The National Stock Exchange of India (NSE) reported a 23% year-on-year (YoY) increase in consolidated profit after tax (PAT) to ₹2,578 crore for the second quarter of FY27, compared with ₹2,098 crore in the corresponding quarter of the previous financial year.
The exchange announced its financial results for the quarter and half year ended September 30, 2026, on November 3. This marks NSE’s first quarterly earnings announcement following its stock market listing in September 2026.
Consolidated revenue from operations increased 11% YoY to ₹4,067 crore in Q2 FY27, against ₹3,677 crore in Q2 FY26. Consolidated total income rose 9% to ₹4,554 crore from ₹4,160 crore in the year-ago quarter.
NSE Q2 Results : Key Financial Highlights
The exchange reported growth across its major financial parameters during the September quarter.
- Consolidated net profit: ₹2,578 crore, up 23% YoY.
- Revenue from operations: ₹4,067 crore, up 11% YoY.
- Total income: ₹4,554 crore, up 9% YoY.
- Operating EBITDA: ₹3,079 crore, up 107% YoY.
- EBITDA margin: 76%.
- Transaction charges revenue: ₹3,035 crore, up 9% YoY.
Consolidated operating EBITDA more than doubled compared with the corresponding quarter last year, while the EBITDA margin stood at 76%.
Transaction Charges Remain a Key Revenue Contributor
Revenue from transaction charges increased 9% YoY to ₹3,035 crore in Q2 FY27, compared with ₹2,789 crore in Q2 FY26. Higher trading activity in the cash market and equity options segments contributed to the growth.
The cash market recorded an average daily traded volume (ADTV) of ₹1,18,377 crore, marking a 24% increase from the corresponding quarter of the previous year.
In the equity options segment, average daily traded volume measured by premium value increased 3% YoY to ₹47,977 crore. Meanwhile, average daily traded volume in the equity futures segment stood at ₹1,24,574 crore.
NSE also recorded growth in other revenue segments during the quarter:
- Data feed and terminal services: ₹165 crore, up 43% YoY.
- Listing services: ₹150 crore, up 70% YoY.
- Operating investment income: ₹237 crore, up 9% YoY.
- Data connectivity charges: ₹267 crore.
Lower Expenditure Supports Operating Performance
NSE’s consolidated total expenditure declined 51% YoY to ₹1,161 crore in Q2 FY27, compared with ₹2,354 crore in the corresponding quarter last year.
The higher expenditure in Q2 FY26 was partly due to a provision of ₹1,297 crore towards settlement fees payable to the Securities and Exchange Board of India (SEBI) in connection with the co-location and dark fibre matters.
The lower year-on-year expense base contributed to the significant increase in reported operating EBITDA. Consolidated earnings per share (EPS), on a non-annualised basis, increased to ₹10.41 from ₹8.48 in Q2 FY26.
NSE Standalone Q2 Results
On a standalone basis, NSE reported an 8% YoY increase in total income to ₹3,956 crore in Q2 FY27, compared with ₹3,666 crore in the year-ago quarter.
Revenue from operations increased 9% to ₹3,567 crore from ₹3,266 crore.
Standalone operating EBITDA stood at ₹2,622 crore, with an EBITDA margin of 74%. Standalone profit after tax increased 16% YoY to ₹2,164 crore, compared with ₹1,858 crore in Q2 FY26. The standalone PAT margin stood at 55%.
NSE H1 FY27 Performance
For the first half of FY27, NSE reported a 9% YoY increase in consolidated total income to ₹9,807 crore, compared with ₹8,959 crore in H1 FY26.
Other key consolidated H1 FY27 figures included:
- Operating EBITDA: ₹6,674 crore, up 45% YoY.
- EBITDA margin: 77%.
- Net profit: ₹5,698 crore, up 13% YoY.
- EPS: ₹23.02 on a non-annualised basis.
On a standalone basis, H1 FY27 total income increased 8% to ₹8,568 crore, while revenue from operations stood at ₹7,634 crore. Operating EBITDA rose 51% to ₹5,726 crore, and net profit increased 12% to ₹4,798 crore.
NSE’s Business and Market Developments
During the September quarter, NSE facilitated India’s first-ever tokenised bond issuances, aggregating ₹1,000 crore.
The exchange also introduced new market products and initiatives, including derivatives on the Nifty India FPI 150 Index and Corporate Bond Index Futures, following the relevant regulatory approvals.
For the first half of FY27, NSE’s contribution to the exchequer stood at ₹41,234 crore. This included securities transaction tax and commodity transaction tax of ₹34,788 crore, income tax of ₹2,885 crore, stamp duty of ₹1,926 crore, GST of ₹1,171 crore and SEBI fees of ₹464 crore.
NSE Approves Divestment of Up to 40% Stake in National Coal Exchange
Alongside its financial results, NSE’s board approved the divestment of up to 40% of its stake in National Coal Exchange of India Limited, a wholly owned subsidiary.
The proposed divestment is a separate corporate development announced alongside the quarterly results.
Conclusion
NSE’s Q2 FY27 performance reflected year-on-year growth in consolidated revenue, net profit and operating EBITDA. Higher cash-market trading volumes and growth in transaction-related and other service revenues supported its performance during the quarter.
However, the year-on-year increase in operating EBITDA should be viewed alongside the significantly lower expenditure base, as the corresponding quarter last year included a substantial SEBI-related settlement provision.
Source: NSE’s financial results, investor presentation and company announcements for the quarter and half year ended September 30, 2026.
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