Adjusted EBITDA climbed 7% year‑on‑year to ₹12,657 crore, a 76% margin that eclipsed the 68% consensus estimate reported by 18 analysts.
Revenue reached ₹16,601 crore, a 4% rise, with transaction charges accounting for ₹13,000 crore—79% of operating income. Options contributed roughly ₹10,000 crore, 60% of total revenue, underscoring the sector’s earnings mix shift.
Profit before tax dipped 15% YoY to ₹10,302 crore, an 62% margin, reflecting weaker cash‑market volumes while derivatives remained resilient.
Market dominance is stark: cash‑market share stands at 93%, equity‑options at 74.7%, and currency‑options at 100%. NSE handled 11.38% of global cash‑equity trades and 51.18% of equity‑derivative contracts, cementing its liquidity moat.
Liquidity begets liquidity—more participants draw tighter spreads, which attract even more traders, creating a self‑reinforcing network effect that protects NSE’s high margins.
Guidance for FY27 is pending, but analysts note the exchange will likely continue to focus on options trading and navigate regulatory shifts while maintaining its asset‑light, high‑margin model.