Geojit Financial Services, National Stock Exchange of India Ltd
National Stock Exchange of India Ltd (NSE), incorporated in 1992, is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. It operates an integrated ecosystem spanning trading, clearing, settlement, listing, market data, and index services across equities, derivatives, currencies, commodities, debt, and mutual funds. Supported by robust technology infrastructure, NSE facilitates high-speed execution, efficient risk management, transparent market operations, regulatory compliance, and seamless post-trade settlements. India’s equity futures market is projected to grow at a CAGR of 16-18% through FY30, supported by rising institutional participation, increasing market depth, and continued product innovation. Topline grew ~13% YoY to ₹4,560cr in Q1FY27, while NSE’s asset-light, scalable business model and market leadership support strong EBITDA and Adj. PAT margins of ~78% and ~67%, respectively. As of Q1FY27, NSE commands ~93.1% market share in cash equities, ~99.7% in equity futures, and ~68.5% in equity options, serving 132+ million investors and ~3,005 listed entities with high-speed processing of ~13 billion messages daily. NSE Clearing Ltd (wholly owned subsidiary) maintained the mandated ₹10,500cr core Settlement Guarantee Fund (SGF) corpus as of Dec 2024, reinforcing the resilience of its clearing and settlement ecosystem.
Hence, we assign a“SUBSCRIBE”rating for medium to long-term investors.
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National Stock Exchange of India - 160926 - geo
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