Mumbai: The trading got bigger. The stock did not follow. NSE declared its September-quarter results on Tuesday evening, the first since it listed.
Consolidated net profit rose 23% to ₹2,578 crore, from ₹2,098 crore a year earlier. Revenue from transaction charges grew 9% to ₹3,035 crore, carried by higher volumes in the cash market and equity options.
Cash-market average daily traded volume came in at ₹1,18,377 crore, up 24% year on year. Equity options ADTV, in premium value, rose 3% to ₹47,977 crore. Equity futures ADTV stood at ₹1,24,574 crore.
Operating EBITDA rose 107% to ₹3,079 crore, with the margin widening to 76%.
For the first half of FY27, consolidated net profit was up 13% at ₹5,698 crore. Total income rose 9% to ₹9,807 crore.
"Q2 FY27 was a momentous quarter for the exchange as it successfully completed its listing," said Ashishkumar Chauhan, MD and CEO. The milestone, he said, reflected NSE's commitment to governance, transparency and value creation.
The exchange's contribution to the exchequer in H1 FY27 was ₹41,234 crore. That includes ₹34,788 crore in securities and commodity transaction taxes, ₹2,885 crore in income tax, ₹1,926 crore in stamp duty, ₹1,171 crore in GST and ₹464 crore in SEBI fees. Of the STT and CTT total, equity derivatives accounted for 55%, delivery-based cash trades 38% and intraday cash 7%.
The share tells a flatter story. NSE listed at ₹1,800 on September 24, a 0.8% premium to its IPO price of ₹1,785, and closed the first session at ₹1,878. Momentum faded in the weeks after. The stock now trades about 1.1% above its issue price.
MCX went the other way on the earnings and the same way on the tape. The commodity exchange's consolidated net profit jumped 130% to ₹454.57 crore from ₹197.47 crore. Revenue from operations rose 114% to ₹799.66 crore, and EBITDA climbed 146% to ₹664 crore with a margin of 78%.
Investors still sold. MCX shares fell nearly 7% to ₹3,255 on Wednesday morning, a day after touching a 52-week high of ₹3,538. The stock has more than doubled from its 52-week low of ₹1,762 a year ago.
The wider market was in profit-booking mode on Wednesday. The Sensex slipped more than 636 points from its day's high and the Nifty shed 176 points from its peak, with TCS, Infosys and HCL Tech among the biggest drags. Good numbers, it turns out, were already in the price.