National Stock Exchange of India reports 23% Q2 PAT growth

National Stock Exchange of India reported 23% year-on-year growth in Q2 FY27 profit after tax, which its earnings-call transcript placed at ₹2,538 crore, alongside an 11% rise in revenue from operations to ₹4,067 crore. The performance reflects continued investor participation, higher trading volumes and sustained capital-market activity during the quarter ended September 30, 2026.

What did National Stock Exchange of India report for Q2 FY27?

National Stock Exchange of India, referred to as NSE, reported consolidated total income of ₹4,554 crore for Q2 FY27, up 9% year on year. Revenue from operations rose 11% to ₹4,067 crore and accounted for 89% of total income, according to the CFO's remarks during the November 3 earnings call.

The call transcript said profit before tax from continuing operations increased 13% year on year to ₹3,425 crore. On a normalised basis, excluding one-offs in the comparable quarter of the preceding year, profit before tax from continuing operations grew 9%.

NSE's reported profit after tax was ₹2,538 crore in the transcript, representing year-on-year growth of 23%. It also disclosed non-annualised earnings per share of 10.41 paise. Separately, the results summary included in the supplied material stated consolidated net profit of ₹2,578 crore, compared with ₹2,098 crore in Q2 FY26. The supplied information therefore contains two different profit-after-tax amounts, while both references describe 23% growth.

What supported NSE's quarterly financial performance?

NSE said its quarterly performance was supported by continued investor participation, increased trading volumes across asset classes and sustained capital-market activity. These were the operating drivers identified by management during the call.

Revenue from operations expanded faster than total income, rising 11% against the 9% increase in total income. The disclosure also shows that transaction-linked and other operating revenue remained the principal contributor to income, with revenue from operations representing 89% of the consolidated total.

Management described revenue quality, operating leverage, capital strength and long-term value creation as areas covered in its financial review. However, the provided transcript extract does not disclose segment-level revenue, trading-volume figures, operating expenses, margins or capital ratios. Those metrics cannot be determined from the available material.

How did NSE perform in the first half of FY27?

NSE reported consolidated total income of ₹9,807 crore for the first half of FY27, up 9% year on year. Revenue from operations for the six-month period rose 12% to ₹8,627 crore, extending the growth recorded in the September quarter.

The half-year figures indicate that operating revenue continued to grow more quickly than overall income in the period disclosed. However, the source extract does not provide first-half profit after tax, profit before tax, expenses or comparable prior-year absolute figures. As a result, a detailed margin or earnings comparison for the first half cannot be calculated from this announcement.

What does the post-listing earnings call indicate for investors?

The November 3 call was NSE's first earnings conference call after listing, according to CFO Ian D'Souza. Managing Director and Chief Executive Officer Ashish Chauhan said more than 34 lakh retail investors were allotted shares in NSE's recent initial public offering.

For investors, the key disclosed operating evidence is the combination of revenue growth, profit growth and continued market participation. The 11% growth in revenue from operations and 23% growth in reported profit after tax were cited alongside higher volumes across asset classes, although the company did not provide volume data in the supplied extract.

The material does not provide a share-price movement, valuation data, dividend information, outlook guidance or a future financial target. It also does not establish the impact of the reported results on NSE's market price. Investors should therefore distinguish the disclosed operating results from any unsupported conclusion about market performance.

Why is the difference in reported PAT figures relevant?

The difference between the ₹2,538 crore profit-after-tax figure in the earnings-call transcript and the ₹2,578 crore figure in the supplied results summary is relevant because both are presented as Q2 FY27 consolidated profit figures. The transcript attributes the ₹2,538 crore amount to the CFO's financial review, while the summary says net profit was ₹2,578 crore against ₹2,098 crore a year earlier.

Both disclosures state that profit after tax increased 23% year on year. The available content does not explain whether the difference reflects an update, a transcription issue, a classification difference or another adjustment. Readers relying on the quarterly result should refer to the final audited financial statements and NSE's exchange filings for reconciliation.

The announcement also records that the audio for the Q2 and half-year results call was shared on November 3, 2026. NSE said the call transcript would be available on both the BSE and NSE websites, alongside financial results and the investor presentation.

Conclusion

NSE reported a quarter of higher income and operating revenue, with management linking the performance to investor participation, trading volumes and capital-market activity. Consolidated total income increased 9% to ₹4,554 crore, while revenue from operations rose 11% to ₹4,067 crore. The company also reported 23% growth in profit after tax, although the supplied materials show two different absolute PAT figures.

The main item to watch next is NSE's final audited result disclosure and associated filings, particularly for clarification of the ₹2,538 crore and ₹2,578 crore reported profit figures. Investors can also monitor subsequent disclosures for detailed operating metrics, expense trends, half-year profitability and management commentary after its first post-listing earnings call.