NSE Announced Its Q3FY26 Results

13 March 2026

​Financial Performance (Q3 FY26 vs Q3 FY25): The National Stock Exchange of India (NSE) reported a mixed financial performance in Q3 FY26, with Total Income declining 8.6% year-on-year (YoY) to ₹4,394.84 crore, compared to ₹4,806.55 crore in Q3 FY25. The moderation in revenue reflects relatively lower trading activity and normalization of market volumes compared to the elevated levels witnessed in the previous year. Profitability declined on a YoY basis primarily due to the absence of significant exceptional gains recorded in the previous year. Profit Before Tax (PBT) stood at ₹3,185.97 crore, compared to ₹4,914.70 crore in Q3 FY25, while Profit After Tax (PAT) came in at ₹2,408.75 crore, down from ₹3,833.60 crore in the corresponding quarter last year. The higher base in Q3 FY25 was largely driven by a one-time gain of approximately ₹1,155 crore from the sale of investment in associates, which inflated profitability during that period. Excluding this exceptional item, the underlying earnings performance remains strong, reflecting NSE’s resilient business model and its dominant position in India’s capital market infrastructure.

Operational Metrics (Q3 FY26 vs Q3 FY25): ​NSE’s operational performance remained resilient, with trading services continuing to drive the majority of the exchange’s revenues. Revenue from operations stood at ₹3,924.68 crore in Q3 FY26, compared to ₹4,349.41 crore in Q3 FY25, reflecting moderation in transaction-related income.
Segment-wise, trading services generated revenue of ₹3,553.89 crore, compared to ₹3,975.28 crore in Q3 FY25, highlighting the strong contribution of equity and derivatives trading activity to overall income. The clearing services segment contributed ₹410.11 crore, down from ₹640.89 crore in the previous year, while the others segment (including market data, index licensing, and technology services) generated ₹165.60 crore, slightly higher than ₹153.55 crore in Q3 FY25, reflecting continued diversification of revenue streams. Despite the decline in revenue, NSE maintained operational efficiency with total expenses at ₹1,107.31 crore, compared to ₹1,015.15 crore in the corresponding quarter last year, indicating controlled cost expansion aligned with business growth and infrastructure investments.

Strategic Developments & Outlook: NSE continues to benefit from structural growth in India’s capital markets, driven by rising retail participation, increasing derivatives trading activity, and expanding institutional investor engagement. The exchange’s diversified revenue streams—including trading services, clearing services, indices, market data, and technology platforms—provide resilience and scalability to its business model.
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Looking ahead, NSE’s strong market leadership, robust technological infrastructure, and ongoing expansion across domestic and international market segments position it well to capitalize on the continued deepening of India’s financial markets. Sustained growth in trading volumes and the exchange’s strategic initiatives across data, analytics, and financial market services are expected to support long-term earnings visibility and value creation.