NSE vs BSE – Comparative Financial Analysis (FY25)

1. NSE vs BSE – Comparative Financial Analysis (FY25) Metric NSE BSE FY25 Revenue from Ops ₹17,141 Cr ₹2,957 Cr FY25 Total Income ₹19,177 Cr ₹3,236 Cr FY25 PAT ₹12,188 Cr ₹1,328 Cr EPS (FY25) ₹49.24 ₹96.55 PAT Margin 63.55% 41.00% Dividend (FY25) ₹35/share ₹23/share Dividend Yield (on CMP) 2.12% 0.34% 2. YoY Growth (FY24 vs FY25) Metric NSE YoY Growth BSE YoY Growth Revenue Growth 16% 115.7% PAT Growth 47% 70% EPS Growth From ₹33.56 to ₹49.24 From ₹56.66 to ₹96.55 ⚠️ BSE’s massive jump in revenue and PAT is due to expanded derivative products and one-time SGF fund adjustments with SEBI approval. 3. Valuation Comparison (As on FY25 & FY26E) Parameter NSE BSE Market Cap (Approx.) ₹4,08,000 Cr ₹90,000 Cr P/E Ratio (FY25) 33.5x 68x P/E Ratio (FY26E) 37x (Estimated PAT ₹11,000 Cr) 45x (Estimated PAT ₹2,000 Cr) BSE:Q4FY25 - Revenue is INR 846 cr and PAT is INR 492 Cr. So, if we annualise this for FY26E , revenue would be ~INR 3400 cr and PAT of ~INR 2000 Cr.  Current Mcap is INR 90000 cr.P/E based on FY26E would be 45x. NSE:Q4FY25 - Revenue is INR 3771 cr and PAT is INR 2650 Cr. So, if we annualise this for FY26E, revenue would be ~INR 15000 cr and PAT of ~11000 Cr.  Current Mcap is 4,08,000 cr.P/E based on FY26E would be 37x. 4. Key Observations NSE: Continues to dominate in scale, with >5x revenue and >9x PAT compared to BSE. Strong profitability and dividend yield (2.12%) attract institutional investors. Q4 FY25 witnessed a QoQ decline in both revenue and PAT, due to reduced trading volumes or market activity after SEBI restricted the weekly expiry to one per exchange. BSE: Revenue grew 2x YoY, thanks to success in the Sensex/Bankex derivatives, and increased transaction charges. EPS and PAT saw strong YoY growth; PAT margins expanded to 53% in Q4 FY25. Trades at a higher P/E due to growth momentum, despite lower scale. Conclusion NSE remains the larger and more profitable exchange with strong fundamentals and consistent dividend payouts. BSE is emerging as a high-growth alternative with expanding revenue streams and successful product innovations in derivatives and mutual funds. Valuation rerating in BSE (higher P/E) reflects market optimism about future growth, but NSE still provides stronger yield and stability.