Stock and commodity exchanges and their clearing corporations, which match, clear and guarantee every trade.
National Stock Exchange of India (NSE)Operator · HighListed
BSEOperator · HighListed
Multi Commodity Exchange of India (MCX)Operator · HighListed
National Stock Exchange of India (NSE) (NSE)
India's dominant stock exchange and the world's largest derivatives exchange by contracts; owns NSE Clearing, Nifty indices, data and co-location businesses
Price
₹1,908
snapshot 6 Nov 2026
Strengths
~93% of cash-market turnover and nearly all equity futures (FY26, per RHP)
Very high operating margins on a mostly fixed cost base
Listed on BSE on 24 Sep 2026 after a ~₹22,562 Cr offer for sale - no promoter, widely held
Risks
Equity options are its largest revenue line - SEBI curbs and BSE's Sensex options cut its premium share from ~97% (FY24) to ~68% (Q1 FY27)
FY26 profit fell on lower volumes and a co-location settlement provision
Regulatory and governance scrutiny that comes with being the market's core
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹4.72L Cr
Stock P/E
46.2x
Div Yield
0%
ROCE
40.6%
ROE
28.6%
P/B
—
Revenue growth
−3.2%FY26
Profit growth
−15.5%FY26
Net margin
62.1%FY26
1Y vs Nifty
—
Revenue, ₹ Cr (5-yr) — company table
8,313FY22
11,856FY23
14,780FY24
17,141FY25
16,601FY26
Stock price return · as of 6 Nov 2026
TrendNot enough history
52-week range as of 6 Nov 2026 vs snapshot price · 2.4% below its high
Note: Listed on BSE only (an exchange cannot list on itself)
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Runs the order-matching engines for shares, derivatives and commodities, guarantees settlement through its clearing corporation, and sells listings, indices (Nifty, Sensex), market data and co-location. Revenue is a small charge on the value (or option premium) of each trade.
Why it matters
This is the chain's biggest and most profitable pool: NSE alone handles ~93% of cash trading and nearly all equity futures, with very high operating margins. But it is also where regulation bites first - options are the largest revenue line, and SEBI's curbs and BSE's revived Sensex options moved share and earnings within a year.
Where the value pool sits
Exchange revenue is mostly transaction charges (about four-fifths of NSE's revenue in FY26, per its RHP), with equity options the single largest line. Costs are largely fixed technology and regulatory contributions, so volume swings drop straight to profit. MCX is a near-monopoly in commodity derivatives, now driven by bullion options.
Key drivers
Growth in investors and cash-market turnover
Options volumes (and their mix between NSE and BSE)
New products: commodity options, electricity futures, longer-dated contracts
Listing, index-licensing and data income growing with the market
Potential bottlenecks
SEBI sets expiry days, lot sizes and approval for every new product
Clearing and settlement guarantee funds must grow with volumes
Technology resilience - outages draw SEBI penalties