National Stock Exchange Ltd (NSE) - Unlisted Shares
Fundamentals
- Current Price
- ₹2,130
- Market Cap
- ₹5,27,175.00 Cr
- ISIN
- INE721I01024
- Face Value
- ₹1
- P/E Ratio
- 43.26
- EPS
- 49.24
- P/B Ratio
- 17.37
- Book Value
- 122.64
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue from Operations | 17,140.68 | 14,780.01 | 11,856.23 | 8,313.13 | 5,624.82 | 3,507.93 | 2,997.42 |
| Growth % | 28.21% | 24.66% | 42.62% | 47.79% | 60.35% | 17.03% | 0 |
| Operating Expenses | 4259.7 | 3,169.35 | 2,224.77 | 1,707.86 | 1,484.14 | 1,241.98 | 1,073.11 |
| Growth % | 29.40% | 42.46% | 30.27% | 15.07% | 19.5% | 15.70% | 0 |
| Operating Profit | 12880.98 | 11,610.66 | 9,631.46 | 6,605.27 | 4,140.70 | 2,266.01 | 1,924.30 |
| Op. Profit Margin % | 75.15% | 78.56% | 81.24% | 79.46% | 73.61% | 64.60% | 64.20% |
| Other Income | 2165.01 | 1754.14 | 997.63 | 736.42 | 488.22` | 502.16 | 793.92 |
| Depreciation | 546.59 | 439.55 | 384.06 | 310.45 | 226.01 | 180.78 | 142.02 |
| Contribution to Core SGF | 234.09 | 1741.97 | 203.45 | 0.00 | -62.08 | 62.08 | 0.00 |
| Profit Before Tax | 15474.78 | 11,184.28 | 10,041.58 | 7,031.24 | 4,465.97 | 2,525.25 | 2,576.21 |
| Tax | 3869.03 | 2,777.80 | 2,539.70 | 1,698.34 | 891.55 | 640.47 | 868.17 |
| Tax % | 22.57% | 18.79% | 21.42% | 20.43% | 15.85% | 18.26% | 28.96% |
| Loss from Discontinued Operations | 581.94 | 100.7 | 145.9 | 134.6 | 0 | 0 | 0 |
| Profit After Tax | 12187.69 | 8,305.74 | 7,355.99 | 5,198.29 | 3,573.42 | 1,884.78 | 1,708.04 |
| Growth % | 27.79% | 12.91% | 41.51% | 45.47% | 89.59% | 10.35% | 0 |
| PAT % | 71.10% | 56.20% | 62.04% | 62.53% | 63.53% | 53.73% | 56.98% |
| Diluted EPS | 49.24 | 33.56 | 29.71 | 20.99 | 14.44 | 7.61 | 6.90 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 247.5 | 49.50 | 49.50 | 49.50 | 49.50 | 49.50 | 49.50 |
| Reserves | 30,105.83 | 23,924.38 | 20,430.88 | 15,368.78 | 11,586.45 | 8,572.49 | 7,738.76 |
| Total Equity | 30,353.33 | 23,973.88 | 20,480.38 | 15,418.28 | 11,635.95 | 8,621.99 | 7,788.26 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 847.03 | 552.36 | 414.47 | 469.61 | 242.82 | 263.09 | 189.55 |
| Total NC Liabilities | 847.03 | 552.36 | 414.47 | 469.61 | 242.82 | 263.09 | 189.55 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 26,190.77 | 32,027.31 | 10,385.69 | 15,463.88 | 13,533.94 | 11,858.48 | 8,942.89 |
| Total Current Liabilities | 26,190.77 | 32,027.31 | 10,385.69 | 15,463.88 | 13,533.94 | 11,858.48 | 8,942.89 |
| Settlement Gaurantee Fund (SGF) | 12,075.25 | 8,910.45 | 5,283.80 | 4,255.23 | 3,792.93 | 3,426.77 | 3,057.68 |
| Equity + Liabilities | 69,466.64 | 65,464.00 | 36,564.34 | 35,607.00 | 29,205.64 | 24,170.33 | 19,978.38 |
