National Stock Exchange of India reported a strong sequential performance for the third quarter of FY26, with consolidated profit after tax rising 15 percent quarter-on-quarter to ₹2,408 crore, supported by higher trading activity across equity cash and derivatives segments.
Consolidated total income for the quarter stood at ₹4,395 crore, marking a 6 percent rise over the previous quarter. Earnings per share for Q3 FY26 were reported at ₹9.73 on a non-annualised basis, compared with ₹8.48 in Q2 FY26.
Consolidated Financial Performance Highlights
| Particulars | Q3 FY26 | Q2 FY26 | QoQ Change |
|---|---|---|---|
| Total Income | ₹4,395 crore | ₹4,160 crore | +6% |
| Revenue from Operations | ₹3,925 crore | ₹3,677 crore | +7% |
| Operating EBITDA | ₹2,851 crore | ₹1,484 crore | +92% |
| Profit After Tax | ₹2,408 crore | ₹2,098 crore | +15% |
| EBITDA Margin | 73% | 40% | Improved |
Revenue from data feed and terminal services rose 5 percent quarter-on-quarter to ₹121 crore, while listing services revenue increased 25 percent sequentially to ₹111 crore.
Cost Control Boosts Margins
Total consolidated expenditure declined sharply by 48 percent quarter-on-quarter to ₹1,234 crore, aiding margin expansion. Operating EBITDA surged to ₹2,851 crore, translating into a margin of 73 percent for the quarter.Excluding one-off items, normalised consolidated profit before tax increased 6 percent quarter-on-quarter to ₹3,325 crore, indicating steady underlying operating performance.
Market Activity Remains Robust
Average daily traded volumes showed consistent growth across key segments during the quarter.| Segment | Q3 FY26 ADTV | QoQ Growth |
|---|---|---|
| Equity Cash Market | ₹99,023 crore | +3% |
| Equity Futures | ₹1,51,744 crore | +8% |
| Equity Options (Premium Value) | ₹53,248 crore | +15% |
Nine-Month Performance Snapshot
For the nine months ended December 2025, consolidated total income stood at ₹13,354 crore, while profit after tax was reported at ₹7,431 crore. Earnings per share for the nine-month period were ₹30.02 on a non-annualised basis.During the same period, the exchange contributed ₹41,842 crore to the public exchequer, reflecting its scale of operations and market participation levels.
Standalone Results Show Sharp Sequential Improvement
On a standalone basis, total income for Q3 FY26 jumped to ₹4,419 crore from ₹3,666 crore in the previous quarter. Standalone profit after tax rose 40 percent quarter-on-quarter to ₹2,603 crore, with operating EBITDA increasing 129 percent to ₹2,496 crore.Standalone profit margins also strengthened, with PAT margin at 59 percent for the quarter.
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