IPO closes on 21 Sep'26
National Stock Exchange of India Limited
Minimum Investment
₹ 14,280 / 8 shares
Our Verdict:
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- National Stock Exchange of India is a vertically integrated, multi-asset class stock exchange and India's dominant securities market infrastructure provider, with revenue from operations of ₹16,601.31 crore and PAT of ₹10,302.06 crore in FY26, and a completely debt-free balance sheet across all three disclosed fiscal years.
- FY26 marked a reversal, not a continuation, of the prior growth trend: both revenue (₹17,140.68 crore to ₹16,601.31 crore) and PAT (₹12,187.69 crore to ₹10,302.06 crore) declined from FY25 to FY26, alongside Return on Net Worth falling from 45.14% to 33.21% — a meaningful moderation worth weighing against the multi-year growth story.
- This offering is entirely an exit for existing shareholders: the Offer comprises 100% Offer for Sale with no Fresh Issue, meaning the Company itself will not receive any proceeds — the shares are being sold by a broad group of banks, insurers and private equity investors including State Bank of India, Canada Pension Plan Investment Board and Aranda Investments (Mauritius).
- Regulatory and litigation exposure is substantial and disclosed at scale: the Company operates under continuous SEBI oversight with a history of show-cause notices and enforcement proceedings, carries outstanding litigation aggregating several thousand crore rupees across the Company and its Subsidiaries, and its Statutory Auditors have included emphasis of matter paragraphs in their examination report — factors that reflect the scrutiny that comes with operating India's principal market infrastructure.
- § NSE holds a uniquely dominant, structurally high-margin position in India's capital markets with a debt-free balance sheet and genuine long-term tailwinds from rising financialisation, but the FY26 decline in revenue and profit, revenue concentration in options/futures transaction charges, and the scale of ongoing regulatory and litigation matters are all factors that go well beyond the growth-versus-valuation questions seen in most other companies in this IPO series, given NSE's central role in — and history with — Indian securities regulation.
About the company
Founded in
1 Jan'92
Managing director
Ashishkumar Chauhan
- National Stock Exchange of India is a vertically integrated, multi-asset class stock exchange offering a single platform for trading, clearing and listing, alongside data feed, data terminal and licensing services, across the cash market, futures, options, mutual funds platform, commodity derivatives, exchange-traded currency derivatives, wholesale debt market and interest rate futures.
- As of June 30, 2026, NSE was the fourth largest equity market globally by market capitalisation of listed entities, after the United States, China (including Hong Kong) and Japan, with 132.37 million unique registered investors and 3,005 listed entities.
- The Company also operates NSE IFSC Limited in GIFT City, enabling Indian and foreign entities to trade foreign currency-denominated securities and access international financial markets for approximately 21 hours a day; NSE does not have an identifiable promoter under SEBI ICDR Regulations.
- § The Company is led operationally by Managing Director & CEO Ashishkumar Chauhan, with Shri Srinivas Injeti serving as Chairperson and Public Interest Director on the Governing Board.
STRENGTHS
- Market Leadership in India's Securities Exchange Infrastructure: A vertically integrated, multi-asset class stock exchange offering trading, clearing, listing and data services across cash market, futures, options, mutual funds, commodity and currency derivatives, with 2,978 listed entities as of FY26.
- Consistently Profitable, Debt-Free Balance Sheet: Total borrowings were nil in each of FY24, FY25 and FY26; the Company reported PAT of ₹10,302.06 crore in FY26 on a net worth of ₹31,869.72 crore.
- Large, Growing Investor and Issuer Base: Unique registered investors grew from 91.75 million (FY24) to 129.09 million (FY26), alongside a rising number of listed entities and Nifty indices maintained across asset classes.
- High, Structurally Elevated Margins: Operating EBITDA margin ranged between 66.78% and 77.69% (normalised basis) across FY24–FY26, reflecting the capital-light, fee-based nature of exchange operations.
- Structural Growth Tailwinds from India's Capital Markets: Positioned to benefit from rising household financialisation, an expanding investor base and India's capital markets remaining significantly underpenetrated relative to global peers (market capitalisation to GDP ratio of 119.38% versus 224.04% for the US).
RISK FACTORS
- Revenue and Profit Decline in FY26: Revenue from operations fell from ₹17,140.68 crore (FY25) to ₹16,601.31 crore (FY26), and PAT fell from ₹12,187.69 crore to ₹10,302.06 crore over the same period, reversing the prior year’s growth trend.
- Revenue Concentration in Transaction Charges: Transaction charges (largely from options and futures trading) contributed 78.65%–82.07% of revenue from operations across the last three fiscal years; any sustained decline in trading volumes could materially affect results.
- Regulatory, Enforcement and Litigation Exposure: The Company is subject to ongoing SEBI oversight and has received show-cause notices, administrative warnings and enforcement/adjudication proceedings; outstanding litigation against the Company and its Subsidiaries (including tax, criminal and material civil matters) aggregated approximately ₹2,584.28 crore and ₹673.61 crore respectively as of the RHP date.
- Auditor Emphasis of Matter: The Statutory Auditors have included emphasis of matter paragraphs in their examination report on the Restated Consolidated Financial Information.
- Cybersecurity and IT Infrastructure Risk: The Company experienced a distributed denial of service (DDoS) cyberattack in 2025, and disruptions or failures in its IT infrastructure — including third-party systems — could adversely affect operations and invite regulatory action
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ ₹22,561.57 crore
Fresh Issue
₹
OFS
₹ ₹22,561.57 crore
Price range
₹ 1,700 - 1,785
Lot size
8 shares
Issue Objective
- The Offer comprises entirely an Offer for Sale of up to 126,436,650 Equity Shares by the Selling Shareholders, including State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, MS Strategic (Mauritius) Limited and other banks, insurers and institutional investors; the Company will not receive any proceeds from the Offer, which is intended primarily to achieve the benefits of listing.
Dates
Bidding open
17 Sep'26
Bidding close
21 Sep'26
Allotment date
22 Sep'26
Refund date
23 Sep'26
Listing
24 Sep'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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