| Fixed Assets (incl. WIP) | 1655.13 | 1,098.64 | 1,060.70 | 1,144.18 | 795.82 | 631.81 | 645.75 |
| Other Non Current Assets | 20,588.79 | 20,970.17 | 12,538.66 | 8,074.19 | 7,984.79 | 5,372.70 | 5,958.60 |
| Total NC Assets | 22,243.92 | 22,068.81 | 13,599.36 | 9,218.37 | 8,780.61 | 6,004.51 | 6,604.35 |
| Trade Receivables | 1,512.21 | 1,864.66 | 1,589.21 | 1,614.95 | 998.58 | 652.11 | 452.51 |
| Cash & Cash Equivalents | 27514.21 | 29,111.04 | 11,583.18 | 16,322.74 | 13,457.55 | 9,237.90 | 9,540.68 |
| Other Current Assets | 17,957.90 | 9,006.38 | 9,006.38 | 8,450.94 | 5,968.90 | 7,835.81 | 3,380.84 |
| Total Current Assets | 46,984.32 | 42,542.69 | 22,178.77 | 26,388.63 | 20,425.03 | 17,725.82 | 13,374.03 |
| Assets classified as held for sale | 238.40 | 852.50 | 786.21 | 0.00 | 0.00 | 440.00 | 0.00 |
| Total Assets | 69,466.64 | 65,464.00 | 36,564.34 | 35,607.00 | 29,205.64 | 24,170.33 | 19,978.38 |
Shareholding Pattern
- Life Insurance Corporation of India
- 10.72%%
- Aranda Investments (Mauritius) Pte Ltd.
- 5%%
- Stock Holding Corporation of India Ltd.
- 4.44%%
- SBI Capital Markets Limited
- 4.33%%
- Veracity Investments Limited
- 3.93%%
- Others
- 71.58%%
Strengths & Weaknesses
Strengths
- Market Leader: NSE’s market share in cash equities has gone from ~84% in FY14 to ~94% in 9MFY25. It is the largest derivatives exchange in the world by number of contracts traded, as on FY24. (Source: Annual Report)
- High Revenue Growth: NSE’s revenue grew at a 3-yr CAGR of ~38% and at a 10-yr CAGR of 27% (Source: Annual Report)
- Scalable Fixed-Cost Model: Operating leverage allows profitability to grow faster than revenues, with EBITDA margins at ~80%. (Source: Annual Report)
- Investor-Centric Policies: High dividend payout ratio (~53% in FY24), reflecting commitment to shareholder returns. (Source: Annual Report)
Weaknesses
- Concentration of Revenue: NSE heavily relies on trading volume in specific segments like equity derivatives, exposing it to revenue fluctuations driven by market volatility.
- Regulatory Scrutiny: As the largest exchange in India, NSE operates under constant scrutiny from regulators like SEBI, making it more susceptible to compliance-related challenges.
About National Stock Exchange Ltd (NSE)
The National Stock Exchange (NSE) is a leading stock exchange in India, established in 1992 and headquartered in Mumbai. It is the world's largest derivatives exchange by the number of contracts traded and the third largest in cash equities by the number of trades. NSE introduced electronic trading, making it the first exchange in India to do so, and it is known for its flagship index, the NIFTY 50.
