National Stock Exchange of India Limited IPO

Incorporated in November 1992, National Stock Exchange of India Limited (NSE) is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. NSE provides a vertically integrated ecosystem comprising trading, clearing, settlement, listing, market data, index services, and regulatory oversight across multiple asset classes, including equities, derivatives, currency derivatives, commodities, debt securities, and mutual funds. As of March 31, 2026, the exchange served over 253 million registered investor accounts, 129 million unique investors, 1,325 trading members, and 2,978 listed companies, with a total listed market capitalization of approximately ₹411 trillion. NSE plays a critical role in India’s capital market ecosystem by promoting transparency, investor protection, efficient price discovery, and broad-based financial inclusion across more than 99% of Indian postal codes.

National Stock Exchange of India Limited IPO Overview

National Stock Exchange of India Limited’s initial public offering is a book-built issue consisting entirely of an offer for sale of up to 14,89,05,525 equity shares, representing approximately 6% of NSE’s paid-up capital. The DRHP was filed with SEBI on June 17, 2026. The issue is 100% an OFS with no fresh issue component, meaning the exchange itself will not receive any proceeds. The equity shares are proposed to be listed on BSE. Kotak Mahindra Capital Company is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Since the issue is entirely an OFS, the company will not receive any proceeds from the public issue. The company’s shareholding pre-issue and post-issue remains unchanged at 2,47,50,00,000 equity shares. Key details like IPO dates, price bands, and lot size are yet to be announced.

National Stock Exchange of India Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	14,89,05,525 shares (aggregating up to ₹[.] Cr)
Fresh Issue	Nil
Offer for Sale (OFS)	14,89,05,525 shares (aggregating up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹1 per share
Listing Exchange	BSE
Shareholding pre-issue	2,47,50,00,000 shares
Shareholding post-issue	2,47,50,00,000 shares

National Stock Exchange of India Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

National Stock Exchange of India Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

National Stock Exchange of India Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹41.62
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	33.21%
Net Asset Value (NAV)	₹129.75
Return on Equity (RoE)	32.98%
Return on Capital Employed (RoCE)	42.80%
EBITDA Margin	66.85%
PAT Margin	50.98%
Debt to Equity Ratio	–

Objectives of the IPO Proceeds

• Being entirely an OFS issue, the IPO proceeds will entirely go to the selling shareholders, and the company will not receive any proceeds from the public issue.

National Stock Exchange of India Limited Financials (₹ in Millions)

Particulars	March 31, 2026	March 31, 2025	March 31, 2024
Total Assets	879,374.42	694,666.38	654,639.78
Revenue from Operations	166,013.09	171,406.78	147,800.11
Profit After Tax	103,020.61	121,876.89	83,057.41
Reserves and Surplus	318,660.41	301,058.26	239,249.05
Total Borrowings	—	—	—
Total Liabilities	558,239.01	391,133.12	414,901.03

Financial Status of National Stock Exchange of India Limited

National Stock Exchange of India Limited IPO Strengths

A. Largest Stock Exchange in India Across Key Trading Segments

National Stock Exchange of India Limited is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. As of March 31, 2026, the exchange served over 253 million registered investor accounts and 129 million unique investors. NSE’s average daily traded value was ₹1.06 lakh crore during Fiscal 2026, more than 13 times BSE’s ₹7,950 crore. The exchange consistently maintains its leadership position in cash market turnover, equity derivatives trading, and currency derivatives trading.

B. Leading Global Multi-Asset Exchange by Equity Derivatives Trading Volumes

NSE is a leading global multi-asset exchange by equity derivatives trading volumes. The exchange’s comprehensive product portfolio includes cash market instruments (equities, ETFs, REITs, InvITs), derivatives (equity derivatives, currency derivatives, commodity derivatives, interest rate futures), debt market offerings, and mutual fund platforms. NSEIX, the international exchange at GIFT City, provides a regulated platform for inbound and outbound investments.

C. Vertically Integrated Business Model with Strong Network Effects

NSE provides a vertically integrated ecosystem comprising trading, clearing, settlement, listing, market data, index services, and regulatory oversight. This integrated market infrastructure connects trading, clearing and settlement functions and enables real-time data exchange, efficient risk management and automated margining processes. The company’s strong network effects are driven by investors, listed companies, and intermediaries, creating a self-reinforcing flywheel that attracts more participants.

