Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>In this insight we discuss about updates from <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)'</a>s RHP.</li>
<li>We discuss in detail various operational parameters and market share in key areas.</li>
<li>Finally, we discuss why NSE stock is not running away.</li>
</ul>


In this insight we discuss about updates from National Stock Exchange (NSEIN IN)'s RHP.
We discuss in detail various operational parameters and market share in key areas.
Finally, we discuss why NSE stock is not running away.


NSE IPO: RHP Updates; It’s Not Running Away

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Derivatives

National Stock Exchange of India / Equity Derivatives

<ul>
<li>NSE, world's largest derivatives exchange by number of contracts traded has filed its DRHP on 17-Jun-26.</li>
<li>BSE leads in breadth and platforms; NSE leads in liquidity, derivatives and transaction monetisation.</li>
<li>In a financialising economy like India, both can grow. But the economics are different. BSE is a turnaround-plus-platform growth story. NSE is a scale-led market infrastructure compounding story.</li>
</ul>


NSE, world's largest derivatives exchange by number of contracts traded has filed its DRHP on 17-Jun-26.
BSE leads in breadth and platforms; NSE leads in liquidity, derivatives and transaction monetisation.
In a financialising economy like India, both can grow. But the economics are different. BSE is a turnaround-plus-platform growth story. NSE is a scale-led market infrastructure compounding story.


NSE Vs BSE: Same Market, Different Business Models

<ul>
<li>In this insight, we discuss the important takeaways from 25+ media interactions by the <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> MD - Ashish Kumar Chauhan.</li>
<li>This discusses about his thoughts on regulation, growth, diversification and technology.</li>
<li>Finally, we share our overall view based on these interviews.</li>
</ul>


In this insight, we discuss the important takeaways from 25+ media interactions by the National Stock Exchange (NSEIN IN) MD - Ashish Kumar Chauhan.
This discusses about his thoughts on regulation, growth, diversification and technology.
Finally, we share our overall view based on these interviews.


NSE IPO: Key Takeaways from MD Ashish Chauhan’s Media Interactions (2022–2026)

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.</li>
<li>In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.</li>
<li>Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.</li>
</ul>


National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.
In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.
Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.


National Stock Exchange IPO: Option To Cash Me If You Can, On The Bourses

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>, India's largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/national-stock-exchange-of-india-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:267423" rel="noopener">National Stock Exchange of India IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.</li>
</ul>



National Stock Exchange (NSEIN IN), India's largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.
I previously discussed the IPO in National Stock Exchange of India IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.


National Stock Exchange of India IPO: Valuation Insights

India

BSE Ltd. is Asia's oldest stock exchange, providing a transparent market for trading in equities, debt instruments, derivatives, mutual funds, and other securities. It offers services including listing, trading, clearing, settlement, and data services, and operates platforms for SMEs and mutual fund distribution. The company is headquartered in Mumbai, India, and was founded in 1875.

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BSE (BSE IN)

NSE IPO: RHP Updates; It’s Not Running Away

Response to the NSE IPO has been soft from general retail category(just 1.39x subscription). QIBs have done the heavy lifting by subscribing 12.68x...

Sreemant Dudhoria

NSE Vs BSE: Same Market, Different Business Models

NSE IPO is a book build issue of ₹22,561.57 crores. The issue is entirely an offer for sale of 12.64 crore shares of ₹22,561.57 crore. NSE IPO...

Sudarshan Bhandari

NSE IPO: Key Takeaways from MD Ashish Chauhan’s Media Interactions (2022–2026)

Discuss important takeaways from media interactions by the NSE MD - Ashish Kumar Chauhan. Highlights his thoughts on regulation, growth,...

Sreemant Dudhoria

National Stock Exchange IPO: Option To Cash Me If You Can, On The Bourses

National Stock Exchange is launching India IPO to raise nearly INR 12.6B. Though, the valuation seems slightly pricey, the intrinsic growth...

Tina Banerjee

National Stock Exchange of India IPO: Valuation Insights

National Stock Exchange, India's largest stock exchange, aims to raise up to US$2.4 billion. In this note, I present my forecast and valuation.

Arun George

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