NSE Q2 results: Profit rises 23%, EBITDA doubles in first post-IPO earnings; how has stock fared since listing?
A Ksheerasagar
National Stock Exchange (NSE), India’s leading stock exchange, announced its first quarterly results since its stock market listing, reporting a strong set of numbers for the September quarter, supported by growth in its trading segment.
The world’s largest derivatives exchange reported a 23% year-on-year (YoY) increase in consolidated net profit to ₹2,578 crore in Q2 FY27, from ₹2,098 crore in Q2 FY26. The growth was supported by a 9% YoY increase in revenue from transaction charges to ₹3,035 crore, compared with ₹2,789 crore in the year-ago quarter.
The improvement in transaction charges was driven by higher trading volumes in the cash market and equity options segments.
The cash market trading segment recorded an average daily traded volume (ADTV) of ₹1,18,377 crore, up 24% YoY. ADTV for equity options (premium value) increased 3% YoY to ₹47,977 crore, while ADTV for the equity futures segment stood at ₹1,24,574 crore in Q2 FY27.
Operating EBITDA for Q2FY27 increased by 107% YoY to ₹ 3,079 crore with EBITDA margin expanding to 76%.
For the first half of FY27, the exchange reported a 13% YoY increase in consolidated net profit to ₹5,698 crore. Consolidated total income increased 9% YoY to ₹9,807 crore.
Commenting on the quarter, Ashishkumar Chauhan, Managing Director and CEO of NSE, said Q2 FY27 was a momentous quarter for the exchange as it successfully completed its listing, marking an important phase in its evolution.
He said the milestone reflected NSE's continued commitment to the highest standards of governance, transparency, and value creation, as it continues to drive innovation and deepen India's capital market ecosystem.
The exchange also advanced its product pipeline across asset classes through regulatory approvals and new initiatives, including derivatives on the Nifty India FPI 150 Index and Corporate Bond Index Futures. During the quarter, NSE also celebrated 30 years of NSE Clearing's contribution to the development of India's capital markets.
During H1 FY27, NSE's contribution to the exchequer stood at ₹41,234 crore. This comprised securities transaction tax (STT) and commodity transaction tax (CTT) of ₹34,788 crore, income tax of ₹2,885 crore, stamp duty of ₹1,926 crore, goods and services tax (GST) of ₹1,171 crore and SEBI fees of ₹464 crore.
Of the total STT/CTT contribution of ₹34,788 crore, the cash market delivery-based segment accounted for 38%, the cash market intraday segment contributed 7%, and the equity derivatives segment made up 55%.
The third-largest issue made a muted debut on September 24, listing at ₹1,800 apiece, a 0.8% premium to its IPO price of ₹1,785. Despite the modest listing, the shares closed the session higher at ₹1,878.
However, the stock struggled to build momentum in the following weeks and is now trading just 1.1% above its issue price.
A Ksheerasagar
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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