India's NSE climbs to sixth-largest global exchange with $47 billion market cap

The National Stock Exchange of India (NSE) has become the sixth-largest stock exchange globally, with a market capitalization of $47 billion. While its overall market-cap is smaller than the top five, NSE commands a price-to-earnings multiple that surpasses the 25-30 range typical of those exchanges and also exceeds the 24-34 range of the ten biggest listed exchange operators. Its operating EBITDA margin stands at 66.9%, near the upper bound of the 53-80% range observed among the five largest exchange groups.

A Redseer report projects India’s cash-market turnover to grow 14-16% per year, reaching between ₹473 lakh crore and ₹507 lakh crore by FY30, which should further bolster NSE’s growth. The exchange’s strong profitability and favorable valuation metrics position it well amid rising incomes, greater financialisation of savings, and increasing retail participation in India’s capital markets.