The Short Version
NSE's consolidated profit for the quarter ended June 30, 2026 came in at Rs 3,120.08 crore, up 6.7% year on year and 8.7% over the March quarter, on audited numbers the board approved on July 30, 2026. At our Rs 2000 desk price, that print alone does not force a re-rate: the trailing multiple on FY26's actual profit sits near 48x, and even if Q1's pace holds for the full year, the forward multiple only tightens to around 40x. This is a clean quarter, not a re-rating event. We are holding Rs 2000.
The Numbers, Audited
Price Waterhouse & Co Chartered Accountants LLP signed off on NSE's consolidated and standalone results for the quarter ended June 30, 2026 on July 30, 2026, the same day the board cleared them. Two auditors' reports, both unqualified. Here is what they show.
Consolidated revenue from operations : Rs 4,560.41 crore, up 13.1% year on year from Rs 4,032.24 crore. Total income, which folds in other income of Rs 691.76 crore, came to Rs 5,252.17 crore. Total expenses fell to Rs 1,172.03 crore from Rs 1,486.26 crore in the March quarter, a real cost pullback rather than a one-off.
Consolidated profit after tax : Rs 3,120.08 crore, against Rs 2,923.85 crore a year earlier and Rs 2,870.99 crore in Q4 FY26. That is 6.7% YoY and 8.7% QoQ. Worth flagging plainly: revenue from operations actually dipped 8.2% quarter on quarter, from Rs 4,967.59 crore to Rs 4,560.41 crore. The profit growth this quarter came from expense discipline and a jump in other income, not from a bigger topline. Both things are true at once, and a desk that only prints the flattering number is not doing its job.
On a standalone basis, the parent alone posted profit of Rs 2,634.79 crore, up 9.4% YoY from Rs 2,408.61 crore, on revenue from operations of Rs 4,066.47 crore, up 12.7% YoY. Consolidated EPS for the quarter was Rs 12.61 (not annualised), against Rs 11.81 a year ago.
Metric (consolidated) | Q1 FY27 (Jun '26) | Q1 FY26 (Jun '25) | Q4 FY26 (Mar '26) | YoY | QoQ |
|---|---|---|---|---|---|
Revenue from operations | Rs 4,560.41 cr | Rs 4,032.24 cr | Rs 4,967.59 cr | +13.1% | -8.2% |
Total expenses | Rs 1,172.03 cr | Rs 1,052.64 cr | Rs 1,486.26 cr | +11.3% | -21.1% |
Profit after tax | Rs 3,120.08 cr | Rs 2,923.85 cr | Rs 2,870.99 cr | +6.7% | +8.7% |
EPS, basic and diluted (Rs, not annualised) | 12.61 | 11.81 | 11.60 | +6.8% | +8.7% |
Source: NSE Audited Consolidated Statement of Financial Results for the quarter ended June 30, 2026, reviewed by Price Waterhouse & Co Chartered Accountants LLP, board-approved July 30, 2026.
Where the Growth Actually Came From
NSE reports three segments: Trading, Clearing, and Others (data feed, data terminal, strategic investments, and index licensing). Trading remains the engine, with segment revenue of Rs 4,103.33 crore, up 12.8% YoY, and segment result of Rs 2,959.71 crore, up 13.9% YoY. Clearing grew a steadier 9.0% YoY to Rs 493.75 crore.
The line worth watching is Others. Segment revenue there rose 32.5% YoY, from Rs 149.24 crore to Rs 197.78 crore, and segment result rose 49.0% YoY, from Rs 71.11 crore to Rs 105.98 crore. It is still the smallest of the three segments in absolute terms, but it is growing roughly two and a half times faster than Trading. For a desk view, that matters because it is the one part of NSE's business that is not a direct toll on market volumes, and it is the part scaling fastest right now. One caveat: NSE's own disclosure gives us only Q1 FY27, Q4 FY26 and Q1 FY26 for this comparison, not the full four-quarter FY26 sequence, so we cannot say yet whether this is a steady trend or a single strong quarter.
