NSE profit rose 23 per cent to Rs 2,578 crore in the September quarter of financial year 2027, the National Stock Exchange said on Tuesday. The exchange had logged a profit after tax of Rs 2,098 crore in the July to September period of the previous fiscal. Total income rose 9 per cent to Rs 4,554 crore from Rs 4,160 crore a year ago, in the exchange’s first quarterly results announcement since its stock market listing in September 2026.
The year-on-year rise in NSE profit was driven by higher transaction revenue and a sharp decline in expenses. Revenue from transaction charges increased 9 per cent to Rs 3,035 crore from Rs 2,789 crore, on higher volumes in the cash market and equity options segments. Total expenditure fell 51 per cent to Rs 1,161 crore from Rs 2,354 crore, partly because the year-ago quarter carried a Rs 1,297 crore provision towards SEBI settlement fees related to colocation and dark fibre matters.
On a standalone basis, NSE profit grew 16 per cent to Rs 2,164 crore, while total income rose 8 per cent to Rs 3,956 crore. The standalone figures cover the exchange’s own operations, while the consolidated figures include its subsidiaries. Both sets of numbers point the same way: a year of growth, helped by the absence of last year’s one-time provision.
NSE profit and the trading volumes behind it
The cash market recorded an average daily traded volume of Rs 1,18,377 crore, up 24 per cent year-on-year. Average daily traded volume for equity options, measured by premium value, rose 3 per cent to Rs 47,977 crore. Those volumes fed directly into transaction charges, which remain the exchange’s largest revenue line at Rs 3,035 crore for the quarter, and into NSE profit.
Other revenue lines grew faster from smaller bases. Revenue from data connectivity charges stood at Rs 267 crore, while revenue from data feed and terminal services rose 43 per cent to Rs 165 crore. Revenue from listing services increased 70 per cent to Rs 150 crore. Together, these lines show the exchange earning more from data and listings alongside its trading business.
For the first half of financial year 2027, consolidated total income rose 9 per cent to Rs 9,807 crore, and NSE profit for the half rose 13 per cent to Rs 5,698 crore. During April to September, the exchange contributed Rs 41,234 crore to the exchequer, including securities transaction tax and commodities transaction tax of Rs 34,788 crore, income tax of Rs 2,885 crore, stamp duty of Rs 1,926 crore and GST of Rs 1,171 crore.
NSE profit falls on a quarterly view
The quarterly comparison tells a different story from the annual one. NSE profit fell 17.4 per cent from Rs 3,120 crore in the June quarter, as revenue declined 10.8 per cent to Rs 4,067 crore from Rs 4,560 crore. The sequential weakness came from a slowdown in transaction activity, with transaction volumes down 16 per cent from the previous quarter and average daily traded volumes lower across segments.
Operating profit, measured as earnings before interest, tax, depreciation and amortisation, slipped 13.3 per cent to Rs 3,079 crore from Rs 3,551 crore in the June quarter. The operating margin narrowed to 75.7 per cent from 77.9 per cent. The September quarter was therefore weaker than the three months before it, even though it was stronger than the same quarter last year.
That contrast matters for how NSE profit is read. The annual comparison benefits from the year-ago provision and from higher trading volumes, while the quarterly comparison reflects a cooler market in the September quarter. Both comparisons are accurate, and they describe different things: growth over a year, and a step back over a quarter.
NSE profit and the first results since listing
NSE managing director and chief executive Ashishkumar Chauhan described the quarter as a momentous period for the exchange, citing the completion of its listing. The listing in September 2026 put the exchange’s shares in public hands for the first time, and these results are the first it has reported as a listed company. The share price response was muted after the debut, but the results give investors a first full quarter to judge.
Alongside the results, the board approved the divestment of up to 40 per cent of the exchange’s stake in National Coal Exchange of India, a wholly owned subsidiary, through secondary sales in one or more tranches. The divestment was announced with the earnings, and it adds a second item for shareholders to watch alongside the trading figures.
NSE profit for the September quarter thus stands at Rs 2,578 crore, up 23 per cent on the year and down 17.4 per cent on the quarter, with revenue of Rs 4,067 crore and an operating margin of 75.7 per cent.