Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	600	Visit
★★★★☆	₹2,600	800	Visit
★★★★★☆	₹2,700	327	Visit
★★★★★☆	₹2,800	728	Visit
★★★★☆☆	₹2,900	772	Visit

★★★★☆

LTP:₹2,100

Min Qty:510

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★★★★☆

LTP:₹2,600

Min Qty:918

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★★★★★☆

LTP:₹2,700

Min Qty:279

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★★★★★☆

LTP:₹2,800

Min Qty:17

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★★★★☆☆

LTP:₹2,900

Min Qty:782

Strengths & Weaknesses

Strengths

Market Leader: NSE’s market share in cash equities has gone from ~84% in FY14 to ~94% in 9MFY25. It is the largest derivatives exchange in the world by number of contracts traded, as on FY24. (Source: Annual Report)

High Revenue Growth: NSE’s revenue grew at a 3-yr CAGR of ~38% and at a 10-yr CAGR of 27% (Source: Annual Report)

Scalable Fixed-Cost Model: Operating leverage allows profitability to grow faster than revenues, with EBITDA margins at ~80%. (Source: Annual Report)

Investor-Centric Policies: High dividend payout ratio (~53% in FY24), reflecting commitment to shareholder returns. (Source: Annual Report)

Weaknesses

Concentration of Revenue: NSE heavily relies on trading volume in specific segments like equity derivatives, exposing it to revenue fluctuations driven by market volatility.

Regulatory Scrutiny: As the largest exchange in India, NSE operates under constant scrutiny from regulators like SEBI, making it more susceptible to compliance-related challenges.

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	247.5	49.50	49.50	49.50	49.50	49.50	49.50
Reserves	30,105.83	23,924.38	20,430.88	15,368.78	11,586.45	8,572.49	7,738.76
Total Equity	30,353.33	23,973.88	20,480.38	15,418.28	11,635.95	8,621.99	7,788.26
Borrowings	0	0	0	0	0	0	0
Other Non-Current Liabilities	847.03	552.36	414.47	469.61	242.82	263.09	189.55
Total NC Liabilities	847.03	552.36	414.47	469.61	242.82	263.09	189.55
Borrowings	0	0	0	0	0	0	0
Other Current Liabilities	26,190.77	32,027.31	10,385.69	15,463.88	13,533.94	11,858.48	8,942.89
Total Current Liabilities	26,190.77	32,027.31	10,385.69	15,463.88	13,533.94	11,858.48	8,942.89
Settlement Gaurantee Fund (SGF)	12,075.25	8,910.45	5,283.80	4,255.23	3,792.93	3,426.77	3,057.68
Equity + Liabilities	69,466.64	65,464.00	36,564.34	35,607.00	29,205.64	24,170.33	19,978.38
Fixed Assets (incl. WIP)	1655.13	1,098.64	1,060.70	1,144.18	795.82	631.81	645.75
Other Non Current Assets	20,588.79	20,970.17	12,538.66	8,074.19	7,984.79	5,372.70	5,958.60
Total NC Assets	22,243.92	22,068.81	13,599.36	9,218.37	8,780.61	6,004.51	6,604.35
Trade Receivables	1,512.21	1,864.66	1,589.21	1,614.95	998.58	652.11	452.51
Cash & Cash Equivalents	27514.21	29,111.04	11,583.18	16,322.74	13,457.55	9,237.90	9,540.68
Other Current Assets	17,957.90	9,006.38	9,006.38	8,450.94	5,968.90	7,835.81	3,380.84
Total Current Assets	46,984.32	42,542.69	22,178.77	26,388.63	20,425.03	17,725.82	13,374.03
Assets classified as held for sale	238.40	852.50	786.21	0.00	0.00	440.00	0.00
Total Assets	69,466.64	65,464.00	36,564.34	35,607.00	29,205.64	24,170.33	19,978.38

