NSEIPO Review — Financials, Valuation & Peers
A data-only look at the NSE IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 16,352.06 | 8,305.74 | 9,869.81 | 23,833.1 | 65,463.98 | 0 | — |
| FY 2025 | 19,176.83 | 12,187.69 | 12,646.88 | 30,165.05 | 69,466.64 | 0 | — |
| FY 2026 | 18,713.37 | 10,302.06 | 11,097.9 | 31,869.72 | 87,937.44 | 0 | 41.62 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 33.21%
- RoE
- 32.98%
- RoCE
- 42.8%
- EPS (pre-issue)
- ₹41.62
- EPS (post-issue)
- ₹41.62
- EBITDA Margin
- 66.85%
- PAT Margin
- 50.98%
- NAV / share
- ₹129.75
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Bse Limited | 60.61 | 163.6 | 66.67x | 45% | Consolidated |
| National Stock Exchange of India Ltd. | 41.62 | 129.75 | — | 33.21% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. NSE operates at an EBITDA margin of 66.85% and a net (PAT) margin of 50.98% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 42.8% and a return on equity (RoE) of 32.98%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2026, NSE reported revenue of ₹18,713.37 crore and a net profit of ₹10,302.06 crore. Revenue grew from ₹16,352.06 crore in FY2024 to ₹18,713.37 crore in FY2026 (+14.0%). Net worth stood at ₹31,869.72 crore at the end of FY2026.