NSE’s IPO closed at ₹1,785 per share, placing the exchange at 38× FY28 earnings and 33× FY29 earnings—figures that align closely with BSE’s recent valuations.
The exchange dominates the cash market with 92‑93% share, holds a near‑monopoly in futures, and retains roughly 65% of the index‑options segment year‑to‑date FY27.
Between FY21 and FY26, operating revenue and profitability grew at a CAGR of 23‑24%, though FY26 profitability dipped, prompting expectations of FY27 consolidation and mid‑teens growth from FY28 onward.
Recent reforms—bank‑guarantee changes and new index‑options rules—cut August daily premium turnover by 20% month‑on‑month; NSE saw a 17% decline versus BSE’s 26% drop, yet volumes rebounded by September 18 amid heightened volatility.
Mangal foresees regulatory headwinds persisting, yet anticipates volatility to buoy premium turnover in the second half of FY27; the exchange’s diversification beyond core trading remains limited as 60% of revenue still stems from index‑options.