Highlights

• NSE reports ₹2,098 crore net profit in Q2FY26, down 33% YoY, due to a one-time SEBI settlement provision.
• Revenue from operations declined 18% YoY to ₹3,677 crore, while EBITDA margin stood at 40%.
• Contribution to the exchequer for H1FY26 reached ₹28,308 crore, with trading volumes showing a quarterly decline across key segments.

The National Stock Exchange of India (NSE), the country’s largest bourse operator, reported a consolidated net profit of ₹2,098 crore for the second quarter of FY26, marking a 33% year-on-year decline from ₹3,137 crore in the corresponding period last year. The decline was primarily attributed to a one-time provision made towards settlement applications filed with the Securities and Exchange Board of India (SEBI) related to Colocation and Dark Fibre matters.

One-Time SEBI Settlement Provision Impacts Profit

During the quarter ended September 2025, NSE recognised a provision of ₹1,297 crore, including interest, for its SEBI settlement applications. Excluding this provision, the exchange’s adjusted consolidated net profit stood at ₹3,395 crore for the quarter.

This one-time adjustment had a notable impact on the reported financial performance, even as the exchange continued to maintain its operational momentum across segments.

Revenue and Operating Profit Decline

NSE’s revenue from operations declined 18% year-on-year to ₹3,677 crore in Q2FY26, compared to ₹4,510 crore in the same period last year.

At the operating level, consolidated EBITDA fell 56% to ₹1,484 crore, down from ₹3,344 crore in Q2FY25. The EBITDA margin contracted sharply by 340 basis points (bps) to 40%, from 74% a year ago.

The exchange reported an earnings per share (EPS) of ₹8.48 on a non-annualised basis for Q2FY26, compared with ₹11.81 in Q1FY26 and ₹12.60 in Q2FY25. The EPS numbers reflect the issuance of bonus equity shares in the ratio of 4:1 during Q3FY25.

Contribution to Exchequer and Market Volumes

For the first half of FY26, NSE’s contribution to the national exchequer amounted to ₹28,308 crore. This included Securities Transaction Tax (STT)/Commodities Transaction Tax (CTT) of ₹23,451 crore, stamp duty of ₹1,651 crore, SEBI fees of ₹496 crore, income tax of ₹1,809 crore, and GST of ₹901 crore.

In terms of trading activity, the cash market segment recorded an average daily traded volume (ADTV) of ₹95,705 crore during Q2FY26, representing a 12% quarter-on-quarter decline. The equity futures segment saw its ADTV fall 16% QoQ to ₹1,41,042 crore, while the equity options (premium value) segment posted a 16% QoQ drop to ₹46,442 crore.

Despite the moderation in trading volumes, the exchange remains a key contributor to the country’s financial ecosystem, handling the majority of equity and derivatives trades in India.