National Stock Exchange of India Ltd
India's largest stock exchange by turnover and the most tracked name in the unlisted market.
Market cap
₹5 Lakh Cr
247.50 Cr shares
P/E ratio
50.20
Sector average 42
Book value
₹130.29
P/B 15.50
1-year return
+34.31%
52w ₹1,430 – ₹2,320
Currently 66% of the way through its 52-week range.
Indicative price history
1Y change
+34.31% ₹1,504 → ₹2,020
52-week band in this window: ₹1,475.11 – ₹2,336.93. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Over 90% share of India's equity derivatives turnover and the majority of cash-market volume.
- Operating margin above 65% with zero long-term debt and a large treasury book.
- Listing application pending with the regulator; the most widely held unlisted stock in India.
About NSE
National Stock Exchange of India Ltd operates the country's largest electronic exchange across cash equities, equity derivatives, currency derivatives, commodities and debt.
Revenue is dominated by transaction charges on the derivatives segment, supplemented by listing fees, colocation and data-feed income, index licensing and clearing services through NSE Clearing.
Subsidiaries include NSE Clearing Ltd, NSE Indices Ltd, NSE Data & Analytics and NSE IFSC at GIFT City, making the group a full-stack market infrastructure institution.
Where the revenue comes from
- Transaction charges72%
Cash, F&O, currency and commodity segments
- Colocation & data services12%
Rack rentals, connectivity and market data feeds
- Listing & book building8%
Annual listing fees and IPO processing
- Index, clearing & other8%
NSE Indices licensing and clearing income
Products & services
Cash & derivatives trading
Equity, index and stock futures & options, currency and commodity segments.
NSE Clearing
Central counterparty clearing and settlement for all NSE segments.
NSE Indices
Nifty family of indices licensed to funds, ETFs and derivative products worldwide.
Colocation & data
Rack hosting, low-latency connectivity and real-time market data feeds.
What works
- • Dominant share of India's equity derivatives turnover creates a wide, self-reinforcing liquidity moat.
- • Asset-light economics: operating margins consistently above 65% with effectively zero long-term debt.
- • Structural tailwind from rising retail participation and demat account growth.
What to watch
- • Regulatory action on derivatives lot sizes, expiry counts or transaction charges can compress volumes quickly.
- • Listing approval has been pending with the regulator for several years; timelines remain uncertain.
- • Revenue is highly correlated with market turnover and therefore with equity market cycles.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| NSEThis page | ₹2,020.00 | ₹5 Lakh Cr | 50.20 | 15.50 | +14.63% |
| Orbis Financial | ₹338.00 | ₹4,597 Cr | 20.61 | 4.62 | +28.12% |
| Care Health | ₹145.00 | ₹15,196 Cr | 16.53 | 3.59 | +20.87% |
Latest reported year: FY26 ending 31 Mar 2026.