National Stock Exchange of India Ltd.
RHP · filed 16 Sept 2026
National Stock Exchange of India Ltd. operates a stock exchange and reported a revenue of Rs 16601.309 crore and a profit after tax of Rs 10302.061 crore in the latest financial year, with revenue growing at a CAGR of 5.98%. The IPO is structured as an offer for sale of 4,00,00,000 equity shares by promoters and selling shareholders, with no fresh issue of shares. The company faces high-severity risks related to a potential decrease in market transaction volume, adverse macroeconomic developments, geopolitical tensions, and regulatory actions such as increased taxes and inspections by SEBI.
What stands out
Risk factor. A significant decrease in the volume and value of transactions executed on our stock exchange could significantly reduce demand for our products, constrain our growth, and adversely affect our business, financial condition, results of operations, cash flows, and prospects.
Risk factor. Adverse macroeconomic developments in India and globally, including slowing GDP growth, rising inflation, increasing interest rates, currency depreciation, or a downgrade in India's sovereign credit rating, could dampen investor confidence and reduce participation in the Indian securities markets.
Risk factor. Global headwinds such as recessionary conditions in major economies, supply chain disruptions, or commodity price fluctuations could reduce foreign portfolio investment flows into India.
Risk factor. Escalating geopolitical tensions, including ongoing conflicts such as the Russia–Ukraine war and the conflict in the Middle East, or the imposition of international sanctions, trade embargoes, or retaliatory tariffs, could further disrupt global capital flows, with consequential effects on the India
How the offer is structured
- carry out the Offer for Sale of up to 148,905,525 Equity Shares of face value of ₹1 each by certain Selling Shareholders aggregating up to ₹ [●] million
- achieve the benefits of listing the Equity Shares on BSE
Restated financials
Revenue
₹16.60k Cr
Latest fiscal year
Profit after tax
₹10.30k Cr
Revenue CAGR
6.0%
PAT CAGR
11.4%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹14.78k Cr | ₹8.31k Cr | ||
| 2025 | ₹17.14k Cr | ₹12.19k Cr | ||
| 2026 | ₹16.60k Cr | ₹10.30k Cr |
Risks the company discloses
A significant decrease in the volume and value of transactions executed on our stock exchange could significantly reduce demand for our products, constrain our growth, and adversely affect our business, financial condition, results of operations, cash flows, and prospects.(Market Activity)
Adverse macroeconomic developments in India and globally, including slowing GDP growth, rising inflation, increasing interest rates, currency depreciation, or a downgrade in India's sovereign credit rating, could dampen investor confidence and reduce participation in the Indian securities markets.(Macroeconomic)
Global headwinds such as recessionary conditions in major economies, supply chain disruptions, or commodity price fluctuations could reduce foreign portfolio investment flows into India.(Macroeconomic)
Escalating geopolitical tensions, including ongoing conflicts such as the Russia–Ukraine war and the conflict in the Middle East, or the imposition of international sanctions, trade embargoes, or retaliatory tariffs, could further disrupt global capital flows, with consequential effects on the Indian securities markets.(Geopolitical)
Any prolonged migration of investor preferences towards alternative asset classes such as real estate, fixed deposits, or cryptocurrencies could reduce demand for our platform and services.(Market Activity)
Increases in taxes, including capital gains taxes, may impact investor interest in capital markets. With effect from April 1, 2026, the Government of India increased securities transaction tax rates on sale of futures in securities from 0.02% to 0.05% of the contract value and on the sale of options in securities from 0.10% to 0.15% of premium value.(Regulatory)
Any introduction of new tax slabs or increases in personal income tax slabs or capital gains tax rates could adversely affect investor sentiment and reduce trading volumes on our platform.(Regulatory)
We operate in a highly regulated industry, primarily overseen by SEBI. We are also subject to periodic inspections by SEBI and, pursuant to such inspections, have received observations, show cause notices, and administrative warning, deficiency and advisory letters in relation to certain regulatory matters.(Regulatory)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.