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.
NSE has consistently maintained its leadership position in India in cash market turnover, equity derivatives trading, and currency derivatives trading. 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. During Fiscal 2026, over ₹20.3 trillion was mobilized through its platform.
The exchange operates on a highly scalable and resilient technology infrastructure that supports high-frequency trading, real-time market data dissemination, risk management, surveillance, and regulatory compliance. 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.
As of March 31, 2026, NSE had 1,974 full-time employees, while its subsidiaries employed an additional 907 employees across technology, operations, risk management, compliance, and business functions.
Key Strengths
- Largest stock exchange in India across key trading segments.
- Leading global multi-asset exchange by equity derivatives trading volumes.
- Strong brand built on trust, transparency, and market integrity.
- Vertically integrated business model covering trading, clearing, settlement, and market data services.
- Advanced technology platform designed for scale, resilience, and security.
- Well-positioned to benefit from India's growing capital markets and investor participation.
- Strong network effects driven by investors, listed companies, and intermediaries.
- Comprehensive product offerings across multiple asset classes.
- Consistent profitability, cash generation, and financial performance.
- Experienced management team with strong governance and regulatory expertise.
| Purpose | Amount (₹ Cr) |
|---|---|
| — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 87,937 | 69,467 | 65,464 |
| Revenue | 18,713 | 19,177 | 16,352 |
| PAT | 10,302 | 12,188 | 8,306 |
| EBITDA | 11,098 | 12,647 | 9,870 |
| Net Worth | 31,870 | 30,165 | 23,833 |
| Reserves | 31,866 | 30,106 | 23,925 |
| Total Borrowing | 0 | 0 | 0 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 5.68 | 63,035,028 | 357,642,312 |
| NII / HNI | 6.43 | 18,910,510 | 121,607,160 |
| Retail (RII) | 1.33 | 44,124,520 | 58,454,008 |
| Employee | — | 433,437 | — |
| Total | 0.85 | 366,592 | 366,592 |
* Amount calculated at upper price band (₹1,785) · ** Total includes all investor categories
- 1 Initiation of Refund 23 Sep 2026
- 2 Credit of Shares to Demat 23 Sep 2026
- 3 Lock-in Period (30%) Wed, Oct 21, 2026
- 4 Lock-in Period (50%) Sun, Dec 20, 2026
- The IPO P/E of 35x reflects a moderate valuation relative to typical market ranges.
- Pre-issue EPS of ₹42 compares to post-issue EPS of ₹50 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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