National Stock Exchange of India IPO
National Stock Exchange of India IPO — date, price band, GMP & allotment 2026
National Stock Exchange of India Limited is India's largest stock exchange and a leading multi-asset platform covering trading, clearing, settlement, listing, market data and index services. As on 31 March 2026 it had over 253 million registered investor accounts, 2,978 listed companies and listed market capitalisation of about Rs 411 trillion.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 September.
- Open 16 Sep 2026
- Close 18 Sep 2026
- Allotment 21 Sep 2026
- Refund/credit 22 Sep 2026
- Listing 23 Sep 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 16 to 18 Sep, 2026 |
|---|---|
| Price Band | TBA |
| Face Value | ₹TBA |
| Lot Size | TBA Shares |
| Issue Size | TBA |
| Listing On | BSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | TBA |
Share of the offer set aside for each investor category, as stated in the offer document.
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01The company is completely debt free. Total borrowing was nil in FY2024, FY2025 and FY2026, against a net worth of Rs 31,869.72 crore.
- 02The margin is exceptional. Profit after tax of Rs 10,302.06 crore on total income of Rs 18,713.37 crore is a PAT margin of 50.98%, with an EBITDA margin of 66.85%.
- 03Return ratios are very high, with RoCE of 42.80% and RoNW of 33.21%.
- 04It is the largest stock exchange in India and has held the leading position in cash market turnover, equity derivatives and currency derivatives.
- 05The scale is enormous, with over 253 million registered investor accounts, 129 million unique investors, 2,978 listed companies and about Rs 411 trillion of listed market capitalisation as on 31 March 2026.
- 06It earns across the whole chain, from trading and clearing to settlement, listing fees, market data and index services, so it is not dependent on one revenue line.
- 07Running an exchange needs a licence from SEBI and enormous technology and surveillance infrastructure, which makes it close to impossible for a new competitor to replicate.
- 08Reach extends to more than 99% of Indian postal codes, and Rs 20.3 trillion was raised on its platform during FY2026.
Risks · 8
- 01Profit fell sharply in the latest year. Profit after tax came down 15% from Rs 12,187.69 crore in FY2025 to Rs 10,302.06 crore in FY2026, and total income also fell from Rs 19,176.83 crore to Rs 18,713.37 crore.
- 02The price band, issue size and lot size have not been announced yet, so the valuation of this issue cannot be judged at this stage and no P/E is available.
- 03Earnings depend directly on market turnover. A prolonged fall in trading volumes, particularly in derivatives, would cut revenue with no cost offset.
- 04This is a heavily regulated business. SEBI decisions on derivative lot sizes, expiry frequency and transaction charges directly change how much the exchange earns, and such rules have been tightened in recent years.
- 05A large share of income comes from the derivatives segment, so any regulatory or behavioural shift away from derivatives trading has an outsized effect.
- 06No promoter is named in the data available to us and the pre-issue promoter holding is shown as not applicable, so there is no promoter group standing behind the company.
- 07Exchanges attract regulatory scrutiny and litigation as a matter of course, and any adverse finding carries both financial and reputational cost.
- 08Total assets grew from Rs 69,466.64 crore to Rs 87,937.44 crore while profit fell, so the additional capital employed has not yet translated into earnings.
Three years of numbers
All figures in ₹ crore, as reported in the National Stock Exchange of India offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 87,937.44 | 69,466.64 | 65,463.98 |
| Total Income | 18,713.37 | 19,176.83 | 16,352.06 |
| Profit After Tax | 10,302.06 | 12,187.69 | 8,305.74 |
| EBITDA | 11,097.90 | 12,646.88 | 9,869.81 |
| NET Worth | 31,869.72 | 30,165.05 | 23,833.10 |
| Reserves and Surplus | 31,866.04 | 30,105.83 | 23,924.91 |
| Total Borrowing | 0.00 | 0.00 | 0.00 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the National Stock Exchange of India RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
National Stock Exchange of India IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹41.62 | ₹41.62 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the National Stock Exchange of India IPO will be updated shortly.
About the company
It runs what is called a vertically integrated ecosystem, which means it handles the whole chain rather than one part of it. This covers trading, clearing, settlement, listing of companies, market data, index services and regulatory oversight, across equities, derivatives, currency derivatives, commodities, debt securities and mutual funds. It has held the leading position in India in cash market turnover, in equity derivatives and in currency derivatives.
As on 31 March 2026 the exchange had more than 253 million registered investor accounts and 129 million unique investors, 1,325 trading members and 2,978 listed companies, with total listed market capitalisation of about Rs 411 trillion. During FY2026 more than Rs 20.3 trillion was raised through its platform. It runs on a large technology setup that handles high frequency trading, live market data, risk management, surveillance and compliance, and it reaches more than 99% of Indian postal codes. As on 31 March 2026 it had 1,974 full time employees, with another 907 employed across its subsidiaries.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
+91 22 2659 8100
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
29 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
HSBC Securities & Capital Markets (India) Pvt. Ltd.
4 issues handledBest listing: Tenneco Clean Air India (+27.2%). Weakest: Canara HSBC Life Insurance Co (0.0%).
Nuvama Wealth Management Ltd.
8 issues handledBest listing: Augmont Enterprises (+22.0%). Weakest: Powerica (-7.3%).
Axis Capital
27 issues handledBest listing: LG Electronics India (+50.0%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
ICICI Securities
22 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Motilal Oswal Investment Advisors
21 issues handledBest listing: Kusumgar (+37.0%). Weakest: Turtlemint Fintech Solutions (-10.4%).
IDBI Capital Markets & Securities Ltd.
4 issues handledBest listing: Bharat Coking Coal (+95.7%). Weakest: Central Mine Planning & Design Institute (-7.0%).
Avendus Capital
4 issues handledBest listing: ICICI Prudential AMC (+20.1%). Weakest: Symbiotec Pharmalab (0.0%).
Equirus Capital Pvt.Ltd.
5 issues handledBest listing: CMR Green Technologies (+39.6%). Weakest: Omnitech Engineering (-9.7%).
Kotak Mahindra Capital Co.Ltd.
15 issues handledBest listing: Corona Remedies (+38.4%). Weakest: Amagi Media Labs (-12.2%).
Pantomath Capital Advisors Pvt Ltd
5 issues handledBest listing: Ardee Industries (+35.8%). Weakest: Glottis (-34.9%).
IIFL Capital Services Limited
25 issues handledBest listing: Corona Remedies (+38.4%). Weakest: Purple Style Labs (-7.0%).
Dam Capital Advisors Ltd
8 issues handledBest listing: ESDS Software Solution (+76.5%). Weakest: Park Medi World (-2.0%).
Hdfc Bank Limited
3 issues handledBest listing: Indo-MIM (+44.3%). Weakest: Tata Capital (+1.2%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of National Stock Exchange of India?
The current Grey Market Premium is ₹0.
What is the National Stock Exchange of India IPO price band?
TBA.
When is the allotment?
The basis of allotment is 21 September 2026, with listing on 23 September 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
