# National Stock Exchange of India Limited: IPO analysis

> National Stock Exchange of India Limited (CIN U67120MH1992PLC069769) has filed a Prospectus with SEBI for an IPO comprising an offer for sale of ₹22,562 Cr, priced at ₹1,700.00 to ₹1,785.00 per share. In FY26 it reported revenue of ₹16,601 Cr (-3.2% on FY25) and a net profit of ₹10,180 Cr. Our fact-check of its claims found 7 medium or high concerns across 61 claims checked.

- Page: https://ipo.innerkore.com/company/U67120MH1992PLC069769/national-stock-exchange-of-india-limited/
- CIN: U67120MH1992PLC069769
- Last updated: 22 Sep 2026

## Key facts

- **Company:** National Stock Exchange of India Limited
- **CIN:** U67120MH1992PLC069769
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 22 Sep 2026
- **Offer for sale:** ₹22,562 Cr
- **Price band:** ₹1,700.00 to ₹1,785.00 per share
- **Lot size:** 8 shares
- **Bidding opens:** 17 Sep 2026
- **Bidding closes:** 21 Sep 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹16,601 Cr
- **Revenue growth:** -3.2%
- **Net profit FY26:** ₹10,180 Cr
- **Revenue CAGR FY24 to FY26:** 6.0%
- **Lead managers:** Kotak Mahindra Capital Company Limited, JM Financial Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Anand Rathi Advisors Limited, Avendus Capital Private Limited, Axis Capital Limited, DAM Capital Advisors Limited, Equirus Capital Limited, Equirus Capital Private Limited, HDFC Bank Limited, ICICI Securities Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Services Limited, IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Pantomath Capital Advisors Private Limited
- **Registrar:** MUFG Intime India Private Limited
- **Fact-check flags:** 0 high, 7 medium, 2 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (concern): 43.4x P/E. At the top of the band, on FY26 profit; 13.8x book value.
- **Growth** (concern): 6% a year. Sales FY24 to FY26; latest year -3.2%.
- **Profitability** (looks fine): 61.3% net margin. FY26.
- **Debt** (looks fine): No borrowings. Nothing borrowed at the end of FY26.
- **One-off income** (look closer): 24% of profit. Other and one-off income is 24% of pre-tax profit.
- **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing.
- **Red flags** (look closer): 7 to review. 61 claims checked: 0 high, 7 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | 3M Jun-25 | FY26 | 3M Jun-26 |
|---|---:|---:|---:|---:|---:|
| Sales | 14,780 | 17,141 | 4,032 | 16,601 | 4,560 |
| Sales growth | – | 16.0% | – | -3.2% | – |
| Net profit | 8,406 | 11,606 | 2,812 | 10,180 | 3,122 |
| Net margin | 56.9% | 67.7% | 69.7% | 61.3% | 68.5% |
| Net worth | 23,974 | 30,353 | 33,331 | 32,114 | 35,244 |
| Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Return on equity | 35.1% | 38.2% | – | 31.7% | – |

