NSE IPO DRHP 2026: FY26 Metrics Show Big Lead vs BSE

DRHP filing puts NSE vs BSE numbers in focus

NSE’s draft red herring prospectus (DRHP) filed with SEBI on June 17 lays out how the exchange continues to dominate India’s equity and derivatives ecosystem on most operating and financial metrics. The document and related FY26 data highlight a familiar split in the market structure: BSE leads by the number of listed companies, while NSE leads by trading activity, revenue scale, and profitability.

The contrast matters because NSE’s proposed IPO is described as a pure offer-for-sale (OFS), meaning no fresh capital is expected to be raised through the issue. That shifts investor attention to operating performance, segment-level revenue drivers, and market-share trends across cash equities and derivatives.

FY26 revenue gap: NSE more than three times BSE

For the financial year ended March 31, 2026 (FY26), NSE reported revenue from operations of ₹16,601 crore, compared with ₹4,834 crore for BSE. That puts NSE at more than three times BSE on revenue scale for the year.

Growth trajectories, however, moved in opposite directions in FY26. The provided FY26 snapshot indicates NSE revenue was down 3.1% year-on-year, while BSE revenue was up 63.4% year-on-year. This divergence is one reason why market commentary often tracks BSE’s faster growth despite NSE’s higher base.

Transaction charges stayed the biggest earnings driver

Transaction charges remained the largest contributor to earnings for both exchanges in FY26. NSE earned ₹13,057 crore from transaction charges during FY26, while BSE generated ₹3,795 crore.

The data reinforces a key point about exchange economics. The segment that attracts the most liquidity tends to generate the most transaction-linked income, and the gap in trading intensity between NSE and BSE continues to show up directly in this line item.

Profitability gap: NSE PAT still far ahead

Profitability in FY26 remained heavily skewed in NSE’s favour. NSE posted a profit after tax (PAT) of ₹10,302 crore in FY26, compared with BSE’s net profit of ₹2,487 crore.

Margins were high for both exchanges, reflecting low operating costs in the business model. The DRHP-linked figures cited indicate NSE EBITDA margin of 66.9% versus BSE’s 64%, while NSE PAT margin stood at 51% versus BSE’s 48%. A separate FY26 metric snapshot in the provided material also lists PAT margin at 62.05% (NSE) versus 51.4% (BSE), highlighting that margin reporting can vary by definition and presentation across summaries.

Listings vs market capitalisation: BSE leads on count, not on value

BSE continued to retain its position as India’s largest exchange by number of listed companies. As of March 2026, BSE had 5,955 listed entities, nearly double NSE’s 2,978.

But the same data set shows the two exchanges were almost identical on overall market value of listed companies. BSE’s listed companies had a combined market capitalisation of ₹41,160,000 crore (₹411.6 lakh crore), marginally higher than NSE’s ₹41,130,000 crore (₹411.3 lakh crore).

Separately, the material also cites the total market capitalisation of all companies listed on NSE at approximately ₹43,890,000 crore (₹438.9 lakh crore), indicating that market-cap totals can differ depending on the reference set and method used in the cited sources.

Cash market activity: NSE’s dominance remains overwhelming

In cash equities, the operating gap is most visible in traded value. NSE reported an average daily trading volume (ADTV) of ₹106,000 crore (₹1.06 lakh crore) in FY26, more than 13 times higher than BSE’s ₹7,950 crore.

Market share figures in the provided data underline this concentration. NSE commanded a 92.99% cash market share, recording total turnover of ₹26,063,000 crore (₹260.63 lakh crore) against the industry’s overall turnover of ₹28,026,000 crore (₹280.26 lakh crore).

Derivatives: notional share shifted, premium turnover still key

Derivatives remain a major differentiator between the two exchanges, particularly index options and futures where global exchange revenues have increasingly concentrated. The data highlights an important split in how leadership is measured.

By April 2026, BSE reportedly had 55% of notional futures and options volumes, while NSE had 44.6%. But in options premium turnover, which the material identifies as the “real revenue driver,” NSE held 66% versus 34% for BSE. This is also reflected in the note that BSE overtook NSE in notional F&O market share in April 2026, while NSE continued to lead on options premium turnover.

Primary market: BSE slightly ahead in FY26 IPO counts

BSE retained an edge in primary market activity in FY26 based on listings hosted. According to the provided DRHP-linked data, BSE facilitated 109 mainboard IPOs in FY26, marginally ahead of NSE’s 108.

The lead was wider in the SME segment. BSE hosted 146 SME listings compared with 111 on NSE. This split aligns with BSE’s broader listed-company count advantage.

Valuation snapshots: unlisted NSE vs listed BSE multiples

The provided material includes valuation markers often used by market participants. At an unlisted market price of around ₹2,055 per share, NSE is valued at approximately ₹510,000 crore (₹5.1 lakh crore). BSE, trading near ₹4,000 per share, is cited with a market capitalisation of around ₹163,000 crore (₹1.63 lakh crore).

The same snapshot notes NSE has a larger equity base of 247.5 crore shares compared with BSE’s 40.6 crore shares, contributing to the valuation gap. It also lists BSE trading at higher multiples: P/E of 66x versus NSE’s 49x, P/B of 24x versus 16x, and P/S of 34x versus 27x.

Key FY26 comparison table (all values in ₹ crore)

What investors may track next

The FY26 numbers in the DRHP frame NSE as the larger exchange by revenue, transaction-linked earnings, and profits, while BSE continues to show stronger year-on-year growth off a smaller base. The split between notional derivatives share and options premium turnover adds a second layer to market-share analysis, especially when revenue sensitivity is tied to premium-based activity.

With the IPO structured as a pure OFS, the next set of disclosures and updates around the issue will likely keep attention on segment-wise revenue drivers, evolving derivatives mix, and whether BSE’s recent traction in notional F&O activity translates into sustained share in premium turnover.