NSE's Rs 30,000 crore IPO set to spotlight exchange's dominance in Indian markets, dependence on options trading: Zerodha analysis (opens original article in a new tab)

The National Stock Exchange's Rs 30,000 crore IPO highlights its dominant position in India's markets and reliance on options trading, which contributed 60% of its revenue in FY26.

• NSE's IPO could raise Rs 30,000 crore, making it India's largest public issue.
• NSE's revenue is heavily dependent on equity options, particularly the Nifty 50 weekly contract.
• NSE's profitability remains high with a 51% margin despite regulatory changes affecting derivatives trading.