NSE · Finance
National Stock Exchange of India reported revenue of ₹3,677 cr for July to September 2025, +11,760.6% on the year and +5,307.1% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹3,841 cr, +1,964.9% on the four before.
Operating profit (EBITDA) was ₹1,484 cr, a margin of 40.4%, −2,737 bps on the year and −963 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 40.4% to 76.2%). Operating costs grew +21,823.6%, faster than revenue at +11,760.6%, so operating profit grew less than sales.
Net profit was ₹2,098 cr, +14,889.1% on the year and +8,293.9% on the quarter, with earnings per share of ₹8.48. Profit before other income, one-offs and tax grew 6,345.5%, so 8,544 points of the headline growth came from outside the core business. The tax rate was 31% against an average of 26% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹2,171 cr, +2,648.7% on the four before.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹21.37 over the last four quarters, the stock at ₹1,785.00 trades at 83.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Results filing
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
An exceptional item is a large part of pre-tax profit. What was it?
Source: Results filing
Could not run on this quarter: Depreciation falling, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Market share | 93% |
| Cash Market ADTV (₹ crore) | 95,705 |
| Equity Futures ADTV (₹ crore) | 141,042 |
| Equity Options Premium ADTV (₹ crore) | 46,442 |
Read using the AMCs and capital market intermediaries framework (named in the filing read). Primary valuation lens: P/E against AUM growth and yield.
Read more closely in this sector: Treasury and float income inside profit · F&O share of revenue against regulatory change.
FinMinutes scored the offer document 76/100 before listing. 1 quarter of numbers since. Promise against delivery
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹52.0 cr | ₹59.0 cr | ₹44.0 cr | ₹31.0 cr | ₹42.0 cr | ₹54.0 cr | ₹68.0 cr | ₹3,677 cr | ₹86.0 cr | ₹105 cr | ₹4,560 cr | ₹4,067 cr |
| YoY | — | — | +26% | −30% | −19% | −8% | +55% | +11,761% | +105% | +94% | +6,606% | +11% |
| EBITDA margin | 55.8% | 52.5% | 56.8% | 67.7% | 76.2% | 57.4% | 50.0% | 40.4% | 50.0% | 53.3% | 77.9% | 75.7% |
| Other income, % of PBT | 0% | 3% | 4% | 0% | 0% | 0% | 0% | 16% | 0% | 0% | 17% | 14% |
| Exceptional items | — | — | — | — | — | — | — | ₹1,201 cr | — | — | ₹68.6 cr | — |
| Tax rate | 25% | 25% | 26% | 32% | 26% | 23% | 28% | 31% | 25% | 25% | 25% | 25% |
| Net profit | ₹22.0 cr | ₹24.0 cr | ₹19.0 cr | ₹14.0 cr | ₹24.0 cr | ₹24.0 cr | ₹25.0 cr | ₹2,098 cr | ₹32.0 cr | ₹42.0 cr | ₹3,120 cr | ₹2,578 cr |
| YoY | — | — | +19% | −18% | +9% | 0% | +32% | +14,889% | +33% | +75% | +12,380% | +23% |
| Core profit YoY | — | — | +19% | −9% | +10% | 0% | +36% | +6,345% | +34% | +81% | +9,927% | +117% |
| EPS | ₹3.94 | ₹4.33 | ₹3.47 | ₹2.53 | ₹4.24 | ₹4.26 | ₹4.39 | ₹8.48 | ₹5.81 | ₹6.48 | ₹12.61 | ₹10.41 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | 2 | 3 | 2 | 2 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
National Stock Exchange of India reported revenue of ₹3,677 cr (+11,760.6% on the year) and net profit of ₹2,098 cr (+14,889.1% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +6,345.5% on the year, against +14,889.1% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.