
NSE shares edged higher, trading at ₹1,790.20 – a 0.7% lift – after Jefferies rolled out a Buy rating.
Jefferies pegged the exchange’s target at ₹2,085, signalling a 16% upside from today’s level, based on a 35‑times earnings multiple.
The brokerage projects a 15% revenue CAGR and 16% earnings CAGR through FY29, underpinned by a 200‑basis‑point margin expansion.
Jefferies also anticipates new initiatives adding 15% to FY30 EPS, while regulatory headwinds and market volatility may temper growth; however, the exchange’s diversified profile should sustain momentum.