The National Stock Exchange (NSE), India's largest stock exchange, on Tuesday, May 5, 2026, declared its results for the fourth quarter of FY26. The exchange posted a healthy set of numbers, supported by strong trading volumes in both cash and derivatives segments, even as full-year profit took a hit.
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NSE reported a consolidated profit after tax (PAT) of ₹2,871 crore for the March quarter, up 8% from ₹2,650 crore in the same quarter last year. On a sequential basis, profit jumped 19% from ₹2,409 crore in Q3 FY26. The improvement came mainly from higher transaction charges, as activity in the equity derivatives segment picked up sharply during the quarter.
Total income for Q4 FY26 stood at ₹5,360 crore, a 22% rise compared to ₹4,397 crore in the year-ago quarter. Transaction fees grew 39% on the back of higher trading volumes, which clearly shows that retail and institutional participation in Indian markets has bounced back.
However, the quarter was not without one-off items. Total expenditure rose 20% sequentially to ₹1,486 crore, mainly due to a year-end CSR provision of ₹223 crore against just ₹5 crore in the previous quarter. The exchange also kept aside ₹84 crore towards settlement applications related to the long-pending colocation and dark fibre cases. On March 13, 2026, NSE had submitted revised settlement terms to SEBI for a cumulative amount of ₹1,491.21 crore for these cases, which are still awaiting final approval.
Full Year FY26: Profit Down 15%
The full-year picture was a bit mixed. For FY26, NSE's PAT fell 15% to ₹10,302 crore against ₹12,188 crore in FY25. The drop is mostly because of the SEBI move to slow down weekly options expiries and curb excessive speculation in the F&O segment, which had cooled down volumes in the early part of the year. NSE's contribution to the government exchequer for FY26 stood at a hefty ₹59,186 crore, including STT, GST, stamp duty and other taxes.
Dividend Cheer for Shareholders
The board has recommended a final dividend of ₹35 per share for FY26, subject to shareholder approval. This includes a special one-time dividend of ₹10 per equity share. This is good news for unlisted shareholders who have been holding NSE shares for years.
Pre-IPO Share Price: Holding Steady Around ₹2,000
In the pre-IPO market, NSE shares are quoting strong, even as broader markets have stayed volatile. As of May 5, 2026, NSE unlisted shares are trading around ₹1,972 per share, with a 52-week range of ₹1,573 to ₹2,349. Other pre-IPO platforms have quoted prices in the ₹1,905 to ₹1,940 band, while some are closer to ₹2,017 per share. The unlisted market is currently valuing NSE between ₹4.7 lakh crore and ₹5.5 lakh crore, and dealers expect the price to firm up further once the DRHP is filed and the SEBI settlement is cleared.
IPO Update: Big Listing on the Horizon
The most awaited update for IPO investors is on the listing front. According to a PTI report from March 2026, NSE has invited existing shareholders to tender their shares for the long-awaited IPO. The board, on February 6, 2026, approved plans for a public listing through an offer for sale (OFS), and shareholders had to indicate their willingness by April 27, 2026. Eligible shareholders must have held their shares continuously for at least one year before the DRHP filing. Market chatter suggests the IPO could hit the markets around December 2026, with an OFS size of ₹21,000-25,000 crore. With Q4 numbers showing strong momentum and dividend cheer in place, all eyes are now on the DRHP filing.
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