Quarter-on-quarter, however, the numbers tell a different story: profits climbed 15% from Rs 2,098 crore in Q2. Revenue followed suit, dipping 9% annually to Rs 4,395 crore but edging up 6% from the prior quarter.

EBITDA on operations slid 16% to Rs 2,851 crore year-on-year, highlighting pressures from lower trading fees and higher compliance costs. Yet, NSE’s core business remains unshaken, with daily turnover hitting record highs.

Fundraising on NSE platforms surged impressively. Firms raised Rs 5.4 lakh crore across segments in Q3. IPO activity peaked with 65 issues fetching Rs 96,457 crore – doubling from the previous quarter and the best in four quarters.

Municipal bonds also shone: Seven city bodies raised Rs 750 crore in 9MFY26, a record post-2015 SEBI norms. This underscores NSE’s pivotal role in diverse capital markets.

Post-SEBI NOC, NSE’s first results disclosure fuels IPO buzz. CEO Ashishkumar Chauhan projected 3-4 months for DRHP finalization, alongside OFS groundwork. ‘A decade’s wait ends with SEBI’s nod – we’re grateful and ready,’ Chauhan remarked.

Analysts view the profit decline as temporary, driven by one-offs like arbitration settlements. NSE’s 90%+ equity market share, tech edge, and expanding derivatives position it strongly for listing. The IPO could value the exchange at over $20 billion, reshaping investor sentiment.