NSE IPO
Opens on 17th September 2026

NSE IPO Listing Details

Key facts from the Red Herring Prospectus filed on September 11, 2026, and subsequent regulatory milestones.

Key selling shareholders State Bank of India (the largest seller, offering ~2.48 crore shares), MS Strategic (Mauritius), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), Bank of Baroda, Stock Holding Corporation of India, GIC Re, New India Assurance, National Insurance Company and United India Insurance Company. LIC, Premji Invest and investor Radhakishan Damani are not participating and continue to hold their stakes.

NSE IPO – Business & Financials

NSE has been India’s dominant stock exchange since the early 1990s, and by trading volume it is now one of the largest exchanges in the world. It commands roughly 93% of India’s cash equity market by turnover and close to all of the country’s equity futures trading, and by contract count it was the world’s largest derivatives exchange in FY26, with nearly 37 billion contracts traded. NSE also operates an integrated group of businesses: NSE Clearing handles clearing and settlement, NSE Indices runs the Nifty 50 and its family of benchmarks, NSE Data & Analytics sells market data and terminal feeds, and NSE International Exchange offers products out of GIFT City for global investors. Passive funds tracking Nifty indices held about ₹8.14 lakh crore in assets as of March 2026 — nearly three-quarters of all index-fund money in India excluding gold and silver ETFs.

NSE’s Business Segments

• Equity cash market — India’s largest venue for cash-market share trading by turnover.
• Equity & currency derivatives — futures and options on indices, stocks and currencies; the engine of NSE’s revenue, led by index options.
• Debt & SME (NSE Emerge) — corporate bond listings and a dedicated platform for small and emerging companies.
• Clearing & settlement — NSE Clearing guarantees trade settlement across NSE’s markets.
• Indices & data — NSE Indices licenses the Nifty 50; NSE Data & Analytics sells market data, colocation and connectivity services.
• International (GIFT City) — NSE IX offers derivatives and products to global investors.

NSE Financials

Revenue CAGR FY22–FY26: ~20.5%. FY26 EBITDA margin: ~67%. FY26 return on equity: ~33%. Most recent quarter (Q1 FY27, June 2026): revenue of ₹4,560 crore and profit after tax of ₹3,120 crore, both up year-on-year, though revenue was down sequentially. Source – NSE RHP

NSE Revenue Details

Transaction charges: the fee NSE earns on every trade executed — made up roughly 79% of FY26 operating revenue, at about ₹13,057 crore. Within that, equity options alone contributed around 60% of total operating revenue, making NSE’s earnings heavily dependent on options trading activity. Equity futures added roughly 9%, and the cash market a further 9%. Listing services contributed about ₹352 crore, with the remainder coming from data and connectivity fees and investment income on NSE’s roughly ₹3 lakh crore treasury book.

NSE vs BSE:

NSE vs BSE comparative study based on financials

Strengths and Risks

Strengths

• Dominant market position in India and global leadership in cash equities and derivatives trading, by both turnover and contract volume.
• A diversified, scaled business — trading, clearing, indices, data and international operations — with low marginal costs and high operating leverage.
• Structural tailwinds from rising financialisation of Indian household savings, growing retail participation, and deeper digital adoption.
• Strong brand trust built over three decades, with a track record of product and platform innovation.

Risks to weigh

• Heavy dependence on trading volumes — especially equity options, which alone drive roughly 60% of operating revenue — makes earnings sensitive to market cycles and regulatory shifts.
• FY26 revenue and profit both declined year-on-year after SEBI tightened derivatives trading norms, a reminder that regulation can move earnings quickly.
• Ongoing regulatory scrutiny and legacy legal proceedings tied to the colocation and dark-fibre matters, including past settlement provisions.
• Technology and cybersecurity risk, given NSE’s role as critical market infrastructure for the entire Indian financial system.
• The issue is entirely an offer for sale — no proceeds go to NSE itself, so it carries no growth-funding rationale, only an ownership change.