National Stock Exchange recorded a positive outcome in FY26 as three of its subsidiaries turned profitable. NSE IFSC Clearing Corporation, NSE Academy and NSE Administration and Supervision reported profits after losses in the previous year. This marks a significant step in the exchange’s plan to diversify beyond its dependence on derivatives trading.
The turnaround comes when the core futures and options segment faced pressure. The overall turnover in futures and options fell by 18% during the year. Options trading alone contributes nearly 60% of transaction charge income for the exchange. Analysts believe that profitability in subsidiaries will help NSE reduce its reliance on daily trading volumes and create a more stable earnings base.
Segments such as data services, analytics, indices and international market access are expected to play a larger role in future growth. However, not all ventures have succeeded. NSE Sustainability Ratings and Analytics and NSEIX Global Access IFSC continued to post losses. Experts say such losses are acceptable in the investment phase but could be worrying if they persist for several years.
Looking ahead, NSE International Exchange in GIFT City is seen as a potential growth engine. While subsidiaries may not match the core trading business soon, their profitability adds resilience to NSE’s overall financial strength.