Exchange reports ₹9,807-crore income in H1FY27; contributes ₹41,234 crore to exchequer as trading activity and market services expand
KD NEWS SERVICE
MUMBAI, Nov 3: The National Stock Exchange of India (NSE) reported a strong financial performance for the second quarter and first half of the financial year 2026–27, with consolidated net profit rising 23 per cent year-on-year to ₹2,578 crore in the July–September quarter, supported by higher operating income, sustained market activity and growth in a range of technology-led services.
The exchange’s consolidated total income for the quarter stood at ₹4,554.46 crore, compared with ₹4,160.31 crore in the corresponding quarter of the previous financial year, registering an increase of around 9 per cent. Revenue from operations rose to ₹4,066.80 crore from ₹3,676.80 crore, reflecting the contribution of transaction charges and other market-related services.
Operating performance also remained robust. Consolidated operating EBITDA for the quarter was reported at ₹3,079 crore, with an EBITDA margin of 76 per cent. Earnings per share stood at ₹10.41, compared with ₹8.48 in the year-ago quarter. The earnings-per-share figures are for the respective periods and are not annualised.
For the six months ended September 2026, NSE’s consolidated total income increased to ₹9,806.63 crore from ₹8,958.76 crore in the corresponding period last year. Consolidated profit after tax rose 13 per cent to ₹5,698 crore, against ₹5,022 crore in the first half of FY26. Operating EBITDA for the half-year reached ₹6,674 crore, an increase of 45 per cent, while the operating margin stood at 77 per cent. Half-yearly earnings per share were ₹23.02, on a non-annualised basis.
Transaction charges continued to form the principal component of operating revenue. The exchange earned ₹3,035 crore from transaction charges in Q2FY27, up from ₹2,789 crore in the corresponding quarter last year. The performance was underpinned by activity across cash and derivatives segments, with the average daily traded value in the cash market rising 24 per cent to ₹1,18,377 crore.
In the equity options segment, average daily traded value measured on premium value stood at ₹47,977 crore, an increase of 3 per cent year-on-year. The average daily traded value in equity futures was ₹1,24,574 crore. These figures point to continued depth and participation in the exchange’s markets, even as activity levels vary across product segments.
NSE also recorded growth in several non-transaction revenue streams, reflecting the widening range of services associated with the country’s capital-market infrastructure. Income from data feed and terminal services rose 43 per cent to ₹165 crore from ₹115 crore a year earlier. Listing services revenue increased 70 per cent to ₹150 crore, compared with ₹88 crore in Q2FY26. Operating investment income was ₹237 crore, up from ₹217 crore, while data connectivity charges contributed ₹267 crore.
The quarter’s reported expense base requires a contextual reading. Consolidated total expenses declined to ₹1,161 crore from ₹2,354 crore in the year-ago quarter. However, the comparative period had included ₹1,297 crore towards SEBI settlement fees relating to colocation and dark-fibre matters. The sharp year-on-year reduction in expenses, therefore, should not be interpreted solely as a measure of routine operating-cost efficiencies. The absence of that exceptional prior-period charge also influenced the year-on-year movement in operating profitability.
The standalone results also reflected growth across key financial parameters. Standalone total income for Q2FY27 stood at ₹3,956 crore, an increase of 8 per cent, while revenue from operations rose 9 per cent to ₹3,567 crore. Standalone EBITDA was ₹2,622 crore, with a margin of 74 per cent. Profit after tax increased 16 per cent to ₹2,164 crore, and the PAT margin stood at 55 per cent.
For the first half of FY27, standalone total income reached ₹8,568 crore, up 8 per cent, while operating revenue was ₹7,634 crore. Standalone EBITDA increased 51 per cent to ₹5,726 crore, with a margin of 75 per cent. Profit after tax rose 12 per cent to ₹4,798 crore, and the PAT margin was 56 per cent.
The exchange’s contribution to the public exchequer remained substantial. During the first half of FY27, the total contribution was ₹41,234 crore. This included ₹34,788 crore in securities transaction tax and commodities transaction tax, ₹2,885 crore in income tax, ₹1,926 crore in stamp duty, ₹1,171 crore in goods and services tax, and ₹464 crore in SEBI fees.
Of the combined STT and CTT contribution, cash delivery transactions accounted for 38 per cent, cash intraday transactions for 7 per cent and equity derivatives for 55 per cent. The figures underline the significant fiscal contribution generated by activity in the securities markets and the wider economic role played by the country’s capital-market ecosystem.
The quarter also marked an important milestone in NSE’s corporate journey with the listing of its shares on the BSE on September 24, 2026, following an initial public offering structured as an offer for sale. The offer comprised 12,64,36,650 shares with a face value of ₹1 each at an issue price of ₹1,785 per share, including a premium of ₹1,784. The total offer size was ₹22,562.71 crore. Eligible employees were allotted 3,66,592 shares at a discount of ₹170 per share.
As the public issue was an offer for sale, the proceeds, net of issue expenses, were transferred to the selling shareholders. The transaction should therefore be distinguished from a fresh issue of shares through which a company raises new capital for its own balance sheet. The listing nevertheless represents a significant development in the public-market profile and governance journey of one of India’s most important market-infrastructure institutions.
Beyond its financial performance, NSE continued to expand the range of products and services available to market participants. During the period, it facilitated India’s first tokenised bond issuances, aggregating ₹1,000 crore. The exchange also introduced derivatives on the Nifty India FPI 150 Index and Corporate Bond Index Futures, adding to the range of instruments available to investors and institutions.
The quarter also coincided with 30 years of NSE Clearing, highlighting the evolution of the exchange’s clearing and settlement framework alongside the growth of India’s securities markets. A robust clearing and settlement mechanism is central to market confidence, as it helps manage counterparty risk and supports orderly completion of trades.
NSE Managing Director and Chief Executive Officer Ashishkumar Chauhan described the quarter as momentous, pointing to the successful listing of the exchange and its position as one of the world’s largest and most technologically advanced market-infrastructure institutions. He reiterated the institution’s focus on governance, transparency, value creation and innovation, while emphasising the need to deepen India’s capital markets.
The exchange also cited its global standing in market activity. According to rankings referenced by NSE, it was the world’s largest derivatives exchange by trading volume, measured in contracts, in 2025, as per the Futures Industry Association. It was ranked third globally in the equity segment by electronic order-book trades in 2025, according to the World Federation of Exchanges.
Taken together, the Q2 and half-year results reflect the scale and resilience of NSE’s operations at a time when India’s capital markets continue to broaden in participation, product depth and technological reach. Growth in transaction income remains central to its business, while the expansion of data, connectivity, listing and newer market services is adding further dimensions to its revenue profile.
The financial results were reviewed by the company’s statutory auditors, Walker Chandiok & Co LLP, who issued an unmodified opinion on the current-period results.
