Business Profile of National Stock Exchange of India
The National Stock Exchange of India Limited is the stock exchange in India and it is also leading global exchange platform. National Stock Exchange of India Limited is located in Mumbai and it was started in 1992. NSE introduced India’s first fully automated electronic trading system, enhancing market transparency and efficiency. The exchange operates across equities, derivatives, currency, debt, ETFs, and mutual funds, serving millions of investors and market participants. NSE is the creator of the NIFTY 50 Index, one of India’s most widely tracked benchmark indices. Through its advanced technology infrastructure and market services, NSE plays a critical role in the growth, development, and modernization of India’s capital markets.
Objective of National Stock Exchange of India IPO
As per the draft red hearing prospects, the IPO issue consists only OFS. The OFS issue consists of 148,905,52 shares at the face value of ₨ 1.00 each aggregating up to ₹ XXXX millions. There are only OFS and main objective of company is to achieve the benefits of listing the Equity Shares on the Stock Exchanges.
Details of National Stock Exchange of India IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to 148,905,52 Equity Shares |
| Aggregating up to ₨ XXXX million | |
| Fresh Issue | N.A |
| N.A | |
| Offer For Sale | Up to 148,905,52 Equity Shares |
| Aggregating up to ₨ XXXX million | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
National Stock Exchange of India IPO: Issue Price & Size
The issue price of NATIONAL STOCK EXCHANGE OF INDIA hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has only OFS issues aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of National Stock Exchange of India IPO
The IPO opening date of NATIONAL STOCK EXCHANGE OF INDIA hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of National Stock Exchange of India
| Particulars (In Millions) | Ended 31 March 2026 |
Ended 31 March 2025 |
Ended 31 March 2024 |
| Income | |||
| Revenue from operations | 166,013.09 | 171,406.78 | 147,800.11 |
| Other income | 21,120.61 | 20,361.53 | 15,720.51 |
| Total income | 187,133.70 | 191,768.31 | 163,520.62 |
| Expenses | |||
| Employee benefits expenses | 7,899.75 | 6,721.40 | 4,603.99 |
| Regulatory fees | 7,963.50 | 9,626.45 | 9,805.73 |
| Depreciation and amortisation expenses | 6,235.14 | 5,465.86 | 4,395.51 |
| Other expenses | 37,900.64 | 26,249.21 | 17,282.62 |
| Total expenses | 59,999.03 | 48,062.92 | 36,087.85 |
| Profit before Share of profits of associates accounted for using equity method ,Core SGF , Exceptional items & Tax | 127,134.67 | 143,705.39 | 127,432.77 |
| Share of profits of associates accounted for using equity method | 1,081.88 | 1,288.56 | 1,005.40 |
| Profit before Contribution to Core SGF , Exceptional items and Tax | 128,216.55 | 144,993.95 | 128,438.17 |
| Less : Contribution to Core SGF | 5.76 | 2,340.89 | 17,409.72 |
| Profit before Exceptional items and Tax | 128,210.79 | 142,653.06 | 111,028.45 |
| Add / ( Less ) : Exceptional items | |||
| Profit on sale of investment in associates | 12,009.41 | 12,094.72 | 814.35 |
| Impact of new Labour Code | ( 1,264.41 ) | – | – |
| Profit before tax for the year from Continuing Operations | 138,955.79 | 154,747.78 | 111,842.80 |
| Less : Income Tax expense | |||
| Current tax | 37,429.33 | 39,389.92 | 26,261.60 |
| Deferred tax expense / ( benefit ) | ( 268.83 ) | ( 699.62 ) | 1,516.401 |
| Total tax expenses | 37,160.50 | 38,690.30 | 27,778.00 |
| Profit for the year from Continuing Operations | 101,795.29 | 116,057.48 | 84,064.80 |
Key financial ratios of National Stock Exchange of India
| Particulars | Units | Ended March 2026 | Ended March 2025 | Ended March 2024 |
| Profit for the year ( ” PAT ” ) | million | 103,020.61 | 121,876.89 | 83,057.41 |
| Operating EBITDA | million | 110,979.03 | 126,468.83 | 98,698.05 |
| Operating EBITDA Margin | % | 66.85 | 73.78 | 66.78 |
| Operating Profit | million | 104,743.89 | 121,002.97 | 94,302.54 |
| Operating Profit Margin | % | 63.09 | 70.59 | 63.80 |
| Normalised Operating EBITDA | million | 126,559.01 | 133,170.67 | 114,424.53 |
| Normalised Operating EBITDA Margin | % | 76.23 | 77.69 | 77.42 |
| Profit Before Tax Margin from continuing operations | % | 69.40 | 75.43 | 67.64 |
| Normalised Profit Before Tax from continuing operations | million | 141,207.06 | 149,141.00 | 126,754.93 |
| Normalised Profit Before Tax Margin from continuing operations | % | 75.55 | 77.34 | 77.04 |
| Profit After Tax Margin | % | 50.98 | 55.30 | 47.13 |
| Book value per share | ₹ | 129.75 | 122.64 | 96.86 |
| Return on Capital Employed | % | 42.80 | 52.11 | 45.50 |
| Return on Equity | % | 32.98 | 44.87 | 37.37 |
Promoters & Shareholding National Stock Exchange of India IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name of shareholder | Number of shares | Percentage of shareholding |
| Promoter & Promoter Group | – | – |
| Public | 1,604,781,764 | 64.84 |
| Trading Members and Associate | 870,218,236 | 35.16 |
