The National Stock Exchange of India is set to enter the listed market at a valuation of about $46.2 billion, placing it among the world's seven most valuable listed exchange operators. The valuation would put NSE behind CME Group, Intercontinental Exchange, Hong Kong Exchanges, Deutsche Borse, London Stock Exchange and Nasdaq, according to data compiled by NDTV Profit.
The listing also puts the spotlight on NSE's dominant position in India's equity markets and its reliance on derivatives. The exchange has a 93% share of equity cash trading, 100% of equity futures and 73% of equity options, according to NSE's FY26 investor presentation.
The key question for investors is how NSE's market dominance translates into earnings as the exchange seeks to expand beyond its core transaction business.
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Global Ranking
At the implied $46.2 billion valuation, NSE would rank seventh among the listed exchange operators.
CME Group has a market capitalisation of $98.6 billion, followed by ICE at $87.5 billion and Hong Kong Exchanges at $64.2 billion. Deutsche Borse is valued at $60.5 billion, London Stock Exchange at $55.8 billion and Nasdaq at $51.4 billion. NSE follows at $46.2 billion.
NSE's FY26 price-to-earnings ratio is 42.9 times, compared with 54.3 times for BSE, according to the data.
NSE also recorded an average Ebitda margin of 77.89% between FY21 and FY26, compared with 46.5% for BSE over the same period. Revenue grew at a 24.3% compound annual rate for NSE during the period, while Ebitda and profit after tax grew at 24.7% and 23.4%, respectively.
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Options Dependence
Derivatives remain central to NSE's business.
The exchange was the world's largest by number of derivative contracts traded in calendar 2025. Index options accounted for 53% of NSE's total revenue, while options contributed 77% of transaction-charge revenue in FY26.
Within transaction charges, options generated Rs 9,996 crore in FY26, or 77% of the Rs 13,057 crore total. Cash equities contributed Rs 1,555 crore, while futures contributed Rs 1,370 crore.
NSE had 106.2 lakh active individual futures and options traders in FY25, with 34.3 lakh new entrants. Options premium turnover grew 14%, according to the supplied data.
The dependence on options also leaves the exchange exposed to changes in trading patterns and regulation. NSE's options premium market share fell to 74.71% in FY26 from 96.86% in FY24, due to weekly expiry rationalisation that shifted volumes towards BSE's expiry day. NSE's cash-market share, however, remained at 93-94%.
New Revenue
NSE is seeking to broaden its revenue base through new products and businesses.
Transaction charges still account for 70-79% of total revenue, while colocation, listing fees and other streams together account for about 12%. Colocation charges grew at a 29% compound annual rate between FY23 and FY26 and accounted for 8% of revenue.
The exchange received SEBI approval in April 2026 to establish a national coal trading exchange. National Coal Exchange of India was incorporated as a wholly owned unit in June. NSE has also launched electricity futures and natural gas futures, and has tied up with S&P Global to launch Dated Brent crude oil futures. It has also introduced electronic gold receipts for dematerialised gold trading.
NSE itself cannot trade on its own platform under SEBI regulations. Its shares will instead list and trade on BSE, its direct rival, while the shares will also trade on Metropolitan Stock Exchange.
Track all the live updates on NSE stock market debut here.
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