India’s largest stock exchange is entering the public markets from a position of scale, and recent data suggests the momentum underpinning its business remains intact.

A Jefferies Equity Research report, “Capital Markets Monitor: Order Velocity Up, ADTO Mixed, MTF Up,” published July 2, 2026, found that equity options contracts traded across India’s exchanges rose 12% month-on-month in June 2026, while cash market contracts rose 7%, both rebounding after a slower May. The Jefferies report stated that NSE had an additional weekly expiry during June 2026, while BSE’s index options premium market share stood at 32.4% for the month.

The report further found that the industry’s Margin Trading Facility (MTF) book grew 6% month-on-month to approximately ₹1.3 trillion in June 2026, more than four times its level three years earlier. It also noted that the NSE MTF book increased 6% month-on-month to approximately ₹1,341 billion during the month. The Jefferies report also highlighted that systematic investment plan (SIP) inflows into equity mutual funds rose 16% year-on-year to around ₹310 billion in May, taking SIPs to a record 39% share of equity mutual fund assets.

According to NSE’s Draft Red Herring Prospectus (DRHP), filed June 17, 2026, the exchange has been the largest in India by total turnover in the cash market and equity derivatives since Fiscal 2001, and the largest in exchange-traded currency derivatives since Fiscal 2009. As of March 31, 2026, NSE supported 253.66 million registered investor accounts and 129.09 million unique registered investors, with 2,978 listed entities carrying a combined market capitalisation of ₹411.25 trillion. Globally, NSE held an 11.38% share of trades in cash equities and a 51.18% share of contracts traded in equity derivatives among leading listed exchange groups, making it the largest multi-asset exchange in the world by these measures, per the DRHP.

Domestically, the exchange’s market share in Fiscal 2026 stood at 92.99% in the cash market, 99.79% in equity futures, 74.71% in equity options by premium turnover, and 99.48% in exchange-traded currency futures, the DRHP states.

That scale was reflected in the exchange’s financials for the year ended March 31, 2026: revenue from operations of ₹166,013.09 million, total income of ₹187,133.70 million, and profit for the year of ₹103,020.61 million, with an operating EBITDA margin of 66.85%, according to the DRHP. The exchange facilitated total fund mobilisation of ₹20.33 trillion during the year, including 108 mainboard IPOs, and has ranked among the top three exchange groups globally by number of new IPO listings from Fiscal 2023 to Fiscal 2026. For an exchange that has anchored Indian capital markets for over two decades, the timing is notable: NSE is heading to the public markets just as the activity it depends on, trading volumes, investor participation, margin growth, shows fresh signs of life.