The National Stock Exchange of India (NSE), the country’s largest and most influential exchange, announced its Q3 FY26 results. Unlike the previous quarter, this quarter is a far more assuring picture.
After a financially volatile Q2, NSE has recovered in margins and profitability, along with improved trading activity across its key business segments. With no one-time provisions and settlement costs, Q3 has brought out a cleaner picture on the financials of the exchange.
Financial Overview Of Q3 FY 26 Results
Particulars | Q3 FY26 | Q2 FY26 | Q3 FY25 | Growth QoQ % | Growth YoY % | 9M FY26 | 9M FY25 | Growth YoY % |
Total Income | 4,395 | 4,160 | 4,807 | 6% | (9)% | 13,354 | 14,780 | (10)% |
Revenue from Operations | 3,925 | 3,677 | 4,349 | 7% | (10)% | 11,634 | 13,369 | (13)% |
Total Expenses | 1,234 | 2,354 | 1,084 | (48)% | 14% | 4,641 | 3,917 | 18% |
Operating EBITDA | 2,851 | 1,484 | 3,398 | 92% | (16)% | 7,465 | 9,848 | (24)% |
Operating EBITDA Margin % | 73% | 40% | 78% | - | - | 64% | 74% | - |
Profit After Tax | 2,408 | 2,098 | 3,834 | 15% | (37)% | 7,431 | 9,538 | (22)% |
EPS (₹)* | 9.73 | 8.48 | 15.49 | - | - | 30.02 | 38.54 | - |
*Not annualised
A) Revenue Growth
On a QoQ basis, NSE gave a clear recovery in revenue performance during Q3 FY26. Total income increased by 6% QoQ, while revenue from operations grew 7%, indicating an improvement in trading activity across multiple market segments.
But if we check of YoY basis, the top line remained under pressure. Total Income declined Yoy by 9% while operating revenue fell by 10%. Overall, the momentum is back and in a positive direction.
B) 92% Improvement in Quarterly EBITDA
Lower expenses and leverage led to a significantly higher Quarterly EBITDA of Rs 2,851 crore in Q3FY26, as against Rs 1,484 crore in Q2FY26. EBITDA margins also recovered to 73% from 40% in Q2. On a YoY basis, EBITDA declined 16% and margins reduced from 78% in FY25 to 73% in FY 26.
C) 15% Increase In Profit After Tax
Profit after tax grew from Rs 2,098 crore to 2408 crore in 3 months, giving NSE a stable growth quarter without exceptional costs. This also highlights that NSE can quickly stabilise its business and earnings when market conditions turn better.
D) EPS Following A Similar Trend To PAT
On a quarter-on-quarter basis, EPS grew from Rs 8.48 per share to Rs 9.73 per share in Q2 and Q2FY 26, respectively. Thus, following a similar trend. Every year, EPS remained lower due to reduced profitability compared to Q3 FY25.
Volume Growth, Across Products, A sign of recovery
Segment | QoQ Volume Growth |
Cash Market | +3% |
Equity Futures | +8% |
Equity Options | +15% |
Currency Derivatives | +51% |
Debt – Electronic Book Platform (EBP) | +77% |
Tri-party Repo | +31% |
During Q3 FY26, trading volumes improved across most segments. Equity options, currency derivatives, and debt market products recorded strong double-digit growth, while cash and futures markets also returned to positive territory.
NSE Revenue Mix (Q3 FY 26)
Revenue Stream | Amount (Rs crore) | % of Total Income |
Transaction Charges | 3,033 | 69.0% |
Listing Services | 111 | 2.5% |
Data Centre Charges | 302 | 6.9% |
Data Feed & Terminal Services | 121 | 2.8% |
Index Licensing & Data Subscription | 36 | 0.8% |
Clearing & Settlement Services | 68 | 1.5% |
Operating Investment Income | 185 | 4.2% |
Other Operating Income | 69 | 1.6% |
Revenue from Operations | 3,925 | 89.3% |
Other Income | 470 | 10.7% |
Total Income | 4,395 | 100% |
Around 70% of NSE’s total income is still driven by transaction charges. This signifies that NSE is a majorly volume-based business model.
Other streams like Data Centre, Listing Services and technology together create around 13% of NSE’s income.
Non-operating incomes contribute to 11% of NSE’s total revenue, adding stability.
Cumulative Numbers Remain Weak, But NSE Is Stabilising
For the 9 Months ending 31st Dec 25, NSE reported a 22% YoY decline in PAT and EBITDA margins at 64% vs 74% last year. While cumulative profits remain weak due to lower profits in the 1st half of FY26, the strong Q3 growth is building the financial momentum of NSE.
Is NSE Unlisted Share Still a Strong Investment?
While year-on-year comparisons can make NSE Financials appear weak, Q3 FY26 results confirm that NSE’s core business remains dominant and growth-driven. The following factors play a significant role:
Dominant Market share across cash, derivatives, and currency segments
The exchange operates on a volume model with high operating leverage
Improving volumes directly translates into higher profits
Thus inspite all the ups and downs, NSE Unlisted Share remains an investor favourite.
