- NSE plans IPO valuing it at $46.2 billion with price band Rs 1,700-1,785 per share
- NSE’s P/E ratio at 42.9x is higher than BSE and most global exchange operators
- NSE leads global derivatives market with 35 billion contracts in 2025 data
The National Stock Exchange of India (NSE), which has emerged as the world's seventh-largest exchange by derivatives volumes, is set to enter the listed market with an IPO that could value the exchange operator at around $46.2 billion based on the proposed price band.
The IPO price band has been fixed at Rs 1,700-1,785 per share. At the upper end of the band, NSE is set to command a valuation that places it among the world's most valuable listed exchange operators, although its valuation multiple remains significantly higher than those of most global peers.
NSE Valuation Premium
Despite its scale and profitability, NSE's proposed valuation reflects a premium to both BSE and global exchange operators. NSE's fiscal 2026 price-to-earnings multiple stands at 42.9x, compared with 54.3x for BSE.
Among global listed peers, CME Group has a market capitalisation of $98.6 billion and trades at around 24.2x earnings. Intercontinental Exchange has a market value of $87.5 billion and trades at 24x, while Hong Kong Exchanges trades at 25.3x.
Deutsche Börse, London Stock Exchange and Nasdaq trade at around 24.1x, 30.5x and 26.8x, respectively.
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At an estimated market capitalisation of $46.2 billion and a P/E of 42.9x, NSE would therefore command a substantially higher earnings multiple than most global exchange operators.
World's Seventh-Largest Exchange By Derivatives Volumes
NSE's biggest strength remains its dominant position in India's derivatives market.
According to 2025 data, NSE recorded around 35 billion derivative contracts, ahead of BSE at 24 billion. Brazil's B3 recorded 11 billion contracts, while CME Group handled around 7 billion.
NSE's scale has been driven by India's rapid expansion in equity derivatives and a growing retail investor base. However, this strength also represents one of the key risks for the exchange.
NSE's Financial Growth
NSE has delivered strong financial growth over the past five years. Revenue increased from Rs 5,600 crore in fiscal 2021 to Rs 16,601 crore in fiscal 2026, translating into a compound annual growth rate of 24.3%.
Normalised Ebitda rose from Rs 4,200 crore to Rs 12,656 crore during the same period, registering a 24.7% CAGR. The exchange maintained an exceptionally high average Ebitda margin of 77.89% between fiscal 2021 and fiscal 2026.
Profit after tax increased from Rs 3,600 crore in fiscal 2021 to Rs 10,302 crore in fiscal 2026, a CAGR of 23.4%.
However, fiscal 2026 revenue and profitability moderated from fiscal 2025 levels, with revenue declining from Rs 17,140 crore to Rs 16,601 crore and PAT falling from Rs 12,187 crore to Rs 10,302 crore.
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