NSE · Finance
National Stock Exchange of India reported revenue of ₹54.0 cr for January to March 2025, −8.5% on the year and +28.6% on the quarter. Over the last four quarters revenue comes to ₹171 cr, −10.0% on the four before.
Operating profit (EBITDA) was ₹31.0 cr, a margin of 57.4%, +487 bps on the year and −1,878 bps on the quarter. Over the last 8 quarters the margin has ranged from 52.3% to 76.2%, averaging 59.8%. Operating costs grew −17.9% against revenue growth of −8.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹24.0 cr, 0.0% on the year and 0.0% on the quarter, with earnings per share of ₹4.26. Profit before other income, one-offs and tax grew 0.0%, so the profit growth came from the business itself. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹81.0 cr, +2.5% 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 ₹14.50 over the last four quarters, the stock at ₹1,785.00 trades at 123.1 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Depreciation falling, 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.
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 ₹54.0 cr (−8.5% on the year) and net profit of ₹24.0 cr (0.0% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved 0.0% on the year, against 0.0% for reported profit.
None of the 6 checks that could run raised a question.
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.