NSE · Finance · INE721I01024
This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
National Stock Exchange of India Limited operates a vertically integrated financial market infrastructure providing trading, clearing, settlement, listing, data feed, and index licensing services. Its diversified product suite spans cash equities, equity futures and options, currency derivatives, commodity derivatives, interest rate futures, wholesale debt, and mutual fund platforms, anchored by flagship benchmark indices including the Nifty 50. Through its subsidiaries, including NSE Clearing Limited, NSE Data & Analytics Limited, and NSE Indices Limited, the company provides end-to-end post-trade risk management, market analytics, and index products, while expanding international cross-border trading via GIFT City. The company serves a broad customer base comprising retail investors, domestic institutional investors, foreign portfolio investors, proprietary traders, corporate issuers, and market data aggregators. In Fiscal 2026, its top ten domestic trading members accounted for ₹7,765.58 crore, or 46.78% of revenue from operations. Geographically, the exchange covers over 99% of Indian postal codes across 1,400+ cities and offers offshore access through IFSC GIFT City. Supply chain dependencies include third-party data centre infrastructure, telecommunication lines, hardware, and IT service providers, with top vendors supplying critical colocation and network connectivity. At scale, the exchange supported 132.37 million unique registered investors and 3,005 listed entities with an aggregate market capitalisation of ₹47,40,800 crore as of June 30, 2026. In Fiscal 2026, total income reached ₹18,713.37 crore, revenue from operations stood at ₹16,601.31 crore, and profit after tax was ₹10,302.06 crore.
High liquidity and powerful network effects across multi-asset classes; vertically integrated market infrastructure spanning trading, clearing, settlement, indexing, and data; proprietary high-speed technology platform processing billions of messages daily; dominant Indian market share in cash market (92.99%) and equity futures (99.79%) in Fiscal 2026.
National Stock Exchange of India Limited is the leading multi-asset class stock exchange in India, operating a vertically integrated platform for trading, clearing, settlement, listing, index licensing, and market data services. Incorporated in 1992, the company holds dominant market share in domestic cash market, equity derivatives, and currency derivatives, serving retail and institutional market participants across India and international hubs like GIFT City.
Source: p.181, p.202, p.208, p.209
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Trading Services | 90.62 | p.417 |
| Clearing Services | 10.62 | p.417 |
| Others | 3.88 | p.417 |
The Indian capital market infrastructure industry has experienced structural transformation driven by nominal GDP growth, expanding market capitalisation relative to GDP, rising household financialisation, and digital onboarding. National Stock Exchange of India Limited operates as the dominant market infrastructure institution, maintaining leadership across cash equities (92.99% market share in Fiscal 2026), equity futures (99.79%), and exchange-traded currency futures (99.48%). Total turnover in the Indian cash market reached ₹28,02,600 crore in Fiscal 2026 and is projected to expand at a CAGR of 14-16% to reach ₹47,30,000-₹50,70,000 crore by Fiscal 2030. Supported by expanding retail participation, growing systematic investment flows, and vertical integration across clearing and indexing, the exchange is positioned to capture sustained sector expansion.
Growth rate: Cash market turnover projected CAGR of 14-16% (FY26-FY30P); Equity futures turnover projected CAGR of 16-18% (FY26-FY30P)
Market size: Cash market turnover of ₹28,02,600 crore in Fiscal 2026; Listed Entities Market Capitalisation of ₹47,40,800 crore as of June 30, 2026
Sector slug: market-infrastructure-institutions
Source: p.175, p.177, p.181, p.182
The comparable set the company chose, which is itself a disclosure.
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 2.668 | 10302.061 | 62.06% | 16601.309 | yes | -8808.851 |
| consolidated | FY25 | 12187.689 | 71.1% | 17140.678 | yes | -4599.748 | |
| consolidated | FY24 | 5.599 | 8305.741 | 56.2% | 14780.011 | yes | -3993.69 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
Why is the IPO structured entirely as an Offer for Sale with no fresh issue?
NSE is debt-free with net worth of ₹32,113.54 crore and strong cash generation (CFO of ₹23,836.18 crore in FY26), eliminating the need for primary capital infusion.
p.2, p.84, p.436
How concentrated is NSE's trading revenue among market intermediaries?
In Fiscal 2026, the top ten domestic trading members generated ₹7,765.58 crore, accounting for 46.78% of revenue from operations.
p.29, p.431
What drove the shift in FY26 net profit compared to FY25?
FY26 PAT was ₹10,302.06 crore compared to ₹12,187.69 crore in FY25, primarily affected by a ₹1,391.21 crore SEBI settlement provision and lower transaction charge growth due to derivative regulatory tightening.
p.33, p.58, p.80, p.412
What are the major unprovided contingent legal liabilities facing the exchange?
A ₹856.99 crore compensation claim by MSEI before NCLAT/Supreme Court and ₹831.14 crore in disputed tax demands remain under active litigation without provisions.
p.58, p.59, p.441, p.442
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 1994-04-15 | State Bank of India, IFCI, IDBI, LIC, IL&FS, SHCIL, SBI Caps, Bank of Baroda, Canara Bank and others | 14999993 | 10 | Preferential Allotment | p.114 |
| 1999-06-29 | IDBI, LIC, SBI, IFCI, IL&FS, SHCIL, SBI Caps, ICICI, Bank of Baroda, Canara Bank | 14760000 | 30 | Rights Issue | p.114 |
| 2016-11-23 | Existing Shareholders | 4500000 | Bonus Issue (1:1) | p.115 | |
| 2016-11-23 | Existing Shareholders | Stock Split (10 for 1) | p.115 | ||
| 2024-11-04 | Existing Shareholders | 1980000000 | Bonus Issue (4:1) | p.116 |
Ceo: Shri Ashishkumar Chauhan
Adjudication orders dated February 5, 2026 passed by ROC Mumbai imposing penalty of ₹0.08 million each on NSE and MD & CEO for non-filing of forms and delay in reconstituting NRC.
Auditor name: Walker Chandiok & Co LLP
Source: p.1, p.7, p.47, p.276, p.300
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Power Exchange India Limited | 0.33 | Dividend received and reimbursement of expenses | Associate Company | no | p.89, p.364 |
| National Securities Depository Limited | 7.8 | Dividend received, custody fees, and service charges | Associate Company | yes | p.89, p.364 |
| Capital Quant Solutions Private Limited | 1.26 | Software expenses and license fees | Associate Company | no | p.89, p.364 |
| Shri Ashishkumar Chauhan | 15.89 | Remuneration | Managing Director & CEO (KMP) | yes | p.95, p.365 |
A change between the two filings is a disclosure in itself.
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
The same read, applied to the companies this one competes with.