The National Stock Exchange of India (NSE) on Friday reported a 6% sequential rise in consolidated total income to ₹4,395 crore for the third quarter of FY26, driven by higher trading volumes across the equity cash and derivatives segments. The income stood at ₹4,160 crore in Q2 FY26, the country’s largest stock exchange said in a statement.

However, on a year-on-year (YoY) basis, consolidated income declined 9% from ₹4,807 crore reported in the December quarter of FY25.

As per the release, consolidated revenue from transaction charges rose 9% quarter-on-quarter (QoQ) to ₹3,033 crore in Q3FY26. Revenue from data feed and terminal services increased 5% sequentially to ₹121 crore, while income from listing services jumped 25% QoQ to ₹111 crore.

Consolidated profit after tax (PAT) grew 15% QoQ to ₹2,408 crore from ₹2,098 crore in the previous quarter. On a yearly basis, however, net profit declined 37% from ₹3,834 crore reported in Q3FY25.

On the cost front, consolidated total expenditure declined sharply by 48% QoQ to ₹1,234 crore. During the quarter, NSE recognised a one-time gratuity provision expense of ₹126 crore following the implementation of new labour codes.

Operating EBITDA surged 92% sequentially to ₹2,851 crore. Excluding one-off items, normalised consolidated profit before tax rose 6% QoQ to ₹3,325 crore, the NSE release noted.

For the nine months ended FY26, consolidated total income stood at ₹13,354 crore, compared with ₹14,780 crore in the corresponding period last year. Consolidated PAT for 9M FY26 came in at ₹7,431 crore, with earnings per share (EPS) of ₹30.02 (non-annualised).

Standalone performance

On a standalone basis, NSE’s total income for Q3FY26 rose to ₹4,419 crore from ₹3,666 crore in Q2FY26, supported by higher dividend income from subsidiaries and stronger transaction revenues. Revenue from operations increased 8% QoQ to ₹3,522 crore, reflecting higher trading activity in equity cash and derivatives segments.

During the quarter, the cash market segment recorded an average daily traded volume (ADTV) of ₹99,023 crore, up 3% QoQ. ADTV in equity futures rose 8% QoQ to ₹1.52 lakh crore, while equity options (premium value) ADTV increased 15% QoQ to ₹53,248 crore.

Standalone operating EBITDA jumped 129% QoQ to ₹2,496 crore in Q3FY26, while standalone PAT stood at ₹2,603 crore, translating into a margin of 59%.

For the nine-month period ended FY26, standalone total income was ₹12,327 crore, of which operating revenue contributed ₹10,396 crore. Standalone operating EBITDA stood at ₹6,300 crore, while profit after tax reached ₹6,869 crore.

Contributes ₹41,842 crore to exchequer

During the nine months of FY26, NSE’s total contribution to the government exchequer aggregated ₹41,842 crore. This included securities transaction tax and commodities transaction tax (STT/CTT) of ₹34,835 crore, stamp duty of ₹2,472 crore, income tax of ₹2,414 crore, GST of ₹1,376 crore, and SEBI fees of ₹745 crore.

Of the total STT/CTT collections, 49% came from delivery-based cash market transactions, 7% from intraday cash market trades, and 44% from the equity derivatives segment.

Last week, NSE received its long-awaited no-objection certificate (NOC) for a proposed initial public offering (IPO). In an official statement, the NSE said it has received approval from the Securities and Exchange Board of India (Sebi) for the IPO, raising hopes of progress on the long-pending listing of India’s largest stock exchange. The exchange had reapplied to Sebi in June last year for a fresh NOC to revive its IPO plans.

“We are delighted to receive SEBI approval for our IPO—a significant milestone in our growth journey. With this approval, we embark on a new chapter of value creation for all our stakeholders. It also reinforces confidence in NSE as an integral part of the Indian economy and a beacon of the capital markets,” said Srinivas Injeti, Chairperson, NSE.