OPTIONS SLOWDOWN TESTS VALUATION
The NSE has seen a bottom-line impact from its reduced derivative trading volumes. The exchange’s revenue from operations fell 3.1 per cent in the fiscal year ending March 2026, while profit dropped 15.5 per cent.
According to Bernstein, Indian equity derivatives volumes are entering a phase of normalisation and they forecast growth will slow to about 5 per cent in the fiscal year ending in 2027 due to regulatory measures on options trading.
Still, the NSE’s IPO valuation implies a forward earnings multiple of 35 to 38 times FY2028 earnings, higher than the 23 to 31 times earnings global exchange operators…
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