24 Sep 2026, 09:26 IST
National Stock Exchange of India (NSE IN)
Prabhudas Lilladher Pvt. Ltd. · ACCUMULATE · target INR 1,950
The note initiates coverage with an 'Accumulate' rating and INR1,950 target (35x FY29E P/E), saying NSE's near-monopoly in cash equities and futures, diversified recurring revenue streams and margin normalisation to 76% by FY29E support the call, while index options share erosion and regulatory curbs (CAS, prop trading rules) are a drag and the IPO valuation of INR4.4trn largely captures the premium.
From NSE 23 9 26 PL, written by Prabhudas Lilladher Pvt. Ltd. and hosted by Investment Guru India. Orivam summarised it; the view is Prabhudas Lilladher Pvt. Ltd.'s, not Orivam's.
Open the original PDF on Investment Guru India →Research PDFs are often removed by the firms that publish them. The summary above is kept so this page still means something if that happens.