NSE's Listing Business Revenue Climbs To ₹352 Crore In FY26 As Exchange Prepares For Its IPO

The National Stock Exchange’s (NSE) listing business had a strong FY26, earning ₹352 crore from listing services, up 12% from ₹314 crore the year before, according to its draft initial public offering (IPO) prospectus. This segment now makes up 2.12% of NSE's total operating revenue of ₹16,601 crore, a steady climb from 1.83% in FY25 and 1.51% in FY24.

What stands out is that this growth came even as the actual number of IPOs fell to 219 from 242 the previous year. The explanation lies in the size of the offerings. Larger public issues during the year generated higher book-building fees, more than making up for the dip in deal count.

NSE earns from this business through a mix of initial listing fees, annual fees, processing charges and book-building fees, and had 2,978 listed entities on its platform by the end of FY26.

Financial Performance

NSE reported a profit of ₹10,300 crore in FY26, down 15% from the previous year.

Revenue, however, has more than doubled since April 2019, reaching about ₹18,700 crore, with transaction revenue, mostly from derivatives, making up over 80% of total income, a much higher reliance on transaction fees than most large global exchanges.

NSE's Listing Journey

NSE is now preparing for its own market debut. It has filed draft papers for what is expected to be one of the largest listings in the country this year, alongside Reliance Jio's anticipated IPO.

NSE was set up in 1992, originally meant to replace a patchwork of regional exchanges following a series of stock market scams. Early backers included LIC, IDBI and State Bank of India.

Today, the exchange has grown into a giant, with over 2,000 registered members, more than 2,200 listed companies, and a combined market capitalisation of around $5 trillion as of mid-June. It commands roughly 95% of India's cash equity market and 75% of equity derivatives trading. Globally, NSE is the largest derivatives exchange by contracts traded, accounting for close to 89% of global stock index options volumes in 2025, driven by India's options trading boom.

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The NSE IPO itself has been a long time coming. NSE first attempted to list in 2016 but was held back by regulatory investigations into governance lapses and unequal access for trading members. SEBI fined the exchange ₹1,100 crore in 2019, and the matter has been in court since. NSE has now proposed an out-of-court settlement of around $157 million, which is currently under SEBI's review.

Sources:

The Economic Times

The Hindu Businessline