IPO Bound NSE’s Q3FY26 Net Profit Rises 15% QoQ on Higher Volumes and Lower Costs

Ahead of IPO, National Stock Exchange of India Ltd posted stronger earnings in Q3FY26 as increased market activity and cost efficiencies lifted profitability on both a consolidated and standalone basis. 

NSE Q3FY26 Earnings Results  

For Q3FY26, NSE reported consolidated total income of ₹4,395 crore, up from ₹4,160 crore in Q2FY26. Revenue from transaction charges rose 9% QoQ to ₹3,033 crore, aided by higher volumes in equity cash and derivatives.  

Data feed and terminal services revenue increased 5% QoQ to ₹121 crore, while listing services revenue grew 25% to ₹111 crore. 

Consolidated profit after tax rose 15% QoQ to ₹2,408 crore from ₹2,098 crore, with earnings per share at ₹9.73 compared with ₹8.48 in the previous quarter. Total consolidated expenditure declined 48% QoQ to ₹1,234 crore, including a one-off gratuity provision expense of ₹126 crore linked to new labour codes.  

Operating EBITDA increased 92% QoQ to ₹2,851 crore, while normalised consolidated profit before tax rose 6% QoQ to ₹3,325 crore after excluding one-off items. 

Standalone Results and Trading Volumes 

On a standalone basis, NSE reported total income of ₹4,419 crore in Q3FY26, compared with ₹3,666 crore in Q2FY26. Operating revenue rose 8% QoQ to ₹3,522 crore, supported by subsidiary dividends and higher transaction revenue.  

Average daily traded volume in the cash market stood at ₹99,023 crore, up 3% QoQ, while equity futures ADTV increased 8% QoQ to ₹1,51,744 crore. Equity options ADTV, measured by premium value, rose 15% QoQ to ₹53,248 crore. 

Standalone operating EBITDA jumped 129% QoQ to ₹2,496 crore from ₹1,090 crore, with profit after tax at ₹2,603 crore and a PAT margin of 59%. 

9 Month Performance and Exchequer Contribution 

For the 9 months ended December 31, 2025, consolidated total income stood at ₹13,354 crore, while reported PAT was ₹7,431 crore with earnings per share of ₹30.02.  

On a standalone basis, total income for 9MFY26 was ₹12,327 crore, with operating EBITDA of ₹6,300 crore and PAT of ₹6,869 crore. 

During 9 months FY26, NSE contributed ₹41,842 crore to the exchequer, including STT and CTT of ₹34,835 crore, stamp duty of ₹2,472 crore, income tax of ₹2,414 crore, GST of ₹1,376 crore and SEBI fees of ₹745 crore.  

Of the STT and CTT collections, 49% came from delivery-based cash market trades, 7% from intraday cash trades and 44% from equity derivatives. 

Read More: IPO Alert: NSE Board Approves IPO Through Offer for Sale Route! 

Conclusion 

NSE’s Q3FY26 results reflect the impact of stronger trading activity and tighter cost control, with both consolidated and standalone earnings showing sharp sequential improvement. 

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