India IPO pipeline 2026: ₹4.72 tn queue, MCX Buy

IPO pipeline stays crowded into H2CY26

India’s IPO calendar remains busy heading into the second half of calendar year 2026 (H2CY26). A total of 238 companies are planning to raise an estimated ₹4,72,000 crore, keeping primary market activity in focus for investors and intermediaries. The prospective issuer list spans consumer tech, financial services, energy transition, and market infrastructure. Names highlighted include Jio Platforms, the National Stock Exchange (NSE), PhonePe, SBI Funds Management, Zepto, Avaada Electro, and OYO. The breadth of sectors points to a pipeline that is not limited to a single theme or cycle. But the biggest discussions are likely to centre on a few large, widely tracked offerings.

Big-ticket filings: Jio Platforms and NSE

Two of the most watched potential listings are expected by the year’s end: India’s leading stock exchange and the country’s leading telecom operator’s digital business. Jio Platforms and NSE submitted draft IPO documents within days of each other, according to the provided details. Jio Platforms is anticipated to raise about $1 billion at a projected valuation of $120 billion to $160 billion. NSE plans to offer about 6% equity for around $1.3 billion, implying a valuation of $17 billion. Analysts cited in the text expect these offerings, given their scale, to lift India’s overall market capitalisation meaningfully. One market participant, Azeez, described Jio and NSE as symbols of “two foundational pillars of India’s emerging economy,” framing the pair as potentially expanding the investable universe for global capital.

Jefferies starts coverage on MCX with a Buy

Jefferies initiated coverage on Multi Commodity Exchange of India Ltd (MCX) with a Buy rating and a price target of ₹3,600 per share. The target is based on 45x Jun-28E EPS and implies 27% upside from the prior close of ₹2,841. Jefferies’ core argument is that India’s commodity derivatives market remains underdeveloped relative to global peers, leaving room for penetration-led growth. The brokerage also pointed to MCX’s near-monopoly position across most non-agri commodity contracts, which can amplify operating leverage as volumes and participation rise. A key comparison used by Jefferies is participation: commodity derivatives participation is only about one-fifth of NSE’s individual equity derivative traders.

Why participation metrics matter for MCX

Jefferies highlighted that commodity futures turnover in India is only about half of equity cash turnover, while the ratio is higher in markets such as the US and China. In options, the gap is starker: MCX’s commodity options notional turnover is only about 1% of equity options, versus 17% for CME Group in the US. That difference is central to the “runway” argument, because incremental retail and institutional participation can expand both volumes and product adoption. Jefferies also noted that MCX’s participant base has grown at around a 50% CAGR over the past three years to 2.1 million, largely driven by options. Even after that expansion, MCX participation remains only one-fifth of individual traders in NSE’s equity derivatives, reinforcing the underpenetration point.

Forecasts: revenue, margins, and EPS through FY29

Jefferies forecast MCX revenue to grow at a 20% CAGR “despite the elevated base,” citing new product scope and the potential for rising retail participation. On financials, Jefferies expects MCX operating revenue to rise from ₹23,000 crore in FY26 to ₹40,000 crore by FY29, implying a 20% CAGR over FY26 to FY29. EBITDA is projected to grow at a 21% CAGR over the same period, with margins expanding by 260 basis points to 73%. The note attributes margin expansion to operating leverage, partly offset by higher technology and SEBI-related costs. EPS is forecast to increase from ₹52 in FY26 to ₹94 in FY29, translating into a 22% earnings CAGR. Jefferies also expects RoE to be sustained at around 50% to 51%.

What could further lift MCX earnings

Beyond the base growth trajectory, Jefferies laid out “earnings optionalities” that it believes could add a risk-weighted 15% to 20% to earnings over the medium term. The identified levers include the proposed coal exchange, potential approval for colocation facilities, expansion of foreign portfolio investor (FPI) participation into non-cash settled derivatives, and the launch of weekly commodity index options. In aggregate, Jefferies estimated these could represent 21% to 32% revenue upside and 24% to 38% earnings upside by FY31, before probability weightings. The coal exchange alone is projected to contribute 4% to 6% incremental earnings once mature, assuming MCX captures 90% market share in coal derivatives. Colocation could add 6% to 11% to earnings via rental income and higher options turnover, according to the report.

