NSE: Financial & Operational Performance (FY26 vs FY25)

18 May 2026

• Financial Performance (FY26 vs FY25): National Stock Exchange of India Limited (NSE) delivered strong operational and earnings performance during FY26, supported by healthy activity across trading, clearing, and data services businesses. Consolidated revenue from operations stood at approximately ₹16,601 crore in FY26 compared to around ₹17,141 crore in FY25. Despite a marginal moderation in topline, profitability remained robust with Profit Before Tax (PBT) from continuing operations at nearly ₹13,896 crore versus ₹15,475 crore in FY25. Profit After Tax (PAT) for FY26 came in at approximately ₹10,302 crore compared to around ₹12,188 crore in FY25. The decline in profitability was primarily attributable to exceptional regulatory-related provisions and settlement expenses linked to SEBI matters, rather than weakness in core operations. Excluding these one-time impacts, NSE’s core earnings profile continued to remain strong, supported by high operating leverage and strong market participation.
• Operational Metrics (FY26 vs FY25): Operationally, NSE maintained leadership across India’s capital market infrastructure ecosystem with continued strength in trading and clearing activities. Trading segment revenue stood at approximately ₹15,044 crore in FY26, while clearing services contributed around ₹1,762 crore. Segment profitability remained healthy, with trading segment profit exceeding ₹9,151 crore during FY26. Total expenses increased to around ₹6,000 crore from approximately ₹4,806 crore in FY25, largely due to higher regulatory provisions, technology investments, employee costs, and operating expenses. Other expenses increased sharply to nearly ₹3,790 crore, mainly reflecting provisions related to ongoing SEBI settlement matters. Cash and cash equivalents rose significantly to over ₹32,261 crore as of March 31, 2026, highlighting strong liquidity and balance sheet strength. Total assets expanded to around ₹87,937 crore compared to ₹69,467 crore in FY25, supported by growth in financial assets and settlement-related balances.
• Strategic Developments & Outlook: NSE continued to strengthen its position as India’s leading exchange platform through expansion in trading infrastructure, clearing operations, data analytics, index licensing, and digital market ecosystem capabilities. The exchange also focused on strengthening its regulatory compliance framework following ongoing SEBI proceedings related to colocation, dark fibre, and governance matters. During FY26, NSE recognized a provision of approximately ₹1,391 crore toward settlement applications filed with SEBI, reflecting a proactive approach toward resolution of legacy regulatory matters.

The company also continued investing in technology infrastructure, risk management systems, and market ecosystem expansion, while benefiting from increasing retail participation and strong growth in India’s capital markets. NSE recommended a final dividend of ₹35 per equity share for FY26, including a special one-time dividend component, reflecting strong cash generation capabilities. Looking ahead, NSE is expected to benefit from sustained growth in India’s financial markets, rising derivatives participation, increased institutional activity, and expanding digital adoption. While regulatory and compliance-related costs may continue to influence near-term profitability, the exchange’s dominant market position, scalable operating model, strong liquidity profile, and diversified revenue streams are expected to support stable long-term earnings growth and margin resilience.