Equity Long-Short

Mo Aziz

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>126.4m of 2,475m NSE shares are being sold, 37.8m of those are anchor stock locked for 30–90 days: the tradable float on 24 Sep is ~88.6m shares, 3.6% total shares. </li>
<li>The book is ~1.5x, not 50x — retail is 0.7x covered and the grey-market premium has halved from ₹310 to ~₹150 in a fortnight. Thin float meets thin demand. </li>
<li>We hold BULLISH, FV ₹2,000: subscribe at ₹1,785, trim above ₹2,100, add below ₹1,800; the real float arrives on ~22 March 2027 and MSCI/FTSE weight follows it, not the IPO.</li>
</ul>


126.4m of 2,475m NSE shares are being sold, 37.8m of those are anchor stock locked for 30–90 days: the tradable float on 24 Sep is ~88.6m shares, 3.6% total shares. 
The book is ~1.5x, not 50x — retail is 0.7x covered and the grey-market premium has halved from ₹310 to ~₹150 in a fortnight. Thin float meets thin demand. 
We hold BULLISH, FV ₹2,000: subscribe at ₹1,785, trim above ₹2,100, add below ₹1,800; the real float arrives on ~22 March 2027 and MSCI/FTSE weight follows it, not the IPO.


National Stock Exchange of India (NSEIN IN) Updates: The 3.6% Float Matters More Than the 1.5x Book

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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Equity Bottom-Up

National Stock Exchange of India / Equity Bottom-Up

<ul>
<li>NSE filed its DRHP with SEBI on June 18, 2026, targeting a Rs 30,000+ crore pure OFS, potentially India's largest-ever IPO, unlocking franchise that commands 51% global share in equity-derivatives-contracts.</li>
<li>NSE's FY26 financials reveal EBITDA margins of 75.5% and a PAT margin of 55%, both the highest among any listed global exchange peer.</li>
<li>With India's market-cap-to-GDP at 131% versus the US at 216%, the structural runway for cash equities deepening remains wide, and NSE is positioned to be primary beneficiary of that compounding.</li>
</ul>


NSE filed its DRHP with SEBI on June 18, 2026, targeting a Rs 30,000+ crore pure OFS, potentially India's largest-ever IPO, unlocking franchise that commands 51% global share in equity-derivatives-contracts.
NSE's FY26 financials reveal EBITDA margins of 75.5% and a PAT margin of 55%, both the highest among any listed global exchange peer.
With India's market-cap-to-GDP at 131% versus the US at 216%, the structural runway for cash equities deepening remains wide, and NSE is positioned to be primary beneficiary of that compounding.


India's Largest Stock Exchange: NSE Vs Global Stock Exchanges

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

<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)

<ul>
<li>India's exchange monopoly is being sold at ₹1,785 when its own unlisted shares cleared ₹1,985 last week — and the state sellers trimmed their lines because they know it.</li>
<li>Only 5.1% of NSE floats until 22 March 2027. Then 2.35bn shares, held at a median cost under ₹5, become saleable at forty times earnings.</li>
<li>The state has throttled NSE's options franchise five times in 22 months. Cash turnover never flinched. We initiate BULLISH, 12-month Fair Value ₹2,000.</li>
</ul>


India's exchange monopoly is being sold at ₹1,785 when its own unlisted shares cleared ₹1,985 last week — and the state sellers trimmed their lines because they know it.
Only 5.1% of NSE floats until 22 March 2027. Then 2.35bn shares, held at a median cost under ₹5, become saleable at forty times earnings.
The state has throttled NSE's options franchise five times in 22 months. Cash turnover never flinched. We initiate BULLISH, 12-month Fair Value ₹2,000.


NSE India IPO: A Monopoly Sold 10% Below Its Own Private Market. Subscribe, Then Buy the Mar Unlock

India

National Stock Exchange of India Ltd. provides securities exchange and market infrastructure services. The Company offers trading, clearing-related services, market data, indexes, listings, and investor education. The company serves investors, brokers, listed companies, financial institutions, and market participants in India.

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National Stock Exchange of India (NSE IN)