NSE Q2 FY27 Results: First Post-IPO Profit, Volumes and Stock, Explained

The National Stock Exchange published its first quarterly results after listing on Tuesday, 3 November 2026. Profit rose year on year. Margins widened sharply. Transaction-charge revenue still cooled from the previous quarter. The stock closed a little higher on the day.

A quick note: this is an explainer, not investment or financial advice.

The 60-second version

• Consolidated net profit: Rs 2,578 crore, up about 23 percent year on year from about Rs 2,098 crore, Business Standard, Livemint and ZeeBiz reported.
• Sequential profit: Down 17.38 percent from the previous quarter, Business Standard said.
• EBITDA: Rs 3,079 crore, up 107 percent year on year, with a 76 percent margin, Livemint and ZeeBiz said.
• Transaction charges: Rs 3,035 crore, up 9 percent year on year, down 16 percent from the previous quarter, Business Standard said.
• Cash ADTV: Rs 1,18,377 crore, up 24 percent year on year.
• The stock: Closed at Rs 1,803.8 on the BSE on 3 November, about 1.3 to 1.4 percent up on the day.
• Why it matters: This is the first listed-company print after NSE's September 2026 IPO.

What the profit and revenue lines say

Business Standard (Khushboo Tiwari, Mumbai, last updated 3 November 2026, 10:54 PM IST, first published 7:23 PM IST) put consolidated net profit at Rs 2,578 crore, up 23 percent from Rs 2,098.5 crore a year earlier, and down 17.38 percent quarter on quarter.

On revenue, the same report put revenue from operations at Rs 4,066.8 crore, up 10.6 percent year on year and down nearly 10.8 percent sequentially. The sequential drop was led by transaction charges, which are the largest revenue share: Rs 3,035 crore in Q2 FY27, down 16 percent from Rs 3,623 crore in the previous quarter, and up from Rs 2,789 crore a year earlier.

ZeeBiz (updated 3 November 2026, 6:35 PM IST), citing a regulatory filing, put consolidated total income at Rs 4,554 crore, up 9.5 percent year on year, and net profit up 22.9 percent to Rs 2,578 crore. Livemint (A Ksheerasagar, published 3 November 2026, 7:11 PM IST) matched the Rs 2,578 crore profit, the 9 percent rise in transaction-charge revenue to Rs 3,035 crore, and the year-ago profit of Rs 2,098 crore.

Operating EBITDA more than doubled to Rs 3,079 crore from Rs 1,484 crore a year ago, ZeeBiz said, with the margin at 76 percent from 40 percent. Livemint put the EBITDA rise at 107 percent to the same Rs 3,079 crore figure.

For the first half of FY27, Livemint said consolidated net profit rose 13 percent to Rs 5,698 crore, and consolidated total income rose 9 percent to Rs 9,807 crore.

Volumes that drove transaction charges

Livemint and ZeeBiz both printed the same ADTV set for Q2 FY27:

Segment	ADTV	YoY change
Cash market	Rs 1,18,377 crore	up 24%
Equity options (premium value)	Rs 47,977 crore	up 3%
Equity futures	Rs 1,24,574 crore	(level reported; no YoY % in those copies)

Livemint said higher cash-market and equity-options volumes supported the year-on-year rise in transaction charges.

ZeeBiz also listed other revenue lines for the quarter: data connectivity charges Rs 267 crore; operating investment income Rs 237 crore, up 9 percent; data feed and terminal services Rs 165 crore, up 43 percent; listing services Rs 150 crore, up 70 percent. Business Standard separately said listing-services income nearly doubled sequentially to Rs 150 crore, and that data-centre rack charges and data connectivity also rose.

Listing, product pipeline and the exchequer line

MD and CEO Ashishkumar Chauhan said Q2 FY27 was a momentous quarter because the exchange successfully completed its listing, Livemint and ZeeBiz reported. He framed the listing as a governance and transparency milestone as NSE keeps deepening India's capital-market ecosystem.

