Archive · 16 Sep 2026
NSE IPO Opens Tomorrow as Analysts Weigh Growth, Valuation Risks
The National Stock Exchange of India is offering shares to the public in an IPO opening tomorrow.
Religare Broking gave the IPO a Neutral rating.
It believes India’s growing investor participation could help NSE over time.
However, NSE’s revenue and profit fell in FY26 compared with FY25.
Its operating profit margin also became smaller.
The IPO is an offer for sale, so NSE itself will not receive new money from the issue.
The brokerage said the shares are expensive enough that disappointing earnings could hurt investors.
Another analyst noted that the grey market premium is around 9% and said the IPO may suit investors seeking listing gains.
Long-term investors may prefer to consider adding shares after any post-listing declines.
Religare Broking assigned the NSE IPO a Neutral rating.
The brokerage cited strong market positioning and long-term capital-market growth opportunities.
NSE revenue and profit declined in FY26, while its EBITDA margin also narrowed.
Religare said the IPO’s 42.9x P/E valuation leaves limited room for earnings disappointments.
Master Capital’s Ravi Singh said the 9% GMP may appeal to listing-gain seekers, while long-term investors could add after listing dips.
- Who
- The National Stock Exchange of India, Religare Broking, and Ravi Singh of Master Capital Services.
- What
- NSE’s IPO is opening, with analysts assessing its growth prospects, valuation, risks, and grey market premium.
- When
- The IPO opens tomorrow; the financial figures cited cover FY24 through FY26.
- Where
- India’s capital markets.
- Why
- Investors are evaluating NSE’s strong market position and growth opportunities against weaker FY26 performance, regulatory risks, and dependence on trading activity.
Cautious assessment
Positive assessment
IPO valuation
Cautious assessment
Religare Broking said the 42.9x P/E valuation leaves limited room for earnings disappointments.
Positive assessment
Ravi Singh said NSE trades at a lower P/E than BSE’s 53.3x while offering higher revenue and profit with similar EBITDA margins.
Long-term prospects
Cautious assessment
Regulatory measures affecting options trading and NSE’s dependence on transaction-based income could pressure volumes and earnings.
Positive assessment
Religare said rising investor participation, mutual fund assets, passive investing, and financial inclusion support NSE’s long-term growth.
Investment approach
Cautious assessment
Religare’s Neutral rating reflects the balance between growth opportunities, regulatory uncertainty, and valuation concerns.
Positive assessment
Master Capital Services said investors seeking listing gains may consider applying, while long-term investors may participate and add on post-listing dips.
- IPO structure
- The IPO is entirely an offer for sale, so NSE will not receive fresh capital.
- Religare rating
- Religare Broking assigned a Neutral rating.
- Valuation
- NSE is valued at approximately 42.9 times earnings, according to the article.
- Latest GMP
- Master Capital Services’ Ravi Singh said the latest grey market premium was around 9%.
- FY26 revenue
- Revenue from operations was Rs 16,601.31 crore, down from Rs 17,140.68 crore in FY25.
- FY26 profit
- Profit after tax was Rs 10,302.06 crore, compared with Rs 12,187.69 crore in FY25.
- Investor base
- NSE’s registered investor base rose from 30.87 million in March 2020 to 132.37 million by June 2026.