NSE Q4 FY26 Profit Up 8%, Revenue Up 32%; Rs35 Dividend

Key takeaway from NSE’s March-quarter update

India’s leading stock exchange, National Stock Exchange (NSE), reported a stronger March-ended quarter with higher profit, revenue, and operating earnings. Consolidated net profit for the quarter rose to ₹2,871 crore, compared with ₹2,650 crore in the year-ago period, implying an 8% increase. Revenue from operations climbed 32% year-on-year to ₹4,968 crore from ₹3,771 crore a year earlier. The board also recommended a dividend of ₹35 per share for FY26, subject to shareholders’ approval. The quarterly update also included sequential comparisons, showing growth in profit and revenue versus the preceding quarter.

Q4 FY26 profit rises year-on-year and sequentially

For the March-ended quarter (Q4 FY26), NSE’s consolidated profit after tax (PAT) was reported at ₹2,871 crore. This compared with ₹2,650 crore in the corresponding quarter of the previous year, reflecting an 8% uptick. On a quarter-on-quarter basis, PAT increased 19% from ₹2,409 crore in Q3 FY26. The mix of year-on-year and sequential growth suggests a stronger quarter in both headline earnings and operating performance, based on the figures disclosed. The company’s update positioned the quarter as an improvement over the October-December period on key lines.

Revenue from operations jumps 32% YoY in Q4 FY26

NSE reported revenue from operations of ₹4,968 crore for Q4 FY26. This was up 32% year-on-year from ₹3,771 crore in Q4 FY25. On a sequential basis, topline rose 27% from ₹3,925 crore in Q3 FY26. The combination of year-on-year and sequential growth in operating revenue indicates a better quarter for core business activity, as reflected in the reported numbers. The revenue comparison also provides a clear bridge between the prior-year base and the latest reported quarter.

EBITDA grows strongly, with both QoQ and YoY gains

Operating earnings, measured through EBITDA, also improved in the March-ended quarter. NSE’s operating EBITDA stood at ₹3,633 crore in Q4 FY26. This compared with ₹2,851 crore in Q3 FY26 and ₹2,799 crore in Q4 FY25. On the implied growth rates provided, EBITDA was up 27% quarter-on-quarter and 30% year-on-year. These figures indicate higher operating earnings alongside the rise in revenue from operations. The update did not provide margin details for FY26 in the text, but the absolute EBITDA movement was clearly stated.

Dividend: Board recommends ₹35 per share for FY26

Alongside the quarterly numbers, NSE’s board recommended a dividend of ₹35 per share for FY26. The recommendation is subject to shareholders’ approval. The announcement aligns with NSE’s past dividend communications in the provided material, where ₹35 per share was also recommended for FY25, although FY25’s dividend included a special one-time component. For FY26, the text only states the headline dividend recommendation and the need for shareholder approval.

How Q4 FY25 looked, based on earlier disclosed numbers

The material also includes NSE’s Q4 FY25 performance, offering context for the Q4 FY26 year-on-year comparison. For Q4 FY25 (quarter ended March 31, 2025), NSE reported consolidated net profit of ₹2,650.11 crore, up 7% from ₹2,487 crore in the year-ago period. Revenue from operations in Q4 FY25 stood at ₹3,771 crore, compared with ₹4,625 crore in the corresponding quarter of the previous year, reflecting an 18% decline. Sequentially, Q4 FY25 PAT fell 31% from ₹3,834 crore in Q3 FY25, while revenue from operations declined 13% from ₹4,349 crore in Q3 FY25.

Q4 FY25 margins and costs: what the figures show

For Q4 FY25, the operating EBITDA margin was reported at 74%, compared with 78% in Q3 FY25 and 66% in Q4 FY24. NSE’s expenses in Q4 FY25 were stated at ₹1,119 crore, up 10% year-on-year, while declining 1% on a quarter-on-quarter basis. Technology costs were highlighted at ₹304 crore in Q4 FY25 versus ₹243 crore in the year-ago period, implying a 25% year-on-year increase. The same technology expense line was also described as up 13% quarter-on-quarter versus ₹270 crore in Q3 FY25. These cost and margin data points help explain the operating picture in the FY25 March quarter.

FY25 annual performance: profit, income, and EBITDA

For FY25, NSE reported consolidated net profit of ₹12,188 crore, marking a 47% year-on-year rise. Consolidated total income for the year increased 17% to ₹19,177 crore, while consolidated operating EBITDA for FY25 grew 28% to ₹12,647 crore. The material also cited a normalized consolidated profit before tax (excluding certain items) at ₹14,895 crore, up 17% year-on-year. On a standalone basis for FY25, net profit was reported at ₹11,246 crore, supported by a 33% increase in standalone total income to ₹19,823 crore. Standalone operating EBITDA was stated at ₹10,243 crore.

Trading activity indicators mentioned in the disclosures

The text includes several trading volume indicators that have been used historically to contextualise performance. It cited average daily traded volumes (ADTV) in the cash market at ₹53,694 crore, down 20% year-on-year in one reported period, while equity futures ADTV was at ₹115,000 crore (₹1.15 lakh crore), down 3% year-on-year. Options ADTV (premium) was reported at ₹47,744 crore, up 73% year-on-year. Elsewhere in the FY25 quarterly discussion, cash ADTV was cited at ₹95,488 crore, down 8% quarter-on-quarter, with equity futures and options ADTVs down 6% and 17%, respectively, over Q3 FY25. These figures show that volume trends can move differently across cash, futures, and options.

Snapshot table: NSE quarterly operating numbers in the text

Why these numbers matter for market infrastructure tracking

NSE’s results matter beyond equity investors because the exchange is a key part of India’s market infrastructure, and its operating lines reflect broader market participation. The Q4 FY26 update, as presented, shows a clear improvement in revenue from operations and EBITDA versus both the prior quarter and the prior year quarter. The FY25 details in the same material also show how sensitive quarterly performance can be to trading activity, with periods of sequential declines in revenue from operations and EBITDA even when annual profit growth remains strong. Dividend recommendations, including the recurring ₹35 per share figure across FY25 and FY26 in the text, also remain a closely tracked data point for shareholders.

Conclusion

NSE’s March-ended quarter update for FY26 reported higher profit, revenue from operations, and EBITDA, alongside a ₹35 per share dividend recommendation that will need shareholder approval. Additional disclosures in the same material provide context on FY25’s quarterly swings and the stronger FY25 full-year outcomes. Investors will watch for the detailed financial release that expands on business drivers, revenue composition, and cost trends, as indicated by the “more to come” note in the provided text.