| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 14780.01 | 17140.68 | 16601.31 |
| Expenses | 3608.78 | 4806.29 | 5999.90 |
| Other Income | 1572.05 | 2036.15 | 2112.06 |
| Total Revenue | 16352.06 | 19176.83 | 18713.37 |
| Profit Before Tax | 11184.28 | 15474.78 | 13895.58 |
| Net Profit | 8305.74 | 12187.69 | 10302.06 |
National Stock Exchange of India
National Stock Exchange of India IPO
₹13,600
Bidding Dates 17 Sept, 26 -21 Sept, 26
Min Investment ₹13,600
Lot Size8
Price Range ₹1,700 – ₹1,785
Issue Size ₹22,568.94 Cr.
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IPO Timeline
IPO Offer Start
17 Sept,26
IPO Offer Ends
21 Sept,26
Allotment Finalisation
22 Sept,26
Refund Initiation
23 Sept,26
Listing of Shares
24 Sept,26
IPO Analysis
Strengths
The company has been the largest stock exchange in India in terms of total turnover in cash market and equity derivatives from Fiscal 2001 to Fiscal 2026, with market share of 92.99% in cash market and 99.79% in equity futures in Fiscal 2026.
The company was the largest multi-asset class exchange globally in terms of number of trades in cash equities (11.38% global market share) and contracts traded in equity derivatives (51.18% global market share) in Fiscal 2026.
The company enabled mobilisation of ₹4.78 trillion in equity capital and facilitated Total Fund Mobilisation of ₹20.33 trillion through its platform in Fiscal 2026, serving as a key catalyst for India's capital formation.
Risks
The company derives 79.44% of revenue from transaction charges, with options business contributing 60.17% of total revenue. Any significant decrease in trading volumes could severely impact financial performance, particularly given regulatory measures that reduced revenue from transaction charges by 4.24% in Fiscal 2026.
The company derived 47.00% of revenue from its top ten trading members in the three months ended June 30, 2026. Loss or reduced activity of key trading members could materially impact revenues and business operations.
The company operates under strict SEBI oversight and has been subject to enforcement actions, monetary penalties, and adjudication proceedings. Settlement amounts totaling ₹14,912.07 million have been paid for colocation and dark fiber matters, with ongoing regulatory scrutiny posing continued risks.
Objectives
The company is conducting an Offer for Sale of up to 126,436,650 Equity Shares of face value of ₹1 each by certain Selling Shareholders. Each Selling Shareholder will be entitled to its respective portion of the proceeds after deducting Offer-related expenses and relevant taxes.
The company aims to achieve the benefits of listing the Equity Shares on BSE. The listing is expected to enhance the company's visibility and brand image, provide liquidity to Shareholders and establish a public market for the Equity Shares in India.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 65463.98 | 69466.64 | 87937.44 |
| Current Assets | 42559.30 | 46984.30 | 68825.72 |
| Fixed Assets | 22052.18 | 22243.94 | 18822.61 |
| Total Equity & Liabilities | 65463.98 | 69466.64 | 87937.44 |
| Total Liabilities | 32632.86 | 27038.06 | 42744.75 |
| Current Liabilities | 31711.87 | 26106.28 | 41829.16 |
| Non Current Liabilities | 551.68 | 845.62 | 901.29 |
| Total Equity | 23973.88 | 30353.33 | 32113.54 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 17287.59 | -5939.24 | 14981.46 |
| Investing Activities | -8463.00 | -5430.98 | -45.87 |
| Operating Activities | 29744.28 | 4091.49 | 23836.18 |
| Financing Activities | -3993.69 | -4599.75 | -8808.85 |
About National Stock Exchange of India
The company operates as India's largest stock exchange and vertically integrated multi-asset class platform, providing trading, clearing, listing and settlement services across cash market, futures, options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market and interest rate futures. The company has been the largest stock exchange in India...more
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Managing DirectorShri Ashishkumar Chauhan
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