NSE India Limited
NSE Overview
The National Stock Exchange of India Ltd. (NSE) is the leading stock exchange in India and the second largest in the world by nos. of trades in equity shares from January to June 2018, according to the World Federation of Exchanges (WFE) report.
NSE launched electronic screen-based trading in 1994, derivatives trading (in the form of index futures), and internet trading in 2000, which were each the first of its kind in India.
NSE has a fully-integrated business model comprising our exchange listings, trading services, clearing and settlement services, indices, market data feeds, technology solutions, and financial education offerings. NSE also oversees compliance by trading and clearing members and listed companies with the rules and regulations of the exchange.
NSE is a pioneer in technology and ensures the reliability and performance of its systems through a culture of innovation and investment in technology. NSE believes that the scale and breadth of its products and services sustained leadership positions across multiple asset classes in India and globally enable it to be highly reactive to market demands and changes and deliver innovation in both trading and non-trading businesses to provide high-quality data and services to market participants and clients.
NSE was incorporated in 1992. It was recognized as a stock exchange by SEBI in April 1993 and commenced operations in 1994 with the launch of the wholesale debt market, followed shortly after by the launch of the cash market segment.
1995: Setup wholly-owned subsidiary, NSE Clearing, which became the first clearing corporation to be established in India (according to the Oliver Wyman Report). NSE Clearing commenced clearing and settlement operations in the following year.
1998: Established NSE Indices, their subsidiary, as a joint venture with CRISIL Limited to operate an indices business. NSE Indices became a wholly-owned subsidiary in 2013 following the acquisition of CRISIL’s 49% stake.
1999: Established NSEIT, a wholly-owned subsidiary and a global technology firm that provides end-to-end technology solutions, including application services, infrastructure services, analytics as a service, and IT-enabled services. In 2015 and 2016, respectively, NSEIT launched its Testing Center of Excellence and Integrated Security Response Center.
2000: Incorporated DotEx, a wholly-owned subsidiary, and consolidated the data and info-vending business under DotEx.
2006: Incorporated NSE Infotech Ltd., a wholly-owned subsidiary for IT research and development.
2016: Consolidated the education business under NSE Academy, a wholly-owned subsidiary. Incorporated two new subsidiaries, NSE IFSC Limited and NSE IFSC Clearing Corporation Limited, in furtherance of NSE’s long-term business strategy to establish an international exchange in GIFT City.
| Name of Entity | Place of Incorporation | Ownership % |
|---|---|---|
| NSE Clearing Limited (formerly known as National Securities Clearing Corporation Limited) | India | 100 |
| NSE Investments Ltd (formerly known as NSE Strategic Investment Corporation Limited) | India | 100 |
| NSEIT Limited | India | 100 |
| NSEIT (US) Inc. | United States of America | 100 |
| NSE Indices Ltd (formerly known as India Index Services & Products Limited) | India | 100 |
| NSE Data & Analytics Limited (formerly known as DotEx International Limited) | India | 100 |
| NSE Infotech Services Limited | India | 100 |
| NSE IFSC Limited | India | 100 |
| NSE IFSC Clearing Corporation Limited | India | 100 |
| NSE Academy Limited | India | 100 |
| NSE Foundation (Section 8 Company) | India | 100 |
| Aujas Networks Private Limited | India | 95.39 |
Current Indicative Price: ₹2,085 per share (▲ +8.3% over 6 months)
Key Price Data
Valuation Snapshot
Financial Performance (₹ in Crores)
| Particulars | FY23 | FY24 | FY25 | FY26 (Latest) |
|---|---|---|---|---|
| Revenue | 11,856 | 14,780 | 17,141 | 16,601 (▼3%) |
| EBITDA | 9,631 | 11,611 | 12,881 | 11,225 (▼13%) |
| OPM (%) | 81.23 | 78.56 | 75.15 | 67.62 (▼10%) |
| PBT | 10,041 | 11,184 | 16,057 | 13,896 (▼13%) |
| PAT | 7,501 | 8,406 | 12,188 | 10,180 (▼16%) |
| EPS (₹) | 151.54 | 169.82 | 49.24 | 41.13 (▼16%) |
Note: EPS dropped sharply in FY25 due to a 4:1 bonus share issue in October 2024.
Peer Comparison (FY26)
| Company | Revenue (₹Cr) | EPS (₹) | Market Cap (₹Cr) | P/E |
|---|---|---|---|---|
| NSE | 16,601 | 41.13 | 5,01,188 | 49.2x |
| BSE | 4,834 | 61.3 | 1,59,417 | 64.1x |
Big Development: IPO Update
This is the most important change since the earlier data — NSE has now filed its DRHP (Draft Red Herring Prospectus). Key milestones:
Additional context: SEBI gave an “in-principle” nod in January 2026 to settle the long-pending unfair co-location access case, which had been a major hurdle blocking NSE’s IPO for years — this was widely seen as clearing the path for the listing to finally proceed.
