NSE announced its FY25 results

Financial highlights: National Stock Exchange (NSE) showcased a strong financial and operational performance in FY25, underpinned by its diversified business model. Consolidated total income rose 17% YoY to ₹19,177 crore, driven by a 16% increase in revenue from operations and a 23% rise in other income. Operating EBITDA grew 28% YoY to ₹12,647 crore with a robust margin of 74%. Profit After Tax surged 47% to ₹12,188 crore, reflecting gains from discontinued operations and investment divestitures. Despite Q4 headwinds with a 13% YoY revenue decline, the full-year performance demonstrated resilience across core trading, listing, and data services.

Operational Developments: Operationally, NSE retained its leadership with 94.6% market share in the cash market and 99.9% in equity futures, while derivative volumes continued to dominate globally. Passive investing gained further traction, with 73% of total industry AUM in equity and debt linked to Nifty indices. However, Q4 FY25 saw pressure from subdued market activity, with transaction charges down 15% QoQ and trading volumes in equity options and currency derivatives falling 17% and 22% QoQ, respectively. Still, segments like data center services (+30% YoY) and index licensing (+23% YoY) showed promising growth, reflecting diversification benefits.

Future Outlook: Looking ahead, NSE’s strategic focus on expanding its clearing and settlement services, tech infrastructure, and passive investment products positions it well for long-term growth. Investments in market education (14,670 investor programs), technology (₹1,012 crore in FY25), and a solid ₹12,083 crore core SGF corpus underscore its commitment to market stability. The exchange’s strong financial health, demonstrated by 45% ROE, ₹122.64 book value/share, consistent cash flow, and regulatory and digital transformation tailwinds, supports a positive outlook, barring short-term volume volatility.