NSE · Finance · filed 3 Nov 2026
National Stock Exchange of India reported revenue of ₹4,067 cr for July to September 2026, +10.6% on the year and −10.8% on the quarter. That is slower than this quarter has grown in recent years (+5,865.5% on average). Over the last four quarters revenue comes to ₹8,818 cr, +129.6% on the four before.
Operating profit (EBITDA) was ₹3,079 cr, a margin of 75.7%, +3,535 bps on the year and −215 bps on the quarter. Over the last 8 quarters the margin has ranged from 40.4% to 77.9%, averaging 60.1%. Operating costs grew −55.0% against revenue growth of +10.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹2,578 cr, +22.8% on the year and −17.4% on the quarter, with earnings per share of ₹10.41. Profit before other income, one-offs and tax grew faster, at +117.0%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹5,772 cr, +165.8% on the four before.
Of the 8 companies in AMCs and capital market intermediaries that have reported Q2 FY27 so far, National Stock Exchange of India ranks 8th on revenue growth; the sector median is +34.1%. Its margin moved +3,535 bps on the year against a sector median of +222 bps.
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.
On earnings per share of ₹35.31 over the last four quarters, the stock at ₹1,785.00 trades at 50.6 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Source: Cash flow statement
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Could not run on this quarter: Finance cost rising, Inventory against sales, Borrowing while holding cash, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,725 cr | ₹2,468 cr | ▼ 30.1% |
| Cash | ₹20,708 cr | ₹32,261 cr | ▼ 35.8% |
| Bank balances | ₹18,429 cr | ₹14,984 cr | ▲ 23.0% |
| Trade payables | ₹602 cr | ₹504 cr | ▲ 19.4% |
| Net block | ₹3,700 cr | ₹1,614 cr | ▲ 129.2% |
| Capital work in progress | ₹69.8 cr | ₹173 cr | ▼ 59.7% |
| Equity | ₹29,166 cr | ₹32,114 cr | ▼ 9.2% |
| Total assets | ₹75,877 cr | ₹87,937 cr | ▼ 13.7% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹4,678 cr | ₹10,827 cr |
| Capital expenditure | −₹492 cr | −₹494 cr |
| Investing cash flow | ₹1,818 cr | ₹3,866 cr |
| Financing cash flow | −₹8,743 cr | −₹8,736 cr |
| Dividends paid | −₹8,664 cr | −₹8,663 cr |
Operating cash flow was -0.82× profit. Receivables at 36 days of sales (−18 days against the last year end).
Other matter 1: “We did not audit the interim financial statements of two subsidiaries and interim consolidated financial statements of two subsidiaries (including six step-down subsidiaries) included in the Statement, whose interim financial information reflects total assets of ₹ 45,169.67 crores as at… Read in full
We did not audit the interim financial statements of two subsidiaries and interim consolidated financial statements of two subsidiaries (including six step-down subsidiaries) included in the Statement, whose interim financial information reflects total assets of ₹ 45,169.67 crores as at 30 September 2026, total revenues of ₹ 862.49 crores and ₹ 1,741.34 crores, total net profit after tax of ₹ 441.24 crores and ₹ 901.67 crores, total comprehensive income of ₹ 7.85 crores and ₹ 3.52 crores, and net cash outflows of ₹ 8,287.42 crores and ₹ 12,035.40 crores for the quarter ended 30 September 2026 and for the year to date results for the period from 1 April 2026 to 30 September 2026 respectively, as considered in the Statement. The interim consolidated financial statements of such subsidiaries also include the Group's share of net profit after tax of ₹ 10.43 crores and ₹ 19.93 crores and total comprehensive income of ₹ 0.00 crores and ₹ 0.05 crores for the quarter ended 30 September 2026 and for the year to date results for the period from 1 April 2026 to 30 September 2026 respectively, in respect of four indirect associates, whose interim financial results have not been audited by their auditors. These interim financial statements of the subsidiaries have been audited by other auditors whose reports have been furnished to us by the Holding Company's management. Our opinion, in so far as it relates to the amounts and disclosures included in respect of aforesaid subsidiaries (including step down subsidiaries and indirect associates), are based solely on the reports of such other auditors.
