Share it on:
Company Overview
The National Stock Exchange of India Ltd. (NSE) is India’s premier stock exchange and ranks as the second-largest globally by the number of equity trades during the period January–June 2018, according to the World Federation of Exchanges (WFE). Since its inception, NSE has pioneered numerous innovations in the Indian financial market, including the launch of electronic screen-based trading in 1994, derivatives trading through index futures, and internet trading in 2000—each being the first of its kind in the country.
Unlisted Share Performance
NSE’s unlisted shares have consistently outperformed in the market, making them an attractive option for investors. While many unlisted stocks have experienced declines of up to 50% over the past year, NSE shares have appreciated from ₹3,400 per share in August 2022 to ₹3,700 currently, reflecting resilience and sustained investor confidence.
Current Valuation
As of 31 March 2023, NSE has approximately 50 crore outstanding shares. At the current unlisted market price of ₹3,700 per share, NSE’s valuation stands at ₹1,85,000 crore. Over the last three years, the share price has tripled, reflecting similar growth trends in revenue and PAT, signaling potential undervaluation relative to its fundamentals. Market trends, particularly in options trading volumes, suggest continued upward valuation potential.
IPO Outlook
NSE’s IPO is anticipated within the next two years. Past regulatory issues, including investigations related to co-location services, had caused delays. The co-location case has since been resolved by SAT, with the Supreme Court directing SEBI to refund ₹1,000 crore previously collected. SEBI has filed an appeal, with hearings expected in September 2023. Despite these events, the IPO remains a key milestone in NSE’s strategic growth trajectory.
Fundamentals
| Parameter | Details | Parameter | Details |
|---|---|---|---|
| Price (Per Share) | Contact us to know share price | Lot Size | 250 Shares |
| 52 Week High | ₹6,200 | 52 Week Low | ₹1,625 |
| Depository | NSDL & CDSL | PAN Number | AAACN1797L |
| ISIN Number | INE721I01024 | CIN | U67120MH1992PLC069769 |
| RTA | Link Intime | Market Cap | ₹5,32,125 Cr |
| P/E Ratio | 43.66 | P/B Ratio | 17.53 |
| Debt to Equity | 0 | ROE (%) | 40.15 |
| Book Value | 122.64 | Face Value | 1 |
| Total Shares | 2,475,000,000 | Buy / Sell Price | ₹2,150 |
| Buy Min Quantity | 250 Shares | Target Price / Alerts | User-defined, via App |
Promoters & Managements
| Name | Designation |
|---|---|
| Shri Ashishkumar Chauhan | CMD |
| G.C. Chaturvedi | Chairman |
P&L Statement (₹ Crore)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 8,929 | 11,856 | 14,780 | 17,141 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Gross Margins (%) | 100 | 100 | 100 | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 689 | 366 | 460 | 672 |
| Other Expenses | 1,740 | 1,859 | 2,709 | 3,588 |
| EBITDA | 6,500 | 9,631 | 11,611 | 12,881 |
| Operating Profit Margin (OPM %) | 72.8 | 81.23 | 78.56 | 75.15 |
| Other Income | 570 | 794 | 13 | 3,722 |
| Finance Cost | 0 | 0 | 0 | 0 |
| Depreciation & Amortization | 338 | 384 | 439 | 547 |
| EBIT | 6,162 | 9,247 | 11,172 | 12,334 |
| EBIT Margins (%) | 69.01 | 77.99 | 75.59 | 71.96 |
| PBT | 6,912 | 10,041 | 11,184 | 16,057 |
| PBT Margins (%) | 77.41 | 84.69 | 75.67 | 93.68 |
| Tax | 1,714 | 2,540 | 2,778 | 3,869 |
| PAT | 5,198 | 7,501 | 8,406 | 12,188 |
| Net Profit Margin (%) | 58.21 | 63.27 | 56.87 | 71.10 |
| EPS (₹ per share) | 105.01 | 151.54 | 169.82 | 49.24 |
Key Financial Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin (%) | 72.8 | 81.23 | 78.56 | 75.15 |
| Net Profit Margin (%) | 58.21 | 63.27 | 56.87 | 71.10 |
| Earnings Per Share (Diluted ₹) | 105.01 | 151.54 | 169.82 | 49.24 |
NSE India Limited – Balance Sheet (₹ Crore)
Assets
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 1,129 | 1,007 | 1,004 | 1,168 |
| Capital Work in Progress (CWIP) | 90 | 98 | 32 | 51 |
| Investments | 12,856 | 17,305 | 10,471 | 30,982 |
| Trade Receivables | 1,614 | 1,589 | 1,865 | 1,512 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 19,918.5 | 16,565 | 52,092 | 35,754 |
| Total Assets | 35,607.5 | 36,564 | 65,464 | 69,467 |
Liabilities
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 49.5 | 49.5 | 49.5 | 247.5 |
| Face Value | 1 | 1 | 1 | 1 |
| Reserves & Surplus | 11,635 | 20,429 | 23,925 | 30,105 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 0 | 262 | 332 | 452 |
| Other Liabilities | 23,923 | 15,823.5 | 41,157.5 | 38,662.5 |
| Total Liabilities | 35,607.5 | 36,564 | 65,464 | 69,467 |
Cash Flow Statement (₹ Crore)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 6,912 | 9,913 | 11,104 | 16,208 |
| Operating Profit Before Working Capital (OPBWC) | 6,306 | 9,314 | 9,133 | 790 |