The Two Line Items Worth Knowing About
Two items sit inside "Exceptional Items" this quarter, both disclosed with enough detail to state plainly rather than estimate.
First, NSE Investments Limited, a subsidiary, sold a further 0.25% stake in Indian Gas Exchange (187,500 shares) to Prabhudas Lilladher Wealth Managers Limited on June 30, 2026 for Rs 6.38 crore, adding to an earlier 0.61% stake sale in April 2026 for Rs 15.56 crore. Combined, these two IGX stake sales produced a pre-tax gain of Rs 20.27 crore this year, with NSE Investments now holding 24.75% of IGX, still enough to keep it classified as an associate rather than a full exit.
Second, a reversal of Rs 48.32 crore in excess gratuity provision, consolidated, after NSE revised staff emoluments during the quarter to align with the government's New Labour Codes (notified November 21, 2025, consolidating 29 existing labour laws). NSE had already booked an incremental Rs 126.44 crore provision for this in FY26; the Rs 48.32 crore this quarter is a partial reversal of that, not a new gain from nowhere.
Neither line is large enough to move the headline profit number on its own, but both are the kind of detail that separates a lazily reported quarter from one that has actually been read.
One item that landed the same day as these results, and is directly relevant to reading them, but is not itself part of this quarter's profit and loss: the board also approved a payment of Rs 714.74 crore to SEBI on July 30, 2026, completing NSE's settlement of the long-running Colocation and Dark Fibre matters at a cumulative Rs 1,491.21 crore. NSE had already provided for this in FY26, so it does not hit Q1 FY27 earnings, but it does remove a multi-year regulatory overhang on the same day the market got a clean quarter. We treat this as context for the desk view below, not as a second finding in this piece.
The Desk View
Our live desk price for NSE is Rs 2000, as of today, August 11, 2026.
Paid-up equity capital has held steady at Rs 247.50 crore, face value Re 1 per share, across all three periods in this result, so we can hold share count constant for this math: roughly 247.50 crore shares outstanding. At Rs 2000, that implies a market capitalisation near Rs 4,95,000 crore. This is a derived figure, not a disclosed one: it assumes the paid-up share count equals total shares outstanding, with no adjustment for any employee stock options or similar instruments we have not been able to verify from this filing.
Against FY26's actual, audited full-year consolidated profit of Rs 10,302.06 crore, Rs 2000 implies a trailing P/E of roughly 48x. If Q1 FY27's pace, Rs 3,120.08 crore, were to hold flat for all four quarters, that is a derived, non-seasonally-adjusted annualised profit of about Rs 12,480 crore, which would tighten the multiple to roughly 40x. We are flagging this second number clearly as an estimate built on a flat-run-rate assumption, not a guidance figure NSE has given. If anything it is a cautious estimate: Q1 FY27's profit already exceeds every individual FY26 quarter we have visibility into, so a flat extrapolation is more likely to understate the run rate than overstate it.
Desk math at Rs 2000 | Value | Basis |
|---|---|---|
Shares outstanding | ~247.50 crore | Disclosed paid-up equity capital (Re 1 FV); derived share count |
Implied market capitalisation | ~Rs 4,95,000 cr | Derived: shares outstanding x Rs 2000 desk price |
Trailing P/E (FY26 actual) | ~48.1x | Derived: market cap / audited FY26 consolidated PAT of Rs 10,302.06 cr |
Forward run-rate P/E (Q1 FY27 annualised) | ~39.7x | Estimated: market cap / (Q1 FY27 PAT x 4), flat run-rate, non-seasonally-adjusted |
Desk price : Rs 2000 as of August 11, 2026. Market cap and P/E figures are Priveq desk calculations, not figures disclosed by NSE. See "Derived, not disclosed" section of the note for assumptions.
