NSE Q2 revenue rises 11% as cash and listings expand mix

National Stock Exchange of India Limited (NSE) increased revenue from operations by 11% year on year to Rs 4,067 crore in the second quarter of fiscal year 2027 (Q2 FY27), led by a 30% rise in cash-market transaction charges and a 70% increase in listing-services revenue. Options remained the largest revenue source, while data-related services contributed close to 13% of operating income.

What drove NSE’s Q2 FY27 operating-revenue growth?

NSE’s Q2 FY27 operating-revenue growth came from transaction charges, listing revenue, data services, clearing and settlement income, and operating investment income. Consolidated total income rose 9% year on year to Rs 4,554 crore from Rs 4,160 crore in Q2 FY26, while revenue from operations, representing 89% of total income, increased 11% to Rs 4,067 crore.

Transaction charges rose 9% year on year to Rs 3,035 crore in Q2 FY27, supported by higher cash-market and equity-options volumes. These charges represented 75% of operating revenue, but cash-market charges rose 30% to Rs 474 crore, faster than the 6% rise in options charges to Rs 2,216 crore.

Options remained NSE’s largest transaction-charge line, with Nifty index weekly-expiry revenue of Rs 1,699 crore in Q2 FY27. That revenue accounted for 38% of total income, showing that index options remained material despite faster growth in cash equities, mutual funds, listings and data products.

How much did listings and data add to NSE’s revenue mix?

Listing services and data-related businesses increased non-transaction income in Q2 FY27, with listing revenue rising 70% to Rs 150 crore and data-related services rising 8% to Rs 531 crore. Data-related services contributed close to 13% of operating income and included data-centre rack charges, connectivity, data-feed and terminal services, and licensing services.

The rise in listing income was largely linked to book-building fees from a larger number and size of mainboard issues. NSE recorded 62 mainboard listings during Q2 FY27, while total equity raised reached Rs 2,40,000 crore, up 111% year on year.

Across mainboard and small and medium enterprise platforms, 87 companies listed and raised Rs 66,447 crore, nearly 12 times the preceding quarter’s amount and 35% above Q2 FY26. The average mainboard initial public offering size rose more than 79% quarter on quarter to Rs 1,050 crore, according to management.

Mutual-fund transaction charges increased 3.5 times to Rs 13 crore in Q2 FY27 from Rs 4 crore a year earlier. Mutual-fund orders rose 155% to 6.72 crore from 2.64 crore, while NSE said its market share in the segment increased to close to 22% from 12% in Q2 FY26.

What did Q2 costs and profit show about NSE’s operating leverage?

NSE reported profit after tax of Rs 2,578 crore in Q2 FY27, up 23% year on year, while profit before tax from continuing operations increased 13% to Rs 3,425 crore. Management said normalised profit before tax growth was 9% after excluding one-offs in the corresponding prior-year quarter.

Consolidated expenditure declined 51% year on year to Rs 1,161 crore because Q2 FY26 included a Rs 1,297 crore one-time provision for Securities and Exchange Board of India settlement fees. Excluding that prior-year provision, Q2 FY27 expenditure increased 10%, which management attributed to investment in people, technology, resilience and regulatory capabilities.

Employee expenses rose 18% year on year in Q2 FY27 after annual increments, a larger employee base and actuarial assumptions related to the wage code. NSE added 104 employees, mainly in technology and regulatory functions, while technology expense increased 22% through investments in platform resilience, modernisation and cybersecurity.

For the first half of fiscal year 2027 (H1 FY27), consolidated expenditure fell 31% to Rs 2,333 crore. Volume-linked regulatory and clearing expenses accounted for 18% of costs, technology represented 32% and employee expenses 20%; technology expense was Rs 751 crore and employee expense was Rs 463 crore.

How did NSE’s segments and financial safeguards perform?

NSE’s H1 FY27 revenue from operations rose 12% year on year to Rs 8,627 crore, compared with 11% growth in Q2 FY27. H1 FY27 total income increased 9% to Rs 9,807 crore, profit after tax rose 13% to Rs 5,698 crore and non-annualised earnings per share were Rs 23.02.

NSE Clearing reported H1 FY27 total income of Rs 1,152 crore, up 16% year on year, and profit after tax of Rs 597 crore, up 11%. NSE Data & Analytics recorded total income of Rs 278 crore, up 45%, and profit after tax of Rs 123 crore, up 61%, largely because of increased online data-feed services.

NSE Indices reported H1 FY27 total income of Rs 104 crore, up 10%, and profit after tax of Rs 63 crore, up 9%. NSEIX, NSE’s wholly owned subsidiary in Gift City, increased total income 17% to Rs 79 crore and lifted profit after tax 4.3 times to Rs 15 crore.

In core-market activity, equity cash average daily turnover increased 23.7% year on year to Rs 1,18,000 crore in Q2 FY27. Equity-futures average daily turnover declined 11.7% to Rs 1,25,000 crore, which management partly attributed to taxation changes implemented earlier in the year.

As of September 30, 2026, NSE had net worth of Rs 28,907 crore and total treasury investments of Rs 52,613 crore, including corporate treasury investments of Rs 34,699 crore. Its core settlement guarantee fund stood at Rs 13,665 crore, risk reserves at Rs 4,805 crore and the Investor Protection Fund corpus at Rs 2,973 crore.

Conclusion

NSE’s Q2 FY27 results showed that index options remained central to earnings, but cash-market charges, listing fees, mutual-fund activity and data-related services contributed to growth across more revenue lines. Revenue from operations rose 11% to Rs 4,067 crore, while the 30% increase in cash-market charges and 70% gain in listing revenue exceeded the 6% rise in options charges.

The next results will indicate whether these faster-growing revenue lines maintain their contribution while NSE continues investment in technology and regulatory capabilities. Management has disclosed work on a data warehouse, regulatory-application modernisation, a testing centre of excellence and Model Context Protocol connectivity for external artificial-intelligence agents to access market data.