National Stock Exchange of India Ltd. IPO

Incorporated in 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 June 30, 2026, the exchange served over 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members, and 3,005 listed companies, with a total listed market capitalization of approximately ₹474.08 trillion.

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, its market share based on total turnover in cash market stood at 99.79%, 74.71% in equity futures market, 99.48% in equity options, and 100% in exchange-traded currency options, based on total premium turnover.

Additionally, it also has non-trading revenue stream to cater to diverse needs, such as:

    • NSE Clearing Ltd. offering clearing services. In Fiscal 2026, its market share is 88.42% in cash market, 91.04% in equity derivatives, and 74.09% in exchange-traded derivatives.
    • NSE Indices Ltd. develops and manages a wide range of indices.
    • NSE Data and Analytics Ltd. offering data analytics services, providing comprehensive real-time market data, benchmark data, fixed income valuations and analytical tools to institutional investors, asset managers and regulator.
    • NSE International Exchange offering foreign currency denominated trading services.
    • Other services like mutual fund registry, back-end exchange support services, e-corporate governance, etc.

Key Strengths

    • Market leader in India – a liquid market for all stakeholders.
    • Well positioned to benefit from India’s structural growth tailwinds.
    • Strong brand synonymous with trust, efficiency and transparency, across its trading platform as well as clearing, settlement and market supervisory role
    • Track record of comprehensive and innovative offerings delivered through a vertically integrated business model.
    • Technology platform built for scale and resilience.
    • Comprehensive product offerings across multiple asset classes.
    • Consistent profitability, cash generation, and financial performance.
    • Experienced management team with strong governance and regulatory expertise.

Company Financials (Restated Consolidated)

National Stock Exchange of India Ltd.’s revenue decreased by 2% and profit after tax (PAT) dropped by 15% between the financial year ending with March 31, 2026 and March 31, 2025.

Period Ended30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
Assets91,334.0787,937.4469,466.6465,463.98
Total Income5,252.1718,713.3719,176.8316,352.06
Profit After Tax3,120.0810,302.0612,187.698,305.74
EBITDA4,332.0414,519.0916,021.3611,623.83
NET Worth34,983.7431,869.7230,165.0523,833.10
Reserves and Surplus34,996.7331,866.0430,105.8323,924.91
Amount in ₹ Crore

IPO Objects of the Issue

The National Stock Exchange of India Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.

Key Performance Indicator (KPI)

KPIJun 30, 2026Mar 31, 2026
ROE9.26%32.98%
ROCE11.55%42.80%
RoNW33.21%33.21%
PAT Margin58.78%50.98%
NAV142.40129.75
Price to Book Value12.5413.76

IPO Valuation

Valuation MetricPre IPOPost IPO
EPS (₹)41.6250.43
P/E (x)42.8935.4

NSE IPO Details

IPO Date17 to 21 Sep, 2026
Listing DateThu, Sep 24, 2026T
Face Value₹1 per share
Price Band₹1700 to ₹1785
Lot Size8 Shares
Sale TypeOFS only
Issue TypeBookbuilding IPO
Listing AtBSE
Employee Discount₹170.00
Total Issue Size12,64,36,650 shares
(agg. up to ₹22,562 Cr)
Offer for Sale12,64,36,650 shares of ₹1
(agg. up to ₹22,562 Cr)
Share Holding Pre Issue2,47,50,00,000 shares
Share Holding Post Issue2,47,50,00,000 shares

SHARIAH SCREENING for - National Stock Exchange of India Ltd. IPO

BUSINESS SCREEN

FINANCIAL RATIOS

As per our analysis and Based on the information we have, this is the output.
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