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NSE Q2 results: Profit rises 23%, EBITDA doubles in first post-IPO earnings; how has stock fared since listing?

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In short

The bourse delivered ₹2,578 crore in net profit for the second quarter of FY27 as core operating EBITDA more than doubled to ₹3,079 crore. Performance was bolstered by a 24% year-on-year surge in cash market average daily traded volume, which reached ₹1,18,377 crore. Beyond trading gains, the institution transferred ₹41,234 crore to the government exchequer in the first half of the fiscal year through transaction taxes. Market performance remains muted, with shares trading roughly flat compared to the original offer price.

Key points

  • Strong domestic market participation drove significant volume expansion across cash segme…: Strong domestic market participation drove significant volume expansion across cash segments and lifted consolidated quarterly profits.
  • The exchange continues broadening its product pipeline through regulatory development of…: The exchange continues broadening its product pipeline through regulatory development of corporate bond and foreign portfolio index derivatives.
  • Post-listing equity returns have remained subdued, hovering barely above the company's in…: Post-listing equity returns have remained subdued, hovering barely above the company's initial issue price of ₹1,785 per share.

Sources checked by our analysis pipeline: 1

National Stock Exchange (NSE), India’s leading stock exchange, announced its first quarterly results since its stock market listing, reporting a strong set of numbers for the September quarter, supported by growth in its trading segment.

The world’s largest derivatives exchange reported a 23% year-on-year (YoY) increase in consolidated net profit to ₹2,578 crore in Q2 FY27, from ₹2,098 crore in Q2 FY26. The growth was supported by a 9% YoY increase in revenue from transaction charges to ₹3,035 crore, compared with ₹2,789 crore in the year-ago quarter.

The improvement in transaction charges was driven by higher trading volumes in the cash market and equity options segments.

The cash market trading segment recorded an average daily traded volume (ADTV) of ₹1,18,377 crore, up 24% YoY. ADTV for equity options (premium value) increased 3% YoY to ₹47,977 crore, while ADTV for the equity futures segment stood at ₹1,24,574 crore in Q2 FY27.

Operating EBITDA for Q2FY27 increased by 107% YoY to ₹ 3,079 crore with EBITDA margin expanding to 76%.

For the first half of FY27, the exchange reported a 13% YoY…

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