Axis Securities has valued the unlisted shares of India’s National Stock Exchange (NSE) at ₹4,000, representing an 82% upside from current levels. The valuation is based on sector-level P/E multiples, growth expectations, and NSE’s financials ahead of its expected IPO.
Axis Securities, a prominent brokerage firm in India, has pegged the fair value of the National Stock Exchange of India Ltd. (NSE) at ₹4,000 per share in the unlisted market, suggesting an upside of over 82% from its current trading band of ₹2,200–₹2,250.
Headquartered in Mumbai, NSE is India’s largest stock exchange and the world’s second-largest in equity trade volume, as per the World Federation of Exchanges. It also ranks as the leading derivatives exchange globally by trading volume.
According to Axis Securities, the valuation is grounded in a sector P/E multiple of 83× and NSE’s FY24 earnings per share (EPS) of ₹49.2. At the current market rate, NSE’s unlisted shares are trading at a P/E of 44.72×, substantially lower than its listed peers — BSE (73.90×) and MCX (73.70×), underscoring its relative attractiveness in valuation terms.
While Indian markets carry elevated valuation multiples, Axis Securities attributes this to growth expectations tied to India’s emerging market status, unlike U.S. markets which reflect maturity and lower risk premiums through lower P/E ratios.
In terms of performance, NSE’s unlisted share price has demonstrated steady growth with minimal volatility. The only significant dip occurred in 2023 due to macroeconomic pressures such as interest rate hikes and geopolitical tensions. However, price resilience has since returned, aided by strategic shareholding patterns dominated by quasi-government and public sector entities.
Axis Securities projects that the NSE IPO could secure regulatory clearance from SEBI by Q3 FY26, with filings expected by Q4 and listing likely in FY27. The delay was partially due to compliance scrutiny linked to the Jane Street issue.
The brokerage also highlighted the exchange’s operational stability and institutional backing as contributing factors to its relatively limited volatility in the unlisted space. However, it cautioned that the illiquidity of unlisted stocks and valuation opacity remain key risk elements for investors.
While no IPO date has been officially confirmed, the valuation upgrade and expected timeline suggest mounting investor interest as NSE inches closer to a public listing.