Q3 FY2026 was not an extraordinary quarter for NSE.
And that is exactly why it deserves attention.
There were no major monetisation events and no unusually strong market conditions. What this quarter delivers is a clear picture of how the exchange performs in a steady environment. For long-term investors, this is far more informative than headline driven quarters.
Q3 FY2026 Financial Performance at a Glance
For the quarter ended December 2025:
- Total income stood at ₹4,394 crore, improving sequentially from ₹4,160 crore in Q2 FY2026
- Total expenses were ₹1,107 crore, sharply lower than ₹2,353 crore in the previous quarter as costs normalised
- Profit attributable to owners came in at ₹2,408 crore, compared to ₹2,098 crore in Q2 FY2026
While profits were lower than the unusually strong year-ago period, the quarter showed clear sequential recovery and stable profitability.
Core Profitability Remains Strong
The most important insight from Q3 FY2026 lies beneath the headline profit.
Before exceptional items, NSE generated profit before tax of over ₹3,300 crore during the quarter. This highlights the strength of the exchange model.
Even with moderate trading activity, the business continues to deliver high operating leverage, minimal balance-sheet risk, and strong cash generation. This is the structural advantage of a scaled market infrastructure platform.
Segment Performance Reflects Healthy Activity
Revenue from operations increased quarter-on-quarter, driven primarily by trading activity.
For Q3 FY2026, segment-wise operating revenue was:
- Trading services: ₹3,553 crore, up from ₹3,296 crore in Q2 FY2026
- Clearing services: ₹410 crore, largely stable sequentially
- Other segments: ₹165 crore, showing gradual improvement
The sequential growth was led by trading services, reinforcing that even small changes in volumes translate into meaningful revenue movement for NSE.
Nine-Month Performance Provides Broader Context
For the nine months ended December 2025:
- Total income stood at ₹13,353 crore, compared to ₹14,780 crore in the previous year
- Profit attributable to owners was ₹7,431 crore, compared to ₹9,537 crore in the same period last year
These numbers combine quarters with different operating characteristics. Some earlier quarters included non-recurring items, while Q3 FY2026 did not. As a result, the quarterly run-rate seen in Q3 offers a cleaner base to assess sustainable earnings.
Market Position and Activity Trends
NSE continues to dominate India’s capital markets.
During Q3 FY2026:
- Equity options market share stood at around 73 percent
- Cash market share remained above 90 percent
Average daily volumes grew sequentially across key segments:
- Equity options volumes increased by about 15 percent quarter-on-quarter
- Equity futures volumes rose by 8 percent
- Cash market volumes grew by 3 percent
- Currency derivatives volumes saw strong growth of over 50 percent
These trends underline NSE’s continued relevance and liquidity leadership.
Investor Perspective
Q3 FY2026 does not tell a story of acceleration.
It tells a story of durability.
Even in a normalised environment, NSE continues to generate substantial profits, maintain high margins, and operate with strong financial discipline. For investors focused on long-term earnings quality rather than short-term noise, this quarter provides reassurance.
NSE’s core economics remain firmly intact.