NSE Q2FY26 Results: India’s largest stock exchange, the National Stock Exchange (NSE), reported a 33 per cent decline in its consolidated net profit for the September quarter of FY26, dropping to Rs 2,098 crore from Rs 3,137 crore in the same period last year. The fall was mainly due to a one-time provision made for SEBI’s settlement fees related to the ongoing colocation and dark fibre matters.
According to a company statement, NSE has made a provision of Rs 1,297 crore, including interest, in the quarter under review. The provision pertains to settlement applications filed with SEBI under the SEBI (Settlement Regulations) 2018. The exchange said the outcome of these applications is still pending and remains uncertain at this stage.
If this one-time charge is excluded, NSE’s profit after tax for the quarter stood at Rs 3,395 crore, reflecting a stronger underlying performance. Sequentially, the net profit declined 28 per cent from Rs 2,924 crore reported in Q1FY26. However, after adjusting for the settlement provision, profit actually rose 16 per cent on a quarter-on-quarter basis.
The exchange reported revenue from operations of Rs 3,677 crore, marking an 18 per cent year-on-year fall from Rs 4,510 crore in the same quarter of the previous fiscal. On a sequential basis, revenue was also lower by 9 per cent compared to Rs 4,032 crore in Q1FY26. The decline was mainly led by a reduction in trading volumes across both cash and derivative segments, which caused transaction charges to drop to Rs 2,785 crore, down 12 per cent quarter-on-quarter.
Total consolidated income for the quarter came in at Rs 4,160 crore, against Rs 4,798 crore in the previous quarter. The exchange’s total expenditure rose to Rs 2,354 crore from Rs 1,053 crore in Q1FY26, reflecting the impact of the settlement provision.
Profitability snapshot
Operating EBITDA fell sharply to Rs 1,484 crore in Q2FY26 from Rs 3,130 crore in the preceding quarter. However, if the one-time SEBI charge is excluded, operating EBITDA stood at Rs 2,782 crore, with an operating margin of 76 per cent. Reported earnings per share (EPS) for the quarter were Rs 8.48, compared with Rs 11.81 in Q1FY26, factoring in the 4:1 bonus issue completed in Q3FY25.
Half-year performance
For the first half of FY26, NSE’s consolidated total income was Rs 8,959 crore, compared with Rs 9,974 crore in the same period of the previous year. The exchange’s reported net profit for H1FY26 stood at Rs 5,022 crore with an EPS of Rs 20.29. After adjusting for the SEBI provision, the profit for the half-year period was Rs 6,320 crore, with EPS at Rs 25.53.
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