| Total | 2,475,000,000 | 100.00 |
Should You Subscribe To National Stock Exchange of India IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of National Stock Exchange of India IPO
Market leader in India
The company has been the largest stock exchange in India in terms of total turnover in cash market and total turnover in equity derivatives from Fiscal 20016 to Fiscal 2026, and have also been the largest stock exchange in India in terms of total turnover in exchange-traded currency derivatives from Fiscal 20097 to Fiscal 2026. In market share positions in India across key asset classes, they have market share of 92.99% in cash market, 99.79% in equity futures, 74.71% in equity options, 99.48% in exchange-traded currency futures, 100.00% for exchange-traded currency options. This leadership reflects sustained investment in technology, governance, and product upgrades.
Strong brand synonymous with trust
NSE work with Indian regulators such as SEBI and the International Financial Services Centres Authority (“IFSCA”) on various policy matters, which further strengthens investor trust and confidence in capital markets. In Fiscal 1995, NSE was the first stock exchange in India, among the ones still operational, to introduce a fully automated, screen-based electronic trading system. This technological foundation continues to underpin company operations and contributes significantly to market transparency.
Sustained cash flows
The Total income of NSE has grown to ₹187,133.70 million in Fiscal 2026 from ₹163,520.62 million in Fiscal 2024. Further, in Fiscal 2026. They had one of the lowest non-volume-linked expenses, the highest adjusted operating EBITDA margin, and one of the highest Profit After Tax Margin compared to leading listed stock exchange groups globally. The breadth of NSE from equities and derivatives to fixed income and commodities along with their listing, clearing and other services, positions company to capture growth across diverse segments of the financial economy.
Track record of innovative offerings
In Fiscal 1995, NSE was the first stock exchange in India, among the ones still operational, to introduce a fully automated, screen-based electronic trading system through the NEAT platform. In May 2008, NSE was the first stock exchange in India to launch exchange-traded currency derivatives on August 29, 2008. NSE had a market share of 71.38% in electricity futures (in number of lots traded) between July 14, 2025 to March 31, 2026. NCL was one of the first clearing corporations globally to gradually transition to a T+1 settlement cycle, further introducing a T+0 settlement cycle, strengthening the settlement mechanism.
Risk Factors of National Stock Exchange of India IPO
Decline in Volumes Poses Growth Risk
They earn revenue based on trades executed on their stock exchange, listing fees from Listed Entities, and fees from ancillary services such as Data Feed & Terminal services, data centre related services, and licensing services. The transaction charges they earn are driven principally by the volume of trades executed across various products. Any significant decrease in the volume and value of transactions executed on stock exchange could significantly reduce demand for products, constrain company growth, and adversely affect business.
Regulatory Compliance Risk
The company operates in a highly regulated industry, primarily overseen by SEBI. They are also subject to periodic inspections by SEBI and, pursuant to such inspections, have received observations, show cause notices, and administrative warning, deficiency and advisory letters in relation to certain regulatory matters, and there can be no assurance that further such communications will not be issued in the future.
Third-Party IT Dependency Risk
The business of company depends on the continuous, reliable, and secure performance of their information technology infrastructure, computers, communications networks, and trading and settlement software. With trading being fully electronic, technological robustness of market infrastructure is critical. Any disruption, whether from software malfunctions, connectivity failures, or order-matching errors, has the potential to affect market integrity and investor confidence at scale.
Options Trading Slowdown Risk
In Fiscals 2026, 2025 and 2024, company derived 78.65%, 79.55% and 82.07% of its revenue from operations from transaction charges of which their options business contributed 60.22%, 59.47% and 64.62% of revenue from operations, and their futures business contributed 8.92%, 10.08% and 8.45% of revenue from operations. Any failure to maintain or increase trading volumes, could result in loss of market share, reduced revenue from operations from their transaction charges, and other adverse effects on company business, results of operations, financial condition, and prospects.
National Stock Exchange of India IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the NATIONAL STOCK EXCHANGE OF INDIA is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
