National Stock Exchange of India (NSE IN) – Q2FY27 Result Update – Volume recovery underway; opex to remain controlled – ACCUMUALTE
Published on 04 Nov 2026
Operating revenue grew 11% YoY to INR40.7bn supported by trading activity across cash and options segment, although sequential momentum remained subdued amid regulatory changes. We marginally tweak our FY27 operating revenue estimates factoring in a gradual recovery in market activity, supported by CAS-related normalisation and traction in newer product segments. Other expenses declined YoY due to the one-time SEBI settlement fees of INR13bn last year. We expect opex to improve on account of better operating leverage aided by controlled employee/tech cost, resulting in expansion of EBITDA margin (+48bps for FY27E). We maintain our “Accumulate” rating on the stock with a multiple of 34x FY29E EPS (from 32x earlier), arriving at a TP of INR1,950.
