NSE's Rs 30,000 crore IPO set to spotlight exchange's dominance in Indian markets, dependence on options trading: Zerodha analysis

NSE is set to launch a Rs 30,000 crore IPO, with a Zerodha analysis spotlighting the exchange's dominance in Indian markets. NSE generated about Rs 16,600 crore in operating revenue in FY26, with nearly 79% from transaction charges and around 60% (Rs 10,000 crore) from equity options, particularly the Nifty 50 weekly contract. Profit stood at nearly Rs 10,000 crore with 51% margins, though revenue and profit declined from FY25 levels following SEBI's October 2024 derivatives reforms that cut weekly expiries and raised lot sizes.