NSE September-quarter profit rises 23% to Rs 2,577.62 crore

National Stock Exchange of India Limited reported consolidated profit of Rs 2,577.62 crore for the quarter ended September 30, 2026, up 23% from Rs 2,098.47 crore a year earlier, as revenue from operations rose 11% to Rs 4,066.80 crore. NSE recorded year-on-year revenue growth in trading, clearing and other businesses.

How much profit did NSE report in the September 2026 quarter?

NSE reported consolidated profit of Rs 2,577.62 crore in the quarter ended September 30, 2026, compared with Rs 2,098.47 crore in the September 2025 quarter. Profit from continuing operations rose to Rs 2,575.89 crore from Rs 2,095.62 crore, while discontinued operations contributed Rs 1.73 crore, compared with Rs 2.85 crore a year earlier.

The comparison is affected by an exceptional item in the prior-year quarter. Profit before tax from continuing operations was Rs 3,424.52 crore in September 2026, versus Rs 3,038 crore in September 2025, when the result included a Rs 1,200.94 crore gain on sale of an investment in an associate. Before exceptional items and tax, profit from continuing operations increased to Rs 3,424.52 crore from Rs 1,837.06 crore.

Total income increased to Rs 4,554.46 crore from Rs 4,160.31 crore, including other income of Rs 487.66 crore against Rs 483.51 crore. Total tax expense declined to Rs 848.63 crore from Rs 942.38 crore, consisting of current tax of Rs 903.21 crore and a deferred-tax credit of Rs 54.58 crore in the September 2026 quarter.

What drove NSE’s revenue growth in the quarter?

NSE’s revenue from operations rose by Rs 390 crore year on year to Rs 4,066.80 crore in the September 2026 quarter, led by trading services. Trading segment revenue increased by Rs 307.87 crore to Rs 3,603.99 crore, clearing revenue grew by Rs 56.15 crore to Rs 464.88 crore, and other-segment revenue rose by Rs 52.04 crore to Rs 211.95 crore.

Trading services include equity, equity derivatives, debt, currency derivatives and commodity derivatives. Their revenue includes transaction charges, listing and book-building fees, data-centre rack charges and data-connectivity charges. Clearing services cover clearing and settlement of cash-market, futures and options, currency-derivatives and commodity-derivatives trades; the other segment includes data feeds, data terminals, strategic investments and index licensing.

Reported operating revenue is below the aggregate segment total because inter-segment income is eliminated in consolidation. Gross segment revenue reached Rs 4,280.82 crore in September 2026, against Rs 3,864.76 crore a year earlier, while inter-segment revenue increased to Rs 214.02 crore from Rs 187.96 crore. This resulted in reported revenue from operations of Rs 4,066.80 crore.

Sequentially, revenue from operations declined from Rs 4,560.41 crore in the quarter ended June 30, 2026. Trading revenue fell from Rs 4,103.33 crore and clearing revenue decreased from Rs 493.75 crore, while other-segment revenue increased from Rs 197.78 crore. The filing does not provide trading-volume data or an explanation for the quarter-on-quarter movement.

Which NSE businesses contributed most to profit?

NSE’s trading business was the largest contributor to segment profit, reporting Rs 2,496.21 crore in the September 2026 quarter, compared with Rs 970.36 crore a year earlier. Combined segment result rose to Rs 2,893.58 crore from Rs 1,319.86 crore, with trading accounting for most of that increase.

Clearing segment profit rose to Rs 280.09 crore from Rs 271.05 crore, while the other segment’s profit increased to Rs 117.28 crore from Rs 78.45 crore. Unallocable income, net of expenses, was Rs 499.53 crore, compared with Rs 486.76 crore in the prior-year quarter. NSE identifies its managing director and chief executive officer as the chief operating decision maker, who primarily uses profit before tax to assess segment performance.

For the half year ended September 30, 2026, revenue from operations reached Rs 8,627.21 crore, up from Rs 7,709.04 crore in the corresponding prior-year half. Trading revenue was Rs 7,707.32 crore, clearing revenue was Rs 958.63 crore and other-segment revenue was Rs 409.73 crore before Rs 448.47 crore of inter-segment eliminations.

First-half profit for the period was Rs 5,697.70 crore, compared with Rs 5,022.32 crore a year earlier. The previous-year figure included Rs 114.89 crore from discontinued operations, whereas discontinued operations recorded a Rs 0.07 crore loss in the current half. Profit from continuing operations nonetheless increased to Rs 5,697.77 crore from Rs 4,907.43 crore.

What changed in NSE’s balance sheet and cash flows?

NSE’s total assets stood at Rs 75,876.50 crore at September 30, 2026, down from Rs 87,937.44 crore at March 31, 2026. Cash and cash equivalents declined to Rs 20,708.24 crore from Rs 32,261.15 crore, including Rs 17,914.39 crore related to members’ settlement obligations and margin money, against Rs 30,146.66 crore at March-end.

Total equity declined to Rs 29,165.53 crore from Rs 32,113.54 crore, as other equity fell to Rs 28,918.03 crore from Rs 31,866.04 crore. Total liabilities decreased to Rs 33,045.95 crore from Rs 42,744.75 crore. Current other financial liabilities were Rs 19,015.77 crore, including the settlement-obligation and margin-money balance.

For the half year ended September 30, 2026, operating activities recorded a cash outflow of Rs 4,677.65 crore, compared with an inflow of Rs 10,827.12 crore a year earlier. The statement records a Rs 12,232.27 crore decrease in settlement obligations and margin money, while dividend payments were Rs 8,663.61 crore, close to Rs 8,663.39 crore in the previous-year half.

The Core Settlement Guarantee Fund, or Core SGF, was Rs 13,665.02 crore at September 30, 2026, compared with Rs 13,079.15 crore at March 31, 2026. NSE Clearing Limited accounted for Rs 13,632.84 crore and NSE IFSC Clearing Corporation Limited accounted for Rs 32.18 crore. The fund is maintained to guarantee settlement of trades.

Conclusion

NSE’s September-quarter result combined higher operating revenue with a 23% increase in reported consolidated profit, despite the absence of the Rs 1,200.94 crore exceptional gain recorded in the prior-year quarter. Trading remained the principal revenue and profit contributor, while clearing and other businesses also expanded year on year.

The next results will indicate whether the sequential decline from Rs 4,560.41 crore of revenue from operations in the June 2026 quarter continues or reverses. NSE’s disclosed balances in members’ settlement obligations and margin money, which fell to Rs 17,914.39 crore at September 30, 2026, and the Core SGF, which increased to Rs 13,665.02 crore, remain figures to watch.