NSE Q3FY26 Results — QoQ Surge, 9M YoY Softer, and IPO Green Light Sets the Stage for a Strong Q4
Related: NSE India Limited Unlisted Shares
A quick snapshot
NSE’s Dec’25 quarter (Q3FY26) shows a clear sequential (QoQ) improvement in both income and profitability. At the same time, the 9M (Apr–Dec) YoY comparison looks softer. Add to this a major overhang clearing: NSE has formally approved its IPO process after receiving the regulator’s approval to proceed, and has set up an IPO committee—an important milestone in the long-awaited listing journey.
1) Q3FY26 (Quarter ended 31-Dec-2025): QoQ performance looks strong
Consolidated (Group)
Total Income increased to ₹4,394 Cr (vs ₹4,160 Cr in Sep’25 quarter). PBT (continuing ops) improved to ₹3,185 Cr (vs ₹3,038 Cr), and PAT rose to ₹2,408 Cr (vs ₹2,098 Cr). EPS improved to ₹9.73 (vs ₹8.48).
Standalone (NSE India Ltd.)
Standalone Total Income jumped to ₹4,418 Cr (vs ₹3,666 Cr), PBT rose to ₹3,270 Cr (vs ₹2,729 Cr), and PAT climbed to ₹2,602 Cr (vs ₹1,857Cr). EPS came at ₹10.52 (vs ₹7.51).
What’s driving the QoQ “better look”?
NSE’s sequential profit rise was helped by improvements in derivatives trading, with equity futures ADV +8% QoQ and equity options volumes +15%.
2) 9MFY26 vs 9MFY25 (Apr–Dec): YoY comparison is softer
Consolidated (9M ended Dec 31)
- Total Income: ₹13,353 Cr vs ₹14,780 Cr
- PBT: ₹9,999 Cr vs ₹12,109 Cr
- PAT: ₹7,431 Cr vs ₹9,537 Cr
- EPS: ₹30.02 vs ₹38.54
Overall, the 9M YoY line items are down.
Standalone (9M ended Dec 31)
- Total Income: ₹12,327 vs ₹13,963 Cr
- PBT: ₹9,231 Cr vs ₹9,414 Cr
- PAT: ₹6,869 Cr vs ₹7,205 Cr
- EPS: ₹27.76 vs ₹29.11
Standalone 9M is also lower YoY.
How to read this:
You’re seeing a classic setup where YTD YoY is weak, but the most recent quarter is improving QoQ—often a sign the trend is turning, especially if volumes pick up into Q4.
3) One-offs & provisions: keep “reported vs core” in mind
A few notable disclosures can move reported profitability and should be tracked when judging “clean” earnings:
- Profit on sale of investment in associates: ₹1,200 Cr (Consolidated) and ₹1,362 Cr (Standalone) (NSDL stake sale).
- Provision for settlement applications with SEBI (Colocation/Dark Fibre): ₹1,307.41 Cr (incl. interest).
- New Labour Codes gratuity provision impact: ₹126.44 Cr (Consolidated) and ₹90.07 Cr (Standalone).
4) The big headline catalyst: IPO process gets formally approved by NSE Board
NSE has cleared the decks for its long-awaited IPO, structured as an offer-for-sale by existing shareholders, and has approved formation of an IPO committee to execute the listing process. NSE received the market regulator’s approval to proceed with the IPO on 31st January-2026.
Why this matters for markets:
The listing was a long-running overhang. A clearer IPO path can change how investors think about governance, transparency, and valuation discovery for the exchange itself.
5) “Turnover is rising”: why Q4 can be strong (ADTO data)
ADTO numbers show a meaningful ramp-up into Q4:
NSE ADTO (₹ Cr)
- Q3 ADTO: 53,248
- Jan ADTO: 66,463
- Feb MTD (6 days): 86,634
BSE ADTO (₹ Cr)
- Q3 ADTO: 19,459
- Jan ADTO: 28,769
- Feb MTD (6 days): 27,283
Takeaway: If higher ADTO sustains through the quarter, it typically supports stronger transaction-linked revenues—so the thesis “Q4 will be bumper for both” is directionally consistent with the trend above.
Closing view: QoQ improving + IPO milestone + volume tailwind = Q4 setup looks constructive
NSE’s Q3FY26 QoQ numbers show improvement, IPO process has moved forward meaningfully, and early Q4 turnover trends (as per your ADTO set) are pointing up—together creating a supportive setup for the next quarter.