The National Stock Exchange (NSE) remains India's most significant exchange platform, achieving the following milestones:
#1 globally in derivatives trading volume (FIA, 2024)
#2 globally in equity trades (WFE, 2024)
NSE operates an end-to-end model that includes listing, trading, clearing, settlement, index management, market data, fintech infrastructure, and regulatory enforcement, contributing to a robust capital markets ecosystem in India.
Transaction revenue stood at ₹3,150 Cr, up 7% QoQ, driven by healthy growth in cash and derivatives segments.
Standalone income: ₹4,243 Cr, lower compared to ₹5,860 Cr in Q4FY25 due to a one-time dividend booked earlier.
Excluding one-offs, operational income grew 9% QoQ.
Standalone revenue from operations increased to ₹3,608 Cr (+6% QoQ).
Consolidated expenditure declined 6% QoQ to ₹1,053 Cr, reflecting effective cost management.
Consolidated Operating EBITDA rose to ₹3,130 Cr (+12% QoQ), with EBITDA margin expanding to 78%.
Normalized Profit Before Tax (PBT): ₹3,683 Cr, up 12% QoQ.
Net Profit (PAT): ₹2,924 Cr, up 10% QoQ.
Standalone Performance:
EBITDA: ₹2,714 Cr (+11% QoQ)
Normalized PBT: ₹3,141 Cr (+13% QoQ)
Net Profit: ₹2,409 Cr; PAT Margin at 57%
Book Value per Share: ₹134.67
Return on Equity (Annualized): 37%
Expected FY26 PAT: ₹11,696 Cr
Estimated Market Cap (Unlisted): ₹5.38 Lakh Cr
Forward P/E (FY26): 46.02x
Resilient Growth: Strong QoQ rebound despite YoY revenue decline due to a high base effect.
Robust Margins: EBITDA and PAT margins at industry-leading levels, driven by operational scale.
Market Dominance: Sustained leadership in derivatives and increasing ADTV across segments.
Positive Outlook: With increasing investor activity and deepening capital markets, NSE is positioned for long-term value creation.
NSE has delivered a robust Q1FY26 performance, reinforcing its leadership in India's capital markets. Strong QoQ growth, superior profitability metrics, and increasing trading volumes reflect healthy business fundamentals. NSE continues to innovate and expand its ecosystem, making it a key pillar in India’s financial infrastructure.
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