Archive · 7 Sep 2026
IPO Boom Offers NSE New Revenue Avenue Before Listing
The National Stock Exchange of India makes money when companies list their shares.
More companies are planning IPOs, which could give the exchange more listing fees.
Its listing-fee revenue increased from Rs 223 crore in FY24 to Rs 352 crore in FY26.
However, listing fees still made up only 2.1% of its revenue in FY26.
NSE currently earns most of its money from trading charges, especially from derivatives.
That part of the business has slowed because of new rules, higher taxes and fewer active individual traders.
Some experts think IPOs will help NSE build a more varied income stream.
Other experts warn that IPO activity can change quickly and that derivatives could become more important again later.
National Stock Exchange of India’s listing-fee revenue rose 58%, from Rs 223 crore in FY24 to Rs 352 crore in FY26.
Listing services contributed 2.1% of NSE’s FY26 revenue, but brokerages expect the share to increase with a strong IPO pipeline.
Potential large issuers, including Jio Platforms, could further lift NSE’s listing-related revenue in FY27.
Transaction charges fell to 78.7% of NSE’s revenue in FY26 from 82% in FY24 as derivatives activity weakened.
Analysts say IPO income can diversify NSE’s revenue, though both IPO activity and derivatives participation remain cyclical.
- Who
- The National Stock Exchange of India, brokerages and analysts including Angel One, Mirae Asset Sharekhan and Yes Securities.
- What
- NSE’s growing IPO-related listing revenue could diversify its business as derivatives activity and transaction-charge income moderate.
- When
- The revenue figures cover FY24 and FY26, while analysts discuss prospects for FY27 and FY28.
- Where
- At the National Stock Exchange of India in India.
- Why
- A strong IPO pipeline may increase listing fees while regulatory measures, higher securities transaction tax and weaker derivatives activity pressure NSE’s traditional revenue source.
IPO Diversification Opportunity
Cyclical and Limited Benefit
Near-term revenue growth
IPO Diversification Opportunity
Analysts say the strong IPO pipeline, domestic liquidity and investor risk appetite could meaningfully increase NSE’s listing-related revenue in FY27.
Cyclical and Limited Benefit
Listing fees currently represent only 2.1% of revenue, and one analyst said the increase is more a stable revenue stream than a major growth engine.
Future revenue mix
IPO Diversification Opportunity
A larger listing business could reduce NSE’s dependence on transaction charges as derivatives activity faces regulatory and tax pressures.
Cyclical and Limited Benefit
The change may not be permanent because IPO activity depends on liquidity, valuations and the wider economic environment.
Derivatives outlook
IPO Diversification Opportunity
Persistent retail losses and regulatory efforts to curb excessive derivatives activity could keep transaction revenue under pressure.
Cyclical and Limited Benefit
Yes Securities said derivatives activity may recover over a longer period, meaning its share of NSE’s revenue could rise again cyclically.
- Listing-fee revenue
- Rs 223 crore in FY24 and Rs 352 crore in FY26
- Two-year increase
- 58%
- Listing-services share
- 2.1% of NSE’s FY26 revenue
- Transaction-charge share
- 78.7% in FY26, down from 82% in FY24
- Expected transaction-charge share
- Angel One analyst Vaqarjaved Khan expects about 75-76% by FY28
- Potential IPO issuer
- Jio Platforms was cited as a possible large issue
- NSE listing status
- The exchange is preparing for its own listing