Retail access, mini contracts, and longer trading hours

Jefferies expects retail participation to rise further, helped by “sachetisation” through mini contracts. The note said margin requirements for mini contracts are roughly one-tenth of regular contracts, which lowers the entry barrier for smaller traders. Another structural feature is trading hours: non-agri commodities on MCX are tradeable up to 23:30 IST, extending activity beyond equity market hours. Jefferies also pointed to the introduction and rising share of mini contracts in bullion and energy as a key factor behind option demand. These factors, in the brokerage’s view, strengthen the case for participation-led growth.

NSE IPO: offer-for-sale structure and FY26 metrics

A separate set of disclosures in the provided text focuses on the NSE IPO and its structure. The IPO is described as a 100% Offer for Sale (OFS), meaning NSE, the company, would not receive any proceeds from the issue. The proposed structure mentioned is up to about 14.89 crore shares, representing roughly 6% of the company. The text also cites an implied valuation of roughly ₹5,00,000 crore based on the proposed offer size. From the NSE DRHP FY26 numbers cited: revenue from operations was ₹16,601.3 crore and profit after tax was ₹10,302.1 crore, with a normalised EBITDA margin of about 76% to 77% and RoE of about 33%. The same section flags revenue concentration risk, stating roughly 60% of NSE’s operating revenue comes from equity options, and that in FY26 this revenue fell about 3% after SEBI tightened derivatives rules.

SBI’s notional gain from the NSE OFS

The text also outlines how the OFS could unlock gains for early shareholders, including state-owned financial institutions. Based on an assumed IPO price of ₹2,000 per share, State Bank of India would sell shares worth about ₹4,950 crore. The DRHP disclosures cited indicate SBI’s weighted average acquisition cost was extremely low, and the lender plans to divest 2.475 crore shares via the OFS. The weighted average acquisition cost is stated as ₹0.80 per share, reflecting decades of share issuances, bonus allotments, and capital restructuring. At ₹2,000 per share, the sale value would imply a notional gain of about ₹4,948 crore.

Jefferies on capital market infrastructure and BSE

Jefferies also published a sector view on India’s capital market infrastructure, describing it as a ₹70,000 crore system in FY25. Brokers accounted for about ₹50,000 crore of that revenue pool, while exchanges contributed nearly ₹20,000 crore, with RTAs at around ₹2,000 crore and depositories at around ₹1,500 crore. Jefferies expects infrastructure revenues to broadly track volume growth, with Mutual Fund AUM rising at a 16% CAGR, Cash ADTO at 15%, and F&O ADTO at 12% through FY28E. Within listed names, Jefferies projected strong revenue growth for Groww and BSE over FY26 to FY28 at 29% and 28% CAGR, respectively, while CDSL was expected at 21%, KFIN Technologies at 19%, and CAMS at 13%. On BSE specifically, Jefferies maintained a Hold rating with a target price of ₹2,850, citing reliance on a single product and regulatory sensitivity of index options.

Key numbers at a glance

Conclusion

The combined set of updates shows why capital markets remain in focus: a large IPO pipeline, landmark filings such as Jio Platforms and NSE, and broker research calling out underpenetrated pockets like commodity derivatives. Jefferies’ initiation on MCX ties the investment case to measurable gaps in participation and product adoption, alongside explicit forecasts for revenue, margins, and EPS. The NSE IPO discussion, meanwhile, is shaped by its OFS-only structure and the concentration of operating revenue in equity options, a product area sensitive to regulatory change. As draft documents progress and offer details are finalised, investors are likely to track how participation, volumes, and regulation influence both exchange earnings and IPO pricing.