NSE Q2 Results 2025: Net Profit Drops 33% As One-Time Provision Hits Earnings

Some results don’t just move through the market—they ripple through it.

That’s what happened when the National Stock Exchange (NSE) released its Q2 results, showing a steep fall in profit triggered by a one-time provision linked to regulatory settlements. The report drew attention not only for the headline numbers but also for the story behind them.

Market Performance Snapshot

The numbers carried weight, especially with the sharp change in bottom-line performance.

• NSE Q2 profit: ₹2,098 crore
• YoY decline: 33%
• One-time provision: ₹1,297 crore (including interest)

Main News: NSE Q2 Results 2025 In Detail

The September quarter brought a shift in the exchange’s financial profile.

What stood out most was the impact of the settlement-linked provision, which reshaped the earnings picture.

Without that provision, the quarter looked very different.

• NSE Q2 consolidated net profit without provision: ₹3,395 crore

But with it, the headline number landed at ₹2,098 crore, marking a significant 33% YoY drop from ₹3,137 crore.

Revenue Performance

Revenue took a hit as well.

• NSE Q2 revenue: ₹3,677 crore
• YoY decline: 18%
• Previous year: ₹4,510 crore

For a market infrastructure institution, this decline set the tone for a more subdued quarter.

Operating Metrics: EBITDA & Margins

Operating performance softened substantially.

• EBITDA: ₹1,484 crore
• YoY fall: 56%
• Previous year: ₹3,344 crore
• EBITDA margin: 40%
• Margin contraction: from 74% (340 bps decline)

The contraction showed how sharply the operating cost structure changed during the quarter.

Earnings Per Share

EPS also reflected the quarter’s shift.

• Q2FY26 EPS: ₹8.48
• Q1FY26 EPS: ₹11.81
• Q2FY25 EPS: ₹12.6

The numbers were reported after factoring in the 4:1 bonus issue completed in Q3FY25.

Company Details: Volumes, Regulatory Matters & H1 Contribution

The quarter wasn’t just about profit and revenue. Trading activity, regulatory matters, and the exchange’s contribution to the exchequer also shaped the narrative.

One-Time Settlement Provision

The ₹1,297 crore provision—covering the settlement applications for colocation and dark fibre matters—defined the quarter’s profitability.

It included interest and was recognised during the September period.

Average Daily Traded Volume (ADTV)

Volumes showed a clear sequential dip across segments.

• Cash market ADTV: ₹95,705 crore (down 12% QoQ)
• Equity futures ADTV: ₹1,41,042 crore (down 16% QoQ)
• Equity options premium ADTV: ₹46,442 crore (down 16% QoQ)

The drop across all major segments indicated calmer market activity during the quarter.

H1FY26 Contribution to Exchequer

Across the first half of the financial year, the National Stock Exchange contributed:

• Total: ₹28,308 crore
  • STT/CTT: ₹23,451 crore
  • Stamp duty: ₹1,651 crore
  • SEBI fees: ₹496 crore
  • Income tax: ₹1,809 crore
  • GST: ₹901 crore

A significant portion came from transaction-based taxes, reflecting the scale of market participation.

Summary

The NSE Q2 results 2025 presented a quarter shaped heavily by a notable one-time provision.

With profit down 33%, revenue lower by 18%, and EBITDA falling 56%, the numbers reflected a softer period influenced by regulatory settlements and slower trading volumes.

Yet, beneath the headline results, the core data—ADTV trends, revenue mix, and H1 contributions—offered a clear picture of how the exchange navigated a quarter packed with structural and regulatory adjustments.