National Stock Exchange of India Limited
DRHP · filed 18 Jun 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
National Stock Exchange of India Limited is a non-profit company that operates a stock exchange and reported revenue of Rs 16601.309 crore and profit of Rs 10302.061 crore in the latest fiscal year, with a revenue CAGR of 5.98% and a return on equity of 32.08%. The offer comprises a fresh issue of shares and an offer for sale of existing shares by promoters and selling shareholders. The company faces high-severity risks including a potential significant decrease in market transaction volume, adverse macroeconomic developments, geopolitical tensions, and increased regulatory taxes and measures that have already led to a decline in trading revenues.
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 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%
Return on equity
32.1%
PAT CAGR
11.4%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹14.78k Cr | ₹8.31k Cr | ₹23.97k Cr | |
| 2025 | ₹17.14k Cr | ₹12.19k Cr | ₹30.35k Cr | |
| 2026 | ₹16.60k Cr | ₹10.30k Cr | ₹32.11k 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.(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)
SEBI introduced several measures, including mandatory upfront collection of option premiums, increased minimum contract sizes, restrictions on permissible weekly expiries, and enhanced risk monitoring requirements, which have resulted in a moderation of trading volumes across both the cash and derivatives markets, including a decline in the ADTV of our equity futures and equity options and our trading revenues in Fiscal 2026.(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, and there can be no assurance that further such communications will not be issued in the future.(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.