National Stock Exchange Of India Limited
RHP · filed 11 Sept 2026
National Stock Exchange Of India Limited is a market infrastructure institution that reported revenue of Rs 16601.309 crore and profit after tax of Rs 10302.061 crore in the latest financial year, with a revenue CAGR of 5.98% and a return on equity of 32.08%. The offer is structured as an offer for sale of equity shares by existing 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 increased regulatory taxes.
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
Healthy return on equity. ROE of 32.1%.
How the offer is structured
- carry out the Offer for Sale of up to 126,436,650 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%
Return on equity
32.1%
PAT CAGR
10.7%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹14.78k Cr | ₹8.41k Cr | ₹23.97k Cr | |
| 2025 | ₹17.14k Cr | ₹11.61k Cr | ₹30.35k Cr | |
| 2026 | ₹16.60k Cr | ₹10.30k Cr | ₹32.11k Cr |
Promoters, litigation & related parties
Related-party
0.0%
Share of revenue
Except as disclosed in this section, there are no outstanding criminal proceedings, actions by statutory or regulatory authorities, claims relating to direct and indirect taxes, or other civil/tax/arbitration proceedings involving the Company, its Subsidiaries, and Directors. There are also no pending litigation involving Group Companies that may have a material impact on the Company. There are no outstanding dues owed to material creditors.
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.(Investor Sentiment)
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)
Further, pursuant to SEBI’s Circular dated January 16, 2026, closing auction session (CAS) has been introduced in the equity cash segment of stock exchanges and the pre-open auction session framework has been revised.(Regulatory)
Adverse regulatory developments have also had an impact on our specific businesses, including our currency derivatives and Bank Nifty derivatives offerings.(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.