NSE vs BSE: Financials, market share to operating metrics — how India’s top exchanges compare ahead of NSE IPO

NSE has filed its DRHP with SEBI for a landmark IPO expected at around ₹30,000 crore. In FY26, NSE posted revenue of ₹16,601 crore and PAT of ₹10,302 crore, more than three times BSE's revenue of ₹4,834 crore and net profit of ₹2,487 crore. NSE commanded 92.99% market share in the cash market and 99.79% in equity futures, with shares likely priced between ₹1,800 and ₹2,040, valuing the exchange at over ₹5 lakh crore at the upper end.