National Stock Exchange of India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 10.71×
- Big non-institutionalbNII · above ₹10 lakh
- 7.23×
- Small non-institutionalsNII · ₹2–10 lakh
- 3.92×
- Retail individualRII · up to ₹2 lakh
- 1.23×
- Employeesreserved quota
- 2.26×
Issue details
- IPO date
- 17 Sep 2026 – 21 Sep 2026
- Listing date
- 24 Sep 2026
- Face value
- ₹1 per share
- Price band
- ₹1,700 – ₹1,785
- Issue price
- ₹1,785 per share
- Lot size
- 8 shares
- Listing at
- NSE
- Total issue size
- ₹22,569 Cr
- ISIN
- INE721I01024
- CIN
- U67120MH1992PLC069769
- Registered office
- Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 2,52,07,867 | 28.58% | 28.44% |
| NII (HNI) | 1,89,00,483 | 21.43% | 21.32% |
| bNII > ₹10L · within NII | 1,26,00,322 | — | 14.21% |
| sNII < ₹10L · within NII | 63,00,161 | — | 7.11% |
| Retail (RII) | 4,41,01,125 | 50.00% | 49.75% |
| Employee | 4,33,436 | — | 0.49% |
| Total issue | 8,86,42,911 | — | 100.00% |
Net offer to the public of 8,82,09,475 shares, out of a total issue of 8,86,42,911. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 8 shares per lot, in multiples, at ₹1,785
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 8 | ₹14,280 |
| Retail (max) | 14 | 112 | ₹1,99,920 |
| S-HNI (min) | 15 | 120 | ₹2,14,200 |
| S-HNI (max) | 70 | 560 | ₹9,99,600 |
| B-HNI (min) | 71 | 568 | ₹10,13,880 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 18,713.37 | 19,176.83 | 16,352.06 |
| Revenue from operations | 16,601.31 | 17,140.68 | 14,780.01 |
| Other income | 2,112.06 | 2,036.15 | 1,572.05 |
| Total expenses | 5,999.9 | 4,806.29 | 3,608.78 |
| Operating profit | 12,713.47 | 14,370.54 | 12,743.28 |
| Operating margin | 67.94% | 74.94% | 77.93% |
| Profit before tax | 13,895.58 | 15,474.78 | 11,184.28 |
| Profit after tax | 10,302.06 | 12,187.69 | 8,305.74 |
| PAT margin | 55.05% | 63.55% | 50.79% |
| Balance sheet | |||
| Total assets | 87,937.44 | 69,466.64 | 65,463.98 |
| Current assets | 68,825.72 | 46,984.3 | 42,559.3 |
| Current liabilities | 41,829.16 | 26,106.28 | 31,711.87 |
| Total liabilities | 42,744.75 | 27,038.06 | 32,632.86 |
| Net worth | 32,113.54 | 30,353.33 | 23,973.88 |
| Current ratio | 1.65× | 1.80× | 1.34× |
| Return on equity | 32.08% | 40.15% | 34.64% |
| Cash flow | |||
| Operating cash flow | 23,836.18 | 4,091.49 | 29,744.28 |
| Investing cash flow | -45.87 | -5,430.98 | -8,463 |
| Financing cash flow | -8,808.85 | -4,599.75 | -3,993.69 |
| Net cash flow | 14,981.46 | -5,939.24 | 17,287.59 |
Objects of the issue
1 Offer for Sale by Selling Shareholders —
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.
2 Achieve Benefits of Listing on BSE —
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.
2 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About National Stock Exchange of India
National Stock Exchange of India Limited operates a vertically integrated, multi-asset exchange that offers a single platform for trading, clearing and listing. Its platform covers cash market, futures, options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market and interest rate futures. It also provides data feed, data terminal, data centre, connectivity and licensing services (including index licensing and data subscription). Its customers include companies listing securities, trading members, colocation and connectivity users, and index, data feed and terminal customers. Its subsidiary NSE IFSC Limited operates in GIFT City to enable trading in foreign currency-denominated securities. As of June 30, 2026, the document reports 3,005 listed entities on the exchange and 132.37 million unique registered investors. The company does not have an identifiable promoter. Its revenue is driven mainly by transaction charges levied on trading members, which were 78.65% of revenue from operations in Fiscal 2026. The document reports a 4:1 bonus issue approved by the Governing Board on November 4, 2024.
Management
Shri Srinivas Injeti
CEO
Shri Ashishkumar Chauhan
MD
Shri Veneet Nayar
Director
Prof. G. Sivakumar
Director
Strengths
As stated in the offer document
Market Leadership Position in India
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.
