NSE IPO: India's Biggest IPO Is Finally Here. But The Numbers Are Even More Interesting

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After years of waiting, the National Stock Exchange (NSE) has finally filed its DRHP for what could become India’s largest IPO, estimated at around ₹30,000 crore. The IPO is expected to be a pure Offer For Sale (OFS), meaning existing shareholders will sell shares while NSE itself won’t raise fresh capital.

But beyond the IPO headlines, some of the numbers are worth a closer look.

NSE By The Numbers

Market Position

• India’s largest stock exchange
• World’s largest derivatives exchange by contracts traded
• More than 2,200 listed companies
• Over 2,000 trading members
• Approximately $5 trillion market capitalization represented on the exchange

Financial Performance (FY26)

NSE

• Revenue: ₹18,700 crore
• Net Profit: ₹10,302 crore
• PAT Margin: ~63%
• EBITDA Margin: ~76%
• Debt Free Business

For context: BSE (FY26)

• Net Profit: ₹2,334 crore
• PAT Margin: ~52%
• EBITDA Margin: ~64%

NSE generated roughly 4x the profit of BSE during FY26.

Market Share of NSE

• ~95% Cash Market Share
• ~75% Derivatives Market Share
• Dominant position in Indian capital markets

Valuation

Current estimates suggest:

• NSE valuation: ₹4.7 lakh crore to ₹6 lakh crore
• BSE market capitalization: ~₹1.64 Lakh crore

This means NSE could be valued nearly 3-4x larger than BSE despite operating in the same industry.

The Most Fascinating Number

Back in the early days, SBI reportedly invested just ₹2 crore in NSE.

Based on the expected IPO valuation, that stake could now be worth nearly ₹5,000 crore.

One of the most remarkable long-term investments in Indian capital market history.

A Bigger Question

Many investors have owned:

• Banks
• IT Companies
• Auto Stocks
• FMCG Businesses

But very few have had the opportunity to invest in the exchange itself.

Stock exchanges are unique businesses because they benefit from:

• Growing investor participation
• More trading activity
• New listings and IPOs
• Growth in financialization of savings
• Expansion of capital markets

Let’s Discuss

• Have you ever tracked NSE shares in the unlisted market?
• Would you consider applying for the NSE IPO?

This IPO may end up being one of the defining capital market events of 2026.

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Great data compilation on the financials, @Mohseen_Usmani sir**. The comparison of NSE generating 4x the profit of BSE is spot on according to the latest DRHP.**

However, the valuation logic here has a massive error because the base numbers for BSE are completely outdated. You mentioned BSE’s market cap at ~₹56,000 crore, but right now in June 2026, BSE’s live market cap has already crossed ₹1.65 lakh crore. Because of this incorrect baseline, the conclusion that NSE will be valued 8–10x larger than BSE completely fails mathematically. With NSE’s expected valuation around ₹5.5 lakh crore and BSE sitting at ₹1.65 lakh crore, NSE is actually valued at just around 3x of BSE.

In fact, if you look at the P/E multiples based on live data, BSE is trading at a P/E of over 70x, while NSE’s expected pricing puts its P/E around 53x-55x. Ironically, NSE is actually looking like it’s valued at a discount compared to BSE’s current market multiples, which makes this IPO pricing highly interesting for retail investors rather than being overpriced.

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Hi @U.S, thank you for pointing this out, we have updated BSE Market Cap numbers.

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NSE is a unique business because it benefits from the growth of the entire market ecosystem rather than the success of a single sector. With increasing retail participation, SIP flows, and IPO activity, the long-term story looks compelling. The key question for investors will be whether the IPO valuation leaves enough room for future returns.