NSE Q4 FY26 Results: Profit up 8% to ₹2,871 cr

Key takeaway from NSE’s March-quarter print

National Stock Exchange (NSE) reported a higher consolidated profit for the March-ended quarter (Q4FY26), backed by stronger trading activity across segments. Consolidated profit after tax (PAT) came in at ₹2,871 crore, up from ₹2,650 crore in the year-ago quarter. The exchange also showed a sharp sequential improvement in earnings compared with Q3FY26. Revenue and income lines were supported largely by transaction-led growth, even as some non-transaction lines such as listing services were indicated as weaker on a sequential basis. Expenses rose quarter-on-quarter due to year-end provisioning, including corporate social responsibility (CSR). NSE also created a provision linked to settlement applications with the securities market regulator.

Q4FY26 headline numbers: profit, revenue and income

On a consolidated basis, NSE’s PAT in Q4FY26 stood at ₹2,871 crore, implying about an 8% year-on-year rise. Sequentially, PAT increased 19% from ₹2,409 crore in Q3FY26. Revenue from operations for the quarter was reported at ₹4,968 crore, up 32% from ₹3,771 crore in Q4FY25. The exchange also disclosed revenue from operations at ₹4,967.59 crore versus ₹3,771.41 crore a year ago. Total income for Q4FY26 was reported at ₹5,360 crore, compared with ₹4,397 crore in Q4FY25, indicating a 22% rise year-on-year. Total income also increased sequentially from ₹4,395 crore in Q3FY26.

Transaction charges led the sequential rise

The quarter’s improvement was driven by higher transaction volumes, with the exchange highlighting strength across key segments including equity cash and derivatives. Income from transaction charges rose sharply on a sequential basis to ₹4,077 crore from ₹3,037 crore. The exchange said transaction charge revenue was supported by higher volumes, and also noted a 39% year-on-year increase in transaction charges for the March quarter. At the same time, listing services income was said to have declined sequentially. Other reported income lines in the quarter included data connectivity charges of ₹269 crore, operating investment income of ₹198 crore, and data feed and terminal services revenue of ₹128 crore. These streams contributed to the broader topline alongside transaction-linked income.

Expenses moved up due to CSR and settlement-related provisioning

NSE’s total expenditure in Q4FY26 rose 20% sequentially to ₹1,486 crore. A key driver was a year-end CSR provision of ₹223 crore, compared with ₹5 crore in the preceding quarter. Separately, NSE recognised a provision of ₹84 crore towards settlement applications. The exchange disclosed that it set this aside for pending settlement applications with Sebi. These items contributed to a higher cost base in the March quarter even as income expanded.

EBITDA improved; normalized PBT disclosed

Operating EBITDA in Q4FY26 stood at ₹3,633 crore. This compares with ₹2,851 crore in Q3FY26 and ₹2,799 crore in Q4FY25, translating into 27% quarter-on-quarter growth and 30% year-on-year growth as reported. NSE also disclosed a normalized profit before tax metric: adjusted for settlement-related costs and new labour codes, normalized profit before tax rose 20% to ₹3,990 crore in the March quarter. The exchange also reported that earnings per share improved to ₹11.60 in Q4FY26 from ₹9.73 in Q3FY26.

Snapshot table: quarterly performance and key line items

FY26 full-year picture: lower income, lower PAT

For the full financial year FY26, NSE reported consolidated total income of ₹18,713 crore, marginally lower than ₹19,177 crore in FY25. Profit after tax for FY26 stood at ₹10,302 crore, and the exchange reported earnings per share of ₹41.62. NSE also said FY26 PAT was down 15% from ₹12,188 crore in FY25. Alongside financial performance, NSE disclosed that its contribution to the exchequer during FY26 stood at ₹59,186 crore.

Dividend recommendation for FY26

NSE’s board recommended a dividend of ₹35 per share for FY26. The dividend remains subject to shareholders’ approval. The recommendation comes after the exchange reported a sequential rise in quarterly earnings and an improvement in operating EBITDA in Q4FY26. Dividend decisions are typically evaluated by investors in the context of profitability, cash generation and ongoing investment needs.

Market impact: what these numbers signal

The March-quarter results pointed to a quarter where higher trading activity flowed through into transaction-linked revenue and lifted profitability. The sequential jump in transaction charges to ₹4,077 crore from ₹3,037 crore was a key data point in understanding Q4FY26 performance. At the same time, the quarter also showed how year-end provisions can move expenditure higher, with the CSR provision and the settlement-related provision both explicitly disclosed. For market participants tracking exchange economics, the mix between transaction-led income and other lines such as listing services and data-related revenues remains relevant. The FY26 annual numbers, showing a lower total income and PAT versus FY25, add context that quarterly strength does not necessarily translate into higher full-year outcomes.

Analysis: why the Q4 mix matters

NSE’s Q4FY26 disclosures highlight two contrasting forces operating in the same quarter. On one hand, transaction volumes supported income, and operating EBITDA moved higher versus both the previous quarter and the year-ago quarter. On the other hand, expenses increased due to provisions, which are important for understanding reported profitability versus normalized metrics. The exchange’s disclosure of normalized profit before tax, adjusted for settlement-related costs and new labour codes, indicates management’s focus on separating one-offs from underlying operating performance. Separately, the FY26 year-on-year decline in total income and PAT underscores the importance of looking beyond one quarter when assessing performance.

Conclusion

NSE closed Q4FY26 with consolidated PAT of ₹2,871 crore and revenue from operations of about ₹4,968 crore, supported by a sharp sequential rise in transaction charges. The quarter also included a ₹223 crore CSR provision and a ₹84 crore provision linked to settlement applications. For FY26, NSE reported total income of ₹18,713 crore and PAT of ₹10,302 crore, along with an FY26 dividend recommendation of ₹35 per share subject to shareholder approval.