National Stock Exchange (NSE)

NSE operates a vertically integrated ecosystem spanning trading, clearing, settlement, listing, market data, index services, and regulatory oversight across equities, derivatives, currency derivatives, commodities, debt securities, and mutual funds. As of March 31, 2026, the exchange served over 253 million registered investor accounts, 129 million unique investors, 1,325 trading members, and 2,978 listed companies, with total listed market capitalization of approximately ₹411 trillion. Over ₹20.3 trillion was mobilized through its platform during Fiscal 2026.

The exchange runs on a highly scalable, resilient technology infrastructure supporting high-frequency trading, real-time market data dissemination, risk management, surveillance, and regulatory compliance, with reach across more than 99% of Indian postal codes. As of March 31, 2026, NSE had 1,974 full-time employees, with subsidiaries employing an additional 907 across technology, operations, risk management, compliance, and business functions.

Cited strengths include an uncontested leadership position as India's premier exchange and the world's largest derivatives exchange by volume, a highly diversified and vertically integrated business model spanning cash trading, derivatives, clearing and settlement (via NCL), index licensing, and data feed services, industry-leading operational efficiency, and world-class, resilient technology infrastructure with colocation capabilities and 24x7 cyber defence monitoring.

This IPO is entirely an Offer for Sale of up to 14,89,05,525 equity shares by a group of institutional selling shareholders — including State Bank of India, MS Strategic (Mauritius) Ltd., Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte. Ltd., and Bank of Baroda — with no fresh issue and no proceeds accruing to the company itself. The reconstructed price band is ₹1,700 to ₹1,785 per share (see Issue Details flag on how this was derived from corrupted source data), with a lot size of 8 shares.

NSE has no identifiable promoter; pre- and post-issue shareholding is 100% Public. FY26 revenue declined roughly 2% and PAT declined roughly 15% year-on-year versus FY25, even as the company maintains zero total borrowings across all three fiscal years shown and very high margins (EBITDA margin ~67%, PAT margin in the 51–55% range depending on source). Two sources disagree meaningfully on several return and valuation metrics (ROE, RoNW, NAV, and Price-to-Book) — see the KPI section for a detailed reconciliation attempt. Since Pre- and Post-issue EPS are identical (no dilution from a pure-OFS structure), the calculated P/E range of roughly 40.85x to 42.89x applies to both.