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	17,140.68	14,780.01	11,856.23	8,313.13	5,624.82	3,507.93	2,997.42
Growth %	28.21%	24.66%	42.62%	47.79%	60.35%	17.03%	0
Operating Expenses	4259.7	3,169.35	2,224.77	1,707.86	1,484.14	1,241.98	1,073.11
Growth %	29.40%	42.46%	30.27%	15.07%	19.5%	15.70%	0
Operating Profit	12880.98	11,610.66	9,631.46	6,605.27	4,140.70	2,266.01	1,924.30
Op. Profit Margin %	75.15%	78.56%	81.24%	79.46%	73.61%	64.60%	64.20%
Other Income	2165.01	1754.14	997.63	736.42	488.22`	502.16	793.92
Depreciation	546.59	439.55	384.06	310.45	226.01	180.78	142.02
Contribution to Core SGF	234.09	1741.97	203.45	0.00	-62.08	62.08	0.00
Profit Before Tax	15474.78	11,184.28	10,041.58	7,031.24	4,465.97	2,525.25	2,576.21
Tax	3869.03	2,777.80	2,539.70	1,698.34	891.55	640.47	868.17
Tax %	22.57%	18.79%	21.42%	20.43%	15.85%	18.26%	28.96%
Loss from Discontinued Operations	581.94	100.7	145.9	134.6	0	0	0
Profit After Tax	12187.69	8,305.74	7,355.99	5,198.29	3,573.42	1,884.78	1,708.04
Growth %	27.79%	12.91%	41.51%	45.47%	89.59%	10.35%	0
PAT %	71.10%	56.20%	62.04%	62.53%	63.53%	53.73%	56.98%
Diluted EPS	49.24	41.94	37.14	26.23	18.05	9.52	8.62

Shareholding Pattern

Color	Shareholder	Holding
	Life Insurance Corporation of India	10.72%
	Aranda Investments (Mauritius) Pte Ltd.	5%
	Stock Holding Corporation of India Ltd.	4.44%
	SBI Capital Markets Limited	4.33%
	Veracity Investments Limited	3.93%
	Others	71.58%

Fundamentals

Quick Insights

Market Leader: NSE’s market share in cash equities has gone from ~84% in FY14 to ~94% in 9MFY25. It is the largest derivatives exchange in the world by number of contracts traded, as on FY24. (Source: Annual Report)
High Revenue Growth: NSE’s revenue grew at a 3-yr CAGR of ~38% and at a 10-yr CAGR of 27% (Source: Annual Report)
Scalable Fixed-Cost Model: Operating leverage allows profitability to grow faster than revenues, with EBITDA margins at ~80%. (Source: Annual Report)
Investor-Centric Policies: High dividend payout ratio (~53% in FY24), reflecting commitment to shareholder returns. (Source: Annual Report)

Market Cap₹5,58,112.50 Cr

PE Ratio45.80

EPS49.24

Dividend Yield0%

Book Value₹96.86

Debt/Equity0

Price/Book23.28

Industry PE0

Sales₹14,780.00 Cr

Profit After Tax₹7,356.00 Cr

ISININE721I01023

SectorExchange

About Company

The National Stock Exchange (NSE) is a leading stock exchange in India, established in 1992 and headquartered in Mumbai. It is the world's largest derivatives exchange by the number of contracts traded and the third largest in cash equities by the number of trades. NSE introduced electronic trading, making it the first exchange in India to do so, and it is known for its flagship index, the NIFTY 50.

