NSE unlisted share price: National Stock Exchange of India (NSE), whose IPO is among the much-awaited issues of Dalal Street, has seen a sharp correction in the unlisted market lately. The stock has been dwindling in the pre-IPO market on the back of multiple factors including regulatory strictness and structural changes.
Unlisted shares of NSE have fallen to Rs 1,850-1,900 in the unlisted markets from their peak valuation around Rs 2,400-2,450 a few weeks ago. The stock has corrected nearly 25 per cent from its peak, while its market capitalization has also dropped to Rs 4.55-4.7 lakh crore from nearly Rs 6 lakh crore.
Sandip Ginoda, CEO of Kolkata-based Altius Investec said that NSE has been correcting on the back of falling volumes as the regulations on derivatives have become strict now. The stock might not be commanding a higher premium multiple considering the downside in the volumes. “However, things will stabilize in the long-run,” he said.
Adding to this, Hitesh Dharawat, Co-founder of Mumbai-based Dharawat Securities said that besides tumbling volumes, NSE does not enjoy entry barriers now. NCDEX and MSCI shall be entering the market soon and NSE’s moat will be dented. Besides, this delayed IPO plan is also adding to the selling supply in the unlisted market.
However, NSE’s chief Ashish Kumar Chauhan hinted at an IPO in 8-9 months after receiving NOC and other clearances from SEBI. NSE is already 100 per cent public. It already has more than 1.72 lakh shareholders. NSE is the largest unlisted company with the highest number of shareholders. However, NSE’s has a unique structure compared to other companies preparing for an IPO.
Nuvama Institutional Equities is expecting NSE to reported a degrowth in revenue on both yearly and quarterly basis at Rs 3,720 crore for the September 2025 quarter. Ebit is seen falling 31.6 per cent YoY to Rs 2,630 crore, while net profit is likely to tumble 31 per cent YoY to Rs 2,310 crore.
“During Q2FY26, NSE posted 29.6 per cent YoY and 15.6 per cent QoQ degrowth in index option ADPTV to Rs 40,400 crore. Discussion paper on tweaking derivative tenure, legal case settlements and IPO timeline shall be keenly watched,” it added in its report.
NSE is ranked the biggest derivatives exchange and second largest in equities by number of trades worldwide. NSE is also the fifth largest stock exchange in the world in terms of market capitalization. This solid market capitalization put NSE among the top-10 most valued companies of India.