National Stock Exchange (NSE), India’s premier stock exchange, has announced its audited financial results for the fiscal year ended March 31, 2025. The exchange reported another year of strong financial performance, driven by higher trading volumes, increased investor participation, and substantial non-operating income.

1. Key Financial Highlights (YoY Performance)

Total Revenue – NSE’s total revenue in FY25 increased by 15.98%, reaching ₹17,141 crore, up from ₹14,780 crore in FY24. This growth reflects continued traction in equity and derivative markets and expansion in data and analytics offerings.

Total Expenses – Total expenses grew to ₹4,817 crore in FY25 (sum of employee benefit expenses, other expenses, and D&A), a rise of 31.52% from ₹3,608 crore in FY24. The increase reflects scaling operations, tech investments, and higher personnel-related costs.

2. EBITDA and Margins - EBITDA rose to ₹12,881 crore in FY25 from ₹11,611 crore in FY24, showing an increase of approximately 10.94%. However, the Operating Profit Margin (OPM) slightly declined from 78.56% in FY24 to 75.15% in FY25, indicating a moderate increase in operational costs, particularly in employee and other expenses.

3. Profit Before Tax (PBT) – PBT surged by 43.5%, climbing to ₹16,057 crore in FY25 from ₹11,184 crore in FY24. The growth was significantly supported by a sharp rise in other income, contributing to stronger pre-tax margins.

4. Profit After Tax (PAT) – PAT grew to ₹12,188 crore, marking an increase of 44.97% over ₹8,406 crore in FY24. This reflects solid profitability, improved operational leverage, and strategic efficiency in tax planning. The Net Profit Margin (NPM) rose from 56.87% to 71.1%, again supported by strong non-operating income.

5. Earnings Per Share (EPS) – EPS for FY25 stood at ₹49.24, a decline from ₹169.82 in FY24. The drop is due to changes in share capital structure, i.e. bonus issue in 4:1. 

Strategic Outlook

NSE’s FY25 performance showcases its financial strength, market leadership, and adaptability to evolving market dynamics. The exchange continues to invest in cutting-edge infrastructure, strengthen its regulatory framework, and innovate across asset classes.

With growing domestic retail participation, expanding global investor interest, and increasing focus on sustainable finance, NSE is well-positioned to maintain its growth trajectory in the coming fiscal years.