NSE Rises To World’s Sixth-Largest Exchange With $47 Billion Market Capitalisation
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NSE has become the world’s sixth-largest listed exchange by market capitalisation, valued at nearly $47 billion, supported by strong trading activity, high profitability and India’s growing capital markets.
The National Stock Exchange of India (NSE) has emerged as the world’s sixth-largest listed exchange by market capitalisation following its stock-market debut. On 24 September, NSE shares closed at ₹1,818 on the Bombay Stock Exchange (BSE), giving the exchange a market value of nearly $47 billion, or around ₹4.5 lakh crore.
NSE is India’s largest stock exchange by turnover across the cash and equity derivatives segments. Its shares are currently valued at around 43 times earnings, placing it above the valuation multiples of its major global peers.
At 9:30 am on the BSE, NSE shares were trading at ₹1808.95, down 0.50%.
NSE’s Position Among Global Exchanges
Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, remains the world’s largest listed exchange by market value at $87.8 billion.
Hong Kong Exchanges & Clearing follows with a market capitalisation of $63.6 billion. Deutsche Börse is valued at $59.5 billion.
Nasdaq has a market value of around $53.3 billion, while London Stock Exchange Group stands at approximately $53 billion. NSE’s valuation places it just below these major global operators.
Despite its smaller market capitalisation, NSE commands a higher price-to-earnings multiple than the leading global exchanges. The top five exchange operators generally trade at around 25–30 times earnings, while the 10 largest listed exchange operators trade within a broader 24–34 times range.
Growth Outlook For India’s Capital Markets
India’s capital markets are expected to benefit from rising incomes, increased financialisation of household savings and greater participation from retail investors.
A Redseer report estimates that India’s cash-market turnover could grow by 14–16% annually. It is projected to reach ₹473–507 lakh crore by FY30, compared with ₹280 lakh crore in FY26.
NSE also reported a strong operating earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of 66.9%. This places it towards the higher end of the 53–80% range recorded by the five largest listed global exchange operators.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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