NSE fundraising rises 64% to Rs 7,40,000 crore in Q2 FY27

NSE facilitated Rs 7,40,000 crore through equity, debt and business trusts in Q2 FY27, 64% more than in Q2 FY26, led by Rs 5,00,000 crore mobilised through commercial papers and non-convertible debentures. The September quarter also brought 87 mainboard and small and medium enterprise listings that raised Rs 66,447 crore.

How much did NSE fundraising grow in Q2 FY27?

NSE said fundraising on its platform reached Rs 7,40,000 crore in the September quarter of FY27, up 64% from the corresponding quarter of FY26. The total combines equity, debt and business-trust fundraising, making it a measure of primary-market activity rather than secondary-market turnover.

Equity issuance included 87 listings across the mainboard and small and medium enterprise, or SME, platforms, raising Rs 66,447 crore in Q2 FY27. The amount was nearly 12 times the preceding quarter's level and 35% above a year earlier, while September alone recorded 31 listings, the highest monthly total cited by NSE.

The average mainboard initial public offering, or IPO, size rose more than 79% quarter on quarter to Rs 1,050 crore in Q2 FY27. NSE linked a 70% year-on-year rise in listing-services revenue to Rs 150 crore partly to increased book-building fees, 62 mainboard listings and larger issuance sizes.

What drove NSE's debt fundraising in Q2 FY27?

Debt instruments supplied the largest disclosed component of the quarter's fundraising, with Rs 5,00,000 crore mobilised through commercial papers and non-convertible debentures, or NCDs, in Q2 FY27. For H1 FY27, covering April to September, mobilisation through these instruments reached Rs 9,90,000 crore, up 30.8% from Rs 7,60,000 crore in the prior-year period.

NSE's Electronic Bidding Platform, or EBP, facilitated Rs 1,30,000 crore of primary bond issuance across 76 issuers during Q2 FY27. NSE said that issuance was more than double the amount raised through the platform in the same quarter a year earlier.

REC Ltd. and Larsen & Toubro each raised Rs 500 crore through India's first tokenised bond issuances facilitated by the EBP during the quarter. Separately, NSE Emerge facilitated Rs 1,329 crore of fundraising through 25 company listings, showing that smaller enterprises contributed alongside mainboard issuers and debt borrowers.

How did fundraising contribute to NSE's Q2 FY27 revenue?

NSE's listing-services revenue increased 70% year on year to Rs 150 crore in Q2 FY27, with management attributing the increase largely to book-building fees from more mainboard listings and higher issuance sizes. Total revenue from operations rose 11% to Rs 4,067 crore, while consolidated total income increased 9% to Rs 4,554 crore.

Transaction charges remained NSE's biggest operating-revenue stream at Rs 3,035 crore, up 9% year on year and representing 75% of revenue from operations. Options generated Rs 2,216 crore of transaction charges, while cash-market charges rose 30% to Rs 474 crore, indicating that trading income remained materially larger than listing income.

Data-related services generated Rs 531 crore, up 8% year on year and close to 13% of operating income in Q2 FY27. These services include data-centre rack charges, connectivity, data feeds, terminal services and licensing, while H1 FY27 revenue from operations increased 12% to Rs 8,627 crore.

NSE's technology expense rose 22% year on year in Q2 FY27 as it invested in resilience, platform modernisation and cybersecurity. In H1 FY27, technology expense was Rs 751 crore, or 8.7% of revenue from operations, and employee expense was Rs 463 crore, or 5.4% of revenue from operations.

What do NSE's trading figures show alongside fundraising?

NSE retained disclosed market shares of about 92% in equity cash, 99.8% in equity futures and 68.0% in equity options based on premium turnover in Q2 FY27. In debt secondary markets, it reported shares of 96% in the request-for-quote, or RFQ, segment, 80% in CBRICS and nearly 100% in tri-party repo.

Equity-cash average daily turnover, or ADT, rose 23.7% year on year to Rs 1,18,000 crore in Q2 FY27, although management said it was 13% below the Rs 1,35,949 crore recorded between April and June 2026. Equity-options premium-value ADT increased 3.3% year on year, whereas equity-futures ADT declined 11.7% to Rs 1,25,000 crore, partly because of taxation changes introduced earlier in the year.

Debt trading expanded in selected channels, with RFQ ADT rising 10% year on year to Rs 6,508 crore and tri-party repo ADT increasing 152.8% to Rs 6,825 crore. Online bond-platform providers recorded more than 17.18 lakh gross trades in Q2 FY27, while July 2026 produced Rs 1,56,000 crore of monthly tri-party repo traded value.

Conclusion

NSE's Rs 7,40,000 crore fundraising total indicates that Q2 FY27 capital formation covered both equity and debt markets. Debt mobilisation of Rs 5,00,000 crore was the largest disclosed component, while 87 equity listings, larger average mainboard IPOs and Rs 1,30,000 crore of EBP bond issuance added to the 64% year-on-year increase.

The next data points are whether H1 FY27 commercial-paper and NCD mobilisation of Rs 9,90,000 crore continues and whether equity-listing activity sustains after September's 31 listings. Management also said changes to the closing auction session due in December could bring greater clarity to expiring index options and potentially expand cash-market activity.