With the upcoming IPO of National Stock Exchange of India Limited gaining momentum, one important question is being discussed across the market:
How does NSE stack up against BSE Limited financially?
Here is a clear side-by-side snapshot based on recent data. (Analysis done on FUZZ AI)
Scale Comparison (FY25)
| Metric | NSE | BSE | NSE Advantage |
|---|---|---|---|
| Revenue | ₹17,141 crores | ₹2,530 crores* | 6.8x larger |
| Net Profit | ₹11,606 crores | ₹1,322 crores | 8.8x larger |
| Total Assets | ₹69,467 crores | ₹10,342 crores | 6.7x larger |
| Market Position | Largest by volume | Oldest exchange | Volume leader |
*BSE figures are for 9 months (Apr-Dec 2024)
5-Year Revenue Growth Analysis
NSE Revenue Trajectory
| Year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | ~₹8,500 cr | ~₹11,200 cr | ~₹12,800 cr | ~₹14,780 cr | ₹17,141 cr |
| Growth % | - | +31.8% | +14.3% | +15.5% | +16.0% |
BSE Revenue Trajectory
| Year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | ₹640 cr | ₹1,052 cr | ₹1,160 cr | ₹3,352 cr | ₹2,530 cr* |
| Growth % | - | +64.4% | +10.3% | +189.0% | -24.5%* |
*9-month figure; FY24 had exceptional growth due to market volatility
Profitability Comparison
Key Profitability Metrics (FY25)
| Metric | NSE | BSE | Winner |
|---|---|---|---|
| Net Profit Margin | 72.9% | 52.3% |  NSE |
| ROE | 49.4% | 34.2% | NSE |
| ROCE | 53.1% | 36.0% | NSE |
| EPS | ₹49.24 | ₹44.38 | NSE |
5-Year Profitability Trends
NSE Profit Growth:
-
FY21: ~₹5,200 crores
-
FY24: ~₹8,406 crores
-
FY25: ₹11,606 crores (+38.1% YoY)
BSE Profit Growth:
-
FY21: ₹121 crores
-
FY24: ₹1,322 crores
-
FY25: ₹1,322 crores (stable)
Operational Efficiency
-
Ratio NSE (FY25) BSE (FY25) Interpretation Trade Receivables Turnover 10.03 - NSE collects payments efficiently Asset Turnover 1.60 - Moderate asset utilization Profit per Employee High Moderate NSE’s scale advantage Market Dominance
NSE**: ~90% of equity trading volume in India
BSE: ~10% of equity trading volume, but strong in SME segment
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Big PictureFor scale and profitability, NSE clearly dominates.
For immediate access and liquidity, BSE remains the only option today.With NSE’s IPO approaching, this comparison is becoming more relevant than ever.
What matters more to you when evaluating an exchange business — scale, profitability, accessibility, or governance?
Let’s discuss