The National Stock Exchange (NSE) expects newer financial products such as commodities, electricity futures, currencies or electronic gold receipts (EGRs) to create fresh growth opportunities as it reduces its dependence on just transaction-based revenue.
Transaction charges accounted for 79% of NSE’s revenue over the last five years, according to the exchange’s management. However, newer revenue streams, including data, are growing faster and now account for around 11% of revenue.
“Those are growing at a very fast pace,” the exchange’s chief financial officer said during a press conference ahead of its initial public offering (IPO). "Now other businesses are coming up and hopefully we will be able to even further diversify."
For FY26, around 90% of NSE’s total revenue came from operating revenue. Within operating revenue, options accounted for 60%, with weekly index options contributing 46%, monthly index options 6% and single-stock options 8%.
Futures contributed another 9% and cash market inflows 9%, while data accounted for 12% and other operating revenue made up the remaining 10%.