Options Trading Slump Hits NSE Revenue as IPO Plans Near Completion

While the NSE prepares for its record‑size IPO, its earnings story is increasingly tied to derivatives, especially options trading. Over the past ten years, the exchange’s total income has risen nearly ninefold, with transaction‑charge share climbing from 49.5% in FY2016 to 78.7% in FY2026. Roughly 60% of operating revenue now comes from options contracts. However, SEBI’s 2024‑2025 reforms—cutting weekly expiries to a single day, setting Nifty expiry on Tuesdays and Sensex on Thursdays, enlarging contract sizes and imposing extra margins—have strained that segment. In FY2026, operating income fell about 3%, and adjusted net profit dropped 17% to ₹9,101 crore, down from ₹10,978 crore the prior year. NSE’s equity‑options market share slipped from 97% to 75%.