The IPO-bound NSE Unlisted Shares, which may have declined slightly from their all-time high of Rs 2,400, but Axis Securities believes that NSE is undervalued. With the IPO process moving forward, there are a lot of speculations about the stock exchange’s valuation in the pre-ipo market.
What Axis Securities Observed About NSE?
Axis believes that NSE is trading at a reasonable valuation as compared to its domestic listed peers, BSE and MCX. Even though NSE and other Indian Stock exchanges collectively traded at a higher valuation, Axis has justified this by higher growth expectations and changing market dynamics. According to Axis, fair value of NSE Share price should be Rs 4,000, which is more than 80% of the current NSE Price of Rs 2216.
What’s The Logic Behind NSE Undervaluation?
Axis Securities observed that NSE’s share price has remained largely stable with steady growth and limited volatility. The only significant dip occurred in 2023, driven by global recession fears, rate hikes, and ongoing geopolitical tensions. "Apart from this, the price trajectory has been largely unaffected," the brokerage said.
"Based on the sector P/E of 83 and NSE’s $EPS of 49.02, the fair value could be around Rs 4,000. With the current price, the stock appears undervalued, making it a potentially attractive entry point. While P/E is just one metric, it serves as a useful benchmark. While minor pullbacks or corrections may occur—particularly in response to shifts in market sentiment or regulatory changes—the overall outlook remains positive, barring any major external disruptions," Axis Securities said.
This valuation doesn’t match the US markets, which trade at a lower multiple reflecting stability and scale.
What’s Axis Securities Say On NSE IPO Date?
Axis expects that the NSE IPO will get approval by the September quarter, with official filings before the December quarter and a launch in the first 6 months of FY 27. NSE IPO faced delays due to the Jane Street Issue. Axis also noted that the NSE IPO will list on BSE and could be one of India’s largest.
“Quasi centre-state owned enterprises and large PSU groups as major shareholders in NSE often ensure tighter price control and less volatility due to their strategic focus and control over share transfers. However, risks from illiquidity and unclear valuations remain," Axis Securities said.
Stockify’s Take On NSE Unlisted Share Price Valuation Check
Metric | |||
Market Cap* (In Rs crores) | 5,70,000 | 1,07,738 | 45,312 |
P/E Ratio* | 68.6X | 81.8X | 81X |
Enterprise Value/EBITDA ** | 43X | 65X | 32X |
*As of July 4 2025
** Assumed Negligible Debt for all 3.
NSE Trades at a 14% P/E discount to BSE and MCX, while offering higher profit, cash and market share. This appears to be a discount in a near-duopoly equity
Co-location case uncertainty is not settled.
A Potential 15% dilution, lowering the value of a share today.
Pre-Listing Liquidity Issues: lower volumes, longer wait times.
In spite of all these constraints, investors have eyed a positive, growing valuation for NSE Unlisted Shares. NSE FY 25 performance shows its financial strength, market leadership and operational growth.
How to buy NSE unlisted shares?
One of the most actively traded stocks in the unlisted share market. After growing its shareholder base 4 times to 1,60,000, the NSE Share price can further increase in the coming months near the IPO. You can buy NSE Shares through Stockify. We are one of India’s most trusted trading platforms for unlisted shares.
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