| Reviewer | Recommendation |
| IPOWatch | May Apply |
| Capital Market | May Apply |
| SMC Global | Apply |
| DAM Capital | Apply |
| Krijuna Research | Apply |
| Yes Securities | Apply |
| Way2Wealth | Apply |
| Venture Securities | Apply |
| Swastika Investmart | Apply |
| Sushil Finance | Apply |
| Nirmal Bang | Apply |
| Marwadi Financial Services | Apply |
| LKP Securities | Apply |
| GEPL Capital | Apply |
| Geojit Financial Services | Apply |
| Smifs Limited | Apply |
| BP Equities | Apply |
| Angel-One | Apply |
| Aditya Birla Capital | Apply |
| Ajcon Global | Apply |
| Choice Broking | Apply |
| Angel One | Apply |
| Canara Bank Securities | Apply |
| Deven Choksey | Apply |
| Kantilal Chhaganlal Securities Pvt. Ltd. | Apply |
| MiraeAsset Sharekhan | Apply |
| Mangal Keshav Financial Services LLP | Apply |
| Spark Capital | Apply |
| Cholamandalam Securities Ltd. | Neutral |
| ICICI Securities Ltd. | Not Rated |
| Ashika Stock Services Ltd. | Not Rated |
| Bajaj Financial Securities Ltd. | Not Rated |
| JM Financial Services Ltd. | Not Rated |
| Dilip Davda | Not Rated |
| Motilal Oswal Financial Services Ltd. | Not Rated |
| SBICAP Securities Ltd. | Not Rated |
NSE is a vertically integrated stock exchange where they offer a simple and integrated platform for trading, clearing, listing, and other services. NSE also provides a different range of products across multiple asset classes, including the cash market, futures, options, a mutual funds platform, commodity derivatives, exchange-traded currency derivatives, wholesale debt market, and interest rate futures.
For medium-term investment, this IPO might be a good fit. Overall, investors should carefully evaluate the company’s fundamentals, strengths, risks, and growth prospects before deciding whether to invest.
Strengths:
- NSE has been the largest stock exchange in India and a liquid market, allowing all stakeholders to easily buy/sell shares.
- NSE is a strong and reputed brand that operates its trading platform with trust, efficiency, and transparency.
- The company operates an integrated business model which allows it to offer extensive and innovative products.
- NSE is a mixture of scale, growth, profitability, and sustained cash generation, reporting revenue of ₹18,713.37 crore, PAT of ₹10,302.06 crore, and EBITDA of ₹11,097.90 crore in FY26.
Weaknesses:
- If fewer people decide to trade on the stock exchange can reduce demand for its products, affect growth, and can adversely impact business operations and cash flow.
- As of FY26, the firm derives 78.65% of its revenue from transaction charges, mostly from futures & options. If fail to maintain or increase its trading volumes, it can reduce transaction charges, which can negatively impact the business and financial condition.
- NSE makes 46.78% of its revenue from its top 10 trading members as of FY26. If any of the top members decide to stop trading or reduce their activity can badly affect the overall operations.
- NSE operates in a highly regulated industry where it is monitored by SEBI and IFSCA regularly, and in the past has faced some regulatory issues and received warnings/notices. There is no guarantee that this will not happen again. If it happens again, it may have to pay serious penalties, which can badly impact the overall business and cash flow.
Disclaimer
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