D. Advanced Technology Platform Designed for Scale and Resilience

NSE has been designated as a Critical Information Infrastructure by the NCIIPC. The company’s platform can handle billions of messages while maintaining microsecond order response times and nanosecond order acknowledgement response times for cash markets, equity derivatives and exchange-traded currency derivatives. NSE provides T+1 and T+0 settlement cycles along with seamless interoperability across clearing corporations. The company’s IT capital expenditure was ₹4,220.26 million in Fiscal 2026.

E. Consistent Profitability, Cash Generation, and Financial Performance

NSE has demonstrated consistent profitability and cash generation. Total income grew to ₹187,133.70 million in Fiscal 2026 from ₹163,520.62 million in Fiscal 2024. The company reported Profit After Tax of ₹103,020.61 million in Fiscal 2026. EBITDA margin stood at 66.90% and PAT margin at 51.00%. The company has one of the lowest non-volume-linked expenses and the highest adjusted operating EBITDA margin compared to leading listed stock exchange groups globally, according to the Redseer Report.

F. Experienced Management Team with Strong Governance and Regulatory Expertise

NSE has a dedicated and experienced management team with significant experience in the securities industry, client service, regulatory supervision and the technology sector. The company places significant emphasis on maintaining robust corporate governance standards. The Governing Board comprises a majority of public interest directors, ensuring that regulatory and public interest considerations are embedded at the highest level of oversight.

More About National Stock Exchange of India Limited

A. Business Overview

National Stock Exchange of India Limited (NSE) was incorporated in November 1992 and is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. The company provides a vertically integrated ecosystem comprising trading, clearing, settlement, listing, market data, index services, and regulatory oversight across multiple asset classes. NSE plays a critical role in India’s capital market ecosystem by promoting transparency, investor protection, efficient price discovery, and broad-based financial inclusion.

B. Comprehensive Product Portfolio

NSE’s trading products include cash market instruments (equities, equity convertible securities, ETFs, REITs, InvITs, sovereign gold bonds and government securities) and derivatives (equity derivatives, exchange-traded currency derivatives, commodity derivatives and interest rate futures). The company has developed NSE MF Invest platform for mutual fund transactions. Debt market offerings include RFQ platform and CBRICS-RFQ – Corporate Bond Reporting and Integrated Clearing System – Request for Quote. NCL and NSEICC provide centralised post-trading infrastructure for clearing and settlement operations.

C. Technology Platform

NSE has been designated as a Critical Information Infrastructure by the NCIIPC. The company’s systems operate with a combination of fault-tolerant servers and commodity servers, maintaining a 4:1 ratio for critical telecom links. The platform can handle billions of messages while maintaining microsecond order response times. NCL provides T+1 and T+0 settlement cycles along with seamless interoperability across clearing corporations. The company employs big data tools to support real-time surveillance and fraud detection.

D. Core Settlement Guarantee Fund

NSE’s Core Settlement Guarantee Fund stood at ₹130,791.51 million as of March 31, 2026, providing a robust risk backstop to settlements. The integrated market infrastructure connects trading, clearing and settlement functions and enables real-time data exchange, efficient risk management and automated margining processes.

E. International Presence

NSEIX was established in November 2016 in India’s GIFT City, operating as a recognised stock exchange under IFSCA. NSEIX provides a regulated platform for inbound and outbound investments and robust hedging. The exchange has forged strategic partnerships with global exchanges, including Singapore Exchange, and MOUs with Cyprus Stock Exchange, Colombo Stock Exchange and Taiwan Stock Exchange.

F. Awards and Recognition

NSE has received numerous awards for its innovations. In 2025, NCL was awarded “Outstanding Innovation in Clearing Services” at the Asset Servicing Times Industry Excellence Awards. In 2024 and 2025, NSE was awarded “Best Infrastructure Platform in Asia” by Asia Asset Management at the Best of the Best Awards. In 2024, NSE received an award for innovation by Red Hat Inc. at the Red Hat APAC Innovation Awards.

