The National Stock Exchange of India Ltd reported a 3% year-on-year decline in revenue and a 15% drop in profit for FY26. Revenue fell 3% to ₹16,601 crore from ₹17,141 crore a year ago, while profit declined 15% to ₹10,302 crore.
Revenue declined mainly on the back of a declining share of income from transaction charges, clearing and settlement income. Income from transaction charges fell 4% year-on-year to ₹13,057 crore from ₹13,636 crore the previous year, while clearing and settlement income fell 22% to ₹251 crore from ₹321 crore.
This comes against the backdrop of a volatile market and a cooling of derivatives trading. According to NSE’s own Market Pulse report from April 2026, “Market activity moderated in FY26, with equity cash ADT declining 7% year-on-year to ₹1.05 lakh crore and derivatives witnessing a similar slowdown—equity futures and options ADT falling 14% and 8% year-on-year, respectively.” ADT, or average daily turnover, is a liquidity metric that measures the total value of derivatives contracts traded on a platform, averaged over the particular period.
The Securities and Exchange Board of India (Sebi) introduced new measures in July 2024 to curb excessive equity derivatives speculation. These regulations have since triggered a steady decline in futures and options (F&O) trading. This slowdown coincides with a prolonged market correction, as the benchmark Nifty 50 recorded a 1% loss in FY26, a sharp reversal from its 4% gain the previous year.
Amid the prolonged market correction, the exchange’s trading revenue also fell 3% to ₹15,044 crore while clearing revenue fell 30% to ₹1,762 crore on a yearly basis.
NSE, which is on the path to an initial public offering, also saw its operating earnings before interest, taxes, depreciation and amortization (Ebitda) fall 12% year-on-year to ₹11,098 crore. Operating Ebitda margin fell to 67% from 74% previous year.
The Ebitda squeeze was mainly due to a 25% surge in expenses, a large portion of which was attributable to the 44% increase in other expenses from ₹2,625 crore to ₹3,790 crore.
According to the company’s notes to accounts, it filed two settlement applications with Sebi, totaling ₹1,387 crore, to resolve enforcement orders related to the colocation and dark fibre cases. “Subsequently, on 31 March 2026, NSE filed revised settlement terms for a cumulative amount of ₹1,491.21 crore with Sebi in respect of the above matters,” the exchange said. The company added that the settlement applications are currently awaiting final disposal by Sebi, noting that the ultimate outcome remains uncertain.
“NSE has recognized a provision of ₹1,391.21 crore and the same is included in other expenses for the year ended 31 March 2026,” the exchange said.
While revenue and Ebitda fell, NSE’s profit decline was further aggravated by the one-time impact of the new labour codes, for which it took a hit of around ₹126 crore in FY26. The exchange has also recommended a final dividend of ₹35 per share for FY26 – the same as last year.
Sequentially, the exchange fared better than it did year-on-year. Revenue for the March quarter rose 27% to ₹4,968 crore from ₹3,295 crore the previous quarter. Operating Ebitda rose 27% to ₹3,633 crore from ₹2,851 crore, while operating Ebitda margin remained flat at 73% of revenue. Net profit jumped 19% sequentially to ₹2,409 crore.
In the March quarter, the exchange’s cash market trading segment recorded an average daily traded volume (ADTV) ₹1.20 trillion, up 21% on the quarter. The ADTV for equity futures segment for the same period grew by 17% to ₹1.78 trillion. Meanwhile, the ADTV for equity options, for premium value, grew 43% to ₹76,375 crore.
NSE is currently in the process of drafting offer documents for its mega IPO, which could be worth up to ₹23,000 crore. Mint reported on 8 April that the exchange was looking to file draft papers with Sebi by June or early July.
The IPO is part of a wave of major public offerings expected in 2026, with high-profile listings anticipated from Reliance’s Jio Platforms, SBI Funds Management, and Flipkart. This follows a record-breaking 2025 for the primary market, in which 371 companies raised over ₹1.75 trillion, bolstered by the massive debuts of HDB Financial Services, LG Electronics India, and ICICI Prudential Asset Management.
NSE FY26 highlights (consolidated, year-on-year)
- Revenue fell 3% to ₹16,601 crore from ₹17,141 crore
- Operating Ebitda fell 12% to ₹11,098 crore from ₹12,647 crore
- Operating Ebitda margin fell to 67% from 74%
- Net profit fell 15% to ₹10,302 crore from ₹12,188 crore
NSE Q4FY26 highlights (consolidated, quarter-on-quarter)
- Revenue rose 27% to ₹4,968 crore from ₹3,925 crore
- Operating Ebitda rose 27% to ₹3,633 crore from ₹2,851 crore
- Operating Ebitda margin remained flat at 73%
- Net profit rose 19% to ₹2,871 crore from ₹2,409 crore
