This opportunity provides pre-IPO access at institutional valuations. In addition, you are diversifying into
India’s financial backbone via a tax-efficient USD structure (Delaware LP). Despite regulatory headwinds,
NSE continues to demonstrate transparency and compliance. It has cleaned up governance in the last few years
and has retained trust from Temasek, Tiger Global, CPP, Morgan Stanley & others.
Unlisted Equity
Institutional Grade
Product Overview
The National Stock Exchange of India (NSE) stands as the undisputed leader in India’s financial landscape
and a formidable global exchange. With a robust, integrated model spanning trading, clearing, settlement,
index creation, and market data distribution, NSE offers a compelling investment proposition, especially for
US Non-Resident Indians (NRIs) looking to participate in India’s growth story.
Key Highlights
#1 globally in derivatives volume and #2 in equity trades worldwide
Across 99.9% of Indian PIN codes and 2,000+ cities
Over 210 million accounts registered with 110 million unique investors
Market Position
Cash Equity94%
Equity Futures100%
Equity Options88%
Currency Derivatives95%
Interest Rate Futures93%
The company maintains exceptional operating margins above 60%
and carries virtually no debt. The company has been reporting stellar numbers throughout the years and some
of them are captured below.
India's Largest Real-Time Financial Ecosystem
Trading Services
1st
Largest Derivatives exchange globally (by # of contracts)
2nd
Largest equity exchange globally (by # of trades)
Listing Services
1st
Highest equity capital raised in primary markets globally in CY24
242
Cumulative number of IPO listings (on Mainboard & SME) in FY25
Clearing & Settlement
1st
NSE Clearing was the first clearing corporation to be established in
India
AAA
Credit rating of NSE Clearing as per CRISIL ratings (since 2008)
Others
1,792
Credit rating of NSE Clearing as per CRISIL ratings (since 2008)
73%
Proportion of total Industry AUM of the equity and debt passive funds
linked to Nifty indices
Key Subsidiaries & Strategic Investments
Financial Performance
5-year track record of consistent growth (FY21-FY25)
₹19,177 Cr
Revenue (FY25)
+241% from FY21
₹12,188 Cr
Profit (FY25)
+241% from FY21
64%
Net Margin (FY25)
Consistent 60%+
₹49.24
EPS (FY25)
+250% from FY21
Metric
FY21
FY22
FY23
FY24
FY25
Revenue (₹ Cr)
5,624
8,929
11,856
14,780
19,177
Profit (₹ Cr)
3,573
5,198
7,501
8,406
12,188
Net Margin (%)
63%
58%
63%
56%
64%
EPS (₹)
14
21
30
34
49
₹35
Dividend per Share
₹11.46
Special Dividend
Minimal
Debt Level
60%+
Operating Margin
Growth Metrics
Strong growth driven by increasing retail participation
39%
Demat Accounts CAGR
(3-YearGrowth)
21%
Active Clients CAGR
(3-Year Growth)
₹414 Tn
India's Equity Market Cap
4th Largest Globally
Competitive Position
NSE vs BSE comparison (FY25)
Metric
NSE
BSE
Advantage
Revenue (₹ Cr)
19,177
3,212
6x Higher
Net Profit (₹ Cr)
12,188
1,322
9x Higher
EPS (₹ Cr)
49.24
32.65
9x Higher
Share price
2,400
2,497
9x Higher
Market Cap (USD Bn)
69.89
12.0
6x Larger
P/E Ratio
49
76
Better Valuation
This is based on the current indicative price in the unlisted market and is subject to change.
Institutional Backing
World-class investors demonstrating confidence in NSE’s vision
Skip to content 
US Investing
Global Mutual Funds
Edge
Vested Community
Vested Academy
Blogs
Calculators
Our Story