Does this quarter move Rs 2000? Not on its own. A 48x trailing multiple compressing toward 40x on a strong quarter is a story about growth catching up to price, not about price being wrong. The one variable that would change our view is sustained margin expansion in the Others segment carrying through Q2 and Q3, since that is the part of the business trading at the fastest growth rate and the one least tied to trading-volume cyclicality. Until we see that repeat for at least one more quarter, Rs 2000 holds.
FAQs
What is the NSE unlisted share price today?
Our live desk price is Rs 2000 as of August 11, 2026. This price moves with company performance, demand and supply on the unlisted market, and broader IPO-related developments, so treat any number quoted elsewhere as unconfirmed until you check with the desk directly.
What was NSE's profit in Q1 FY27?
Consolidated profit after tax was Rs 3,120.08 crore for the quarter ended June 30, 2026, up 6.7% year on year. Standalone profit was Rs 2,634.79 crore, up 9.4% year on year.
Did NSE's revenue grow in Q1 FY27?
Yes on a year-on-year basis, up 13.1% to Rs 4,560.41 crore. On a quarter-on-quarter basis, revenue from operations actually fell 8.2% from the March quarter; profit growth this quarter came from lower expenses and higher other income, not a bigger topline.
Does the Q1 FY27 result change NSE's IPO valuation?
Not directly. The DRHP and IPO pricing process are separate from a single quarter's results. What this quarter does is give the desk a fresher, audited data point to check any implied valuation against, which is what the P/E math above does.
Is the SEBI settlement related to this quarter's profit?
No. The Rs 714.74 crore payment the board approved on July 30, 2026 settles a provision NSE had already booked in FY26. It does not appear as a hit to Q1 FY27 profit, but it does close out a long-running regulatory matter on the same day these results were approved.
What We Can And Cannot Stand Behind
Primary-sourced and confirmed: All financial figures in this note, revenue, expenses, profit, EPS, segment results, the IGX stake sale detail, the New Labour Code provision reversal, and the SEBI settlement figures, are drawn directly from NSE's audited consolidated and standalone financial results for the quarter ended June 30, 2026, as reviewed and reported by Price Waterhouse & Co Chartered Accountants LLP, approved by the NSE board on July 30, 2026.
Derived, not disclosed: The implied market capitalisation (~Rs 4,95,000 crore), the trailing P/E (~48x) and the forward run-rate P/E (~40x) are our calculations built on the disclosed paid-up share count and our own desk price. NSE has not disclosed a valuation, and these multiples depend on the constant-share-count assumption stated above.
Unconfirmed and flagged: We have not independently verified whether any employee stock options, warrants or similar instruments exist outside the paid-up equity capital figure, which would affect the share count used in the valuation math above. We also do not have NSE's full FY26 quarterly sequence (only Q1 and Q4 FY26 are shown in this filing), so any comment on segment or margin seasonality should be read as directional, not conclusive.
Talk to the desk : WhatsApp us at +91 82874 66698, write to us, or check live pricing on the Priveq marketplace.
Disclaimer
This note is published for informational purposes only and does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any security. Unlisted and pre-IPO shares carry risks that differ materially from listed securities, including limited liquidity, wide bid-ask spreads, valuation uncertainty, and regulatory and lock-in constraints that may change without notice. Figures cited as "desk price" reflect Priveq Investech Private Limited's own live quote at the time of publication and are subject to change; they should not be treated as an official or exchange-quoted price. Derived figures such as implied market capitalisation and P/E multiples in this note are calculations based on stated assumptions and Priveq's own desk price, not figures disclosed by NSE, and may differ from other market participants' calculations. Priveq Investech Private Limited is a named counterparty on transactions in NSE's unlisted shares and may hold, buy, or sell positions in the security discussed. Readers should independently verify all figures against primary sources and consult a qualified financial and legal advisor before making any investment decision. Past performance and past growth rates are not indicative of future results.