Two prominent Indian investors have made significant additions to their portfolios in the September 2026 quarter. According to reports from The Financial Express, Radhakishan Damani, founder of DMart, acquired a 1.58% stake in National Stock Exchange (NSE) worth approximately ₹6,600 crore at the current market price of ₹1,688 per share. Meanwhile, Mukul Agrawal holds a 1.25% stake in Purple Style Labs, the company behind Pernia's Pop-Up Shop, valued at around ₹51 crore at the current price of ₹512.85 per share. Both stakes were previously owned before their respective IPOs and neither investor sold during the offerings.
The National Stock Exchange, incorporated in November 1992, operates as India's largest stock exchange with sales of ₹16,601 crore in FY26 and maintains an operating margin of 68%. As reported by The Financial Express, Damani acquired his stake from Norwest Venture Partners in early 2020 and now holds 3.91 crore shares following a 4:1 bonus issue in 2024. The exchange's net profit of ₹10,302 crore in FY26 represents a 19% CAGR over four years, though it experienced its first decline in FY26 due to SEBI's tightened trading rules. The June 2026 quarter showed net profit rising 7% to ₹3,120 crore on sales of ₹4,560 crore, with the exchange also settling its long-running co-location cases with SEBI through a ₹1,491 crore settlement. The stock listed on BSE on September 24, 2026, after raising ₹22,563 crore at ₹1,785 per share with 5.71 times subscription.
Purple Style Labs, incorporated in August 2015, operates Pernia's Pop-Up Shop selling designer wear through websites, apps, and experience centers across Mumbai, Delhi, Hyderabad, London, and New York. According to The Financial Express, the company's average store order value of ₹90,000 targets India's ₹2 lakh crore wedding and occasion-wear market, where luxury represents about 5% of the total market. The company's sales grew 15% annually to ₹558 crore in FY26 but reported a net loss of ₹285 crore, with borrowings rising to ₹784 crore including lease liabilities for new stores. The June 2026 quarter showed sales rising 13% to ₹119 crore with the loss narrowing to ₹88 crore from ₹100 crore, though operating profit swung to a loss of ₹14 crore due to new experience center costs. The IPO raised ₹680 crore at ₹575 per share with 1.19 times subscription and listed on September 7, 2026.
Both stocks are currently trading below their IPO prices, with NSE at ₹1,688, 5% below its ₹1,878 listing price, and Purple Style Labs at ₹512.85, 11% below its ₹568.55 first-day close. As reported by The Financial Express, NSE trades at a PE ratio of 46x, matching the industry median, while Purple Style Labs trades at a market cap of ₹4,122 crore with promoters owning only 24.08%. The stocks face different challenges - NSE must navigate SEBI regulations and competition from BSE, where F&O turnover crossed NSE's for the first time in April, while Purple Style Labs awaits its peak wedding season and anchor share lock-ins expiring on December 1, 2026. The company's free cash flow has been negative in each of the last four years, with net worth turning negative in FY26.