Board of Directors
- Ashishkumar Chauhan - Managing Director & CEO
- S Sudarshan - Public Interest Director, Professor in IIT Bombay
- S Ravindran - Public Interest Director, Former Executive Director at SEBI
- Tablesh Pandey - Non-Independent Director, Managing Director of LIC
- Rajesh Gopinathan - Public Interest Director, Professor in IIT Bombay, Former MD & CEO of Tata Consultancy Services
- Abhilasha Kumari - Public Interest Director, Retired Chief Justice of the Manipur High Court, Former Judicial Member, Lokpal of India
- Veneet Nayar - Non-Independent Director, Founder Chairman of Sampark Foundation, Former Vice Chairman and CEO of HCL Technologies
- Mamata Biswal - Public Interest Director, Professor of Law & ICSSR Senior Research Fellow, GNLU
Senior Management
- Ashishkumar Chauhan - Managing Director & CEO
- Ian Desouza - Chief Financial Officer
- Sriram Krishnan - Chief Business Development Officer
- Somasundaram K S - Chief Enterprise Risk Officer
- Shharad Dhakkate - Chief Human Resources Office
- Piyush Chourasia - Chief Regulatory Officer - Member Compliance, Surveillance, Member Inspection & Investigation
- Mayur Sindhwad - Chief Technology Officer- Operations
- Viral Mody - Chief Technology Officer- Applications & Development
- Ankit Sharma - Chief Regulatory Officer - Listing and Investor Compliance
- Sampath Manickam - Chief Technology Officer - Technology Infrastructure
- Rajesh Thapar - Chief Information Security Officer
Frequently Asked Questions
- Is there any lock-in period for NSE unlisted shares?
- The lock-in period for NSE Unlisted Shares differs based on the investor category, as per SEBI regulations:
● Venture Capital Funds and Foreign Venture Capital Investors (FVCIs):
A lock-in period of 6 months from the date of acquisition of the shares.
● Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
● Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates):
A lock-in period of 6 months from the date of IPO listing of NSE.
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing. - How much long term capital gains tax do I have to pay on NSE unlisted shares?
- Long-Term Capital Gains (LTCG) on Unlisted Shares in India arise when such shares are sold after being held for a period of more than two years. The key aspects of LTCG taxation on NSE unlisted shares are outlined below:
1. Tax Rate
Earlier, LTCG on unlisted shares was taxed at 20% with indexation benefits. However, as per Union Budget 2024, the tax structure has been revised. For transfers made on or after 23rd July 2024, LTCG on unlisted shares is taxed at a flat rate of 12.5%.
2. Indexation Benefit
Previously, investors could avail indexation benefits to adjust the purchase price for inflation, thereby reducing taxable gains.
This indexation benefit has been removed under Budget 2024 for unlisted shares transferred on or after 23rd July 2024.
3. Importance for Investors
Understanding LTCG taxation is important for both retail investors and High Net-Worth Individuals (HNIs), as it directly impacts investment returns, exit planning, and overall tax strategy.
4. Calculation Method
For eligible transactions after 23rd July 2024, LTCG will be calculated at a flat tax rate of 12.5% on the capital gains, without indexation.
5. Applicability
LTCG tax is applicable when unlisted shares are held for more than 24 months before being sold.
6. Relevance
These tax provisions are particularly relevant for investors in the unlisted share market who are considering exiting their investments after a long-term holding period. - How do I start investing in NSE unlisted shares through InCred Money?
- Buying NSE Unlisted Shares on InCred Money is quick, seamless, and fully digital.
Step 1: Create Your Account
Sign up using your mobile number and email ID.
Complete your KYC by submitting your PAN, Aadhaar, bank account, and demat account details. Once submitted, your KYC is reviewed and approved.
Step 2: Select & Buy Shares
Browse and select NSE from our Unlisted Shares list and place your order.
Step 3: Share Transfer
Based on the settlement period for the shares noted on the platform, the purchased shares are transferred and reflected in both your InCred Money portfolio and your demat account. - What documents are needed to invest in NSE unlisted shares?
- To invest in NSE Unlisted Shares on InCred Money, you need to complete your KYC verification by submitting the following documents:
● PAN Card
● Aadhaar Card
● Bank account details
● Demat account details
Once your KYC is successfully completed and approved, you can start investing in unlisted shares on the platform.
