NSE share price is currently trading at a reasonable valuation in the unlisted market compared to its domestic listed peers — BSE and Multi Commodity Exchange of India (MCX), according to a report by Axis Securities.
The IPO-bound National Stock Exchange of India Ltd. (NSE) is the largest stock exchange in India and the second largest in the world by number of trades in equity shares, according to the World Federation of Exchanges (WFE). NSE is also the world’s largest derivatives exchange by trading volume (contracts).
The brokerage firm highlighted that NSE share price is currently trading in the range of ₹2,200 – ₹2,250 in the unlisted market, translating to a price-to-earnings (P/E) ratio of 44.72x. In comparison, BSE share price is trading at a P/E of 73.90x and MCX shares at 73.70x, making NSE relatively more attractively valued.
“NSE has a reasonable valuation compared to its domestic peers BSE & MCX making it a reasonable valuation in domestic markets, Although NSE & other Indian Indices collectively is at higher valuation (PE) this is justified by higher growth expectations and emerging market dynamics, whereas US markets trade at lower multiples reflecting stability and scale,” Axis Securities said in a report.
NSE Share Price Target
Axis Securities has estimated the fair value of NSE shares at approximately ₹4,000, based on a sector P/E multiple of 83 and the exchange’s current Earnings Per Share (EPS) of ₹49.2.
“With the current price near ₹2,250, NSE stock appears undervalued, making it a potentially attractive entry point,” said the brokerage firm.
While P/E is just one metric, it serves as a useful benchmark. While minor pullbacks or corrections may occur — particularly in response to shifts in market sentiment or regulatory changes — the overall outlook remains positive, barring any major external disruptions, it added.
NSE IPO Timeline
According to Axis Securities, the NSE IPO is likely to receive SEBI approval by the third quarter of FY26, with official filings expected in the fourth quarter, and a potential market debut in the first or second quarter of FY27. The timeline has seen some delays, partly due to the recent issues involving Jane Street.
NSE Share Price Performance
NSE share price in the unlisted market has shown consistent growth with limited volatility. The only notable correction occurred in 2023, driven by global recessionary fears, interest rate hikes, and geopolitical uncertainties.
Apart from this, NSE share price trajectory has been largely unaffected, Axis Securities said.
“Quasi center-state owned enterprises and large PSU groups as major shareholders in NSE often ensure tighter price control and less volatility due to their strategic focus and control over share transfers. However, risks from illiquidity and unclear valuations remain,” said the brokerage firm.
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