The National Stock Exchange of India Ltd (NSE) on Tuesday (November 3) reported a 23% year-on-year (YoY) increase in consolidated net profit to ₹2,578 crore for the second quarter of FY27, compared with ₹2,098 crore in the corresponding quarter last year.
Consolidated total income rose 9% to ₹4,554 crore from ₹4,160 crore in Q2 FY26. Consolidated operating earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled, increasing 107% YoY to ₹3,079 crore.
The EBITDA margin stood at 76% during the quarter. Earnings per share (EPS), on a non-annualised basis, increased to ₹10.41 from ₹8.48 in the year-ago period.
QoQ
The National Stock Exchange of India reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to ₹2,575.9 crore in Q2 FY27, compared with ₹3,120.1 crore in the previous quarter. Revenue declined 10.8% QoQ to ₹4,066.8 crore from ₹4,560.4 crore.
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Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 13.3% to ₹3,079 crore from ₹3,550.93 crore in the preceding quarter. EBITDA margin contracted to 75.7% from 77.86% in the previous quarter.
Transaction Charges, Cash Market Volumes
Consolidated revenue from transaction charges increased 9% YoY to ₹3,035 crore in Q2 FY27 from ₹2,789 crore in the corresponding quarter last year, driven by higher volumes in the cash market and equity options segments.
The cash market segment recorded an average daily traded volume (ADTV) of ₹1,18,377 crore, up 24% YoY. ADTV in the equity options segment, measured by premium value, increased 3% to ₹47,977 crore. The ADTV for the equity futures segment stood at ₹1,24,574 crore during the quarter.
Revenue from data connectivity charges stood at ₹267 crore. Revenue from operating investment income increased 9% YoY to ₹237 crore from ₹217 crore in Q2 FY26.
Revenue from data feed and terminal services rose 43% YoY to ₹165 crore from ₹115 crore, while revenue from listing services increased 70% to ₹150 crore from ₹88 crore in the year-ago period.
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Total Expenditure
On a consolidated basis, total expenditure declined 51% YoY to ₹1,161 crore in Q2 FY27 from ₹2,354 crore in the corresponding quarter last year. During Q2 FY26, NSE had recognised a provision of ₹1,297 crore towards Securities and Exchange Board of India (SEBI) settlement fees related to colocation and dark fibre matters.
H1 FY27
For the first half of FY27, NSE’s consolidated total income increased 9% YoY to ₹9,807 crore from ₹8,959 crore in H1 FY26. Operating EBITDA rose 45% to ₹6,674 crore, with an EBITDA margin of 77%. Consolidated net profit increased 13% YoY to ₹5,698 crore during the first half. EPS on a non-annualised basis stood at ₹23.02.
Standalone Q2
On a standalone basis, NSE’s total income increased 8% YoY to ₹3,956 crore in Q2 FY27 from ₹3,666 crore in the corresponding quarter last year. Revenue from operations rose 9% to ₹3,567 crore from ₹3,266 crore.
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Standalone operating EBITDA stood at ₹2,622 crore, with an EBITDA margin of 74%. Profit after tax (PAT) increased 16% YoY to ₹2,164 crore from ₹1,858 crore in Q2 FY26. The standalone PAT margin stood at 55% during the quarter.
H1 FY27
For H1 FY27, standalone total income increased 8% YoY to ₹8,568 crore, of which operating revenue accounted for ₹7,634 crore. Standalone operating EBITDA increased 51% YoY to ₹5,726 crore, with a margin of 75%. Net profit for the first half rose 12% to ₹4,798 crore, while the PAT margin stood at 56%.
NSE contributes ₹41,234 crore to exchequer
NSE’s contribution to the exchequer stood at ₹41,234 crore during H1 FY27. This included Securities Transaction Tax (STT) and Commodities 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 and 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 the remaining 55%.
Separately, the NSE board approved the divestment of up to a 40% stake in National Coal Exchange of India Limited, currently a wholly-owned subsidiary. The proposed divestment will be carried out in one or more tranches through the secondary sale of equity shares of National Coal Exchange of India Limited.
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Ashishkumar Chauhan, Managing Director and CEO, NSE, said, “Q2FY27 was a momentous quarter for us as we successfully completed the listing of one of the world’s largest and most technologically advanced market infrastructure institutions.
The listing milestone marked an important phase in our evolution, reflecting our continued commitment to the highest standards of governance, transparency and value creation; as we continue to drive innovation and deepen India’s capital market ecosystem.”
Shares of National Stock Exchange of India Ltd ended at ₹1803.80, down by ₹24.10, or 1.35%, on the BSE.