NSE · Finance
National Stock Exchange of India reported revenue of ₹105 cr for January to March 2026, +94.4% on the year and +22.1% on the quarter. Over the last four quarters revenue comes to ₹3,936 cr, +2,201.6% on the four before.
Operating profit (EBITDA) was ₹56.0 cr, a margin of 53.3%, −407 bps on the year and +333 bps on the quarter. Over the last 8 quarters the margin has ranged from 40.4% to 76.2%, averaging 56.5%. Operating costs grew +113.0%, faster than revenue at +94.4%, so operating profit grew less than sales.
Net profit was ₹42.0 cr, +75.0% on the year and +31.3% on the quarter, with earnings per share of ₹6.48. Profit before other income, one-offs and tax grew faster, at +80.6%; 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 ₹2,197 cr, +2,612.9% 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 ₹25.16 over the last four quarters, the stock at ₹1,785.00 trades at 70.9 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.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: 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.
| 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 ₹105 cr (+94.4% on the year) and net profit of ₹42.0 cr (+75.0% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +80.6% on the year, against +75.0% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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.