The exchange has various significant indices, including NIFTY Next 50, NIFTY 500, NIFTY Midcap 100, and NIFTY Smallcap 100. It has launched initiatives like the NSE EMERGE platform to support SMEs and startups. NSE's governance and management are structured through India Index Services and Products Limited (IISL), which manages the NIFTY brand and indices.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	934	Visit
★★★★☆	₹2,600	881	Visit
★★★★★☆	₹2,700	200	Visit
★★★★★☆	₹2,800	773	Visit
★★★★☆☆	₹2,900	556	Visit

Quick Insights

Market Leader: NSE’s market share in cash equities has gone from ~84% in FY14 to ~94% in 9MFY25. It is the largest derivatives exchange in the world by number of contracts traded, as on FY24. (Source: Annual Report)
High Revenue Growth: NSE’s revenue grew at a 3-yr CAGR of ~38% and at a 10-yr CAGR of 27% (Source: Annual Report)
Scalable Fixed-Cost Model: Operating leverage allows profitability to grow faster than revenues, with EBITDA margins at ~80%. (Source: Annual Report)
Investor-Centric Policies: High dividend payout ratio (~53% in FY24), reflecting commitment to shareholder returns. (Source: Annual Report)

Market Cap₹5,58,112.50 Cr

PE Ratio45.80

EPS49.24

Dividend Yield0%

Book Value₹96.86

Debt/Equity0

Price/Book23.28

Industry PE0

Sales₹14,780.00 Cr

Profit After Tax₹7,356.00 Cr

ISININE721I01023

SectorExchange

About Company

Strengths

High Revenue Growth: NSE’s revenue grew at a 3-yr CAGR of ~38% and at a 10-yr CAGR of 27% (Source: Annual Report)

Scalable Fixed-Cost Model: Operating leverage allows profitability to grow faster than revenues, with EBITDA margins at ~80%. (Source: Annual Report)

Investor-Centric Policies: High dividend payout ratio (~53% in FY24), reflecting commitment to shareholder returns. (Source: Annual Report)

Weaknesses

Concentration of Revenue: NSE heavily relies on trading volume in specific segments like equity derivatives, exposing it to revenue fluctuations driven by market volatility.

Regulatory Scrutiny: As the largest exchange in India, NSE operates under constant scrutiny from regulators like SEBI, making it more susceptible to compliance-related challenges.

Annual Reports

FY2024 FY2023 FY2022 FY2021 FY2020 FY2019

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	247.5	49.50	49.50	49.50	49.50	49.50	49.50
Reserves	30,105.83	23,924.38	20,430.88	15,368.78	11,586.45	8,572.49	7,738.76
Total Equity	30,353.33	23,973.88	20,480.38	15,418.28	11,635.95	8,621.99	7,788.26
Borrowings	0	0	0	0	0	0	0
Other Non-Current Liabilities	847.03	552.36	414.47	469.61	242.82	263.09	189.55
Total NC Liabilities	847.03	552.36	414.47	469.61	242.82	263.09	189.55
Borrowings	0	0	0	0	0	0	0
Other Current Liabilities	26,190.77	32,027.31	10,385.69	15,463.88	13,533.94	11,858.48	8,942.89
Total Current Liabilities	26,190.77	32,027.31	10,385.69	15,463.88	13,533.94	11,858.48	8,942.89
Settlement Gaurantee Fund (SGF)	12,075.25	8,910.45	5,283.80	4,255.23	3,792.93	3,426.77	3,057.68
Equity + Liabilities	69,466.64	65,464.00	36,564.34	35,607.00	29,205.64	24,170.33	19,978.38
Fixed Assets (incl. WIP)	1655.13	1,098.64	1,060.70	1,144.18	795.82	631.81	645.75
Other Non Current Assets	20,588.79	20,970.17	12,538.66	8,074.19	7,984.79	5,372.70	5,958.60
Total NC Assets	22,243.92	22,068.81	13,599.36	9,218.37	8,780.61	6,004.51	6,604.35
Trade Receivables	1,512.21	1,864.66	1,589.21	1,614.95	998.58	652.11	452.51
Cash & Cash Equivalents	27514.21	29,111.04	11,583.18	16,322.74	13,457.55	9,237.90	9,540.68
Other Current Assets	17,957.90	9,006.38	9,006.38	8,450.94	5,968.90	7,835.81	3,380.84
Total Current Assets	46,984.32	42,542.69	22,178.77	26,388.63	20,425.03	17,725.82	13,374.03
Assets classified as held for sale	238.40	852.50	786.21	0.00	0.00	440.00	0.00
Total Assets	69,466.64	65,464.00	36,564.34	35,607.00	29,205.64	24,170.33	19,978.38

