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 | EPS (₹) |
|---|---|---|---|---|---|---|
| FY 2024 | 16,352.06 | 8,305.74 | 11,623.83 | 23,833.1 | 65,463.98 | — |
| FY 2025 | 19,176.83 | 12,187.69 | 16,021.36 | 30,165.05 | 69,466.64 | — |
| FY 2026 | 18,713.37 | 10,302.06 | 14,519.09 | 31,869.72 | 87,937.44 | — |
| Jun 2026 (interim) | 5,252.17 | 3,120.08 | 4,332.04 | 34,983.74 | 91,334.07 | 41.62 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 42.89x
- P/E (post-issue)
- 35.4x
- RoNW
- 33.21%
- RoE
- 9.26%
- RoCE
- 11.55%
- EPS (pre-issue)
- ₹41.62
- EPS (post-issue)
- ₹50.43
- EBITDA Margin
- 66.85%
- PAT Margin
- 58.78%
- P/BV
- 12.54x
- NAV / share
- ₹142.4
- Market Cap
- ₹4,41,787.5 Cr
As of 30 Jun 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 | 54.28x | 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.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the NSE IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, NSE placed shares with 189 anchor investors, who together put in ₹6,746.22 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to LIFE INSURANCE CORP.OF INDIA (₹400.3 crore), SOCIETE GENERALE-ODI (₹316 crore) and GOVERNMENT PENSION FUND GLOBAL (₹250 crore). Investor categories represented include Insurance, Other, FII/FPI, Bank and MF. The lock-in on half the anchor shares ends on 21 Oct 2026, with the remainder locked until 20 Dec 2026.
Analyst view tally
1 third-party review is on record for the NSE IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
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 58.78% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 11.55% and a return on equity (RoE) of 9.26%. At the upper band, the post-issue market capitalisation works out to about ₹4,41,787.5 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2026, NSE reported revenue of ₹5,252.17 crore and a net profit of ₹3,120.08 crore. Revenue declined from ₹16,352.06 crore in FY2024 to ₹5,252.17 crore in FY2026 (-68.0%). Net worth stood at ₹34,983.74 crore at the end of FY2026. At the upper band, that puts the issue at roughly 42.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 35.4× post-issue earnings and 12.54× book value, against a return on net worth of 33.21%. These ratios come from the offer document and are for comparison, not a recommendation.
Frequently asked questions
- What is the reservation split in the NSE IPO?
- Of the total shares offered, retail investors get 34.88%, QIBs 19.94% (plus 29.89% anchor), non-institutional investors 14.95%.
- What is the P/E ratio of the NSE IPO?
- At the upper price band, the NSE IPO is valued at 42.89× pre-issue earnings and 35.4× post-issue earnings, based on the financials disclosed in the offer document.