Archive · 24 Sep 2026
NSE Debuts Strongly as Brokerages Set Higher Price Targets
NSE, India’s stock exchange, began trading its shares after its IPO.
The shares started at Rs 1,800 and soon climbed to Rs 1,878.
This was higher than the IPO price of Rs 1,785.
The company became one of India’s 10 most valuable companies by market value.
PL Capital believes NSE’s business will continue growing, but more slowly than before.
It expects some newer services to grow faster than trading income.
PL Capital also expects profits and profit margins to improve as special legal costs decrease.
Several brokerages gave NSE price targets between Rs 1,950 and Rs 2,170.
NSE shares listed at Rs 1,800 and rose to Rs 1,878, about 5% above the Rs 1,785 IPO price.
The exchange’s market capitalization reached Rs 4.65 lakh crore, making it India’s 10th most valuable company.
PL Capital expects NSE’s operating revenue to grow at an 11% CAGR during FY26-29E, below the 25% CAGR recorded during FY21-26.
PL Capital projects NSE’s EBITDA margin to recover from 71.3% in FY26 to 76% by FY29E as one-off legal costs fade.
Macquarie, Emkay Global Financial Services and Asian Markets Securities set targets of Rs 1,965, Rs 2,050 and Rs 2,170, respectively, while PL Capital set Rs 1,950.
- Who
- The National Stock Exchange of India and brokerages including PL Capital, Macquarie, Emkay Global Financial Services and Asian Markets Securities.
- What
- NSE shares debuted above their IPO price, while brokerages issued coverage and price targets.
- When
- Shares listed on Thursday in September; the exact date is not specified in the article.
- Where
- India.
- Why
- Brokerages cited NSE’s expected revenue, earnings and margin growth, while also noting risks from a shrinking share in index options.
- Listing price
- Rs 1,800 per share
- Initial high
- Rs 1,878 per share
- IPO price
- Rs 1,785 per share
- Market capitalization
- Rs 4.65 lakh crore
- PL Capital target
- Rs 1,950
- Macquarie target
- Rs 1,965
- Emkay Global Financial Services target
- Rs 2,050
- Asian Markets Securities target
- Rs 2,170