During the quarter, Livemint said, NSE advanced product work including derivatives on the Nifty India FPI 150 Index and Corporate Bond Index Futures, and marked 30 years of NSE Clearing. ZeeBiz said NSE facilitated the country's first tokenised bond issuances aggregating Rs 1,000 crore in the quarter.

For H1 FY27, Livemint and Business Standard put NSE's contribution to the exchequer at Rs 41,234 crore:

• STT and CTT: Rs 34,788 crore
• Income tax: Rs 2,885 crore
• Stamp duty: Rs 1,926 crore
• GST: Rs 1,171 crore
• Sebi fees: Rs 464 crore

Of the STT/CTT total, Livemint said cash delivery contributed 38 percent, cash intraday 7 percent, and equity derivatives 55 percent.

What management is watching next

On the analyst call after the results, Business Standard quoted chief business development officer Sriram Krishnan on two cash-market levers: Sebi working-group reforms on securities lending and borrowing, and amendments to the closing auction session (CAS) due to go live on 7 December. He said both could help expand cash-market activity, and that participants would have a year to get used to the CAS regime before further changes.

The exchange is also awaiting RBI approval for a corporate bond index that already has Sebi approval, Business Standard said. Management called that an exciting fixed-income product for specialised investment funds.

Business Standard said NSE spent nearly Rs 50 crore in H1 on expanding colocation and adding racks, and that a further data-centre expansion next quarter could bring similar spend. The board also approved divesting up to 40 percent of the new National Coal Exchange of India subsidiary through secondary sales in one or more tranches.

The share price after listing

Livemint said the IPO listed on 24 September at Rs 1,800, a 0.8 percent premium to the Rs 1,785 issue price, and closed that session at Rs 1,878. It said the stock later struggled for momentum and was trading about 1.1 percent above issue price when that piece ran.

On results day, Business Standard and ZeeBiz put the BSE close at Rs 1,803.8, up about 1.3 to 1.4 percent. ZeeBiz added that the stock was up about 3.6 percent over one month, trailing the Sensex's about 6.3 percent gain over the same span.

What to watch next

1. Whether cash-market ADTV keeps rising after the December CAS changes and any Sebi SLB reforms Krishnan flagged.
2. Sequential transaction charges. The 16 percent quarter-on-quarter drop is the soft spot inside an otherwise strong year-on-year print.
3. RBI clearance for the corporate bond index, already past Sebi.
4. Colocation and data-centre spend if another expansion wave lands in Q3.
5. The National Coal Exchange stake sale after the board's up-to-40-percent approval.

NSE's first listed quarter showed higher year-on-year profit, a doubled EBITDA line, and softer sequential trading fees. The stock still sits close to its IPO price.

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This article is for information only and is not investment, financial or tax advice. Consolidated net profit of Rs 2,578 crore, the sequential 17.38 percent profit decline, revenue from operations of Rs 4,066.8 crore, transaction charges of Rs 3,035 crore and the 16 percent sequential drop, the Sriram Krishnan CAS and SLB comments, the RBI corporate-bond-index note, the Rs 50 crore colocation spend, the National Coal Exchange board approval, and the BSE close of Rs 1,803.8 are from Business Standard (Khushboo Tiwari, Mumbai, first published 3 November 2026, 7:23 PM IST, last updated 10:54 PM IST). Profit, transaction-charge growth, ADTV figures, EBITDA of Rs 3,079 crore, H1 profit and income, Chauhan's listing comments, the exchequer split, and the IPO price context are from Livemint (A Ksheerasagar, published 3 November 2026, 7:11 PM IST). Total income of Rs 4,554 crore, the 22.9 percent profit rise, EBITDA margin detail, listing-services and data-feed lines, tokenised bonds of Rs 1,000 crore, and the one-month stock comparison are from ZeeBiz (updated 3 November 2026, 6:35 PM IST). No later traded price is reported here. Check the exchange.