National Stock Exchange Of India Ltd
- Market Cap ₹ 4,42,443 Cr.
- Current Price ₹ 1,788
- High / Low ₹ 1,878 / 1,640
- Stock P/E 51.4
- Book Value ₹ 93.1
- Dividend Yield 0.00 %
- ROCE 41.0 %
- ROE 27.8 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.8%
- Company has been maintaining a healthy dividend payout of 78.9%
Cons
- Stock is trading at 19.4 times its book value
- Earnings include an other income of Rs.3,496 Cr.
- Debtor days have increased from 45.4 to 57.8 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Financial Services Financial Services Capital Markets Exchange and Data Platform
Part of BSE IPO BSE Select IPO
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 7,763 | 11,181 | 13,511 | 15,433 | 14,914 | |
| Sales growth | +44% | +21% | +14% | -3% | |
| 2,021 | 2,938 | 5,790 | 5,167 | 5,271 | |
| Operating Profit | 5,742 | 8,243 | 7,721 | 10,266 | 9,644 |
| OPM % | 74% | 74% | 57% | 67% | 65% |
| 622 | 1,511 | 1,449 | 4,390 | 3,496 | |
| Interest | 0 | 0 | 10 | 23 | 39 |
| Depreciation | 260 | 302 | 339 | 427 | 475 |
| Profit before tax | 6,104 | 9,452 | 8,821 | 14,206 | 12,626 |
| Tax % | 24% | 23% | 25% | 21% | 26% |
| 4,621 | 7,233 | 6,635 | 11,246 | 9,373 | |
| EPS in Rs | 18.67 | 29.22 | 26.81 | 45.44 | 37.87 |
| Dividend Payout % | 45% | 55% | 67% | 77% | 92% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 10% |
| TTM: | -3% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 1% |
| TTM: | -32% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 37% |
| Last Year: | 28% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 50 | 50 | 50 | 248 | 248 | 248 |
| Reserves | 11,498 | 16,627 | 19,312 | 25,940 | 26,675 | 22,806 |
| 83 | 125 | 107 | 491 | 391 | 437 | |
| 5,091 | 4,018 | 7,752 | 7,098 | 8,113 | 9,992 | |
| Total Liabilities | 16,722 | 20,819 | 27,221 | 33,776 | 35,427 | 33,482 |
| 1,005 | 962 | 1,015 | 1,447 | 1,346 | 3,454 | |
| CWIP | 122 | 80 | 67 | 45 | 216 | 30 |
| Investments | 10,498 | 11,411 | 17,418 | 23,184 | 22,553 | 20,306 |
| 5,097 | 8,366 | 8,721 | 9,100 | 11,312 | 9,693 | |
| Total Assets | 16,722 | 20,819 | 27,221 | 33,776 | 35,427 | 33,482 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 4,435 | 4,800 | 9,199 | 7,019 | 7,359 | |
| -3,136 | -2,155 | -5,022 | -3,304 | 1,492 | |
| -1,236 | -2,094 | -3,991 | -4,523 | -8,803 | |
| Net Cash Flow | 63 | 551 | 186 | -809 | 49 |
| Free Cash Flow | 3,996 | 4,501 | 8,868 | 5,879 | 5,835 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 101% | 83% | 153% | 96% | 109% |
Ratios
Standalone / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 63 | 49 | 45 | 33 | 58 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 63 | 49 | 45 | 33 | 58 |
| Working Capital Days | -155 | -56 | -141 | -119 | -120 |
| ROCE % | 66% | 48% | 60% | 41% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- NSE performed Bhoomi Pujan for its new office building at BKC, Mumbai, on 3 Nov 2026.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording shared for November 3, 2026 investor call on Q2 and half-year audited results.
-
Results - Standalone And Consolidated Audited Financial Results For The Quarter And Half Year Ended September 30, 2026
- Board approved Q2 FY27 audited results and up to 40% divestment in National Coal Exchange of India.
-
Announcement under Regulation 30 (LODR)-Investor Presentation
- Investor Presentation for the Standalone and Consolidated Audited Financial Results for the quarter and half year ended September 30, 2026
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- NSE reported Q2FY27 PAT of ₹2,578 crore and highlighted its listing milestone and ₹1,000 crore tokenised bonds.
Business Plan:[1]
Incorporated in November 1992, National
Stock Exchange of India Limited (NSE) is
India's largest stock exchange and one of
the world's leading multi-asset exchange platforms.