Global Leadership in Trading Volume
The company was the largest multi-asset class exchange globally in terms of number of trades in cash equities (11.38% global market share) and contracts traded in equity derivatives (51.18% global market share) in Fiscal 2026.
Comprehensive Capital Formation Platform
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.
Extensive Investor Base and Geographic Reach
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.
Vertically Integrated Business Model
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.
Robust Technology Infrastructure Built for Scale
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.
Strong Financial Performance and Profitability
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.
Dominant Index and Data Services Business
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.
Leading Clearing and Settlement Infrastructure
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.
Strong Brand and Regulatory Trust
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.
Risk factors
As stated in the offer document
Significant Dependence on Trading Volume and Transaction Charges
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.
Concentration Risk from Top Trading Members
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.
Extensive Regulatory Oversight and Enforcement Actions
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.
Technology Infrastructure and System Disruption 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.
Cybersecurity and Data Protection Vulnerabilities
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.
Risk Management and Settlement Guarantee Fund Adequacy
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.
Clearing Corporation Interoperability Competition
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.
Outstanding Legal Proceedings and Contingent Liabilities
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.
Company Analysis
from RHPNSE is a vertically integrated, multi-asset stock exchange running trading, clearing, listing, and data and licensing services across India's securities exchange and capital markets infrastructure industry.
National Stock Exchange of India Limited operates a vertically integrated, multi-asset exchange that offers a single platform for trading, clearing and listing. Its platform covers cash market, futures, options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market and interest rate futures. It also provides data feed, data terminal, data centre, connectivity and licensing services (including index licensing and data subscription). Its customers include companies listing securities, trading members, colocation and connectivity users, and index, data feed and terminal customers. Its subsidiary NSE IFSC Limited operates in GIFT City to enable trading in foreign currency-denominated securities. As of June 30, 2026, the document reports 3,005 listed entities on the exchange and 132.37 million unique registered investors. The company does not have an identifiable promoter. Its revenue is driven mainly by transaction charges levied on trading members, which were 78.65% of revenue from operations in Fiscal 2026. The document reports a 4:1 bonus issue approved by the Governing Board on November 4, 2024.
Objects of the Issue
- Carry out the Offer for Sale of up to 126,436,650 Equity Shares by certain Selling Shareholders. The company does not receive proceeds from this component. ₹ [●] million p.6
- Achieve the benefits of listing the Equity Shares on BSE p.6
Issue Structure
- Total Issue
- Up to 126,436,650 Equity Shares of face value of ₹1 each aggregating to ₹ [●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 126,436,650 Equity Shares of face value of ₹1 each aggregating to ₹ [●] million
- Face Value
- ₹1
Business Model
Revenue comes mainly from transaction charges on trades executed by trading members across cash, futures, options, mutual fund, commodity, currency, wholesale debt and interest rate derivative segments, which were 78.65% of revenue from operations in Fiscal 2026. Other sources include listing fees, processing fees and book building fees from listed entities, data centre rack and data connectivity charges from colocation members, data feed and terminal fees, index licensing and data subscription fees, and clearing and settlement services. The company also earns investment income on its treasury investments and settlement funds.
Business Segments
SWOT Analysis
- • Market leader in India with a liquid market for all stakeholders(p.5)
- • Positioned to benefit from India's structural growth tailwinds and network effects(p.5)
- • Strong brand synonymous with trust, efficiency and transparency(p.5)
- • Track record of comprehensive and innovative offerings through a vertically integrated model(p.5)
- • Technology platform built for scale and resilience(p.5)
- • Combination of scale, growth, profitability and sustained cash generation(p.5)
- • No borrowings reported across all periods presented(p.8)
- • High dependence on transaction charges, mainly options and futures(p.16)
- • Concentration of revenue among top ten trading members(p.16)
- • IT infrastructure disruptions could harm business and reputation(p.16)
- • Risk management systems may not always be adequate(p.16)
- • Clearing corporation operations expose the company to multiple risks(p.16)
- • Act as a catalyst for new capital formation and attract new issuers and investors(p.5)
- • Enhance data monetisation through the market data ecosystem(p.5)
- • Build global partnerships and presence in GIFT City(p.5)
- • Build a strategic offshore presence to harness global opportunities(p.5)
- • Market remains underpenetrated relative to peers(p.5)
- • Scope for revenue diversification beyond transaction and listing revenues(p.5)
- • Decline in trading volumes could reduce demand and constrain growth(p.16)
- • Operates in a highly regulated industry overseen by SEBI(p.16)
- • Uncertain outcome of ongoing and future enforcement and adjudication proceedings(p.16)
- • Cybersecurity risk, including a 2025 distributed denial of service attack(p.16)
- • Dependence on attracting new listings and capital formation activity(p.16)
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.