| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 8929 | 11856 | 14780 | 17141 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 | 100 |
| Employee Benefit Expenses | 689 | 366 | 460 | 672 |
| Other Expenses | 1740 | 1859 | 2709 | 3588 |
| EBITDA | 6500 | 9631 | 11611 | 12881 |
| OPM | 72.8 | 81.23 | 78.56 | 75.15 |
| Other Income | 570 | 794 | 13 | 3722 |
| Finance Cost | 0 | 0 | 0 | 0 |
| D&A | 338 | 384 | 439 | 547 |
| EBIT | 6162 | 9247 | 11172 | 12334 |
| EBIT Margins | 69.01 | 77.99 | 75.59 | 71.96 |
| PBT | 6912 | 10041 | 11184 | 16057 |
| PBT Margins | 77.41 | 84.69 | 75.67 | 93.68 |
| Tax | 1714 | 2540 | 2778 | 3869 |
| PAT | 5198 | 7501 | 8406 | 12188 |
| NPM | 58.21 | 63.27 | 56.87 | 71.1 |
| EPS | 105.01 | 151.54 | 169.82 | 49.24 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 72.8 | 81.23 | 78.56 | 75.15 |
| Net Profit Margin | 58.21 | 63.27 | 56.87 | 71.1 |
| Earning Per Share (Diluted) | 105.01 | 151.54 | 169.82 | 49.24 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 1007 | 1004 | 1168 |
| CWIP | 98 | 32 | 51 |
| Investments | 17305 | 10471 | 30982 |
| Trade Receivables | 1589 | 1865 | 1512 |
| Inventory | 0 | 0 | 0 |
| Other Assets | 16565 | 52092 | 35754 |
| Total Assets | 36564 | 65464 | 69467 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 49.5 | 49.5 | 247.5 |
| FV | 1 | 1 | 1 |
| Reserves | 20429 | 23925 | 30105 |
| Borrowings | 0 | 0 | 0 |
| Trade Payables | 262 | 332 | 452 |
| Other Liabilities | 15823.5 | 41157.5 | 38662.5 |
| Total Liabilities | 36564 | 65464 | 69467 |
| Cash-Flow Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| PBT | 9913 | 11103 | 16208 |
| OPBWC | 9314 | 9133 | 790 |
| Change in Receivables | -216 | -298 | 349 |
| Change in Inventories | 0 | 0 | 0 |
| Change in Payables | 54 | 71 | 117 |
| Other Changes | -5059 | 24781 | 6488 |
| Working Capital Change | -5221 | 24554 | 6954 |
| Cash Generated From Operations | 4093 | 33687 | 7744 |
| Tax | -2358 | -3943 | -3653 |
| Cash Flow From Operations | 1735 | 29744 | 4091 |
| Purchase of PPE | -406 | -470 | -1305 |
| Sale of PPE | 3 | 1 | 30 |
| Cash Flow From Investment | -3217 | -8336 | -5558 |
| Borrowing | 0 | 0 | 0 |
| Dividend | -2079 | -3959 | -4454 |
| Equity | 0 | 0 | 0 |
| Others From Financing | -21 | -35 | -146 |
| Cash Flow from Financing | -2100 | -3994 | -4600 |
| Net Cash Generated | -3582 | 17414 | -6067 |
| Cash at the Start | 9557 | 5975 | 23389 |
| Cash at the End | 5975 | 23389 | 17322 |
National Stock Exchange of India Limited (NSE) is the country’s largest and most technologically advanced stock exchange, known for transforming India’s capital markets through world-class trading infrastructure, innovation, and high governance standards. Established in 1992, NSE pioneered electronic screen-based trading and today handles the majority of India’s equity derivatives and cash market volumes. Its flagship index, NIFTY 50, has become the benchmark for India’s equity market performance, widely tracked by global investors, institutions, and fund managers. NSE’s leadership in transparency, risk management, and market efficiency has made it one of the most respected financial institutions in Asia.
From a business perspective, NSE generates revenue from equity and derivatives trading, clearing and settlement services, listing fees, data services, and its rapidly expanding index and analytics division. The exchange has diversified into new verticals such as commodities, debt markets, and education through NSE Academy. Its clearing arm, NSE Clearing, is one of the most robust and systemically important institutions in India’s financial system. Over the years, NSE has demonstrated strong financial performance with consistently healthy margins, rising volumes, and expanding product lines. Its technology-driven approach, seamless trading systems, and continuous regulatory compliance have further strengthened its leadership position in India’s capital markets ecosystem.
NSE India’s unlisted shares are among the most sought-after investments in the unlisted market, often attracting significant interest from HNIs, institutions, and long-term investors. The strong financial stability, high profitability, and dominant market share make NSE one of the most valuable unlisted companies in India. Investors consider it a reliable pre-IPO opportunity, although the timing of a potential public listing remains uncertain. Despite limited liquidity in the unlisted space, the shares are viewed as a stable, long-term wealth creation asset due to NSE’s consistent earnings, near-monopoly position, and critical role in India’s rapidly growing financial markets. For investors seeking exposure to the capital markets ecosystem through a fundamentally strong institution, NSE unlisted shares present a compelling and highly credible investment avenue.
Q:1 What is the lock-in period for Venture Capital Funds or Foreign Venture Capital Investors holding NSE India Limited Unlisted Shares?Answer: For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of NSE India Limited Unlisted Shares.
Q:2 Is there a lock-in period for Alternative Investment Funds - Category II (AIF-II) investing in NSE India Limited Unlisted Shares?
Answer: No, there is no lock-in period for Alternative Investment Funds - Category II (AIF-II).
Q:3 What is the lock-in period for Retail Investors holding NSE India Limited Unlisted Shares?
Answer: Retail Investors have a lock-in period of 6 months from the date of the IPO listing of NSE India Limited Unlisted Shares.
Q:4 Do High Net-worth Individuals (HNIs) have a different lock-in period for NSE India Limited Unlisted Shares?
Answer: No, High Net-worth Individuals (HNIs) also have a lock-in period of 6 months from the date of the IPO listing of NSE India Limited Unlisted Shares.
Q:5 Are Body Corporates subject to a lock-in period when acquiring NSE India Limited Unlisted Shares?
Answer: Yes, Body Corporates are subject to a lock-in period of 6 months from the date of the IPO listing of NSE India Limited Unlisted Shares.
Q:7 How long is the lock-in period for investors who are not categorized as Venture Capital Funds, AIF-II, or HNIs?
Answer: For investors who are not categorized as Venture Capital Funds, AIF-II, or HNIs, the lock-in period is 6 months from the date of the IPO listing of NSE India Limited Unlisted Shares.
Q:8 Can I sell my NSE India Limited Unlisted Shares immediately after acquisition?Answer: If you are a Venture Capital Fund or Foreign Venture Capital Investor, you cannot sell the shares for 6 months after acquisition.Other types of investors must wait until 6 months after the IPO listing to sell.