AI-assisted research analysis by FutureKnowledge. Sources checked 3 November 2026. This is not investment advice.
Reviewed by FutureKnowledge: figures, dates and attributions were checked against the linked sources before publication.
National Stock Exchange of India (NSE) reported a 23% rise in consolidated Q2 profit to ₹2,578 crore on 3 November, its first quarterly results since the exchange’s own shares listed in September. Revenue from operations rose about 11% to ₹4,067 crore, according to NSE’s results filing, but both profit and revenue fell from the June quarter as derivatives activity cooled.
The headline growth flatters the picture a little. The year-ago quarter carried two large one-off items that pulled in opposite directions, and once they are set aside the underlying business grew at roughly the pace of its revenue. Here is what the numbers show, why they moved, and what to watch next.
NSE Q2 results: the key numbers
The board approved audited results on 3 November, with auditor Walker Chandiok & Co giving an unmodified opinion, the exchange filing shows. The figures below are consolidated, in ₹ crore.
| Measure | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Revenue from operations | 4,066.80 | 4,560.41 | 3,676.80 |
| Total income | 4,554.46 | 5,252.17 | 4,160.31 |
| Profit for the period | 2,577.62 | 3,120.08 | 2,098.47 |
| EPS (₹, not annualised) | 10.41 | 12.61 | 8.47 |
Profit was down about 17% from the June quarter and revenue about 11% lower, as Business Standard and Upstox noted. For the first half, NSE earned ₹5,698 crore, up 13%, on total income of ₹9,807 crore, up 9%, Business Today reported. Operating EBITDA was ₹3,079 crore with a 76% margin.
Why NSE’s profit rose 23%
A clean comparison base
Expenses fell 51% to ₹1,161 crore from ₹2,354 crore, mainly because the year-ago quarter included a ₹1,297 crore provision for SEBI settlement fees over the colocation and dark-fibre cases, The Tribune (ANI) reported. That is why reported operating EBITDA more than doubled, up 107%.
But Q2 FY26 also included a gain of about ₹1,201 crore from selling stakes in associate companies, which the filing links to the NSDL stake sale. Reuters, via Business Recorder, flagged both items. The two roughly offset each other at the profit line, so the 23% rise is broadly a fair reading, but the 107% EBITDA jump is not. NSE’s own investor presentation puts normalised operating EBITDA growth at 11%, from ₹2,782 crore to ₹3,079 crore.
Cash trading up, derivatives softer
Transaction charges, the largest revenue line, rose 9% to ₹3,035 crore. The volume mix explains why growth was modest. Data from the investor presentation show:
- Cash market average daily turnover rose 24% to ₹1,18,377 crore, though it fell 13% from the June quarter.
- Equity options premium turnover rose just 3% to ₹47,977 crore and fell 25% quarter on quarter; notional options turnover was down 14% year on year.
- Equity futures turnover fell 12% to ₹1,24,574 crore.
- Currency derivatives turnover jumped 150%, but from a small base of ₹2,564 crore a day.
Tighter derivatives rules and higher taxes have slowed options trading, and Jefferies estimated options turnover fell 20% month on month in August, when a closing auction session was introduced, Reuters reported. NSE still holds about 68% of equity options premium, 93% of cash trading and close to 100% of equity futures, per the presentation. Reuters noted that rival BSE has gained share in index options.
Smaller lines grew faster
Listing services revenue rose 70% to ₹150 crore and data feed and terminal services 43% to ₹165 crore, helped by a busy IPO market. Clearing and settlement rose 32% to ₹73 crore. Cost pressure is visible too: technology expenses rose 22% and employee costs 18%, the presentation shows.
Coal exchange stake sale and other decisions
The board approved selling up to 40% of National Coal Exchange of India, a wholly owned subsidiary, in one or more tranches through secondary share sales. NSE said it will disclose terms once they are finalised, according to the filing. No price or buyer was named.
On the analyst call, management said changes to the closing auction session go live on 7 December, and that a corporate bond index has SEBI approval and awaits RBI clearance, Business Standard reported. NSE also facilitated India’s first tokenised bond issues, totalling ₹1,000 crore.
How it affects investors and India’s markets
This was the first test for NSE shares after a ₹22,563 crore IPO that was an entire offer for sale, priced at ₹1,785 and listed on BSE on 24 September, per Chittorgarh’s IPO data. We covered the cut in NSE’s offer size and price band before the issue. The stock closed 1.3% higher at ₹1,803.80 before the results, Business Standard reported, only slightly above the issue price. The results came after market hours, so Wednesday’s trade will be the first reaction.
NSE’s earnings are also a reading of India’s trading activity. The jump in cash volumes matches a market that has rallied hard this week, including the Sensex’s fourth straight gain. Strong new listings such as Jio Platforms’ debut feed listing and data fees. The government also gains: NSE said it contributed ₹41,234 crore to the exchequer in the first half, mostly ₹34,788 crore in securities and commodities transaction taxes.
Who is more or less exposed
- Exchanges and brokers: revenue tracks options volumes closely, so any further derivatives curbs weigh on the whole chain.
- Government finances: transaction taxes rise and fall with trading activity.
- Market-infrastructure peers: depositories and clearing firms are tied to the same volume and IPO cycles.
Scenarios to watch
These are conditional scenarios, not predictions.
| If | Then, broadly |
|---|---|
| Options premium turnover recovers from the September-quarter dip | Transaction revenue, the bulk of NSE’s income, would likely regain momentum. |
| SEBI or the government tightens derivatives rules further | Options volumes and transaction charges could stay under pressure. |
| BSE keeps gaining index options share | NSE’s pricing power in its biggest product could narrow. |
| The IPO pipeline stays busy | Listing and data revenue could keep growing faster than trading income. |
What to watch next
- How NSE shares trade on 4 November, their first session after the results.
- Terms of the National Coal Exchange stake sale.
- Closing auction changes from 7 December and SEBI’s securities lending reform work.
- Monthly options turnover data for signs of a recovery or further slowdown.
Bottom line
NSE’s first post-listing quarter showed 23% profit growth, but underlying operating growth was closer to 11% once the year-ago one-offs are set aside. Cash trading and listings were strong while derivatives, the core earner, slowed. The trend in options volumes and regulation is the main variable for the exchange’s earnings.
Method note: We compared NSE’s audited results filing and Q2 FY27 investor presentation with reports from Business Standard, Business Today, The Tribune (ANI), Reuters via Business Recorder, Upstox and Chittorgarh. Where the one-off items in the base quarter changed the meaning of growth rates, we used NSE’s own normalised figures and said so.