# National Stock Exchange of India Limited
**ISIN:** INE721I01024
**Canonical URL:** https://polemarch.in/invest/national-stock-exchange-of-india-limited
**Type:** Unlisted
**Sector:** Financial Services
**Market cap bucket:** Large Cap
**Current quoted price:** ₹0.00 per share

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## Company profile

## Business overview
National Stock Exchange of India Limited (NSE) is India's largest stock exchange by trading volume and the world's largest derivatives exchange by number of contracts traded. Established in 1992 and operational since 1994, NSE pioneered electronic screen-based trading in India, replacing the open-outcry system. It operates equity cash, equity derivatives (futures & options), currency derivatives, commodity derivatives, debt, and mutual fund platforms, and runs the benchmark NIFTY 50 index family through its subsidiary NSE Indices.

### Risks
- **Regulatory and governance risk**: SEBI's investigation into the colocation facility access issue (2015–2019) delayed the IPO for years; any adverse final order could impose financial or structural remedies
- **F&O concentration**: SEBI's 2024 circular tightening lot sizes and expiry rules for index derivatives directly reduces NSE's highest-margin revenue stream
- **BSE competitive resurgence**: BSE's Sensex derivatives have gained traction since 2023 with aggressive fee waivers; while still <7% share, the trend is non-trivial
- **IPO uncertainty**: the IPO has been anticipated since 2016 but remains unscheduled; regulatory clearance, shareholder alignment, and governance reforms are all preconditions
- **Key-person risk**: regulatory mandates around exchange governance (independent board, public interest directors) constrain management continuity

## Key ratios (as of FY2025, yearly)
### Liquidity Ratios
- **Working Capital:** 206.7536
- **Current Ratio:** 1.78586793
- **Quick Assets:** 469.8431
- **Quick Ratio:** 1.78586793
- **Cash Ratio:** 0.65748918
- **Working Capital To Sales:** 0.0120621586
- **Defensive Interval Ratio:** 30.164528939900002
- **Net Working Capital to Assets:** 0.30133716

### Leverage Ratios
- **Total Debt:** 0
- **Net Debt:** -172.9785
- **Debt to Equity:** 0
- **Debt to Assets:** 0
- **Debt To Capital:** 0
- **Equity Ratio:** 0.004423906599999999
- **Financial Leverage:** 0.0226044556
- **Interest Coverage:** 479.45442404
- **EBITDA Interest Coverage:** 497.70450751
- **Net Debt to EBITDA:** -0.0116044277
- **Long Term Debt to Equity:** 0
- **Long Term Debt to Capital:** 0
- **Debt to EBITDA:** 0
- **Net Debt to Equity:** -0.56988311

### Profitability Ratios
- **Effective Tax Rate:** 0.0027000058
- **NOPAT:** 104.825434714
- **Invested Capital:** 130.5548
- **Gross Margin:** 1.1187905
- **EBITDA Margin:** 0.86964169
- **EBIT Margin:** 0.83775323
- **Pre Tax Margin:** 0.83600592
- **Net Margin:** 0.61028384
- **Return on Assets:** 0.15246127
- **Return on Equity:** 0.34463039
- **Return on Capital Employed:** 0.33944699
- **Return On Invested Capital:** 0.80292287
- **Pre-Tax ROE:** 0.4720968
- **Cash ROA:** 0.05963224
- **Return on Net Assets:** 0.24727928
- **Operating ROA:** 0.20928773

### Efficiency Ratios
- **Asset Turnover:** 0.24982026
- **Fixed Asset Turnover:** 0.15298168580000002
- **Receivables Turnover:** 11.33485429
- **Payables Turnover:** 0
- **Working Capital Turnover:** 0.008290390100000001
- **Days Sales Outstanding:** 0.3220156085
- **Cash Conversion Cycle:** 0.3220156085
- **Equity Turnover:** 0.56470509
- **Capital Employed Turnover:** 0.56470509

### Cashflow Ratios
- **Operating Cash Flow to Sales:** 0.23870056
- **Operating Cash Flow to Net Income:** 0.3911304
- **Free Cash Flow:** 53.9718
- **Free Cash Flow Margin:** 0.31487549
- **Cash Interest Coverage:** -136.61068447
- **FCF to Net Income:** 0.51594925
- **Capital Expenditure:** -13.0569
- **Capex to Sales:** -0.07617492
- **Capex to Operating Cashflow:** -0.31912335
- **Dividend Payout Ratio:** -0.42583083
- **Retention Ratio:** 1.42583083

### Valuation Models
- **Enterprise Value:** -172.9785
- **P/S Ratio:** 0
- **EV / EBITDA:** -1.16044277
- **EV / Sales:** -1.00916941
- **EV / EBIT:** -1.20461418
- **EV to FCF:** -3.20497927
- **EV to Assets:** -0.25211096
- **EV to Capital Employed:** -0.40890266
- **EV to Invested Capital:** -1.32494937

### DuPont Analysis
- **DuPont: Tax Burden:** 0.72999942
- **DuPont: Interest Burden:** 0.9979143
- **DuPont: EBIT Margin:** 0.83775323
- **DuPont: Asset Turnover:** 0.24982026
- **DuPont: Equity Multiplier:** 2.26044556
- **DuPont ROE (5-step):** 0.34463039

### Earnings Quality
- **Accruals to Assets:** 0.09282903
- **Accruals to Net Income:** 0.6088696
- **Cash Earnings Coverage:** 0.3911304
- **Capex to Depreciation:** -2.38879233

## Recent price points (last 10)

| Date | Price (₹) |
|---|---:|
| 2026-04-16 | 1885 |
| 2026-04-17 | 1885 |
| 2026-04-18 | 1895 |
| 2026-04-19 | 1895 |
| 2026-04-20 | 1925 |
| 2026-04-21 | 1925 |
| 2026-04-22 | 1950 |
| 2026-04-23 | 1925 |
| 2026-04-24 | 1925 |
| 2026-04-25 | 2000 |

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## Risk disclosure

Unlisted shares are illiquid and can lose their full value. They're illiquid, prices can swing sharply, and a quoted price is only as good as the next willing buyer at that level. Polemarch does not guarantee any return on any share. Talk to a SEBI-registered investment adviser before you put money in. Past performance is not a forecast of future returns.

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Operator: Mithtech Innovative Solutions Pvt Ltd, Bengaluru, India.