National Stock Exchange of India (NSE) gets most of its operating revenue from equity options, even as Jefferies forecasts growth in other businesses and a 15% revenue CAGR over FY27–FY29, according to reports of the brokerage’s new coverage.
Jefferies initiated coverage with a “Buy” rating and a ₹2,085 target, Financial Express, Business Today and NDTV Profit reported. Those outlets said the target implied roughly 17% upside. The original Jefferies research note was not publicly available; the rating, target and forecasts are reported estimates, not NSE guidance.
NSE’s May 2026 corporate presentation shows revenue from operations of ₹166.013 billion in FY26. Transaction charges contributed ₹130.570 billion, including ₹99.976 billion in options charges. Options therefore accounted for 77% of transaction charges and about 60% of total revenue from operations.
The exchange reported domestic market shares of 93% in cash equities, about 100% in equity futures and 75% in equity options. Its count of unique investors rose to 129 million in FY26 from 59 million in FY22. Jefferies forecasts a 16% earnings-per-share CAGR through FY29, and a 23% CAGR in technology infrastructure revenue. It also projects adjusted EBITDA margin rising to 78% in FY29 from 76% in FY26, Financial Express and NDTV Profit reported.
Financial Express separately reported that Jefferies estimates commodity derivatives, mutual fund order processing and electronic gold receipts could generate a combined ₹2,242 crore in FY30 revenue. The estimate sits outside the brokerage’s base case. NSE says its MF Invest platform launched in 2025 and electronic gold receipts in May 2026; its presentation also records regulatory approval for investment in a National Coal Exchange in April 2026.
The growth outlook includes a derivatives market affected by regulatory changes. The Securities and Exchange Board of India (SEBI) announced measures in an October 2024 circular, with implementation phased in afterward. In a review covering December 2024 to May 2025, SEBI reported a 9% year-over-year decline in index-options turnover measured by premium value. The regulator said its review could not establish that the measures caused the decline, since several factors may have contributed to volume changes. SEBI also found nearly 91% of individual equity-derivatives traders incurred net losses in FY25.
NSE’s board is scheduled to consider second-quarter FY27 results on Nov. 3.
