NSE’s Global Leadership: India’s Most Valuable Unlisted Companies

India’s National Stock Exchange (NSE) has made headlines with its impressive financial performance in fiscal year 2025, achieving a turnover of Rs 281 lakh crore in its cash segment. As the world’s fifth-largest stock exchange, NSE reported a remarkable 47% increase in net profits, totaling Rs 12,187 crore. With a market capitalization of Rs 4.7 lakh crore and a growing base of 113 million registered investors, the NSE continues to attract significant interest from institutional investors and high-net-worth individuals, especially as speculation mounts regarding a potential initial public offering (IPO).

NSE’s Financial Performance

In the fiscal year 2025, the National Stock Exchange reported a revenue growth of 4%, reaching Rs 17,140 crore. This growth is complemented by a substantial rise in net profits, which surged by 47% compared to the previous year. The NSE’s cash segment turnover of Rs 281 lakh crore stands in stark contrast to the Bombay Stock Exchange (BSE), which recorded a turnover of Rs 19 lakh crore. Both exchanges have shown consistent growth, with a 25% annual increase in cash turnover over the past five years. Notably, NSE’s net earnings of $1.35 billion outpaced those of major global exchanges, including NASDAQ and the London Stock Exchange, which reported profits of $1.11 billion and $1.15 billion, respectively.

Global Positioning and Market Valuation

The NSE has established itself as a significant player in the global stock exchange landscape, boasting a valuation of $58 billion (approximately Rs 5 lakh crore) in private markets. Experts view stock exchanges as valuable investment opportunities, typically characterized by initial capital investments followed by consistent revenue growth. The anticipation of a potential IPO has led institutional investors and high-net-worth individuals to actively acquire unlisted shares of the NSE. The exchange’s dominance in both equity and derivative markets is evident, as it holds an impressive 87.4% share in the equity options market, further solidifying its position as a leader in the Indian financial landscape.

Shareholder Base and Investor Growth

In a noteworthy achievement, the NSE has surpassed 100,000 shareholders, making it the unlisted company with the widest ownership base in India. This milestone is particularly significant as many listed companies in the country have yet to reach such broad shareholder participation. The NSE has also maintained a consistent track record of dividend distribution. Ashish Kumar Chauhan, the managing director and CEO of NSE, emphasized the remarkable growth in India’s investor base, which has expanded from fewer than 10 lakh investors in 1994 to 11 crore today. Investors are now represented across nearly all regions of India, with only 28 out of 19,400 pin codes lacking investor representation. Notably, women make up 25% of the investor base, highlighting the inclusivity of the NSE’s growth.

Opportunities for Entrepreneurs

The NSE’s foundation is built on the entrepreneurial spirit of India, providing a platform for businesses to connect with potential partners. Over the past decade, 600 firms that secured capital through the NSE have successfully transitioned to the main board, earning the trust of investors. Chauhan noted that the hardworking nature of Indians is gaining global recognition, and the NSE continues to be a vital resource for entrepreneurs, businessmen, and industrialists seeking growth opportunities. The exchange’s commitment to fostering a diverse and inclusive investor base positions it as a key player in India’s economic development.


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