National Stock Exchange of India (NSE) IPO

It holds a 92.99% market share in cash equities and 99.79% in equity futures in FY26. This strong lead creates a network effect, where more trading activity brings more liquidity and helps make it the go-to platform for domestic and global investors.

It ranked first globally in equity derivatives, with 36,964.36 million contracts traded in FY26 and a 51.18% global market share. This scale shows its ability to handle huge trading volumes and attract high-frequency and algorithm-based traders.

It earns strong profits because its digital trading platform can handle huge transaction volumes without costs rising at the same pace. In FY26, it generated ₹16,601.31 crore in operating revenue while maintaining a 66.85% operating EBITDA margin, showing how additional trades add very little extra cost.

Its platform had 132.37 million unique registered investors as of June 30, 2026, up from 91.75 million in FY24. As more Indians participate in financial markets, its potential customer base continues to grow, supporting trading activity across products.

It achieved a Return on Equity (ROE, which measures profit earned on shareholders’ money) of 32.98% and Return on Capital Employed (ROCE, which measures how efficiently the business uses its capital) of 42.80% in FY26. These numbers show that the business generates strong returns without requiring large amounts of fresh capital.

In FY26, the exchange helped companies and government bodies collect ₹20,33,000 crore of fresh money from investors. It also welcomed 219 new companies joining the stock market for the first time (IPOs), making it the second busiest exchange in the world for new listings. Every new company that joins pays the exchange a yearly fee to stay listed, while bringing even more buyers and sellers to its platform.

Transaction charges made up 78.65% of its total operating revenue in FY26. This high dependence means its financial performance can be affected if markets slow down, trading activity falls, or regulations reduce the number of trades.

To protect everyday investors from taking overly risky bets in stock options, SEBI has introduced stricter trading rules. These rules limit how many contracts traders can hold, reduce the number of weekly option expiration days, and require people to put up more cash upfront to trade. Because option trading fees brought in ₹9,997.57 crore in FY26, any future rule changes that slow down trading activity could lower the exchange’s income.

A storage network failure halted trading for five hours and 24 minutes on February 24, 2021, resulting in ₹72.65 crore in regulatory settlements. Repeated technical problems could lead to SEBI penalties, lower trading activity, and damage to investor confidence.

Its top 10 trading members contributed 46.78% of operating revenue in FY26, while the largest single customer contributed 7.96%. Any major operational issue, regulatory action, or financial trouble at these key brokers could affect its revenue.

The exchange faces ongoing court battles and tax claims that could force it to pay out large amounts of money if it loses. These include a ₹912.49 crore lawsuit from a rival exchange (MSEI) over unfair pricing allegations, as well as ₹665.42 crore in disputed income tax demands. Losing these cases in court could lead to sudden cash payouts and damage the company's reputation.

Its clearing arm (NCL) acts as a safety net to guarantee that every trade gets completed safely, backed by a ₹13,079.15 crore emergency safety fund in Fiscal 2026. However, if extreme market swings cause several large stockbrokers to fail at the exact same time, this safety fund could be heavily drained, forcing the exchange to put up extra cash to cover the losses.