NSE FY26 results (audited consolidated accounts for the year ended 31 March 2026) show softer operating revenue, higher expenses driven partly by regulatory provisions, and net profit down about 15% year on year. At the same time, one-off gains from monetizing non-core assets, especially a stake sale in NSDL, partly offset the hit to reported profitability.
NSE FY26 Results vs FY25: Headline Snapshot (Consolidated)
FY26 is a year where lower core revenue met step-ups in costs and provisions, so reported PAT fell even though exceptional gains from asset sales partially cushioned the outcome.
NSE FY26 results: Income and the top-line story
Total income and operations
The NSE Group reported total income of ₹18,713.37 crore for FY26, about 2.4% lower than ₹19,176.83 crore in FY25. The softer trend showed up most clearly in revenue from operations, which moved from ₹17,140.68 crore to ₹16,601.31 crore.
Other income increased to ₹2,112.06 crore from ₹2,036.15 crore (derived from disclosed totals). That lift helped, but it did not fully offset the cooling in operating revenue in the consolidated picture.
Why the top line matters beyond the headline
For a market infrastructure group, top-line softness can reflect cash market and derivatives activity, pricing and incentive structures, competitive dynamics, and regulatory changes that influence how revenue is recognised or rebated. None of that replaces reading management commentary, but it explains why National Stock Exchange profit does not move in a straight line with "how bullish retail feels on Twitter."
If you are comparing NSE FY26 results with global exchange peers, keep the basics in mind: Indian market structure, product mix, and regulatory cycles are not directly comparable without adjusting for those differences.
NSE FY26 results: Profitability, Expenses, and Regulatory Provisions
PAT and the expense line
Profit after tax was ₹10,302.06 crore in FY26 versus ₹12,187.69 crore in FY25. That is roughly a 15% decline, which is large for a company of this scale.
Total expenses rose from ₹4,806.29 crore to ₹5,999.90 crore. In plain terms, FY26 carried a heavier cost and provisioning load, and that showed up directly in National Stock Exchange profit comparisons year on year.
Regulatory provisions and settlements
A major driver was a provision of ₹1,391.21 crore relating to SEBI orders connected to the colocation facility and dark fibre connectivity. This sits on top of ₹100 crore provided earlier.
The exchange also paid ₹40.35 crore to SEBI toward a composite settlement linked to an inspection covering 2021–2022.
These items are exactly the sort of non-recurring or irregular outcomes that can dominate the narrative in a single fiscal year, even when the operating franchise remains strong.
People costs and labour-code-related accounting
Employee benefit expenses were ₹789.98 crore. Separately, an exceptional item of ₹126.44 crore was recognised related to the impact of the new labour codes.
