NSE Q2 profit rises 23% as expenditure falls 51% year on year

National Stock Exchange of India Limited (NSE) reported consolidated profit after tax of Rs 2,578 crore in Q2FY27, up 23% year on year, as total income rose 9% to Rs 4,554 crore and total expenditure fell 51% after Q2FY26 included a Rs 1,297 crore Securities and Exchange Board of India settlement-fee provision.

How did NSE's consolidated Q2FY27 earnings change?

NSE's consolidated profit after tax increased by Rs 480 crore to Rs 2,578 crore in Q2FY27 from Rs 2,098 crore in Q2FY26. Consolidated total income rose by Rs 394 crore to Rs 4,554 crore from Rs 4,160 crore, while non-annualised earnings per share increased to Rs 10.41 from Rs 8.48.

NSE reported operating earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 3,079 crore for Q2FY27, an increase of 107% year on year, with an operating EBITDA margin of 76%. The reported 51% fall in expenditure was substantially larger than the 9% increase in total income, while profit after tax rose by 23%.

The exchange released its audited standalone and consolidated results on November 3, 2026, for the quarter and half year ended September 30, 2026. The figures discussed in this section are consolidated unless stated otherwise, consistent with NSE's presentation of Rs 4,554 crore of Q2FY27 total income.

Which businesses increased NSE's Q2FY27 income?

Transaction-charge revenue increased 9% to Rs 3,035 crore in Q2FY27 from Rs 2,789 crore in Q2FY26, driven by higher cash-market and equity-options volumes, according to NSE. Cash-market average daily traded volume (ADTV) rose 24% year on year to Rs 1,18,377 crore.

Equity-options ADTV, measured by premium value, rose 3% year on year to Rs 47,977 crore in Q2FY27, while equity-futures ADTV stood at Rs 1,24,574 crore. These volumes accompanied the Rs 246 crore increase in transaction-charge revenue between the two quarters.

Other reported income lines also increased. Operating investment income rose 9% to Rs 237 crore from Rs 217 crore, data-feed and terminal-services revenue rose 43% to Rs 165 crore from Rs 115 crore, and listing-services revenue rose 70% to Rs 150 crore from Rs 88 crore. Data-connectivity charges were Rs 267 crore in Q2FY27.

NSE's standalone total income rose 8% to Rs 3,956 crore in Q2FY27 from Rs 3,666 crore a year earlier. Standalone revenue from operations increased 9% to Rs 3,567 crore from Rs 3,266 crore, compared with the 9% rise in consolidated total income to Rs 4,554 crore.

Why did NSE's Q2FY27 expenditure fall 51%?

NSE's consolidated expenditure fell by Rs 1,193 crore to Rs 1,161 crore in Q2FY27 from Rs 2,354 crore in Q2FY26 because the earlier quarter included a Rs 1,297 crore provision for SEBI settlement fees. The provision related to colocation and dark-fibre matters, NSE said.

The Rs 1,297 crore prior-year provision exceeded the Rs 1,193 crore reduction in reported expenditure between the two quarters. Against that comparison, NSE reported Q2FY27 operating EBITDA of Rs 3,079 crore, up 107% year on year, and consolidated profit after tax of Rs 2,578 crore, up 23%.

On a standalone basis, operating EBITDA was Rs 2,622 crore in Q2FY27, with a 74% margin. Standalone profit after tax increased 16% to Rs 2,164 crore from Rs 1,858 crore, and the standalone profit-after-tax margin was 55%.

The difference between consolidated and standalone profit after tax was Rs 414 crore in Q2FY27, based on the respective reported figures of Rs 2,578 crore and Rs 2,164 crore. The standalone profit growth rate of 16% was 7 percentage points below the consolidated rate of 23%.

What do NSE's H1FY27 results and product initiatives show?

NSE's consolidated total income for H1FY27 increased 9% to Rs 9,807 crore from Rs 8,959 crore in H1FY26, while consolidated net profit increased 13% to Rs 5,698 crore. Operating EBITDA rose 45% to Rs 6,674 crore, with a 77% margin, compared with the 76% margin reported for Q2FY27.

Standalone H1FY27 total income was Rs 8,568 crore, including operating revenue of Rs 7,634 crore. Standalone operating EBITDA increased 51% to Rs 5,726 crore with a 75% margin, while standalone net profit increased 12% to Rs 4,798 crore with a 56% margin.

NSE said its H1FY27 contribution to the exchequer was Rs 41,234 crore, including Rs 34,788 crore of Securities Transaction Tax and Commodities Transaction Tax, Rs 2,885 crore of income tax, Rs 1,926 crore of stamp duty, Rs 1,171 crore of goods and services tax, and Rs 464 crore of SEBI fees. Of the Rs 34,788 crore of Securities Transaction Tax and Commodities Transaction Tax, equity derivatives represented 55%, delivery-based cash markets 38%, and intraday cash markets 7%.

During Q2FY27, NSE facilitated India's first tokenised bond issuances aggregating Rs 1,000 crore. Management said its product pipeline had advanced through regulatory approvals and new initiatives, including derivatives on the Nifty India FPI 150 Index and Corporate Bond Index Futures.

Conclusion

NSE's Q2FY27 result combined a 9% rise in consolidated total income to Rs 4,554 crore with a 51% reduction in expenditure to Rs 1,161 crore. Transaction charges contributed Rs 3,035 crore of revenue, while the year-on-year expense comparison reflected the Rs 1,297 crore SEBI settlement-fee provision recognised in Q2FY26.

The next disclosed items to watch are the progress of NSE's derivatives initiatives linked to the Nifty India FPI 150 Index and Corporate Bond Index Futures, which management said were part of its advanced product pipeline. The Rs 1,000 crore of tokenised bond issuances facilitated in Q2FY27 is also a disclosed marker for future activity in digital bond-market infrastructure.