NSE
What they do: Vertically integrated exchange offering order matching, post-trade clearing, index licensing, data services, and issuer listing platforms.
By IPO Milega Research · Published · Updated
Analysis score 7.4 +1 for 12.68x QIB subscription
Robust financial profile with 50%+ net margins, zero long-term debt, massive total assets, and high return on equity driven by operating leverage.
- GMP (unofficial)
- +2.24%
- ₹40 a share
- Subscribed
- 5.69x
- Total
- Retail odds
- 74%
- 1 in 1.4
GMP is an unofficial grey market indication.
- Price band
- Price TBA
- Lot size
- N/A
- Min. investment
- N/A
- Issue size
- 22,561.57 Cr.
- Open1 Jul 2026
- Close3 Jul 2026
- Allotment6 Jul 2026
- Listing8 Jul 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 12.68x
- NII
- 6.54x
- Retail
- 1.36x
₹1825 (+2.24%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials9.0
- Performance9.0
- Flexibility8.0
- Timing8.0
- Risk3.0
1846 (3.42%)
Strengths4
- World's largest derivatives exchange by contract volume for seven consecutive years
- Grew unique registered investor base to 129.09 million across 99% of postal codes
- Successfully operationalized T+1 and optional T+0 settlement cycles
- Established international exchange NSEIX and NSEIX-SGX Connect at GIFT City
Concerns5
- Transaction fee revenue dependency on trading volume and market volatility
- Regulatory oversight, show cause notices, and enforcement actions by SEBI
- IT infrastructure disruptions, storage system failures, and technology glitches
- Cybersecurity threats and risks of sensitive financial data compromise
- Revenue concentration with top ten trading members accounting for 46.78% of revenue
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum-- lots, - shares
- Retail Maximum-- lots, - shares
- S-HNI Minimum-- lots, - shares
- S-HNI Maximum-- lots, - shares
- B-HNI Minimum-- lots, - shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | - | - | - |
| Retail Maximum | - | - | - |
| S-HNI Minimum | - | - | - |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | - | - | - |
Timing
8.0/10Capitalizes on booming Indian equity market capitalisation, high liquidity, and growing investor account registrations across the country.
- Time to market
- Prompt execution of public listing unlocks liquidity for selling shareholders amidst peak market participation and favorable equity valuations.
- How allotment works
- Basis of allotment finalized by Designated Stock Exchange BSE in dematerialized form.
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE Limited
Key milestones
- 17 Jun 2026Filing of Draft Red Herring Prospectus
- 1 Jul 2026Bid/Offer Opening Date
- 3 Jul 2026Bid/Offer Closing Date
- 8 Jul 2026Commencement of Trading on BSE
Financials
9.0/10- Revenue
- ₹18,713 Cr
- -2.4%
- Profit after tax
- ₹0 Cr
- No prior year
- Net margin
- 0.0%
- 0.0 pts
- Assets
- ₹87,937 Cr
- +26.6%
- Return on equity
- 32.98%
- Debt to equity
- 0
- Current ratio
- 1.65
- Revenue CAGR
- 5.96%
- ROCE
- 42.80%
- Return on net worth
- 33.21%
- NAV per share (₹)
- 129.75
Financial performance trend
Amount ₹ in croresRobust financial profile with 50%+ net margins, zero long-term debt, massive total assets, and high return on equity driven by operating leverage.
Risk
3.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks2
- Operational risks2
- Regulatory risks2
NSE faces regulatory scrutiny, dependency on transaction volumes, IT infrastructure outages, market volatility, and clearing member default risks despite its market dominance.
How the company offsets these
Maintains Core Settlement Guarantee Fund, robust cybersecurity frameworks, multi-datacenter redundancies, strict margin controls, and continuous compliance oversight with SEBI and IFSCA regulations.
Financial risks2
- Trading volume fluctuations impacting transaction charge revenues
- Clearing member defaults exceeding available margins and Core SGF resources
Market risks2
- Broader market downturns and shifts in investor sentiment away from equities
- Potential household savings reallocation from financial to physical assets
Operational risks2
- IT hardware, network link, or software application failures causing trading halts
- Cyberattacks, data leakage, and system vulnerabilities
Regulatory risks2
- Changes in SEBI regulations regarding derivatives expiry or margin rules
- Financial disincentives and penalties imposed by regulatory authorities
Performance
9.0/10NSE delivers industry-leading profit margins, multi-year volume expansion across derivatives and cash segments, and robust revenue growth backed by strong network effects.
- Historical growth
- Consistent trading volume and revenue expansion across market cycles, 11.37% PAT CAGR from Fiscal 2024 to Fiscal 2026
- Market comparison
- Outperforms global listed peer exchanges in operating EBITDA margins, cash equity trade counts, and global equity derivatives contract volumes.
- Future potential
- Strong long-term growth projected from rising Indian household financialization, GIFT City IFSC expansion, and new asset classes like commodity and electricity futures.
- Operational consistency
- Over three decades of continuous operations as India's premier stock exchange demonstrate resilient trading volume and sustained operational stability.
- Experience
- Led by highly experienced financial market professionals and governed by public interest directors with deep expertise in regulatory compliance and technology.
- Track record
- Successfully expanded market leadership, introduced innovative derivative products, achieved T+1/T+0 settlement, and maintained strong profitability and dividend payouts.
Key achievements
- 01World's largest derivatives exchange by contract volume for seven consecutive years
- 02Grew unique registered investor base to 129.09 million across 99% of postal codes
- 03Successfully operationalized T+1 and optional T+0 settlement cycles
- 04Established international exchange NSEIX and NSEIX-SGX Connect at GIFT City
Flexibility
8.0/10Consistently adapts to regulatory mandates, introduces new asset segments, and expands digital investor onboarding across Tier II and III regions.
Debt-free balance sheet with high cash reserves, strong operating cash flows, and substantial net worth providing unmatched financial cushioning.
Scalable modular architecture handles tens of billions of daily messages, rapidly deploying new trading sessions and cross-border exchange connects.
Demonstrates exceptional agility through product innovation, GIFT City international expansion, rapid technology upgrades, and seamless migration to shortened settlement cycles.
- Product diversification
- Diversified revenue streams from trading, listing, index licensing, data feed analytics, colocation, and post-trade clearing services.
- Future adaptability
- Well-positioned to capitalize on market tokenization, AI surveillance, commodity derivatives growth, and international financial center expansion.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.