How IPO bound NSE's unlisted shares are faring post Q4 results, 3500% dividend

NSE Q4 results and IPO update: National Stock Exchange of India (NSE), the listing bound leading exchange of India, has seen a sudden demand and surge in the unlisted market following the announcement of earnings for the quarter and year ended on March 31, 2026.

Unlisted shares of NSE rose 10 per cent post its quarterly earnings to trade at Rs 2,000-2,050 levels in the pre-IPO markets, which were available at Rs 1,825-1,850 in March. At the current levels, the company is commanding a total market capitalization of Rs 4.95-5.05 lakh crore.

Sandip Ginodia, CEO at Altius Investech said that NSE reported an in-line performance for the quarter but the volumes have dropped on the back of regulatory scrutiny and muted market sentiments. However, he believes that it is a short-term jitter, and the NSE's sound growth story remains intact in the long-term.

NSE Q4 results

NSE reported a 19 per cent growth in the net profit on a quarter-on-quarter (QoQ) basis to Rs 2,871 crore, while total income grew 22 per cent QoQ to Rs 5,360 crore for the March 2026 quarter. At the operational level, Ebitda increased 30 per cent YoY to Rs 3,633 crore, with margins coming in at 73 per cent for the quarter.

For FY26, the consolidated total income came in at Rs 18,713 crore, down 2 per cent on a yearly basis, while its net profit declined 15 per cent YoY to Rs 10,302 crore with earnings per share at Rs 41.62. NSE also announced a final dividend of Rs 35 (or 3,500 per cent) for its shareholders for FY26. SE’s contribution to the exchequer was Rs 59,186 crore for the financial year 2025-26.

The strong financial performance indicates investors maintain trust in the market, with activity remaining stable during periods of worldwide economic uncertainty, said Piyush Jhunjhunwala, Founder & CEO, Stockify. The cash generation and financial discipline of NSE display its base financial strength, he said.

"The surge was largely supported by higher activity in derivatives trading, increased volumes in the cash segment, and a broader base of retail investors entering the market. The growing digital market, combined with simpler access to trading systems, has created additional momentum for this development," he added.

NSE's market share

The National Stock Exchange of India has reaffirmed its leadership in the equity derivatives segment. NSE’s leadership performance is evaluated on premium turnover, the industry-standard metric that reflects actual economic activity. NSE’s leadership stance stays clear and its market position remains robust, growth trajectory intact, and the volatility largely technical.

NSE's market share in the premium turnover remained healthy. Its index options premium market shares stood at 62.9 per cent and overall futures and options premium market share stood at 86.8 per cent for April 2026. It gained nearly 540 basis points from January to March but April saw a dip led by market holidays as two of April holidays fell on Tuesday, the expiry day for NSE.

NSE delivered a strong finish to FY26 and the numbers reflect healthy trading activity across markets and a steady improvement in business momentum through the year ,said Vijay Kuppa, CEO at InCred Money. "Trading volumes were the clear highlight of the quarter. Equity options saw a 43 per cent jump in average daily volumes, while the cash market grew 21 per cent over Q3."

NSE IPO: What is the latest buzz

NSE's long-awaited IPO is reported to enter into a decisive phase, with around 20 existing investors preparing to sell nearly 5 per cent stake through an offer for sale, according to sources. The proposed share sale could be valued at about $2.75 billion, or roughly Rs 22,000-23,000 crore, making it one of the biggest IPO events in India's capital markets.

Hitesh Dharawat, Founder of Dharawat Securities said that NSE's results and high dividend yield created some fresh interest in the stock. He believes that NSE's IPO is in the accelerated process and if the market sentiments support, one may see NSE getting listing by December 2026 or January 2027.

According to sources, a mix of domestic institutions and global investors are likely to pare their holdings in the IPO, including the likes of Singapore's Temasek Holdings, Canada Pension Plan Investment Board, Life Insurance Corporation of India and State Bank of India. Private equity firm ChrysCapital and several other institutional investors are also expected to be part of the offer.

Ginoda from Altius said that NSE's real game shall begin after its listing. "The company will be included in multiple indices and all the ETFs based on those indices will generate further demand post its listing, triggering another round of institutional interest. NSE remains a buy and forget story for us."

Under SEBI rules, large IPOs above Rs 10,000 crore require a minimum dilution of 2.5 per cent, though NSE is targeting around 4-5 per cent. The Rs 20,000 crore-plus offering will be open only to shareholders who have held fully paid-up shares since June 15, 2025 and meet other criteria. Eligible shareholders were asked to submit expressions of interest by April 27.

The IPO process has accelerated in recent months. Some media reports also suggest, NSE is likely to file its draft red herring prospectus (DRHP) by the end of June 2026 and is targeting a listing in the third quarter of the current financial year, before December.