NSE’s long-pending initial public offering (IPO) has moved a step closer after receiving regulatory clearance, sparking a sharp rally in its unlisted shares even as year-on-year earnings for the December quarter remained under pressure. Unlisted shares of the IPO-bound National Stock Exchange are currently trading around ₹2,075 apiece, marking a surge of nearly 180% from earlier levels.

NSE’s unlisted shares have climbed significantly from their December 2025 levels and are now hovering around ₹2,075 per share. The exchange has nearly 1.77 lakh shareholders, and based on recent transaction prices, its unlisted market capitalisation is estimated at approximately ₹5.26 lakh crore, as reflected in the uploaded document. Unlisted shares have seen wide price fluctuations, trading in a broad range of ₹1,625 to ₹2,400 per share in recent months.

NSE Q3 FY26 financial performance

For the third quarter of FY26, NSE reported a consolidated profit after tax of ₹2,408 crore, sharply lower than ₹3,834 crore recorded in the corresponding quarter last year. Revenue from operations declined 9% year on year to ₹3,925 crore from ₹4,349 crore. On a sequential basis, however, profit rose 15% from ₹2,098 crore in Q2 FY26. Total income for the quarter stood at ₹4,395 crore—down 9% from a year ago but 6% higher compared with the September quarter.

EBITDA rebounds sequentially

Operating EBITDA for Q3 FY26 came in at ₹2,851 crore. While this was 16% lower than the year-ago period, it marked a sharp sequential recovery, rising 92% quarter on quarter.The EBITDA margin expanded to 73%, up from 40% in Q2 FY26, though slightly below the 78% margin reported in Q3 FY25. The improvement reflects higher market activity and tighter cost controls during the quarter.