NSE: Consolidated Total Income for Q2FY26 Stood at ₹ 4,160 crores

MUMBAI:
NSE, India’s leading exchange, reported a consolidated total income of ₹ 4,160 crore for Q2FY26, as against ₹ 4,798 crores for Q1FY26.The consolidated revenue from transaction charges for Q2FY26 was ₹ 2,785 crores, a sequential decline of 12% QoQ due to reduction in volumes across cash market and derivatives segments.

On a consolidated basis, total expenditure reported for Q2FY26 stood at ₹ 2,354 crores as against ₹ 1,053 crores in Q1FY26. During the quarter, NSE has recognised a provision of ₹ 1,297 crores, including interest, towards the settlement applications that NSE had filed with SEBI under SEBI (Settlement Regulations) 2018 with respect to Colocation and Dark Fibre matters. Revert from SEBI on the above-mentioned applications is awaited. Excluding the provision for SEBI settlement fees, the total expenditure for Q2FY26 was ₹ 1,056 crores as against ₹ 1,053 crores in Q1FY26.

On a consolidated basis, the reported operating EBITDA for Q2FY26 was ₹ 1,484 crores as against ₹ 3,130 crores for Q1FY26. Excluding the provision for SEBI settlement fees, the operating EBITDA for Q2FY26 was ₹ 2,782 crores, with operating EBITDA margin of 76%.Excluding the gain from sale of investment in associates and provision recognised for SEBI settlement fees, the reported normalised consolidated profit before tax for Q2FY26 stood at ₹ 3,138 crores.

On a consolidated basis, the reported net profit reported for Q2FY26 was ₹ 2,098 crores as against ₹ 2,924 crores for Q1FY26. Reported Earnings per Share (on non-annualised basis) for Q2FY26 was ₹ 8.48 as compared to ₹ 11.81 for Q1FY26, after considering the issuance of bonus equity shares in the ratio of 4:1 in Q3FY25. Excluding the provision for SEBI settlement fees recognised in Q2FY26, the net profit for Q2FY26 was ₹ 3,396 crores, up 16% QoQ with net profit margin of 63% and EPS of ₹ 13.72.

For the half year ended September 30, 2025, the consolidated total income was ₹ 8,959 crores as against ₹ 9,974 crores for the corresponding period of last fiscal year. On a consolidated basis, reported net profit for H1FY26 was ₹ 5,022 crores with earnings per share at ₹ 20.29 (on non-annualised basis). Excluding the provision for SEBI settlement fees, consolidated net profit for H1FY26 was ₹ 6,320 crores with earnings per share at ₹ 25.53 (on non-annualised basis).On a standalone basis, NSE’s total income for Q2FY26 stood at ₹ 3,666 crores as compared to ₹ 4,243 crores for Q1FY26. The revenue from operations for Q2FY26 stood at ₹ 3,266 crores, a sequential decrease of 9% QoQ, due to decrease in trading volumes across the cash market and derivatives segments.

In Q2FY26, the cash market trading segment recorded an average daily traded volume (ADTVs) of ₹ 95,705 crores (down 12% QoQ). The ADTV for equity futures segment in Q2FY26 stood at ₹ 1,41,042 crores (down 16% QoQ); while the ADTV for equity options (premium value) stood at ₹ 46,442 crores (down 16% QoQ).

On a standalone basis, the reported operating EBITDA for Q2FY26 was ₹ 1,090 crores as compared to ₹ 2,714 crores in Q1FY26. Excluding the provision for SEBI settlement fees, the operating EBITDA on a standalone basis for Q2FY26 would have been ₹ 2,387 crores with operating EBITDA margin of 73%.

The normalised standalone profit before tax for Q2FY26, excluding the provision recognised for SEBI settlement fees, subsidiary dividend & profit on sale of investment in associates, was ₹ 2,635 crores.

On a standalone basis, reported net profit for Q2FY26 was ₹ 1,858 crores as against ₹ 2,409 crores for Q1FY26. Excluding the provision for SEBI settlement fees, the net profit on a standalone basis for Q2FY26 would have been ₹ 3,155 crores, up 31% QoQ with net profit margin of 63%.

For the H1FY26 period, standalone total income was ₹ 7,909 crores, of which operating revenue was ₹ 6,874 crores. On a standalone basis, operating EBITDA stood at ₹ 3,804 crores and net profit for H1FY26 was ₹ 4,266 crores. Excluding the provision for SEBI settlement fees, the operating EBITDA on a standalone basis for H1FY26 would have been ₹ 5,101 crores, up 2% YoY and net profit for H1FY26 would have been ₹ 5,564 crores, up 13% YoY.

During H1FY26, NSE’s contribution to the exchequer was ₹ 28,308 crores which comprised STT/CTT of ₹ 23,451 crores, stamp duty of ₹ 1,651 crores, SEBI fees of ₹ 496 crores, income tax of ₹ 1,809 crores and GST of ₹ 901 crores. Out of STT/CTT of ₹ 23,451 crores, 49% is from the cash market (delivery based) segment, 7% is from the cash market (intraday) segment, and 44% is from the equity derivatives segment.