NSE IPO: Is India's top exchange a must have in portfolio? Analysts answer

NSE IPO will open for bidding on September 17 and close on September 21, looking to raise ₹22,562 crore.

NSE IPO review: At over 40x P/E, the NSE IPO is anything but cheap. Yet brokerages are not walking away from it. Their argument is simple: Investors are paying a full price to get their hands on a market infrastructure with no real substitute.

Its leadership position, strong brand positioning, and growing capital market ecosystem make analysts bullish on NSE for both long-term and likely listing gains. Furthermore, its peer BSE commands a steeper valuation of over 50x, on a business less than a third of NSE’s size, strengthening the investment case for the IPO.

NSE reported revenue of ₹16,601 crore in FY26 compared to ₹17,141 crore in FY25, reflecting a decline of 3.1 per cent. Ebitda declined 11.1 per cent on a yearly basis to ₹11,265 crore, with Ebitda margin moderating to 67.9% from 73.9% in FY25. Net profit declined 12.2% year-on-year to ₹10,071 crore. Choice Broking said FY26 profit also looks worse than it really is, held

down by a settlement charge the company has now paid.