The National Stock Exchange achieved significant growth in its listing business during FY26, earning ₹352 crore compared to ₹314 crore in the previous year, representing a 12% increase. According to the exchange's draft IPO prospectus, this growth occurred despite a decline in initial public offerings, with IPOs falling from 242 to 219 year-on-year. The revenue increase was primarily driven by larger public issues that raised higher book-building fees, compensating for the reduced volume of offerings. India's booming IPO market has significantly boosted the exchange's listing service revenue, with the exchange anticipating continued growth in this segment, projecting a 15-20% CAGR between FY26 and FY30.
The listing services segment's contribution to NSE's overall revenue increased to 2.12% in FY26, up from 1.83% in FY25 and 1.51% in FY24. As reported by The Economic Times, the exchange's total operating revenue for FY26 reached ₹16,601 crore, with listing services generating ₹352 crore in revenue. NSE maintained its position as a significant marketplace, with 2,978 listed entities at the end of FY26, demonstrating the exchange's continued market presence and operational scale.
NSE generates listing revenue through multiple channels including initial listing fees, annual fees, processing charges, and book-building fees. According to the exchange's draft IPO prospectus, these diversified revenue streams contributed to the overall growth in listing services despite the decline in IPO volumes. The exchange's ability to maintain and grow its listing business demonstrates the resilience of its market position and the continued demand for public market access in India's evolving capital markets landscape.
