NSE FY2026 Profit Falls 15.47%; June Quarter Improves

NSE's consolidated profit after tax fell 15.47% to ₹10,302.06 crore in FY2026, while revenue from operations declined 3.15% to ₹16,601.31 crore. Its September 10, 2026 red herring prospectus also reported a stronger June 2026 quarter, with revenue and profit rising from the corresponding period a year earlier.

The figures present two different timeframes. The annual results capture a year of weaker transaction activity and higher costs in several categories. The June results describe a subsequent quarter in which operating revenue recovered. Neither period should be used as a substitute for the other.

What changed in NSE's FY2026 results?

NSE's FY2026 total income declined to ₹18,713.37 crore from ₹19,176.83 crore in FY2025. Profit fell more sharply than revenue, showing that changes below the revenue line also mattered.

These figures come from the RHP's consolidated performance disclosures. Profit after tax in this comparison includes the effect of discontinued operations. The prospectus also reports profit from continuing operations, which is a separate measure and should be labelled accordingly.

Why did operating revenue decline?

Transaction charges, NSE's largest operating revenue category, fell from ₹13,635.76 crore in FY2025 to ₹13,057.01 crore in FY2026. Cash market and futures transaction revenue declined, while options revenue also eased.

Average daily turnover was lower across the cash market, equity futures and equity options measured by premium value. The management discussion connects the operating environment with regulatory measures and macroeconomic conditions. It also identifies improved realised pricing in options as a partial cushion against weaker activity.

The data therefore supports a specific explanation: NSE collected less transaction revenue in a year when key turnover measures declined. It does not support treating every fall in profit as a direct consequence of trading volume alone.

Which costs and adjustments affected profit?

The RHP's reconciliation includes ₹1,431.56 crore of SEBI settlement fees in FY2026. It also includes ₹126.44 crore relating to implementation of the labour codes. These items help explain the difference between operating EBITDA and NSE's normalised operating EBITDA measure.

Technology expenses rose to ₹1,314.58 crore in FY2026 from ₹1,021.86 crore in FY2025. This increase occurred while operating revenue declined, adding pressure to the operating cost relationship.

Other movements provided offsets. Contributions to the Core Settlement Guarantee Fund fell substantially, following the discontinuation of voluntary contributions after the required corpus had been achieved, as described in the RHP. The financial statements also included gains on sales of investments in associates.

These moving parts mean the annual profit change cannot be attributed to one expense. The normalised margin also declined, from 77.69% to 76.23%, so the adjustment disclosures do not remove every sign of operating pressure.

What improved in the June 2026 quarter?

Revenue from operations increased 13.10% to ₹4,560.41 crore in the quarter ended June 30, 2026, compared with ₹4,032.24 crore a year earlier. Profit after tax rose 6.71% to ₹3,120.08 crore from ₹2,923.85 crore.

Cash market transaction revenue increased to ₹502.32 crore from ₹393.68 crore, and options transaction revenue rose to ₹2,743.95 crore from ₹2,372.69 crore. Futures transaction revenue, however, declined to ₹367.48 crore from ₹382.05 crore.

The recovery was therefore uneven across products. The operating EBITDA margin increased to 78.81% from 77.62%, while the normalised margin fell to 77.75% from 78.62%. A labour-code-related reversal affected the June 2026 reconciliation, illustrating why both reported and adjusted measures need context.

What do the annual and quarterly figures establish?

NSE entered its proposed listing with lower FY2026 annual profit and a stronger subsequent quarter on the headline revenue and profit measures. That is the extent of the disclosed earnings recovery: a year-on-year improvement over three months.

The RHP does not turn that quarter into a confirmed full-year earnings outcome. Its results instead show a business whose performance reflects trading activity, realised fees, technology expenditure, regulatory costs and investment-related items together.