Mumbai, India – The National Stock Exchange (NSE) has reported a substantial 23% year-on-year increase in its consolidated net profit, which climbed to ₹2,578 crore for the September quarter of the financial year 2026-27 (Q2 FY27). This impressive performance was primarily driven by heightened trading volumes across its segments and a significant reduction in overall expenses.
According to its latest quarterly earnings statement, the exchange's total income grew 9% to ₹4,554 crore, up from ₹4,160 crore recorded in the same period last year. This strong revenue generation underscores the buoyant activity in India's capital markets.
Robust Growth Across Revenue Streams
Transaction charges, which constitute the largest revenue stream for the NSE, saw a 9% increase, reaching ₹3,035 crore compared to ₹2,789 crore a year earlier. This boost was largely attributed to elevated activity in both the cash market and equity options segments.
- Cash market average daily traded volume (ADTV) surged 24% year-on-year to ₹1,18,377 crore.
- Equity options trading volume, measured by premium value, rose 3% to ₹47,977 crore.
- Equity futures ADTV stood at ₹1,24,574 crore.
Beyond trading, other income streams also demonstrated strong growth. Revenue from listing services soared by 70% to ₹150 crore, while data feed and terminal services revenue climbed 43% to ₹165 crore, highlighting diversification and increasing demand for market data.
Expenses Decline, EBITDA Doubles
A key factor in the NSE's profit surge was a sharp 51% reduction in consolidated expenditure, which fell to ₹1,161 crore from ₹2,354 crore in the corresponding quarter of the previous year. This significant decline was primarily due to the absence of a ₹1,297 crore provision made in Q2 FY26 for SEBI settlement fees related to historical colocation and dark fibre matters.
As a result of improved revenues and controlled costs, operating EBITDA more than doubled, rising 107% to ₹3,079 crore, with an impressive EBITDA margin of 76%. Earnings per share also increased substantially, moving from ₹8.48 to ₹10.41 year-on-year.
CEO Highlights Milestones and Innovation
Ashishkumar Chauhan, Managing Director and CEO of NSE, described Q2 FY27 as a "momentous" quarter, highlighting the exchange's successful listing as a major milestone. "The listing milestone marked an important phase in our evolution, reflecting our continued commitment to the highest standards of governance, transparency and value creation; as we continue to drive innovation and deepen India's capital market ecosystem," Chauhan stated.
During the quarter, the NSE also facilitated India's first tokenised bond issuances, aggregating ₹1,000 crore. Furthermore, it secured regulatory approvals for new products, including derivatives on the Nifty India FPI 150 Index and Corporate Bond Index Futures, signalling continued expansion and innovation in its product offerings.
Half-Year Performance and Exchequer Contribution
For the first six months of FY27, NSE's consolidated net profit saw a 13% increase to ₹5,698 crore, with total income rising 9% to ₹9,807 crore. Operating EBITDA for the half-year grew 45% to ₹6,674 crore, maintaining a robust margin of 77%.
The exchange also reported a significant contribution to the exchequer during the first half, totalling ₹41,234 crore. This included ₹34,788 crore in securities and commodities transaction taxes, ₹2,885 crore in income tax, and ₹1,926 crore in stamp duty, underscoring its role in national revenue generation.