NSE's ₹4.45 trillion valuation nearly double that of BSE, MCX, IEX combined

Today's market debut has propelled National Stock Exchange (NSE) among India's most valuable companies and firmly established it as the country's biggest listed exchange by market capitalisation (m-cap). Valued at ₹4.45 trillion on listing, NSE is now worth twice the combined m-caps of BSE, Multi Commodity Exchange (MCX) and India Energy Exchange (IEX), India's other listed exchange businesses.

Together, the market caps of these companies was worth ₹2.28 trillion. BSE's market cap stood at ₹1.31 trillion, MCX's at ₹86,875 crore and IEX's at ₹9,973 crore as of 10 AM.

NSE shares listed at ₹1800 today, up 0.84 per cent from the IPO price of ₹1,785.

The valuation reflects NSE’s dominant market position, strong profitability, and network-driven business model, said Vinit Bolinjkar, head of research at Ventura. Compared with peers such as BSE, MCX, and IEX, NSE operates a broader multi-asset exchange ecosystem covering equities, derivatives, currencies, debt, clearing, indices, data services, and technology solutions, noted Bolinjkar, thus giving it an edge.

The two things to watch on day one, according to Harshal Dasani, business head at INVasset, are whether the thinly subscribed retail float holds, and whether institutions allotted a fraction of their bids buy the balance in the secondary market, he said.

NSE is India’s largest exchange by trading activity, with FY26 market shares of 92.99 per cent in cash-market turnover, 99.79 per cent in equity futures, and 74.71 per cent in equity options premium turnover.

How should investors approach exchange business?

Exchanges are toll roads on activity, which, according to Dasani, makes them the best business model in financial services and the most cyclical one at the same time.

Revenue is driven by two things: trading volumes and fees. Volumes depend on the market cycle, while fees are largely set by regulators. Dasani suggests looking at the exchange business through three lenses.

First, watch regulatory risk. Changes to derivatives lot sizes or trading charges can move stocks more than quarterly earnings. IEX is a case in point: Its 85 per cent market share is being repriced as regulators move towards market coupling, pushing its valuation down to 21 times earnings versus nearly 50 times for peers, Dasani said.

Second, back the share-taker, not the incumbent. At this scale, growth often comes from taking market share, he noted, adding that BSE's profit rose 62 per cent in the June quarter, even as NSE's FY26 profit fell 15 per cent.

Third, treat valuations as a bet on volumes. BSE and MCX, trading at 48–53 times earnings, need sustained growth in activity to justify those multiples. NSE's listing at around 43 times FY26 earnings could also set a valuation benchmark for the sector, he said.

"The framework suits patient capital that sizes positions for a cycle rather than a quarter and treats each regulatory consultation paper as the real earnings event."