Financial Snapshot
| Key Performance Indicator | Units | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Revenue from Operations | ₹ Cr. | 16,601.31 | 17,140.68 | 14,780.01 |
| Revenue Growth | % | (3.15) | 15.97 | NA |
| Total Income | ₹ Cr. | 18,713.37 | 19,176.83 | 16,352.06 |
| Transaction Charges | ₹ Cr. | 13,057.01 | 13,635.76 | 12,129.64 |
| Operating EBITDA | ₹ Cr. | 11,097.90 | 12,646.88 | 9,869.81 |
| Operating EBITDA Margin | % | 66.85 | 73.78 | 66.78 |
| Normalised Operating EBITDA | ₹ Cr. | 12,655.90 | 13,317.07 | 11,442.45 |
| Normalised Operating EBITDA Margin | % | 76.23 | 77.69 | 77.42 |
| Profit After Tax | ₹ Cr. | 10,302.06 | 12,187.69 | 8,305.74 |
| PAT Margin | % | 50.98 | 55.30 | 47.13 |
| Basic and Diluted EPS | ₹ | 41.62 | 49.24 | 33.56 |
| Dividend per Share | ₹ | 35.00 | 35.00 | 18.00 |
| Return on Net Worth | % | 33.21 | 45.14 | 37.60 |
| Return on Equity | % | 32.98 | 44.87 | 37.37 |
| Return on Capital Employed | % | 42.80 | 52.11 | 45.50 |
| Total Borrowings (Fund Based) | ₹ Cr. | Nil | Nil | Nil |
Q1 FY2027 Performance
| Key Performance Indicator | Units | Q1 FY2027 | Q1 FY2026 | Change |
|---|---|---|---|---|
| Revenue from Operations | ₹ Cr. | 4,560.41 | 4,032.24 | 13.10% |
| Operating EBITDA | ₹ Cr. | 3,594.25 | 3,129.74 | 14.84% |
| Operating EBITDA Margin | % | 78.81 | 77.62 | 119 bps |
| Profit After Tax | ₹ Cr. | 3,120.08 | 2,923.85 | 6.71% |
| ADTV – Cash Market | ₹ Cr. | 1,35,948.73 | 1,08,542.18 | 25.25% |
| ADTV – Equity Options (Premium Value) | ₹ Cr. | 64,351.78 | 55,513.61 | 15.92% |
| ADTV – Equity Futures | ₹ Cr. | 1,53,078.90 | 1,68,429.64 | (9.11)% |
| Unique Registered Investors | Million | 132.37 | 116.23 | 13.89% |
Peer Comparison
| Company | FY2026 Revenue (₹ Cr.) | P/E (x) | RoNW (%) |
|---|---|---|---|
| National Stock Exchange of India Limited | 16,601.31 | 40.85 – 42.89 | 33.21 |
| BSE Limited | 4,833.95 | 54.28 | 45.00 |
Valuation
| Metric | At Floor ₹1,700 | At Cap ₹1,785 |
|---|---|---|
| Post-Issue Market Capitalisation (₹ Cr.) | 4,20,750.00 | 4,41,787.50 |
| Offer Size (₹ Cr.) | 21,494.23 | 22,568.94 |
| P/E on FY2026 EPS of ₹41.62 (x) | 40.85 | 42.89 |
| P/E on Trailing Twelve Month EPS of ₹42.42 (x) | 40.08 | 42.08 |
| P/B on FY2026 NAV of ₹129.75 (x) | 13.10 | 13.76 |
| P/B on June 30, 2026 NAV of ₹142.40 (x) | 11.94 | 12.54 |
| Market Cap / FY2026 Revenue (x) | 25.34 | 26.61 |
| Dividend Yield on FY2026 DPS of ₹35 (%) | 2.06 | 1.96 |
| Industry P/E – BSE Limited (x) | 54.28 | 54.28 |
Conclusion
National Stock Exchange of India Limited (NSE) offers investors an opportunity to participate in one of the strongest market infrastructure businesses in India. The company has a near-dominant position across major asset classes, with 92.99% market share in cash equities, 99.79% in equity futures and 74.71% in equity options in FY2026. Its scale, liquidity, technology infrastructure, integrated clearing ecosystem and extensive investor base create a strong competitive moat that would be difficult for competitors to replicate. Financially, NSE remains highly attractive, despite a moderation in FY2026. Revenue from operations stood at ₹16,601 crore, while PAT was ₹10,302 crore, with an operating EBITDA margin of 66.85% and ROE of 32.98%. The balance sheet is also strong, with zero fund-based borrowings and substantial treasury investments. More importantly, Q1 FY2027 showed renewed momentum, with revenue rising 13.10%, operating EBITDA increasing 14.84% and cash-market ADTV growing 25.25% year-on-year. However, investors should monitor the company’s dependence on derivatives. Options contributed 60.22% of FY2026 revenue from operations, while NSE’s equity-options market share declined from 96.86% in FY2024 to 68.48% in Q1 FY2027. Continued regulatory interventions and higher transaction taxes could impact speculative derivatives volumes. At the upper price of ₹1,785, NSE is valued at 42.89x FY2026 earnings, which is supported by its superior market position, profitability, scalability and long-term growth opportunity. Considering its dominant leadership, strong financial profile, high margins, debt-free balance sheet and structural growth in India’s capital markets, we suggest subscribing to this IPO for the long term.