Other matter 2: “The consolidated financial results also include the Group's share of net profit after tax of ₹ 15.48 crores and ₹ 29.11 crores and total comprehensive (loss)/income of ₹ (0.40) crore and ₹ 0.51 crore for the quarter ended 30 September… Read in full
The consolidated financial results also include the Group's share of net profit after tax of ₹ 15.48 crores and ₹ 29.11 crores and total comprehensive (loss)/income of ₹ (0.40) crore and ₹ 0.51 crore for the quarter ended 30 September 2026 and for the year to date results for the period from 1 April 2026 to 30 September 2026 respectively in respect of four direct associates of the Group, whose interim financial results has not been audited by their auditors. This interim financial result has been furnished to us by the Holding Company's management and our opinion, in so far as it relates to the amounts and disclosures included in respect of the aforesaid associates, is based solely on such unaudited interim financial results. In our opinion and according to the information and explanations given to us by the management, these interim financial results are not material to the Group. Our opinion, is not modified in respect of this matter with respect to our reliance on the interim financial results certified by the management.
Other matter 3: “The audit of consolidated financial results for the quarter ended 30 June 2026, quarterly and year-to-date financial results for the period ended 30 September 2025 and consolidated financial results for the year ended 31 March 2026 included in the Statement… Read in full
The audit of consolidated financial results for the quarter ended 30 June 2026, quarterly and year-to-date financial results for the period ended 30 September 2025 and consolidated financial results for the year ended 31 March 2026 included in the Statement were carried out and reported by Price Waterhouse & Co Chartered Accountants LLP who have expressed unmodified opinions vide their audit reports dated 30 July 2026, 04 November 2025 and 05 May 2026, respectively, whose reports have been furnished to us by the management and which have been relied upon by us for the purpose of our audit of the Statement. Our opinion is not modified in respect of this matter.
Filing p. auditor report p.1-4
₹0.0 cr still unused. “Entire issue comprised of Offer-for-Sale by existing selling shareholders of 12,64,36,650 equity shares aggregating ₹22,562.71 crore; net sale proceeds transferred to respective selling shareholders.”
Completed Initial Public Offer (IPO) by way of Offer-for-Sale and equity shares were listed on BSE Limited on September 24, 2026. (p. consolidated note 7)
Board approved divestment of up to 40% stake in National Coal Exchange of India Limited, wholly-owned subsidiary, through secondary sale of equity shares. (p. outcome letter p.1)
SEBI approved settlement application on composite payment of ₹1,491.21 crore; Supreme Court disposed of SC Colocation Appeals and SC Dark Fibre Appeals on September 03 and September 18, 2026. (p. consolidated note 2)
Tax: Consolidated tax expense of ₹848.63 crore (current tax ₹903.21 crore, deferred tax credit ₹54.58 crore) on Profit before tax of ₹3,424.52 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Market share | 93% | 93% | 93% |
| Active clients (lakh) | 13.7 | — | — |
| Cash Market ADTV (₹ crore) | 118,377 | 135,949 | 95,705 |
| Equity Futures ADTV (₹ crore) | 124,574 | 153,079 | 141,042 |
| Equity Options Premium ADTV (₹ crore) | 47,977 | 64,352 | 46,442 |
Operating Investment Income for Q2 FY27 stood at ₹237 crore (9% YoY growth), while 6M Interest/Investment Income across financial assets/FVOCI/FVTPL in cash flow was ₹1,165.37 crore.
Treasury and float income on member deposits and Core SGF contribute significantly to non-operating and total income.
Equity Options transaction charges in Q2 FY27 contributed ₹2,216 crore (54% of operating revenue and 73% of transaction charges), while Equity Futures contributed ₹328 crore (8%).
High concentration in options transaction charges exposes operating revenue to potential regulatory shifts in derivatives trading framework.
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.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Trading Services | ₹3,604 cr | ▲ 9.3% | ₹2,496 cr | ▲ 157.2% |
| Clearing Services | ₹465 cr | ▲ 13.7% | ₹280 cr | ▲ 3.3% |
| Others | ₹212 cr | ▲ 32.5% | ₹117 cr | ▲ 49.5% |
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 ₹4,067 cr (+10.6% on the year) and net profit of ₹2,578 cr (+22.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +117.0% on the year, against +22.8% for reported profit.
1 check raised a question: Profit with no operating cash behind it. Where did the cash go?
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