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NSE IPO

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LISTEDMAINBOARDEquity

NSE

Price band
₹1700 – ₹1785
Lot size
8 shares
Min investment
₹14,280
Issue size
₹22,561.57 Cr

About the company

National Stock Exchange of India Limited, known as NSE, was set up in November 1992. It is India's largest stock exchange and one of the leading multi-asset exchanges in the world. It runs what is called a vertically integrated ecosystem, which means it handles the whole chain rather than one part of it. This covers trading, clearing, settlement, listing of companies, market data, index services and regulatory oversight, across equities, derivatives, currency derivatives, commodities, debt securities and mutual funds. It has held the leading position in India in cash market turnover, in equity derivatives and in currency derivatives. As on 31 March 2026 the exchange had more than 253 million registered investor accounts and 129 million unique investors, 1,325 trading members and 2,978 listed companies, with total listed market capitalisation of about Rs 411 trillion. During FY2026 more than Rs 20.3 trillion was raised through its platform. It runs on a large technology setup that handles high frequency trading, live market data, risk management, surveillance and compliance, and it reaches more than 99% of Indian postal codes. As on 31 March 2026 it had 1,974 full time employees, with another 907 employed across its subsidiaries.

National Stock Exchange of India Limited is India's largest stock exchange and a leading multi-asset platform covering trading, clearing, settlement, listing, market data and index services. Its Rs 26,579.64 crore issue is entirely an offer for sale, and as on 31 March 2026 it had over 253 million registered investor accounts and 2,978 listed companies.

IPO details

Issue price
₹1,785
Price band
₹1700 – ₹1785
Face value
₹1
Lot size
8
Min investment
₹14,280
Issue size
₹22,561.57 Cr
Sale type
OFS only
Listing on
BSE
BSE scrip code
7977
NSE symbol
NSE.BO
Employee discount
Rs 170.00 per share

Lot size & investment by category

APPLICATIONLOTSSHARESAMOUNT
Retail (Min)18₹14,280
Retail (Max)14112₹1,99,920
S-HNI (Min)15120₹2,14,200
B-HNI (Min)71568₹10,13,880

Investor reservation

CATEGORYRESERVED
QIBNot more than 50% of the Net Offer
RetailNot less than 35% of the Net Offer
NIINot less than 15% of the Net Issue

Financials

Rs. Crore • restated
METRIC31 Mar 202631 Mar 202531 Mar 2024
Assets87,937.4469,466.6465,463.98
Total Income18,713.3719,176.8316,352.06
Profit After Tax10,302.0612,187.698,305.74
EBITDA11,097.9012,646.889,869.81
NET Worth31,869.7230,165.0523,833.10
Reserves and Surplus31,866.0430,105.8323,924.91
Total Borrowing0.000.000.00

Key performance indicators

P/E Ratio
35.4
EPS (₹)
50.43
RoE
32.98%
RoCE
42.80%
RoNW
33.21%
PAT Margin
50.98%
EBITDA Margin
66.85%
NAV (₹)
129.75

✓ Strengths

• The company is completely debt free. Total borrowing was nil in FY2024, FY2025 and FY2026, against a net worth of Rs 31,869.72 crore.
• The margin is exceptional. Profit after tax of Rs 10,302.06 crore on total income of Rs 18,713.37 crore is a PAT margin of 50.98%, with an EBITDA margin of 66.85%.
• Return ratios are very high, with RoCE of 42.80% and RoNW of 33.21%.
• It is the largest stock exchange in India and has held the leading position in cash market turnover, equity derivatives and currency derivatives.
• The scale is enormous, with over 253 million registered investor accounts, 129 million unique investors, 2,978 listed companies and about Rs 411 trillion of listed market capitalisation as on 31 March 2026.
• It earns across the whole chain, from trading and clearing to settlement, listing fees, market data and index services, so it is not dependent on one revenue line.
• Running an exchange needs a licence from SEBI and enormous technology and surveillance infrastructure, which makes it close to impossible for a new competitor to replicate.
• Reach extends to more than 99% of Indian postal codes, and Rs 20.3 trillion was raised on its platform during FY2026.
• Employees get a discount of Rs 170 per share on the issue price, and the lot size is small at 8 shares, which keeps the retail application amount modest despite the high share price.

⚠ Risks

• Profit fell sharply in the latest year. Profit after tax came down 15% from Rs 12,187.69 crore in FY2025 to Rs 10,302.06 crore in FY2026, and total income also fell from Rs 19,176.83 crore to Rs 18,713.37 crore.
• The entire issue is an offer for sale of Rs 26,579.64 crore. Not a single rupee comes to the exchange itself, and all of it goes to the selling shareholders.
• Earnings depend directly on market turnover. A prolonged fall in trading volumes, particularly in derivatives, would cut revenue with no cost offset.
• This is a heavily regulated business. SEBI decisions on derivative lot sizes, expiry frequency and transaction charges directly change how much the exchange earns, and such rules have been tightened in recent years.
• A large share of income comes from the derivatives segment, so any regulatory or behavioural shift away from derivatives trading has an outsized effect.
• No promoter is named in the data available to us and the pre-issue promoter holding is shown as not applicable, so there is no promoter group standing behind the company.
• Exchanges attract regulatory scrutiny and litigation as a matter of course, and any adverse finding carries both financial and reputational cost.
• Total assets grew from Rs 69,466.64 crore to Rs 87,937.44 crore while profit fell, so the additional capital employed has not yet translated into earnings.
• At the upper band of Rs 1,785 the P/E works out to about 35.4 times on a post issue EPS of Rs 50.43, which values the exchange at about Rs 4,41,787.50 crore even as its profit is falling.

Data refreshed 07 Nov 2026, 04:55 pm IST. GMP is unofficial market sentiment, not investment advice.