NSE IPO countdown: Exchange tight-lipped on timeline; Q4 profit jumps 19% amid trading surge

The country’s largest stock exchange announced its Q4 results on May 5. The Q4 revenue and profit performance reflected steady growth driven by higher transaction volumes across segments. Alongside the financial numbers, market chatter around its public listing has also picked up pace.

NSE IPO timeline: No update yet

Some reports suggest that the exchange could be potentially filing its Draft Red Herring Prospectus (DRHP) over the next few months, but the exchange is tight lipped about it.

When Financialexpress.com reached out on the potential timelines, NSE responded, stating, “Pursuant to the NOC issued by SEBI, the board approved an initial public offering of the Company through an offer for sale on 6 February 2026. No further comments at this stage”

Let’s take a look at the key details every investor need to watch out for –

NSE Q4FY26 performance recap: Profit grows, costs rise

Looking at the financial performance of Q4FY26, the exchange posted an improvement in quarterly profit.

The profit after tax (PAT) of the exchange surged to around Rs 2,871 crore in Q4. When compared to Rs 2,409 crore in the previous quarter, this translates to a 19% sequential growth.

The exchange had posted a PAT of Rs 2,650 crore in the corresponding quarter of the previous fiscal (Q4 FY25).

The sequential improvement in net profit reflected strong growth in trading activity, particularly in the equity derivatives segment.

Revenue also moved higher during the quarter. The Total income came in at Rs 5,360 crore, compared to Rs 4,395 crore in the December quarter. The exchange said revenue from transaction charges surged 39 per cent year-on-year in the March quarter, supported by a sharp increase in volumes across equity cash and derivatives segments.

However, the rise in income was accompanied by higher expenses. Total expenditure increased by about 20% sequentially to Rs 1,486 crore.

A significant part of this jump came from year-end provisions. This included corporate social responsibility (CSR) expenses of Rs 223 crore in Q4, sharply higher than Rs 5 crore in the previous quarter.

In addition to this, the exchange has also made provisions of around Rs 84 crore related to ongoing regulatory settlement matters, including cases linked to co-location and dark fibre issues.

NSE Q4FY26 Performance chart

NSE FY26 snapshot: Stable earnings and steady payout

Now, looking at the full financial year performance of the exchange, the total income for FY26 stood at Rs 18,713 crore. This is slightly lower compared to Rs 19,177 crore in FY25.

In addition, the profit after tax for the year came in at Rs 10,302 crore, with earnings per share at Rs 41.62.

The company has also announced a final dividend of Rs 35 per share, which includes a one-time special dividend component.

Upcoming NSE IPO timeline: Why the delay

NSE’s first attempt to go public dates back to 2016, but the process was stalled due to regulatory scrutiny and legal issues, particularly around co-location and related matters.

Since then, the listing has remained in a “wait-and-watch” phase. While there have been periodic updates and expectations, no concrete timeline has materialised until now.

Upcoming NSE IPO: Unlisted market activity

Even before any official listing, NSE shares have been actively traded in the unlisted market.

The current price is hovering around Rs 2,045 per share, with a 52-week range between Rs 1,650 -2,400.

However,the final IPO pricing can differ significantly from these rates.

Upcoming NSE IPO: A different kind of IPO structure

One key aspect that sets this IPO apart is its expected structure. Unlike many public issues where companies raise fresh capital, this offering is likely to be entirely an Offer for Sale (OFS).

In simple terms, this means the company itself will not receive new funds.

What this means is that the existing shareholders will sell a part of their stake. This structure focuses more on ownership transfer rather than fundraising.

Upcoming NSE IPO: Who can actually participate?

Another important factor to watch out for this upcoming IPO is the eligibility criteria. Participation in this offering is expected to be restricted. Only those shareholders who have held fully paid-up shares of the exchange continuously since June 15, 2025, may be eligible.

In addition to this, the shares with any legal or financial restrictions, such as pledging, may not be eligible.

What should investors watch next?

The listing of one of India’s largest market infrastructure institutions has been anticipated for nearly a decade.

However, the final outcome will depend on regulatory clarity and execution timelines.

Disclaimer: Investment in an IPO involves significant risks, including market volatility and the potential loss of principal. The information regarding the potential NSE listing and unlisted market pricing is based on unconfirmed reports and market sentiment, which have not been independently verified. Readers should consult a SEBI-registered investment advisor before making any financial decisions, as this report does not constitute an offer or solicitation for investment.