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.
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 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%.
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.
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.
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).
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.
ADTO numbers show a meaningful ramp-up into Q4:
Q3 ADTO: 53,248
Jan ADTO: 66,463
Feb MTD (6 days): 86,634
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.
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.