NSE Q4 Results: Profit jumps 19%, IPO steps in 2026

Why NSE’s latest update matters

The National Stock Exchange of India (NSE) has reported a strong quarterly profit print while also moving closer to a long-awaited IPO. The exchange’s filings show higher income and operating profit in the latest reported quarter, alongside a final dividend recommendation for FY26. In parallel, SEBI has granted a no-objection certificate (NOC), enabling NSE to progress with draft offer documents and an offer-for-sale (OFS) process. For market participants, the combination of financial performance, shareholder payouts, and a clearer listing timeline puts NSE firmly back in focus.

Consolidated profit rises to ₹2,871 crore

NSE reported consolidated profit of ₹2,871 crore for the quarter ended June, posting a 19% jump quarter-on-quarter, as per its stock exchange notification. The filing also compares the profit to ₹2,409 crore in the same quarter of fiscal 2025. Operating income, or earnings before interest and taxes (EBIT), rose 27% to ₹3,633 crore from ₹2,851 crore. Total income increased 22% to ₹5,360 crore, compared with ₹4,395 crore in the previous quarter.

Transaction charges revenue at ₹4,077 crore for the March quarter

On the revenue side, NSE disclosed that consolidated revenue advanced 34% quarter-on-quarter for the three months ended March, reaching ₹4,077 crore. The exchange also stated that consolidated revenue from transaction charges for the quarter under review was ₹4,077 crore, up 34% sequentially. The sequential improvement was attributed to higher volumes across the equity cash market and derivatives segments. While the June-quarter profit and the March-quarter transaction-charge revenue refer to different periods in the disclosures shared, both point to volume-led momentum supporting reported financials.

Q3FY26 (Dec’25 quarter) showed sequential improvement

Separately, NSE’s Dec’25 quarter (Q3FY26) numbers showed sequential improvement versus the Sep’25 quarter, based on the data shared in the article text. Total income rose to ₹4,394 crore from ₹4,160 crore. Profit before tax (continuing operations) improved to ₹3,185 crore from ₹3,038 crore, and profit after tax (PAT) increased to ₹2,408 crore from ₹2,098 crore. Earnings per share (EPS) improved to ₹9.73 from ₹8.48.

On a standalone basis for the same quarter, total income rose to ₹4,418 crore from ₹3,666 crore. Standalone PBT increased to ₹3,270 crore from ₹2,729 crore, while standalone PAT climbed to ₹2,602 crore from ₹1,857 crore.

Derivatives volumes and disclosures that can swing profitability

The sequential profit rise in the quarter discussed was linked to improvements in derivatives activity. The article notes equity futures average daily volume (ADV) rose 8% quarter-on-quarter, while equity options volumes increased 15%.

It also flags items that can materially influence reported profitability. These include profit on sale of investment in associates of ₹1,200 crore on a consolidated basis and ₹1,362 crore on a standalone basis (linked to an NSDL stake sale). The exchange also made a provision for settlement applications with SEBI related to co-location and dark fibre of ₹1,307.41 crore (including interest). In addition, a gratuity provision impact related to new labour codes was cited at ₹126.44 crore consolidated and ₹90.07 crore standalone.

Dividend: ₹35 per share, including ₹10 special dividend

NSE’s board recommended a final dividend of ₹35 per equity share (face value ₹1 each) for the year ended March 31, 2026. The recommendation is subject to shareholder approval at the ensuing Annual General Meeting. The final dividend includes a special one-time dividend of ₹10 per equity share, as per the disclosure.

IPO roadmap: SEBI NOC, DRHP work, and a 7-8 month process

On the listing, NSE has received SEBI’s no-objection certificate for its proposed IPO, clearing a key regulatory hurdle after a long wait. NSE Managing Director and CEO Ashish Chauhan told CNBC-TV18 that the exchange is targeting a listing timeline of seven to eight months. Chauhan said NSE has begun work on the Draft Red Herring Prospectus (DRHP), and that preparation is expected to take about three to four months. NSE Chairperson Srinivas Injeti described the regulator’s approval as a significant milestone, and said the subsequent SEBI approval process could take another two to three months.

In another update cited from sources, NSE is targeting an IPO in Q3FY27, before December 2026, with a DRHP likely by end-June 2026. These timelines broadly align with management commentary pointing to a listing by the end of 2026.

OFS-only structure and the shareholder coordination task

Multiple disclosures in the provided text state that NSE’s IPO will be a pure offer for sale. That means existing shareholders will sell shares, and there will be no fresh equity issuance. Chauhan also said the IPO could involve about 4% or more of NSE’s equity being offered by current shareholders.

A practical challenge highlighted is the scale of the shareholder base. The exchange has around 191,000 shareholders, and it needs to coordinate with those who wish to offload their stakes. Another update notes NSE has to reach out to around 1.9 lakh retail shareholders to check whether they want to tender shares in the IPO.

Pre-IPO market: unlisted price range and issue size expectations

In the pre-IPO market, dealers cited in the article said NSE’s unlisted shares were trading in the range of ₹1,950 to ₹2,050. This implied a market capitalisation of roughly ₹4,82,000 crore to ₹4,95,000 crore based on those quotes. The same report noted a minor correction after the Union Budget 2026-27 announced an increase in securities transaction tax (STT) on futures and options, but added that prices held firm as IPO clarity improved.

Pre-IPO dealers also expected an IPO price band around ₹1,500 to ₹1,700. Based on the valuations discussed, a 5% dilution was estimated to translate into an issue size of about ₹24,000 crore to ₹24,500 crore, while some market participants expected fundraising closer to ₹21,000 crore to ₹23,000 crore.

Key numbers at a glance

Market impact and what investors will track next

The near-term market narrative around NSE is being shaped by two parallel threads: operating performance and the execution of an OFS-led listing process. The reported sequential lifts in income and operating profit, along with transaction-charge revenue growth tied to higher volumes, reinforce how closely the exchange’s earnings track cash and derivatives activity. At the same time, the disclosures around provisions and one-off gains highlight why investors typically separate core operating trends from exceptional items.

On the IPO, the combination of SEBI’s NOC, management’s 7-8 month process estimate, and source-based expectations around DRHP timing sets clearer milestones. The next key checkpoints will be the DRHP filing, shareholder tenders within the OFS framework, and subsequent regulatory review timelines disclosed by the company.

Conclusion

NSE’s latest disclosures combine higher quarterly profit, a ₹35 per share final dividend for FY26, and a more defined IPO pathway after SEBI’s NOC. The exchange has reiterated that the listing will be a pure OFS, with work underway on the DRHP and an overall timeline indicated at seven to eight months, alongside source-led expectations pointing to a 2026 listing window.