The National Stock Exchange’s latest quarterly scorecard reveals headwinds even as its public listing dream nears reality. Announcing Q3 FY26 results, NSE disclosed a 37% drop in net profit to Rs 2,408 crore for Oct-Dec, versus Rs 3,834 crore YoY.
Positively, sequential profit rose 15% over Q2’s Rs 2,098 crore. Revenues fell 9% YoY to Rs 4,395 crore but gained 6% QoQ, while operating EBITDA declined 16% to Rs 2,851 crore.
These figures come against a backdrop of moderated cash market volumes, offset by booming derivatives trading. NSE’s adaptability shines through its diversified revenue streams.
Capital markets activity flourished: Rs 5.4 lakh crore raised via equity, debt, trusts. IPOs led with Rs 96,457 crore from 65 companies – a four-quarter high, doubled QoQ. Combined mainboard-SME listings signal robust primary market revival.
Municipal funding hit a peak too, with Rs 750 crore from seven corporations in 9MFY26, eclipsing prior records under SEBI’s framework.
Fresh off SEBI’s IPO green light, NSE’s leadership is accelerating preparations. MD Ashishkumar Chauhan outlined a 3-4 month timeline for DRHP, with simultaneous OFS development. He hailed SEBI for resolving a 10-year impasse.
‘We’re building on strong foundations,’ Chauhan affirmed. Experts predict the IPO will draw massive subscriptions, bolstered by NSE’s tech prowess and market leadership. Despite near-term profit pressures, long-term tailwinds from index services, data products, and global outreach position NSE for stellar post-listing growth.