Leadership
Corporate Actions (Recent)
|
Metric |
Value |
|
Company Name |
National Stock Exchange of India (NSE) |
|
Unlisted Share Price |
₹2025 |
|
Market Cap (in ₹ Cr.) |
₹5,01,188
|
|
Total Issued Shares |
2,47,50,00,000 |
|
P/E Ratio |
49.23 |
|
P/B Ratio |
15.61
|
|
Lot Size |
100 Shares |
|
52 Week High |
₹2150 |
|
52 Week Low |
₹1875 |
|
Debt to Equity (%) |
0 |
|
ROE (%) |
31.7 |
|
Book Value |
₹129.76 |
|
Face Value |
₹1 |
|
Depository |
NSDL & CDSL |
|
ISIN Number |
INE721I01024 |
Unlisted shares are company shares that are not traded on stock exchanges like NSE or BSE. They are usually owned by founders, early investors, employees, or private funds. These shares are bought and sold through private deals, brokers, or regulated platforms.
Pre-IPO shares are shares bought before a company gets listed on the stock exchange. They allow investors to enter early, often at lower valuations than the IPO price. If the IPO performs well, early investors may see strong returns once the stock starts trading. They also offer exposure to high-growth startups and exclusive opportunities not open to regular retail investors.
Unlisted shares give investors the chance to invest in young or fast-growing companies before they enter the stock market, often with higher upside potential. They can deliver better returns than listed stocks if the company scales, gets acquired, or goes public successfully. Such investments also help diversify a portfolio beyond public market cycles, and in some cases, investors may benefit from favorable valuations, special allocations, or strategic stakes in promising businesses.
If a company never lists, your shares stay privately held and there is no guaranteed public market to sell them. In such cases, liquidity depends on secondary buyers, private deals, company buybacks, or mergers and acquisitions. Some firms allow limited exits through buyback programs or employee share sales, but these are not assured. Ultimately, your returns depend on the company’s performance and the exit options available.
Unlisted shares are held in demat form through NSDL or CDSL, similar to listed shares.
You can view your holdings using the ISIN number associated with the company.
If you face any difficulty, you can contact your respective demat account’s customer care, and they will assist you with the details.
The lock-in period for unlisted shares is usually 6 months after the company gets listed on the stock exchange.
Before listing, you can sell them anytime through off-market transfer, as there’s no fixed lock-in period while they remain unlisted.
Yes—you can invest even if you are not a regular investor, but it’s important to understand the basics and risks first. Use regulated brokers or platforms that handle KYC, escrow, and legal documentation. Start with a small amount, treat it as high-risk capital, and avoid putting too much of your savings into it. If unsure, consider professional advice or co-investing with experienced investors. Keep in mind that unlisted shares may not provide quick liquidity or low volatility.
The minimum investment in unlisted shares varies by company, seller, and platform—there’s no fixed amount. Some online or fractional platforms let you invest small amounts, while direct private deals usually need larger sums. Transaction costs like broker fees, stamp duty, and approvals can increase the required cash. Always check the lot size, platform minimums, and all costs before investing. Even small investments carry the same risks and limited liquidity as larger ones.
Returns from unlisted shares can vary greatly and are not guaranteed. Successful pre-IPO or growth-stage investments may deliver multiples of the invested capital over several years, but many deals provide modest returns or may fail. Illiquidity means it could take years to realize gains, and interim valuations are often uncertain or based on private negotiations. Diversifying across multiple deals helps reduce the impact of any single failure. Be cautious of promises of overly high returns.
Typical sellers of unlisted shares include founders, early investors, employees (through ESOPs), angel investors, and venture capital or private equity funds looking to exit or rebalance. Companies may also run buybacks or liquidity programs for stakeholders. Shares are sold via secondary brokers, private negotiations, or regulated secondary platforms. Large shareholders may sell during follow-on funding rounds or strategic exits. Always verify the seller, chain of ownership, and any board approvals required, and use escrow, proper documentation, and verified platforms to reduce fraud risk.
Unlisted shares are usually riskier than listed stocks due to lower regulatory oversight, limited public information, and low market liquidity. Their safety depends on the company’s business model, governance, financial health, and proper legal documentation. Conducting thorough due diligence, independent verification, and using regulated brokers or platforms with escrow and verified processes can reduce risk. Be cautious of red flags like unclear ownership, legal issues, or unrealistic growth claims, and never invest money you can’t afford to lock in for a set period.
