National Stock Exchange of India IPO
IPO Open Now
₹13,600 / 8 shares
Price Range: ₹1,700 – ₹1,785 per share
Bidding Dates17 Sept, 2026 – 21 Sept, 2026
Min Investment₹13,600
Lot Size8
Issue Size₹22,568.94 Cr.
IPO Overview
IPO Timeline
IPO Offer Start17 Sept, 2026
IPO Offer Ends21 Sept, 2026
Allotment Finalisation22 Sept, 2026
Refund Initiation23 Sept, 2026
Listing of Shares24 Sept, 2026
IPO Analysis
Strengths
- The company has been the largest stock exchange in India in terms of total turnover in cash market and equity derivatives from Fiscal 2001 to Fiscal 2026, with market share of 92.99% in cash market and 99.79% in equity futures in Fiscal 2026.
- The company was the largest multi-asset class exchange globally in terms of number of trades in cash equities, with 11.38% global market share, and contracts traded in equity derivatives, with 51.18% global market share, in Fiscal 2026.
- The company enabled mobilisation of ₹4.78 trillion in equity capital and facilitated Total Fund Mobilisation of ₹20.33 trillion through its platform in Fiscal 2026, serving as a key catalyst for India's capital formation.
- The company serves 132.37 million Unique Registered Investors across over 99% of Indian postal codes as of June 30, 2026, with 3,005 Listed Entities and Market Capitalisation of ₹474.08 trillion.
- The company operates a comprehensive platform offering trading, clearing, listing and other services through a single integrated platform with unified membership, technology, and risk management framework enabling capital-efficient operations.
- The company's platform processed 21.89 billion peak order messages in a single day and can process ~5 million messages per second with microsecond response time, supported by seven data centres with zero data breach incidents in Fiscals 2024–2026.
- The company achieved revenue growth CAGR of 5.98% from Fiscal 2024 to 2026, with Operating EBITDA Margin of 66.85% in Fiscal 2026 and Profit After Tax Margin of 50.98%, demonstrating sustained profitability and cash generation.
- The company's Nifty Indices captured 72.59% market share of Total AUM of India Passive Funds (₹8.95 trillion as of June 2026) and are tracked by 76.89% of index fund and ETF schemes in India.
- The company's subsidiary NCL is the largest clearing corporation in India with market share of 88.42% in cash market and 91.04% in equity derivatives in Fiscal 2026, maintaining Core Settlement Guarantee Fund of ₹133,923.06 million as of June 30, 2026.
- The company operates as a 'first level regulator' and Critical Information Infrastructure entity, maintaining strong governance standards with majority public interest directors on Governing Board, fostering trust across market cycles through transparent operations.
Risks
- The company derives 79.44% of revenue from transaction charges, with options business contributing 60.17% of total revenue. Any significant decrease in trading volumes could severely impact financial performance, particularly given regulatory measures that reduced revenue from transaction charges by 4.24% in Fiscal 2026.
- The company derived 47.00% of revenue from its top ten trading members in the three months ended June 30, 2026. Loss or reduced activity of key trading members could materially impact revenues and business operations.
- The company operates under strict SEBI oversight and has been subject to enforcement actions, monetary penalties, and adjudication proceedings. Settlement amounts totaling ₹14,912.07 million have been paid for colocation and dark fiber matters, with ongoing regulatory scrutiny posing continued risks.
- The company's business depends on continuous, reliable IT infrastructure. Past system failures have led to trading halts lasting over 5 hours and financial penalties of ₹60.40 million. Technology-related operating expenses represent 8.01% of revenue, with significant ongoing capital expenditure requirements.
- The company faces cybersecurity risks including distributed denial of service attacks experienced in 2025. Any successful cyberattack could disrupt operations, compromise sensitive data, and result in regulatory penalties up to ₹2,500 million under the Digital Personal Data Protection Act.
- The company maintains Core Settlement Guarantee Fund of ₹133,923.06 million as of June 30, 2026. In extreme stress scenarios with multiple clearing member defaults, the fund may prove insufficient, potentially requiring additional contributions that could impact profitability and dividend capacity.
- NCL's market share declined to 86.63% in cash market and 91.20% in equity derivatives in Q1 2026 from 94.24% and 95.67% respectively in Fiscal 2025. Increased competition from interoperability may reduce clearing revenues and operational control.
- The company faces contingent liabilities totaling ₹122,260.83 million (34.95% of net worth), including competition law penalties of ₹9,124.90 million and various regulatory proceedings. Adverse outcomes could materially impact financial condition.
Objects of the Issue
The company is conducting an Offer for Sale of up to 126,436,650 Equity Shares of face value of ₹1 each by certain Selling Shareholders. Each Selling Shareholder will be entitled to its respective portion of the proceeds after deducting Offer-related expenses and relevant taxes.
The company aims to achieve the benefits of listing the Equity Shares on BSE. The listing is expected to enhance the company's visibility and brand image, provide liquidity to Shareholders and establish a public market for the Equity Shares in India.
Yearly Financial Results
Consolidated — ₹ Crores
| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 14,780.01 | 17,140.68 | 16,601.31 |
| Expenses | 3,608.78 | 4,806.29 | 5,999.90 |
| Other Income | 1,572.05 | 2,036.15 | 2,112.06 |
| Total Revenue | 16,352.06 | 19,176.83 | 18,713.37 |
| Profit Before Tax | 11,184.28 | 15,474.78 | 13,895.58 |
| Net Profit | 8,305.74 | 12,187.69 | 10,302.06 |
Balance Sheet
Consolidated — ₹ Crores
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 65,463.98 | 69,466.64 | 87,937.44 |
| Current Assets | 42,559.30 | 46,984.30 | 68,825.72 |
| Fixed Assets | 22,052.18 | 22,243.94 | 18,822.61 |
| Total Equity & Liabilities | 65,463.98 | 69,466.64 | 87,937.44 |
| Total Liabilities | 32,632.86 | 27,038.06 | 42,744.75 |
| Current Liabilities | 31,711.87 | 26,106.28 | 41,829.16 |
| Non Current Liabilities | 551.68 | 845.62 | 901.29 |
| Total Equity | 23,973.88 | 30,353.33 | 32,113.54 |
Cash Flow
Consolidated — ₹ Crores
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Net Cash Flow | 17,287.59 | -5,939.24 | 14,981.46 |
| Investing Activities | -8,463.00 | -5,430.98 | -45.87 |
| Operating Activities | 29,744.28 | 4,091.49 | 23,836.18 |
| Financing Activities | -3,993.69 | -4,599.75 | -8,808.85 |
About National Stock Exchange of India
The company operates as India's largest stock exchange and vertically integrated multi-asset class platform, providing trading, clearing, listing and settlement services across cash market, futures, options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market and interest rate futures. The company has been the largest stock exchange in India.
Documents
Source: DRHP
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