Daily Brief India: National Stock Exchange, Insilco and more

• National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
• NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
• We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.

• Insilco Limited (a 73.11% subsidiary of Germany-based Evonik Operations GmbH) is in the final stages of voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code (IBC) 2016, following the permanent shutdown of its Gajraula plant in October 2019 due to environmental permit denials by the UPPCB.
• Financial results reflect zero operational revenue across all trailing twelve quarters, persistent operational cash outflows (-INR 32.32M in FY26 and -INR 11.91M in FY25), and a singular FY24 net profit of INR 313.64M generated purely from the monetization of fixed assets (Gajraula facility sold for INR 420M).
• With an interim liquidation capital distribution of INR 4.58 per share executed in March 2025 and the Liquidator filing for formal corporate dissolution with the National Company Law Tribunal (NCLT), equity shares retain no going-concern value and are subject to terminal delisting and residual liquidation settlement.

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