Industry Outlook

A. India Capital Markets and Exchange Industry

India’s capital markets are experiencing strong growth driven by increasing financialisation of household savings and rising investor participation. The Nifty 50 index reached all-time highs of 26,000+ in September 2024, reflecting investor confidence in India’s economic growth story. India’s market capitalization rose to ₹410.9 trillion as of March 31, 2025, translating into an annualized growth of 30% in the last five years from Financial Year 2020 to Financial Year 2025.

B. Investor Participation and Financialisation

India’s financialisation trend continues to strengthen, with monthly SIP inflows reaching a record ₹310 billion in May 2026. NSE served over 253 million registered investor accounts and 129 million unique investors as of March 31, 2026. The company’s broad-based reach across more than 99% of Indian postal codes underscores its role in driving financial inclusion. Indian exchanges have outgrown global peers on growth and profitability, with revenues growing at more than 20% CAGR versus roughly 5% to 15% CAGR for global peers.

C. Trading Volumes and Market Activity

NSE’s average daily traded value was ₹1.06 lakh crore during Fiscal 2026, more than 13 times BSE’s ₹7,950 crore. The exchange reported Fiscal 2026 revenue of ₹16,601 crore and an operating margin of 67%. The company’s comprehensive product portfolio and leadership in equity derivatives trading position it to capture growth across diverse segments of the financial economy.

D. Growth Drivers

1. Financialisation of Savings
Increasing household financial savings and shift from physical to financial assets

2. Rising Investor Participation
Growing number of registered investor accounts and retail participation

3. Product Innovation
Expansion into new asset classes including commodities, electricity futures, and coal trading

4. International Expansion
 Growing presence at GIFT City and partnerships with global exchanges

5. Technology Adoption
Continued investment in AI, automation, and digital infrastructure

6. Regulatory Support
Government initiatives promoting capital market development and financial inclusion

E. Competitive Landscape

The Indian exchange industry is dominated by NSE and BSE. As of March 2026, BSE had 5,955 listed entities, nearly double NSE’s 2,978 listed companies. However, NSE dominates trading volumes and profitability, with average daily traded value more than 13 times that of BSE. NSE reported total income of ₹18,713 crore and profit after tax of ₹10,302 crore during Fiscal 2026, compared to BSE’s total income of ₹5,148 crore and profit after tax of ₹2,487 crore. Globally, NSE and BSE command higher P/E ratios compared with global listed peers such as Nasdaq and Hong Kong Exchange, which trade at P/Es between 21 and 26.

How Will National Stock Exchange of India Limited Benefit

1. The company’s position as India’s largest stock exchange positions it to benefit from India’s growing capital markets and the structural financialisation trend with monthly SIP inflows reaching ₹310 billion.

2. The company’s leadership in equity derivatives trading (leading global multi-asset exchange by volumes) provides significant revenue visibility and market dominance.

3. The company’s comprehensive product portfolio across equities, derivatives, commodities, debt, and mutual funds enables it to capture growth across diverse segments of the financial economy.

4. The company’s advanced technology platform with microsecond order response times and T+1/T+0 settlement cycles provides a competitive advantage and operational efficiency.

5. The company’s strong network effects driven by 253 million registered investor accounts, 129 million unique investors, and 2,978 listed companies create high barriers to entry and customer stickiness.

6. The company’s international expansion through NSEIX at GIFT City and partnerships with global exchanges positions it to benefit from cross-border capital flows.

7. The company’s diversified revenue streams across transaction charges, listing services, data services, and index licensing provide revenue stability and resilience.

8. The company’s strong profitability with EBITDA margin of 66.90% and PAT margin of 51.00% demonstrates operational efficiency and pricing power.

9. The company’s consistent cash generation and strong Core Settlement Guarantee Fund of ₹130,791.51 million provide financial stability and investor confidence.

10. The company’s expansion into new asset classes including electricity futures, coal trading, and electronic gold receipts creates new revenue opportunities.

