New Delhi: The National Stock Exchange (NSE), gearing up for its much-awaited initial public offering (IPO), released its financial results for the third quarter of fiscal year 2026 on Friday. The exchange reported a significant 37% year-on-year decline in net profit, which fell to Rs 2,408 crore for the October-December period, down from Rs 3,834 crore in the same quarter of the previous fiscal year.
Despite the annual dip, NSE’s profit showed a healthy 15% increase quarter-on-quarter, rising from Rs 2,098 crore recorded in the September quarter. This sequential growth offers some respite amid broader market volatility.
Total revenue for the quarter also contracted by 9% year-on-year to Rs 4,395 crore, compared to Rs 4,807 crore last year. However, on a sequential basis, revenue grew by 6%, reflecting improved trading volumes in recent months.
Operating EBITDA mirrored the trend, dropping 16% annually to Rs 2,851 crore. NSE attributed these figures to seasonal factors and regulatory adjustments, even as trading activity remained robust.
A bright spot emerged in capital-raising activities on its platforms. During Q3 FY26, companies mobilized Rs 5.4 lakh crore through equity, debt, and business trusts. Notably, 65 companies, including mainboard and SME listings, raised a combined Rs 96,457 crore via IPOs – the highest in the past four quarters and double the previous quarter’s figure.
In a milestone for municipal financing, seven municipal corporations collectively raised Rs 750 crore in the first nine months of FY26, marking the largest such issuance since SEBI’s municipal bond regulations in 2015.
This earnings release comes shortly after SEBI granted NSE the no-objection certificate (NOC) for its IPO, clearing a decade-long regulatory hurdle. NSE MD and CEO Ashishkumar Chauhan expressed gratitude to the regulator, noting that drafting the Draft Red Herring Prospectus (DRHP) would take three to four months.
Chauhan emphasized parallel work on the offer-for-sale (OFS) component. ‘SEBI’s approval after nearly 10 years is a major step forward. We’re thankful and moving swiftly,’ he stated during a recent event.
Market watchers see NSE’s IPO as a landmark event, potentially unlocking billions in value while signaling maturity in India’s financial markets. Investors remain optimistic despite the profit dip, focusing on the exchange’s dominant market share and growth prospects.