NSE PAT rises 15% QoQ to Rs 2,408 crore

National Stock Exchange of India reported a strong sequential recovery in operating profitability in Q3 FY26, despite year-on-year pressure from a higher base and one-off items.

On a consolidated basis, profit after tax stood at Rs 2,408 crore in Q3 FY26, up 15% QoQ from Rs 2,098 crore in Q2 FY26, but down 37% YoY compared with Rs 3,834 crore in Q3 FY25. Profit after tax margin improved to 54% in Q3 FY26 from 39% in Q2 FY26, though lower than 64% in Q3 FY25.

Profit on sale of investment in associates was nil during the quarter, compared with Rs 1,201 crore in Q2 FY26 and Rs 1,155 crore in Q3 FY25.

 

Total income came in at Rs 4,395 crore in Q3 FY26, rising 6% QoQ from Rs 4,160 crore in Q2 FY26, but declining 9% YoY from Rs 4,807 crore in Q3 FY25. Revenue from operations stood at Rs 3,925 crore, up 7% QoQ, while falling 10% YoY.

Operating EBITDA surged 92% QoQ to Rs 2,851 crore in Q3 FY26 from Rs 1,484 crore in the previous quarter. On a year-on-year basis, EBITDA declined 16% from Rs 3,398 crore in Q3 FY25.

Operating EBITDA margin improved sharply to 73% in Q3 FY26 from 40% in Q2 FY26, though lower than 78% reported a year ago.

Revenue from transaction charges stood at Rs 3,033 crore in Q3 FY26, registering 9% QoQ growth, led by higher volumes across the equity cash market and derivatives segments. Revenue from data feed and terminal services came in at Rs 121 crore, up 5% QoQ, while revenue from listing services rose 25% QoQ to Rs 111 crore, reflecting increased listing-related activity.

Total expenses declined sharply to Rs 1,234 crore in Q3 FY26, translating into a 48% QoQ decline, while increasing 14% YoY.

In Q3FY26, the cash market trading segment recorded an average daily traded volume (ADTVs) of Rs 99,023 crore (up by 3% QoQ). The ADTV for equity futures segment in Q3FY26 stood at Rs 1,51,744 crore (up by 8% QoQ); while the ADTV for equity options (premium value) stood at Rs 53,248 crore (up by 15% QoQ).

National Stock Exchange of India, which began operations in 1994, was the countrys first exchange to introduce electronic trading and has consistently ranked as Indias largest exchange by equity turnover since 1995, based on SEBI data. It operates a fully integrated business model spanning listings, trading, clearing and settlement, indices, market data, technology solutions and financial education, while overseeing regulatory compliance of market participants. Globally, NSE was the worlds largest derivatives exchange by trading volume in calendar year 2024 and ranked second worldwide in the equity segment by number of trades.

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