## Fact-checked claims

- **MEDIUM** (PromoterBackground): The aggregate amount involved in civil litigation against the company is ₹2,584.28 Crore.. Search results indicate a settlement between NSE and SEBI, involving a figure related to ₹1,491 Crore, which is mentioned in the context of a DRHP. This contrasts with the claim of ₹2,584.28 Crore in civil litigation, suggesting the claim might be inaccurate or referring to a different legal amount.
- **MEDIUM** (LitigationStatus): There is no outstanding litigation involving the Group Companies, except as disclosed regarding National Securities Depositories Limited (NSDL).. The search results show various legal proceedings and orders related to National Securities Depositories Limited (NSDL), including a case involving a writ petition and a settlement with SEBI. This suggests that litigation involving NSDL exists, which is relevant to the claim about outstanding litigation.
- **MEDIUM** (LitigationStatus): SEBI held that there was a lack of sufficient evidence of connivance or collusion between OPG Securities Private Limited or its directors and the Company in relation to a show cause notice.. One search result references a case involving OPG Securities in conspiracy with another entity in relation to the National Stock Exchange of India Limited., which is related to the claim. Another result mentions a judgment where the test of 'preponderance of probability' failed due to a lack of material evidence, which is contextually relevant to the claim.
- **MEDIUM** (LitigationStatus): The Company filed a criminal complaint alleging contravention of SEBI Listing Regulations regarding the failure to submit quarterly compliance reports on corporate governance, shareholding pattern, and financial results against Gitanjali Gems Limited and others, seeking charges and imprisonment for directors.. The search results indicate that there are various legal proceedings and actions related to Gitanjali Gems Limited and its executives, including a case involving Mehul Choksi and the liquidation of the company by the NCLT. This context is related to the entities mentioned in the claim but does not directly confirm the specific allegation regarding the failure to submit quarterly compliance reports by National Stock Exchange of India Limited.
- **MEDIUM** (LitigationStatus): A writ petition was filed by Stewart and Mackertich Wealth Management Limited and Sandipan Chatterjee against the Union of India, the Company, and others, challenging a circular imposing an additional surveillance margin penalty.. Search results indicate that a case involving Stewart & Mackertich Wealth Management Ltd. and others is related to legal proceedings, including a case from the Calcutta High Court (Result [2]) and a pending petition concerning a settlement bid (Result [5]). This suggests the claim regarding a writ petition challenging a circular imposing a penalty might be related to these existing legal matters.
- **MEDIUM** (PromoterBackground): SEBI levied a penalty of ₹2.00 Crore on NSE for the default of Karvy Stock Broking Limited, which was later stayed by the SAT.. The search results confirm that SEBI took action against Karvy Stock Broking Limited (KSBL), including issuing final orders and notices, but they do not explicitly mention a penalty of ₹2.00 Crore levied on NSE or the subsequent stay by the SAT as stated in the claim.
- **MEDIUM** (LitigationStatus): Morgan Stanley India Company Private Limited is an associate of MS Strategic (Mauritius) Limited and is involved only in the marketing of the Offer in terms of SEBI Merchant Bankers Regulations.. The search results provide various documents and case references related to Morgan Stanley India Company Private Limited and related entities, but they do not directly confirm or deny the claim that the company is solely involved in the marketing of the offer under SEBI Merchant Bankers Regulations. Some results point to legal proceedings or general investor information.
- **LOW** (LitigationStatus): A writ petition was filed by Millitoons Entertainment Limited against SEBI, the Company, and others, challenging digital notifications related to securities categorization.. The search results indicate that there is a connection between 'Millitoons Entertainment Limited' and 'Colorchips New Media Limited', suggesting a name change. One result explicitly mentions the name change, which is relevant to the claim regarding a writ petition against SEBI. However, the results do not confirm the specific writ petition mentioned in the claim.
- **LOW** (LitigationStatus): Advent Stock Broking Private Limited filed a writ petition alleging cyber fraud using SEBI registration numbers.. Search result [1] indicates that there are complaints filed against Advent Stock Broking Pvt Ltd, which suggests a history of issues. However, the results do not explicitly confirm the specific allegation mentioned in the DRHP regarding a writ petition for cyber fraud using SEBI registration numbers.
- **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on November 10, 2016 to reflect the sub-division of equity shares.. The provided search results are general links to live share/stock market updates and quotes for the National Stock Exchange of India Limited (NSE). They do not contain specific information regarding any amendment to Clause V of the Memorandum of Association on November 10, 2016, or any sub-division of equity shares.
- **NONE** (SubsidiaryPerformance): The registered office of the Company was changed from Mahindra Tower to Exchange Plaza on July 1, 2001.. The provided search results are general market updates and links related to the National Stock Exchange of India Limited (NSE), but they do not contain specific information regarding a change in the registered office from Mahindra Tower to Exchange Plaza on July 1, 2001.
- **NONE** (SubsidiaryPerformance): The Company divested a stake in Protean eGov Technologies Limited (“Protean”) on November 25, 2024.. The provided search results do not contain any information regarding the divestment of a stake in Protean eGov Technologies Limited by the company on November 25, 2024. Therefore, the search results do not corroborate, contradict, or update the claim.

## Common questions

### How big is the National Stock Exchange of India Limited IPO?

National Stock Exchange of India Limited's IPO comprises an offer for sale of ₹22,562 Cr, according to its Prospectus. The price band is ₹1,700.00 to ₹1,785.00 per share.

### What are National Stock Exchange of India Limited's revenue and profit?

National Stock Exchange of India Limited reported revenue from operations of ₹16,601 Cr in FY26, -3.2% versus FY25. Net profit was ₹10,180 Cr (FY25: ₹11,606 Cr). Revenue grew at a compound rate of 6.0% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.

### What are the red flags in National Stock Exchange of India Limited's Prospectus?

We fact-checked 61 claims from the filing against the open web: 0 raised a high concern, 7 medium and 2 low. The most notable: Search results indicate a settlement between NSE and SEBI, involving a figure related to ₹1,491 Crore, which is mentioned in the context of a DRHP. This… The search results show various legal proceedings and orders related to National Securities Depositories Limited (NSDL), including a case involving a writ… One search result references a case involving OPG Securities in conspiracy with another entity in relation to the National Stock Exchange of India Limited.,… This is an automated screen, not a verdict; each finding links to its sources.

### What does National Stock Exchange of India Limited do?

National Stock Exchange of India Limited के IPO की DRHP में एक detail है जो अक्सर नज़रअंदाज़ कर दिया जाता है: यह कंपनी 2008 में currency futures में trading शुरू करने का कोई रिकॉर्ड नहीं रखती है। यह fact बताता है कि इस IPO के पीछे की history और regulatory context कितनी अलग है।

### Who manages the National Stock Exchange of India Limited IPO?

Book running lead managers: Kotak Mahindra Capital Company Limited, JM Financial Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Anand Rathi Advisors Limited, Avendus Capital Private Limited, Axis Capital Limited, DAM Capital Advisors Limited, Equirus Capital Limited, Equirus Capital Private Limited, HDFC Bank Limited, ICICI Securities Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Services Limited, IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Pantomath Capital Advisors Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original National Stock Exchange of India Limited IPO documents?

All 3 filings for National Stock Exchange of India Limited (RHP, DAP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [National Stock Exchange of India Ltd - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790059120635.pdf) (Prospectus, filed 22 Sep 2026)
- [NATIONAL STOCK EXCHANGE OF INDIA LIMITED - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789108351258.pdf) (Red Herring Prospectus, filed 11 Sep 2026)
- [NATIONAL STOCK EXCHANGE OF INDIA LIMITED - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/NATIONAL%20STOCK%20EXCHANGE%20OF%20INDIA%20LIMITED%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 11 Sep 2026)

---
Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.