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CSK 188 (-0.5%)Bharat Bank 11300 (0%)Bira 325 (-3%)Capgemini Technology 12250 (-2%)Care Health Insurance 158 (-2.5%)Carrier Airconditioning 525 (-1.9%)CIAL 482 (-0.6%)Elcid Investments 350000 (0%)Fincare Small Finance Bank 260 (0%)Fino Paytech Limited 115 (0%)HDB Financial 740 (0%)HDFC Securities 10750 (0%)Hero Fincorp 1495 (0%)ICEX 4.75 (-4%)Lava 40 (0%)Martin and Harris Lab 950 (0%)Merino Industries 3250 (0%)MSEI 4.85 (-19.2%)Mohan Meakin 2250 (-3.2%)Motilal Oswal 17 (-5.6%)NCL Buildtek 235 (0%)Otis Elevator 3750 (0%)OYO 41 (-2.4%)Pharmeasy 7.5 (-3.2%)Signify Innovations 1275 (0%)Sterlite Power 565 (-1.7%)Studds 650 (0%)Orbis Financial 535 (0%)NSE India 2195 (3.3%)Schneider Electric 1450 (0%)Kurlon Ent 450 (0%)Madbow 35 (0%)GKN Driveline 1750 (22.8%)BOAT 1525 (-1.6%)Urban Tots 69 (0%)ACS Technologies 46 (0%)Market Simplified 32 (0%)Nayara Energy 1400 (0%)PolicyX 62 (0%)Swiggy IPO 435 (0%)Ring Plus 695 (0%)Lakeshore Hospital 135 (0%)ESDS Software 375 (-2.6%)Electrosteel Steel Ltd 40 (0%)ICL Fincorp 26 (0%)Indian Potash 3450 (0%)Indofil Industries 1325 (2.3%)Maharashtra Knowledge Corporation MKCL 450 (0%)Maxvalue Credits And Investments 4.95 (-10%)Philips Domestic Appliances 585 (0%)Philips India 950 (0%)Ramaraju Surgical Cotton 285 (0%)Resins and Plastic 575 (0%)Shriram Life Insurance 400 (0%)Silverline Technologies Ltd 12 (0%)VIkram Solar Ltd 425 (13.3%)Empire Spices and Foods ltd 585 (0%)AB Inbev Sabmiller 600 (0%)Assam Carbon Products 440 (0%)India Carbon ltd 895 (0%)Kannur International Airport 128 (0%)Kurlon Ltd 1025 (0%)AV Thomas 22000 (0%)Bazar India 24 (0%)Tata Capital 825 (-5.7%)Polymatech Electronics Pvt Ltd 78 (-9.3%)SBI Mutual Fund 2750 (0%)Goodluck Defence 318 (-2.2%)AVPL 52 (-5.5%)Inkel Ltd 20 (0%)Matrix Gas and Renewables 45 (-6.2%)RRP S4E Innovation 272 (1.5%)Quality Enviro 1350 (0%)Greenzo Energy Pvt Ltd 645 (0%)Spray Engineering Devices 325 (-3%)NSDL IPO 1025 (0%)Honeywell Electrical Devices and Systems 5000 (0%)Veeda Clinical Research Limited 475 (0%)NCDEX 328 (16.3%)Onix Renewable 225 (-5.8%)C2C Advanced systems 595 (0%)Swiggy CCPS 574410 (0%)HCIN Network 165 (0%)Apollo Green Energy 136 (-16%)Ecosure Pulpmolding 52 (0%)Pace Digitek 215 (4.9%)Amol Minechem Ltd 995 (0%)Manjushree Technopack 1025 (7.9%)KLM Axiva Finvest 18 (0%)Hinduja Leyland Finance 210 (-2.3%)IKF Finance 425 (0%)Lords Mark Industries 125 (0%)Zappfresh 118 (0%)PXIL 635 (6.7%)Optivalue Tek Consulting 130 (0%)Incred Holdings 168 (-2.3%)Transline Technologies 175 (-5.4%)Bootes Impex Tech Ltd 2400 (0%)Lenskart Solutions Pvt Ltd 2810 (24.4%)Ticker Ltd 40 (0%)Physics Wallah 150 (0%)GFCL EV Product LTD 60 (0%)Big Basket 1950 (0%)Flysbs Aviation IPO 498 (17.2%)Cheelizza Pizza India Ltd 100 (42.9%)

15 Days Price Change

5 Reasons Behind NSE’s Unlisted Share Price Rally

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NSE India


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.

1. Strong Financial Performance

NSE has posted stellar financial results in FY25, reflecting a robust business model and operational efficiency.

Key Financial Metrics (FY24 vs FY25):

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.

2. IPO Momentum

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.

3. Surge in Retail Participation

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.

4. Attractive Valuation vs Peers

Despite its strong fundamentals, NSE appears undervalued when compared to its primary rival, BSE.

Valuation Snapshot:

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.

5. Solid Business Model & Dominant Market Position

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.

Conclusion

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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Top Unlisted Companies & InstaBuy Companies

Sell or Purchase Share (Tentative Price)

Fundamental Analysis

Company Industry Stock P/E P/B Company rating MCAP (in Cr.) Current Price
Pharmeasy e-Commerce -1.9 1.9 4820 7.5
Reliance Retail Retailing 141.5 23 698659 1400
Orbis Financial Finance - Investment 46.1 9.5 6513 535

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ICICI Prudential

Pre IPO Price:
130
IPO Price:
334
Listing Price:
310
Absoulte return 138%

1 Lac Invested in ICICI Prudential pre-ipo turned into 2.3 Lac after listing.

ICICI Lombard

Pre IPO Price:
400
IPO Price:
661
Listing Price:
680
Absoulte return 70%

1 Lac Invested in ICICI Lombard pre-ipo turned into 1.7 Lac after listing.

HDFC Life

Pre IPO Price:
210
IPO Price:
290
Listing Price:
344
Absoulte return 64%

1 Lac Invested in HDFC Life pre-ipo turned into 1.6 Lac after listing.

AU Small Finance Bank

Pre IPO Price:
175
IPO Price:
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Listing Price:
597
Absoulte return 241%

1 Lac Invested in AU Small Finance Bank pre-ipo turned into 3.4 Lac after listing.

RBL Bank

Pre IPO Price:
60
IPO Price:
225
Listing Price:
301
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BSE

Pre IPO Price:
200
IPO Price:
806
Listing Price:
1069
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1 Lac Invested in BSE pre-ipo turned into 5.3 Lac after listing.

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60
IPO Price:
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Listing Price:
261
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Nazara Tech

Pre IPO Price:
545
IPO Price:
1101
Listing Price:
1990
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Dmart Avenue

Pre IPO Price:
280
IPO Price:
300
Listing Price:
616
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Reliance Retail Ltd

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450
Current Price:
3250
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Tata Technologies

Price in 2019:
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Current Price:
6350
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1 Lac Invested in Tata Technologies pre-ipo turned into 5.7 Lac.

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