NSE shares trade flat after Q2 results, brokerages maintain bullish stance

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Despite the profit growth, brokerages highlighted mixed trends in trading volumes, market share and revenue, while maintaining positive recommendations on the stock.

By Madhu Balaji

Updated - November 04, 2026 at 04:16 PM. | Bengaluru

Shares of the National Stock Exchange (NSE) traded largely flat on Wednesday after the exchange reported a 23 per cent year-on-year increase in consolidated net profit to ₹2,578 crore in Q2FY27. Despite the profit growth, brokerages highlighted mixed trends in trading volumes, market share and revenue, while maintaining positive recommendations on the stock.

The stock closed flat at ₹1809.40 on the BSE.

JP Morgan said revenue was 4 per cent ahead of its estimates. Operating EBITDA stood at ₹30.8 billion, increasing 10.7 per cent y-o-y while declining 13.2 per cent q-o-q. The figure was 5.5 per cent above the brokerage’s estimates.

EBITDA margins remained stable at 75.7 per cent despite lower q-o-q revenues. However, lower other income dragged core adjusted profit after tax (APAT) to ₹25.6 billion, up 10.1 per cent y-o-y and down 16.2 per cent q-o-q. This was 3.5 per cent above JPMorgan’s estimates.

Macquarie maintained its outperform rating with a target price of ₹1,975. The brokerage described the quarter as in line with estimates, with equity cash performance ahead and options below expectations. It said the impact of Closing Auction Session (CAS) rules led to a q-o-q decline in average daily traded turnover (ADTO) across equity cash, futures, options notional and options premium segments.

Macquarie expects volume recovery from 3QFY27 onwards following SEBI’s revision of the CAS framework last month. However, NSE’s market share declined 130 basis points q-o-q in equity cash ADTO and 50 basis points in options premium ADTO.

Kotak Institutional Equities maintained its buy recommendation on NSE with a target price of ₹2,200. The brokerage said NSE’s investment case is supported by its market leadership across liquidity pools, revenue diversification and scalable in-house technology. It expects mid-teens earnings growth, improving EBITDA margins, low capital intensity and strong cash generation. Key risks include further derivatives regulation, trading volume sensitivity, market share loss and technology or cybersecurity failures.

JP Morgan maintained its overweight rating with a target price of ₹2,130. The brokerage highlighted strong expense control and stable EBITDA margins despite lower q-o-q revenue. It noted that NSE trades at a FY28E price-to-earnings multiple of 36.8 times.

Jefferies maintained its buy rating and raised its target price to ₹2,125 from ₹2,085. The brokerage said strong cash equities, commodity options and non-transaction revenues support revenue diversification. It also highlighted potential securities lending and borrowing reforms and improving mutual fund order market share as growth opportunities. Higher technology spending and transaction tax pressures remain concerns, while Jefferies believes valuations understate NSE’s competitive advantages.

Emkay Global maintained its buy rating with a target price of ₹2,050. The brokerage expects CAS amendments effective December 2026 to boost cash market participation and trading volumes. Easing EPI margins and potential securities lending reforms could further support market expansion. It also noted that the planned corporate bond index futures launch awaits RBI approval, while technology costs are expected to grow in mid-teens.

B&K maintained its buy recommendation with a target price of ₹2,100. The brokerage expects upcoming CAS regulatory changes and recovering options volumes to support trading activity.

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