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	17,140.68	14,780.01	11,856.23	8,313.13	5,624.82	3,507.93	2,997.42
Growth %	28.21%	24.66%	42.62%	47.79%	60.35%	17.03%	0
Operating Expenses	4259.7	3,169.35	2,224.77	1,707.86	1,484.14	1,241.98	1,073.11
Growth %	29.40%	42.46%	30.27%	15.07%	19.5%	15.70%	0
Operating Profit	12880.98	11,610.66	9,631.46	6,605.27	4,140.70	2,266.01	1,924.30
Op. Profit Margin %	75.15%	78.56%	81.24%	79.46%	73.61%	64.60%	64.20%
Other Income	2165.01	1754.14	997.63	736.42	488.22`	502.16	793.92
Depreciation	546.59	439.55	384.06	310.45	226.01	180.78	142.02
Contribution to Core SGF	234.09	1741.97	203.45	0.00	-62.08	62.08	0.00
Profit Before Tax	15474.78	11,184.28	10,041.58	7,031.24	4,465.97	2,525.25	2,576.21
Tax	3869.03	2,777.80	2,539.70	1,698.34	891.55	640.47	868.17
Tax %	22.57%	18.79%	21.42%	20.43%	15.85%	18.26%	28.96%
Loss from Discontinued Operations	581.94	100.7	145.9	134.6	0	0	0
Profit After Tax	12187.69	8,305.74	7,355.99	5,198.29	3,573.42	1,884.78	1,708.04
Growth %	27.79%	12.91%	41.51%	45.47%	89.59%	10.35%	0
PAT %	71.10%	56.20%	62.04%	62.53%	63.53%	53.73%	56.98%
Diluted EPS	49.24	41.94	37.14	26.23	18.05	9.52	8.62

Shareholding Pattern

Color	Shareholder	Holding
	Life Insurance Corporation of India	10.72%
	Aranda Investments (Mauritius) Pte Ltd.	5%
	Stock Holding Corporation of India Ltd.	4.44%
	SBI Capital Markets Limited	4.33%
	Veracity Investments Limited	3.93%
	Others	71.58%

Board of Directors

Ashishkumar ChauhanManaging Director & CEO

S SudarshanPublic Interest Director, Professor in IIT Bombay

S RavindranPublic Interest Director, Former Executive Director at SEBI

Tablesh PandeyNon-Independent Director, Managing Director of LIC

Rajesh GopinathanPublic Interest Director, Professor in IIT Bombay, Former MD & CEO of Tata Consultancy Services

Abhilasha KumariPublic Interest Director, Retired Chief Justice of the Manipur High Court, Former Judicial Member, Lokpal of India

Veneet NayarNon-Independent Director, Founder Chairman of Sampark Foundation, Former Vice Chairman and CEO of HCL Technologies

Mamata BiswalPublic Interest Director, Professor of Law & ICSSR Senior Research Fellow, GNLU

Senior Management

Ashishkumar ChauhanManaging Director & CEO

Ian DesouzaChief Financial Officer

Sriram KrishnanChief Business Development Officer

Somasundaram K SChief Enterprise Risk Officer

Shharad DhakkateChief Human Resources Office

Piyush ChourasiaChief Regulatory Officer - Member Compliance, Surveillance, Member Inspection & Investigation

Mayur SindhwadChief Technology Officer- Operations

Viral ModyChief Technology Officer- Applications & Development

Ankit SharmaChief Regulatory Officer - Listing and Investor Compliance

Sampath ManickamChief Technology Officer - Technology Infrastructure

Rajesh ThaparChief Information Security Officer

National Stock Exchange Ltd (NSE)

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses