Financial Performance
NSE delivered total income of Rs. 18,713.37 crore in FY2026, compared with Rs. 19,176.83 crore in FY2025 and Rs. 16,352.06 crore in FY2024. Profit after tax stood at Rs. 10,302.06 crore in FY2026, against Rs. 12,187.69 crore in FY2025 and Rs. 8,305.74 crore in FY2024.
Although FY2026 recorded a moderation in income and profitability, the three-year numbers reflect the strength of NSE’s operating model. EBITDA was Rs. 11,097.90 crore, while net worth increased to Rs. 31,869.72 crore. The company reported zero borrowings, providing considerable financial flexibility.
IPO Valuation
At the upper price band of Rs. 1,785, NSE commands a market capitalisation of Rs. 4,41,787.50 crore. Based on FY2026 earnings per share of Rs. 41.62, the price-to-earnings ratio works out to approximately 42.9 times.
The valuation reflects NSE’s market leadership, strong margins, scalable platform and strategic importance. However, the premium pricing means investors should not expect every year to replicate the exceptional growth previously delivered. Sustained transaction activity, new product launches and growth in market participation will remain important triggers.
Objects of the Issue
The entire issue comprises an Offer for Sale of 14,89,05,525 shares. Consequently, all proceeds, after applicable offer expenses, will go to the selling shareholders. State Bank of India, MS Strategic (Mauritius), Canada Pension Plan Investment Board, Aranda Investments and Bank of Baroda are among the major sellers.
Should You Invest in NSE IPO?
NSE offers investors an opportunity to participate in the growth of India’s capital markets through an established, high-margin and asset-light exchange business overall.
The principal concern is valuation, along with the recent decline in FY2026 earnings. Investors applying only for listing gains should closely track GMP, QIB demand and overall market conditions during the subscription period. Long-term investors may consider applying, but should remain prepared for volatility if listing expectations become excessive.
Final Verdict
NSE IPO combines exceptional business quality, strong returns on capital and a debt-free financial position. The issue appears attractive for investors with a medium-to-long-term horizon, although the premium valuation warrants disciplined expectations.
Chanakya Verdict: 🟢 Apply
NSE IPO FAQs
What is the NSE IPO price band?
The price band is Rs. 1,700 to Rs. 1,785 per share.
What is the NSE IPO lot size?
Investors can apply for a minimum of eight shares and thereafter in multiples of eight.
When will the NSE IPO list?
The shares are tentatively scheduled to list on BSE on 24 September 2026.