Peer Group Comparison

Name of Company	Revenue (₹ in million)	Face Value (₹)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)
National Stock Exchange of India Limited	166,013.09	1	41.62	41.62	[●]^	33.21%	129.75
Peer Group
BSE Limited	48,339.50	2	60.61	60.61	66.67	45.00%	163.60

Key Strategies for National Stock Exchange of India Limited

Continue to Act as a Catalyst for New Capital Formation in India Across Asset Classes

NSE intends to continue building its platform on the pillars of trust, transparency, and market integrity, facilitating access to capital for issuers of all sizes and providing investors with reliable, efficient, and liquid markets. During Fiscal 2026, the exchange enabled the mobilisation of over ₹4.78 trillion in equity capital through new listings, follow-on offerings, and other capital-raising avenues. The company’s growth is underpinned by a self-reinforcing flywheel: as more issuers list, market breadth and depth expand, attracting more investors, which in turn creates greater liquidity and lowers the cost of capital for issuers.

Continue to Provide Transparent, Orderly, and Fair Access to All Market Participants

NSE is committed to providing transparent, orderly and fair access to all market participants, fostering lasting investor confidence and promoting sustainable growth in India’s capital markets. The platform is designed to ensure a level playing field for all categories of participants through robust market surveillance frameworks, real-time risk management systems and standardised trading protocols. The company continuously invests in enhancing the transparency of price discovery mechanisms, strengthening order-matching systems, and maintaining comprehensive disclosure and reporting standards.

Commitment to Technology Infrastructure and Continuous Modernisation

NSE intends to use its strong in-house development capabilities and continued investment to further augment the resilience and capacity of its platform. The company is committed to delivering data centre infrastructure that empowers all market participants, with a plan to add 2,000 FRE racks to meet growing demand. NSE is actively progressing on a comprehensive portfolio of AI and generative AI initiatives spanning regulatory technology, supervisory technology, operational efficiency, user experience, and software delivery.

Continue to Drive Market Innovation and Business Diversification

NSE aspires to be at the forefront of capital market innovation, continuously expanding its suite of offerings to meet the evolving needs of market participants. The company intends to develop new and innovative products to drive trading volumes by attracting new investors and expanding the array of offerings available to existing investors. This strategic diversification not only enhances the value proposition to investors but also mitigates risks by spreading them across various asset classes.

Automate and Organise Large Markets in India Through Launch of New Products

NSE is strategically focused on automating and organising large, traditionally unorganised markets in India. The company received SEBI approval in April 2026 to establish a dedicated unit for a national coal trading exchange. In the energy space, NSE launched electricity futures contracts in July 2025 and has received approval to expand commodity derivatives offering to include Indian natural gas. The company also recently launched electronic gold receipts and 10-gram gold futures contracts.

Ensuring Continued Trust Among All Stakeholders and Fostering Responsible Investing

Trust has been the cornerstone of NSE’s journey since inception. The company remains deeply committed to upholding the confidence of stakeholders in every aspect of operations. NSE conducts investor education and outreach initiatives across urban and rural India, with a special focus on first-time and retail investors. In Fiscal 2026, the company conducted 17,916 investor awareness and financial literacy programmes, reaching 941,877 participants across India.

Forging Global Partnerships and Building Presence in GIFT City

NSE aims to promote cross-border financial cooperation and help companies worldwide raise funds from global investors in a regulated, fair, efficient and transparent manner. Through NSEIX, the international exchange established in GIFT City’s IFSC jurisdiction, NSE is working to position India as a competitive hub for global investors. NSEIX launched Nifty 50 Index Options with Daily Expirations, making it the first stock exchange in India to offer international investors same-day expiry options on the Nifty 50 Index at GIFT IFSC.

Enhancing Data Monetisation Opportunities Through Comprehensive Market Data Ecosystem

NSE believes its market data, generated across trading, clearing and post-trade processes, is a valuable and scalable asset supporting use cases across research, trading, risk, surveillance and digital platforms. The company intends to enhance the breadth, granularity, and timeliness of datasets, while leveraging trends to develop structured, tiered data products, including real-time feeds, historical datasets and value-added analytics.

Building a Strategic Offshore Presence to Harness Global Opportunities

NSE intends to establish a strategic offshore presence to strengthen engagement with a diverse and geographically dispersed investor base. Global institutional investors operate across multiple jurisdictions and time zones and require consistent, localised engagement, coverage and market intelligence closer to their decision-making centres. By strengthening its international footprint, NSE intends to enhance its ability to engage proactively with such investors, support onboarding and market access, and provide tailored solutions aligned with their investment mandates.