Kya hua
NSE ne OFS ka price band Rs 1,700-1,785 rakha, pehle ke Rs 2,000-2,100 se 15% kam, Rs 22,560 crore ka 100% Offer for Sale jismein NSE ko kuch nahi milega.
NSE ka IPO aakhir market mein aa raha hai — price band Rs 1,700 se Rs 1,785, purane marketed range Rs 2,000-2,100 se lagbhag 15% cut karke. Saara issue 100% Offer for Sale hai, matlab NSE ko ek rupya bhi nahi milega, poora Rs 22,560 crore purane shareholders jaise Morgan Stanley, SBI, Temasek ko jayega. FY26 ke hisaab se NSE ka P/E lagbhag 43 dikhta hai jo BSE ke 56 se 23% sasta lagta hai.
Lekin Mint ka Mark to Market column kehta hai ye discount misleading hai. Asli picture Q1FY27 mein palat gayi — NSE ka net profit sirf 11% badha jabki BSE ka 65% uchhla. Option premium turnover mein BSE ne toh double kar diya, Rs 18 lakh crore tak pahunch gaya, jabki NSE sirf 14% badh kar Rs 39 lakh crore par atka. July-August mein bhi BSE 61% growth ke saath aage nikla.
Wajah clear hai — dono exchanges ki kamai ka 78-84% abhi bhi transaction charges se aata hai, aur BSE ke paas charge badhane ka scope hai. BSE ka option charge Rs 3,250 per crore hai NSE ke Rs 3,550 se kam, aur futures par abhi koi charge hi nahi leta. Upar se global peers Nasdaq, LSE, HKEX sirf 17-22x P/E par trade kar rahe hain, jabki NSE 43x maang raha hai.
Toh FY26 ka cheap valuation ek purana photo hai. Aage ka game earnings growth se decide hoga, discount se nahi. Agar aap OFS mein paisa lagane ka soch rahe ho, toh premium multiple par aur expansion mushkil hai — return ka sawaal ab NSE ka future profit badhega ya nahi, us par tika hai.
FY26 discount misleading kyon hai
23% discount FY26 par bana hai par Q1FY27 mein picture palat gayi. BSE ka option turnover (Rs 18T) aur profit growth (65%) NSE (Rs 39T, 11%) se aage hai, BSE ke paas fee badhane ka scope bhi hai — kam option charge aur free futures — jabki dono exchanges 78-84% transaction fees par tikke hain. Global peers 17-22x par hain, toh NSE ka 43x sasta nahi premium hai.
Timeline
- 15 Sep 2026 — Mint Mark to Market (Manish Joshi) ne NSE ke FY26 discount ko misleading bataya
- 11 Sep 2026 — Business Today aur Reuters ne final OFS band Rs 1,700-1,785 bataya, marketed Rs 2,000-2,100 se ~15% kam
- Q1FY27 (June quarter) — NSE profit +11% YoY, BSE +65% YoY; BSE option premium Rs 18T (~100% up), NSE Rs 39T (+14%)
- 19 Jun 2026 — Economic Times ne discount ko ~49x vs ~67x bataya, reference price se P/E badalta hai
OFS se pehle kya dekhein
Q2FY27 ka derivatives turnover, BSE option charge badhata hai ya nahi, NSE ka 93% cash share bachega ya nahi jab BSE derivatives mein 28% se aage badhe, aur FY27 earnings se P/E comparison kaise badalta hai — global peers 17-22x premium ki limit dikhate hain.
Kyun matter karta hai
FY26 par 23% discount dikhta hai par Q1FY27 mein BSE ka profit aur option turnover dono NSE se kaafi tez badhe, toh valuation ka logic badal gaya.
Money
Individual Investors · Ipo First Timers
Jo investor FY26 ke 23% discount dekh kar NSE ko sasta samjhenge, unko Q1FY27 ka ulta trend dekhna hoga — BSE tez badh raha hai, toh return future earnings se aayega, headline discount se nahi.
Work
Retail Traders · Finance Professionals
BSE ka kam option charge aur free futures usko fee badhane ka scope deta hai, jisse brokers aur active traders ki cost badh sakti hai.
Daily Life
Individual Investors · Retail Traders
BSE derivatives mein 28% tak pahunch gaya aur NSE cash mein 93% par hai — investor ke paas ab growth vs dominance ka clear choice hai.
Seedhi baat
Sasta dikhna purana photo hai — IPO ka return aage ki kamai se aayega.
NSE 43x par 23% sasta lage par Q1 mein BSE 65% badha vs NSE 11% — discount misleading hai.
Verified sources (5)
NSE IPO's steep valuation discount to BSE based on FY26 earnings is misleading
↗Growth over scale: NSE is priced at a discount to BSE
↗BSE shares drop 3% as NSE fixes IPO price band; here's why
↗NSE cuts IPO price range, giving up shot at India's top listing
↗NSE's IPO: A 43x Multiple on a Toll Whose Main Lane Got Narrower
↗Claims and linked sources
10 claimsNSE has priced its 100% Offer for Sale at Rs 1,700-1,785 per share, cutting the marketed range of Rs 2,000-2,100 by roughly 15% after tough global roadshow feedback in Hong Kong, London and New York.
On FY26 earnings, NSE's P/E of ~43 is a steep 23% discount to BSE's ~56 — but the Mint argument is that FY26 is a stale reference point, not a genuine bargain.
In the June quarter (Q1FY27), NSE's net profit grew just 11% year-on-year while BSE's surged 65% — the opposite of the story implied by the FY26 discount.
BSE's option premium turnover in Q1FY27 almost doubled year-on-year to Rs 18 trillion, while NSE's grew by just 14% to Rs 39 trillion; July-August trends continued in BSE's favour at 61% YoY growth versus 7% for NSE.
Transaction charges remain the single largest revenue stream for both exchanges — nearly 84% of NSE's and 78% of BSE's Q1FY27 operating revenues — so both remain hostage to derivatives volumes.
BSE has charge levers NSE lacks: its option transaction charge is lower at Rs 3,250 per crore versus Rs 3,550 for NSE (room to hike), and BSE has kept futures charges free to win volume, so falling futures volumes hurt NSE's income while BSE is immune.
NSE still commands a dominant 93% share of the cash market per Q1FY27 data, mirroring BSE's derivatives share climb from near-zero in FY23 to 28% in FY26 — ample room for BSE to erode NSE's position.
Global peers such as Nasdaq, LSE, Japan Exchange Group, Hong Kong Exchange and ICE derive only 20-60% of revenue from transaction charges and yet trade at just 17-22x P/E on CY26 Bloomberg consensus — a large discount to NSE's ~43x.
The NSE issue is a 100% Offer for Sale — existing shareholders (Morgan Stanley, SBI, Temasek, CPPIB) receive the entire Rs 22,560 crore; NSE itself raises no fresh capital, so the valuation cannot price in any capital-deployment upside.
Mint concludes further expansion in NSE's already-premium multiples will be tough, so investors in the offer-for-sale should expect stock-price gains to hinge on future earnings growth rather than the headline FY26 discount.