NSE reports total income of Rs 4,160 crore, expenditure of Rs 2,354 crore in Sept qtr

Mumbai, Nov. 4 -- The National Stock Exchange (NSE), India's leading exchange on Tuesday declared consolidated and standalone financial results for quarter and six months ending on September 30, 2025.

The NSE reported a consolidated total income of Rs 4,160 crore for Q2FY26, as against Rs 4,798 crore for Q1FY26.

The consolidated revenue from transaction charges for Q2FY26 was Rs 2,785 crore, a sequential decline of 12 per cent QoQ due to reduction in volumes across cash market and derivatives segments.

On a consolidated basis, total expenditure reported for Q2FY26 stood at Rs 2,354 crore as against Rs 1,053 crore in Q1FY26. During the quarter, NSE has recognised a provision of Rs 1,297 crore, including interest, towards the settlement applications that NSE had filed with SEBI under SEBI (Settlement Regulations) 2018 with respect to Colocation and Dark Fibre matters. Revert from SEBI on the above-mentioned applications is awaited. Excluding the provision for SEBI settlement fees, the total expenditure for Q2FY26 was Rs 1,056 crore as against Rs 1,053 crore in Q1FY26.

On a consolidated basis, the reported operating EBITDA for Q2FY26 was Rs 1,484 crore as against Rs 3,130 crore for Q1FY26. Excluding the provision for SEBI settlement fees, the operating EBITDA for Q2FY26 was Rs 2,782 crore, with operating EBITDA margin of 76 per cent.

Excluding the gain from sale of investment in associates and provision recognised for SEBI settlement fees, the reported normalised consolidated profit before tax for Q2FY26 stood at Rs 3,138 crore.

On a consolidated basis, the net profit reported for Q2FY26 was Rs 2,098 crore as against Rs 2,924 crore for Q1FY26. Reported Earnings per Share (on non-annualised basis) for Q2FY26 was Rs 8.48 as compared to Rs 11.81 for Q1FY26, after considering the issuance of bonus equity shares in the ratio of 4:1 in Q3FY25. Excluding the provision for SEBI settlement fees recognised in Q2FY26, the net profit for Q2FY26 was Rs 3,396 crore, up 16 per cent QoQ with net profit margin of 63 per cent and EPS of Rs 13.72.

For the half year ended September 30, 2025, the consolidated total income was Rs 8,959 crore as against Rs 9,974 crore for the corresponding period of last fiscal year. On a consolidated basis, reported net profit for H1FY26 was Rs 5,022 crore with earnings per share at Rs 20.29 (on non-annualised basis). Excluding the provision for SEBI settlement fees, consolidated net profit for H1FY26 was Rs 6,320 crore with earnings per share at Rs 25.53 (on non-annualised basis).

On a standalone basis, NSE's total income for Q2FY26 stood at Rs 3,666 crore as compared to Rs 4,243 crore for Q1FY26. The revenue from operations for Q2FY26 stood at Rs 3,266 crore, a sequential decrease of 9 per cent QoQ, due to decrease in trading volumes across the cash market and derivatives segments.

In Q2FY26, the cash market trading segment recorded an average daily traded volume (ADTVs) of Rs 95,705 crore (down 12 per cent QoQ). The ADTV for equity futures segment in Q2FY26 stood at Rs 1,41,042 crore (down 16 per cent QoQ); while the ADTV for equity options (premium value) stood at Rs 46,442 crore (down 16 per cent QoQ).

On a standalone basis, the reported operating EBITDA for Q2FY26 was Rs 1,090 crore as compared to Rs 2,714 crore in Q1FY26. Excluding the provision for SEBI settlement fees, the operating EBITDA on a standalone basis for Q2FY26 would have been Rs 2,387 crore with operating EBITDA margin of 73 per cent.

The normalised standalone profit before tax for Q2FY26, excluding the provision recognised for SEBI settlement fees, subsidiary dividend & profit on sale of investment in associates, was Rs 2,635 crore.

On a standalone basis, reported net profit for Q2FY26 was Rs 1,858 crore as against Rs 2,409 crore for Q1FY26. Excluding the provision for SEBI settlement fees, the net profit on a standalone basis for Q2FY26 would have been Rs 3,155 crore, up 31 per cent QoQ with net profit margin of 63 per cent.

For the H1FY26 period, standalone total income was Rs 7,909 crore, of which operating revenue was Rs 6,874 crore. On a standalone basis, operating EBITDA stood at Rs 3,804 crore and net profit for H1FY26 was Rs 4,266 crore. Excluding the provision for SEBI settlement fees, the operating EBITDA on a standalone basis for H1FY26 would have been Rs 5,101 crore, up 2 per cent YoY and net profit for H1FY26 would have been Rs 5,564 crore, up 13 per cent YoY.

During H1FY26, NSE's contribution to the exchequer was Rs 28,308 crore which comprised STT/CTT of Rs 23,451 crore, stamp duty of Rs 1,651 crore, SEBI fees of Rs 496 crore, income tax of Rs 1,809 crore and GST of Rs 901 crore. Out of STT/CTT of Rs 23,451 crore, 49 per cent is from the cash market (delivery based) segment, 7 per cent is from the cash market (intraday) segment, and 44 per cent is from the equity derivatives segment.

Published by HT Digital Content Services with permission from Millennium Post.