Aim of NSE India Limited Unlisted Shares.
(i) The National Stock Exchange was rated as one of the leading exchanges in India and the second largest in the world with respect to trade in equity shares between January and June 2018, according to the report published by the World Federation of Exchanges (WFE).
(ii) NSE pioneered electronic screen-based trading in 1994, derivatives trading (in the form of index futures) in 2000, and internet trading, all of which were the first in India.
(iii) NSE has a full-fledged business model comprising the listing of our exchanges, trading services, clearing and settlement, indices, and market data feeds with technology solutions and financial education. NSE also oversees compliance on the part of trading and clearing members and listed companies with rules and regulations for its exchange.
(iv) NSE is a pioneer of technological innovations and has assured reliability on the performance of its systems by instilling a culture of innovation and investment in technology. NSE is able to react fast to the demands and changes in the market in providing a superior service in trading and non-trading activities, providing them with good quality data and services.
(v) NSE was incorporated in 1992, recognized by SEBI as a stock exchange in April 1993, and commenced operations in 1994 with the launch of the wholesale debt market, followed closely by the launch of the cash market segment..
History of NSE
1995-Set up wholly-owned subsidiary NSE Clearing, which by virtue of the Oliver Wyman Report had become the first clearing corporation to be established in India. Clearing and settlement operations, as commenced in the following year.
1998- Set up NSE Indices, a subsidiary joint venture with CRISIL Limited to operate an indices business. NSE Indices became a wholly-owned subsidiary in 2013 after acquiring CRISIL’s 49% stake.
1999-NSEIT, a wholly-owned global technology firm providing end-to-end technology solutions, was set up. Such services include application services, infrastructure services, analytics as a service, and IT-enabled services. NSEIT launched its Testing Centre of Excellence in 2015 and its Integrated Security Response Center in 2016.
2000-To incorporate DotEx, a wholly-owned subsidiary, that U.S.-based data and info-vending business on behalf of DotEx.
2006- Set up NSE Infotech Ltd., a wholly-owned subsidiary for IT research and development.
2016-Consolidated education business under NSE Academy-Incorporation of two new subsidiaries, NSE IFSC Limited and NSE IFSC Clearing Corporation Limited, in pursuance of NSE’s long-term business strategy to establish an international exchange in GIFT City.
Fundamentals
Per Equity Share
Financial
P&L Statement
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 5624 | 8929 | 11856 | 14780 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 479 | 689 | 366 | 460 |
| Other Expenses | 1004 | 1740 | 1859 | 2709 |
| EBITDA | 4141 | 6500 | 9631 | 11611 |
| OPM | 73.63 | 72.8 | 81.23 | 78.56 |
| Other Income | 577 | 570 | 794 | 13 |
| Finance Cost | 0 | 0 | 0 | 0 |
| D&A | 226 | 338 | 384 | 439 |
| EBIT | 3915 | 6162 | 9247 | 11172 |
| EBIT Margins | 69.61 | 69.01 | 77.99 | 75.59 |
| PBT | 4464 | 6912 | 10041 | 11184 |
| PBT Margins | 79.37 | 77.41 | 84.69 | 75.67 |
| Tax | 891 | 1714 | 2540 | 2778 |
| PAT | 3573 | 5198 | 7501 | 8406 |
| NPM | 63.53 | 58.21 | 63.27 | 56.87 |
| EPS | 72.18 | 105.01 | 151.54 | 169.82 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 73.63 | 72.8 | 81.23 | 78.56 |
| Net Profit Margin | 63.53 | 58.21 | 63.27 | 56.87 |
| Earning Per Share (Diluted) | 72.18 | 105.01 | 151.54 | 169.82 |
Balance Sheet
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 831 | 1129 | 1007 | 1004 |
| CWIP | 10 | 90 | 98 | 32 |
| Investments | 9362 | 12856 | 17305 | 10471 |
| Trade Receivables | 998 | 1614 | 1589 | 1865 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 18004.5 | 19918.5 | 16565 | 52092 |
| Total Assets | 29205.5 | 35607.5 | 36564 | 65464 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 49.5 | 49.5 | 49.5 | 49.5 |
| FV | 1 | 1 | 1 | 1 |
| Reserves | 11586 | 11635 | 20429 | 23925 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 0 | 0 | 262 | 332 |
| Other Liabilities | 17570 | 23923 | 15823.5 | 41157.5 |
| Total Liabilities | 29205.5 | 35607.5 | 36564 | 65464 |
Cash-Flow Statement
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 4464 | 6912 | 9913 | 11104 |
| OPBWC | 2143 | 6306 | 9314 | 9133 |
| Change in Receivables | -357 | -646 | -216 | -298 |
| Change in Inventories | 0 | 0 | 0 | 0 |
| Change in Payables | 74 | 108 | 54 | 71 |
| Other Changes | 1906 | 1686 | -5059 | 24781 |
| Working Capital Change | 1623 | 1148 | -5221 | 24554 |
| Cash Generated From Operations | 3766 | 7454 | 4093 | 33687 |
| Tax | -862 | -1622 | -2358 | -3943 |
| Cash Flow From Operations | 2904 | 5832 | 1735 | 29744 |
| Purchase of PPE | -377 | -599 | -406 | -470 |
| Sale of PPE | 0 | 0 | 3 | 1 |
| Cash Flow From Investment | -2402 | -4185 | -3217 | -8336 |
| Borrowing | 0 | 0 | 0 | 0 |
| Divided | -544 | -1224 | -2079 | -3959 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -26 | -34 | -21 | -35 |
| Cash Flow from Financing | -570 | -1258 | -2100 | -3994 |
| Net Cash Generated | -68 | 389 | -3582 | 17414 |
| Cash at the Start | 9237 | 9169 | 9557 | 5975 |
| Cash at the End | 9169 | 9558 | 5975 | 23389 |
Share Holding Pattern
Peer Ratio
| Particulars (cr) | Revenue (Fy24) | EPS (FY24) | Mcap (21.10.24) | P/E (21.10.24) |
| NSE | 14780 | 34 | 470250 | 55x |
| BSE | 1592 | 57 | 57203 | 96x |
