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NSE IPO: Profitability Leads as Revenue Growth Trails

NSE IPO: Profitability Leads as Revenue Growth Trails
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NSE Makes Its Stock Market Debut

NSE Makes Its Stock Market Debut: The National Stock Exchange made its stock market debut on September 24, 2026, after its ₹22,568-crore IPO. NSE shares listed at Rs. 1,800 against the Rs. 1,785 issue price. The exchange entered the market with a valuation of about Rs. 4.45 lakh crore, making it significantly larger than other listed Indian exchanges. 

NSE Shows High Profitability

NSE Shows High Profitability: NSE’s FY26 numbers highlight its strong profitability. Its adjusted operating EBITDA margin stood at about 75.48%, according to the peer comparison. The exchange also reported FY26 revenue from operations of Rs. 16,601 crore. Its scale and high margins reflect the strength of its trading and market infrastructure businesses. 

Revenue Growth Trails BSE and MCX

Revenue Growth Trails BSE and MCX: NSE recorded a four-year income CAGR of about 20.5% between FY22 and FY26. The growth rate was lower than BSE at 56.2% and MCX at 48.8%. The comparison shows a clear difference between NSE’s larger existing scale and the faster revenue growth reported by smaller listed exchange peers. 

NSE’s Valuation Stays Below BSE

NSE’s Valuation Stays Below BSE: At the IPO price, NSE’s FY26 P/E multiple was around 42.9 times. BSE traded at about 54.28 times on the comparable FY26 basis. This placed NSE at a lower earnings multiple despite its significantly larger revenue base, giving investors a direct valuation comparison between the two exchanges. 

BSE Posts Faster Growth

BSE Posts Faster Growth: BSE’s stronger recent growth has been reflected in its financial performance. Its FY26 operating revenue reached Rs. 4,834 crore, while revenue growth was much faster than NSE’s during the period. BSE’s adjusted EBITDA margin stood at about 65.2%, compared with NSE’s 75.4%, showing differences in both growth and profitability.

MCX Also Shows Faster Revenue Growth

MCX Also Shows Faster Revenue Growth: MCX recorded a four-year income CAGR of about 48.8% through FY26, significantly above NSE’s 20.5%. Its adjusted EBITDA margin was around 71.5%. The comparison places NSE ahead on the reported profitability measure, while MCX delivered faster revenue growth over the four-year period. 

NSE’s Scale Meets a Slower Growth Profile

NSE’s Scale Meets a Slower Growth Profile: NSE enters the listed market with substantial scale, high operating margins and a large revenue base. Its latest comparison with BSE and MCX also highlights slower four-year revenue growth. The numbers show why profitability, growth and valuation are separate measures when assessing the exchange after its 2026 public-market debut. 

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