NSE profit jumps 23% in first results since $47 billion listing

The National Stock Exchange of India earned 25.78 billion rupees ($271.9 million) in the quarter to 30 September, up 23% from 20.98 billion rupees a year earlier, in its first results since a September listing that valued the operator at nearly $47 billion.

Revenue from operations rose to 40.67 billion rupees from 36.77 billion rupees. Average daily traded volume climbed 24% in cash market trading and 150% in currency derivatives over the quarter, the exchange said.

The year-earlier comparison is flattered by one-off items: NSE had set aside 12.97 billion rupees to settle regulatory cases involving co-location and dark fibre, while booking a 12.01 billion rupee gain from selling stakes in associate companies.

The pressure point is options. Tighter rules and higher taxes have slowed options trading, and rival BSE has taken share in index options. Jefferies said last month the worst of the regulatory pressure was likely over, forecasting 15% annual revenue growth from fiscals 2027 to 2029 on stabilising options market share, higher cash equity turnover and technology revenue. J.P. Morgan and Morgan Stanley began coverage with overweight ratings, citing NSE's market dominance and growing retail participation in India.