The National Stock Exchange of India (NSE), the undisputed leader of the financial ecosystem in India, released its Q4 and full-year results for FY26. While the annual bottom line faced the gravity of a high base and one-off regulatory costs, the fourth quarter saw a blistering 22% surge in income. Let’s analyse NSE Q4 FY26 results in depth.
NSE Q4 FY26 Results
NSEQ4 FY26 results were quite strong in terms of operational scale. Amidst a volatile yet high-volume environment, the exchange’s total income rose to INR 5,360 crore, which is a 22% jump from the previous quarter.
Transaction charges are the primary growth drivers, which accounted for 76% of the revenue mix this quarter. Equity options, in particular, continue to be the exchange’s “golden goose,” with premium value daily volumes growing by 43% quarter-on-quarter.
NSE Q4 FY26 vs Q3 FY26:
| Particulars | Q4 FY25 | Q3 FY26 | Q4 FY26 | QoQ Growth (%) | YoY Growth (%) |
|---|---|---|---|---|---|
| Revenue from Operations | 3,771 | 3,925 | 4,968 | 27 | 32 |
| Total Expenses | 1,124 | 1,234 | 1,486 | 20 | 32 |
| Operating EBITDA | 2,799 | 2,851 | 3,633 | 27 | 30 |
| Profit After Tax | 2,650 | 2,409 | 2,871 | 19 | 8 |
| EPS | 10.71* | 9.73* | 11.60* | — | — |
* Not annualised
NSE FY26 Results: Full Year Comparison
| Particulars | FY25 | FY26 | Growth (%) |
| Revenue from Operations | 17,141 | 16,601 | (3)% |
| Total Expenses | 5,040 | 6,127 | 22% |
| Operating EBITDA | 12,647 | 11,098 | (12)% |
| Profit After Tax (PAT) | 12,188 | 10,302 | (15)% |
| Earnings Per Share (EPS) | 49.24 | 41.62 | (15.5)% |
| Book Value per share (INR) | 122.64 | 129.75 | 5.8% |
| Return on Equity (ROE) | 45% | 33% | -1200 bps |
At first glance, the annual figures might raise an eyebrow: FY26 Profit After Tax (PAT) stood at INR 10,302 crore, a 15% dip from FY25. However, when we look beyond the surface, the last year (FY25) was bolstered by significant one-time gains from the sale of investments. Furthermore, FY26 saw the NSE clean up its books with INR 1,432 crore in SEBI settlement fees and an impact from new Labour Codes. When normalized for these “one-offs,” the exchange remains a lean, mean, cash-generating machine with an Operating EBITDA margin of 76%.
Read Also: NSE Unlisted Share Price
NSE IPO Renaissance
FY2026 will go down in history as the year the primary market went into overdrive. The NSE facilitated a record INR 1.8 lakh crore in IPO fund mobilisation.
- Total Funds Mobilized: INR 20.3 lakh crore (across debt and equity).
- New Listings: 219 companies braved the markets this year.
- Global Standing: The NSE now ranks 2nd globally by the number of IPO listings, commanding a 15.3% global market share.
New Frontiers: Beyond the Nifty 50
While Equity remains the heart, the NSE is successfully transplanting its dominance into new segments:
- Commodities: A 10x growth in average daily turnover. The strategic collaboration with S&P Global Energy to launch Platts-benchmarked derivatives.
- Electricity Futures: Launched in July 2025, this segment has already captured a 72% market share, proving that the exchange can port its liquidity “moat” into virtually any asset class.
- Mutual Funds: The MF platform saw order volumes double (91% growth) as retail participation via SIPs continues to shift toward exchange-traded platforms.
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Final Words
NSE Q4 FY26 results reflect a strategic “cleanup” year. The dip in annual profitability was a necessary byproduct of settling legacy regulatory issues and absorbing one-time costs. Stripping away these anomalies reveals a lean, cash-generating machine that continues to dominate the financial landscape with a 93% share in the Cash segment. As we entered in FY27, the focus shifts from these non-recurring expenses to the rapid scaling of the Commodities and Electricity segments, which are poised to become the next major drivers of shareholder value.
