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.
