15 Days Price Change
Harsh Rajuka
A CFA level 2 aspirant with over 3 years of equity investment experience, coupled with a p... A CFA level 2 aspirant with over 3 years of equity investment experience, coupled with a practical knowledge of business handling and marketing. Read more
Summary
NSE’s unlisted share price surged 18% in just three days, driven by strong Q4FY25 financials, rising retail investor interest, IPO buzz after SEBI chief’s support, attractive valuations vs. peers, and its dominant market position. With over 1 lakh retail shareholders and robust margins, NSE is emerging as a cash-rich, high-growth bet ahead of its much-anticipated IPO.
The National Stock Exchange (NSE) of India has recently captured the attention of investors, thanks to a sharp rally in its unlisted share price. The stock surged nearly 60% in just 15 days, jumping from ₹1,500 to ₹2,400 as of June 2025. With a market capitalization of nearly ₹5.88 lakh crore, NSE is positioning itself as a key force ahead of what could become India's largest IPO. But what's fueling this momentum? Here are the top five reasons behind this bullish trend.
NSE has posted stellar financial results in FY25, reflecting a robust business model and operational efficiency.
|
Particulars |
FY24 |
FY25 |
Growth (%) |
|
Total Revenue |
₹14,780 Cr |
₹17,141 Cr |
+16% |
|
EBITDA |
₹11,623 Cr |
₹14,811 Cr |
+27% |
|
EBITDA Margin |
79% |
86% |
↑ Improved |
|
Net Profit (PAT) |
₹8,306 Cr |
₹12,188 Cr |
+45% |
|
PAT Margin |
56% |
71% |
↑ Improved |
|
ROE |
37% |
40% |
↑ +300 bps |
|
ROCE |
45% |
50% |
↑ +500 bps |
These numbers showcase a high-margin, capital-efficient business that's growing rapidly.
SEBI Chairman Tuhin Kanta Pandey’s supportive statements have reignited anticipation around NSE's IPO. The exchange is seeking a "no objection" certificate from SEBI to proceed. At a projected 10% equity dilution, NSE could raise ₹55,000–60,000 crore, surpassing the record IPOs of LIC and Hyundai Motor India.
NSE now boasts over 1 lakh retail shareholders, the highest for any unlisted company in India. This spike in interest is attributed to FOMO (Fear of Missing Out), increased financial awareness, and a 4:1 bonus issue, which has enhanced liquidity and affordability.
Despite its strong fundamentals, NSE appears undervalued when compared to its primary rival, BSE.
|
Metric |
NSE |
BSE |
|
PE Ratio (TTM) |
48x |
85x |
|
Forward PE Ratio |
35x |
48x |
|
ROE |
40% |
34% |
|
PAT Margin |
70% |
~30% |
NSE offers better margins, higher returns, and trades at a relatively lower valuation.
NSE is not just another stock exchange; it's a market behemoth:
Handles 94% of equity trades in India.
Ranked #1 globally in derivatives volume.
Ranked #2 globally by number of equity trades.
Among top 5 exchanges globally by market cap.
As India’s capital markets expand, NSE is poised to benefit disproportionately from increased listings, retail participation, and institutional activity. India's low capital market penetration provides NSE a massive growing opportunity where every transaction, every listing, every issue which goes through NSE, adds on to NSE's revenue.
The NSE's recent share price rally is grounded in fundamentals: high margins, massive cash generation, strong retail interest, IPO buzz, and global leadership. With India’s capital markets on a growth trajectory and NSE at the center of this expansion, the company presents a compelling case for long-term investors in the unlisted space.
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