| Change in Receivables | -646 | -216 | -298 | 349 |
| Change in Inventories | 0 | 0 | 0 | 0 |
| Change in Payables | 108 | 54 | 71 | 117 |
| Other Changes | 1,686 | -5,059 | 24,781 | 6,488 |
| Working Capital Change | 1,148 | -5,221 | 24,554 | 6,954 |
| Cash Generated From Operations | 7,454 | 4,093 | 33,687 | 7,744 |
| Tax Paid | -1,622 | -2,358 | -3,943 | -3,653 |
| Cash Flow from Operations | 5,832 | 1,735 | 29,744 | 4,091 |
| Purchase of PPE | -599 | -406 | -470 | -1,305 |
| Sale of PPE | 0 | 3 | 1 | 30 |
| Cash Flow from Investment | -4,185 | -3,217 | -8,336 | -5,558 |
| Borrowings | 0 | 0 | 0 | 0 |
| Dividend Paid | -1,224 | -2,079 | -3,959 | -4,454 |
| Equity Issued | 0 | 0 | 0 | 0 |
| Other Financing Activities | -34 | -21 | -35 | -146 |
| Cash Flow from Financing | -1,258 | -2,100 | -3,994 | -4,600 |
| Net Cash Generated | 389 | -3,582 | 17,414 | -6,067 |
| Cash at the Start | 9,169 | 9,557 | 5,975 | 23,389 |
| Cash at the End | 9,558 | 5,975 | 23,389 | 17,322 |
Share Holding Pattern
| Category | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Individuals | 21.27 | 12.65 | 16.20 | 21.27 |
| Body Corporates – Listed | 10.27 | 1.53 | 1.58 | 10.27 |
| Body Corporates – Unlisted | 7.98 | 14.47 | 15.47 | 7.98 |
| Financial Institutions / Banks | 4.73 | 4.57 | 4.57 | 4.73 |
| Insurance Companies | 19.22 | 19.37 | 19.35 | 19.22 |
| Venture Capital / AIFs | 5.28 | 4.50 | 3.65 | 5.28 |
| Foreign Holdings | 28.00 | 41.17 | 36.45 | 28.00 |
| Others | 3.25 | 1.74 | 2.72 | 3.25 |
Frequently Asked Questions (FAQ)
Find answers to common questions, providing clarity and insights to address any queries on your mind.
Contact Us: Reach out to Unlistify to confirm availability and agree on a price.
Provide KYC: Submit your Client Master Report, PAN card, and a cancelled cheque.
Make Payment: Transfer funds to our designated bank account (RTGS/NEFT/IMPS/cheque). Ensure the payment originates from the same account where you want the shares credited.
Receive Shares: We’ll transfer the shares to your Demat account within 24 hours of payment confirmation.
Get a Quote: Unlistify will provide a buyback price for your holding shares.
Share Details: Submit your Client Master Report.
Transfer Shares: Transfer the said shares to our Demat account using a DIS (Delivery Instruction Slip).
Receive Payment: We’ll transfer funds to your bank account within 24 hours of receiving the shares (RTGS/NEFT/IMPS/cheque). For security reasons, payment will only be made to the account linked to your Demat
DIS (Delivery Instruction Slip): A DIS is a form used to authorize the transfer of shares from your Demat account.
Methods:
Offline DIS: Fill out a physical DIS form with details like the ISIN number, quantity, price of your shares, and our account information. Submit this to your broker.
Online DIS: Some brokers offer online DIS systems for easier transfers.
Unlistify aims to make unlisted share investing accessible. The current minimum investment for Unlisted Shares is approximately 35,000 – 50,000 INR. It will also vary as per shares because every share has a different price.
Limited Liquidity: Unlisted shares are not traded on public exchanges, making it potentially harder to find buyers when you want to sell.
Price Volatility: Prices can fluctuate more than listed shares due to less publicly available information.
Regulatory Changes: Regulations for unlisted shares can change, affecting their value and trading.
Company-Specific Risks: Each company has its own risks related to its industry, financials, and management.
No Guarantee of Listing: There’s no assurance that unlisted shares will ever be listed on a public exchange.
Market Leader: Unlistify is one of India’s fastest-growing unlisted share platforms.
Transparency: We provide clear information about each unlisted share, including potential risks.
Security: We prioritize the protection of your financial information.
Customer Support: Our team is dedicated to guiding you through the investment process.
Latest Funding: We consider the valuation from most recent funding round.
Comparable Companies: If there’s no recent funding, we analyze similar listed companies to estimate a fair value.
SEBI’s Influence: SEBI regulations do apply to some aspects of unlisted share trading, such as lock-in periods and transaction charges. However, there are no specific SEBI regulations for becoming an unlisted broker.
We aim for same-day transfer of Unlisted Shares to your Demat account after your payment is confirmed.
Tax Transition: Once your unlisted shares are listed and sold on an exchange, standard listed share tax rules apply.
Holding Period: Your holding period (for determining long-term vs. short-term capital gains tax) starts from the original unlisted purchase date.
