By Abhay Ray 
Introduction
Shares of the National Stock Exchange (NSE) have seen a meteoric rise in the unlisted market, soaring 60% in just two weeks. Once trading at ₹1,500, the stock is now fetching ₹2,400, according to a Business Today report. The surge in the value of its unlisted shares has been driven by swelling retail interest and growing chatter around its long-pending IPO.
With over one lakh retail shareholders, a record for any unlisted Indian company, NSE has become a hotspot in the grey market. But analysts tracking the unlisted space suggest the rally may not be over just yet.
NSE Soars amid IPO Buzz
Despite the sharp run-up, the exchange is still seen as attractively priced, analysts quoted in the Business Today report said. “Even after this move, NSE trades at a P/E of 70, compared to BSE’s 83 and NSE’s financial performance has been much stronger,” Simranjeet Singh Bhatia, Senior Equity Research Analyst at Almondz Global.
It may be noted that from FY22 to FY25, the exchange clocked a 33% compound annual growth in revenue to ₹19,177 crore, while net profit surged at 36% CAGR to ₹12,188 crore. For FY25 alone, net profit rose 47% to ₹12,187.94 crore, with total income up 16.7% year-on-year. NSE also declared a ₹35-per-share dividend, reinforcing its reputation as a consistent wealth generator.
NSDL share price
According to dealers in the unlisted market, NSDL shares have hit the ₹1,200-1,225 level amid IPO buzz. The stock was trading around ₹800-850 in early April, before the stock was frozen for free-transfer like National Stock Exchange of India (NSE) shares. They see NSDL’s IPO price band around ₹750-850. NDSL reported a 12 per cent year-on-year growth in revenue to ₹1,420 crore, while it’s net profit for the period grew 24.75 per cent to ₹343 crore. EBITDA grew 31.5 per cent to ₹375 crore, while operating margin increased to 26.41 per cent.
NSDL Profit
For the financial year ended March 31, 2025, NDSL reported a 12 per cent year-on-year growth in revenue to ₹1,420 crore, while its net profit for the period grew 24.75 per cent to ₹343 crore. EBITDA grew 31.5 per cent to ₹375 crore, while operating margin increased to 26.41 per cent.
What is the Unlisted Market ?
Here, shares of companies are bought and sold, which are not listed on the stock exchange BSE-NSE. That is, the shares of these companies are not traded publicly. They are traded in a specific way. Most of the companies traded here are small or mid-sized. Some large pre-IPO companies also trade here. To trade in this, one must have a demat account. Shares of unlisted companies are also kept in a demat account.
How can you buy shares in the Unlisted Market ?
The pre-IPO market or unlisted market is completely different from the listed stock market. If you are also thinking of buying unlisted shares in it, then there are 3 special ways for you. It is not traded on any exchange.
With the help of brokers or dealers, you can buy and sell shares of some unlisted companies. Some online platforms also provide you the facility to invest in unlisted shares. From where you can take help. You can also invest in unlisted companies by contacting the relationship manager of brokers.
Valuation Gap Suggests Upside
Other analysts quoted in the report also mentioned that the valuation gap with BSE suggests further upside, provided the NSE lists successfully. Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, told Business Today that the IPO could unlock value. “However, it hinges on regulatory clearance from Sebi. If a No Objection Certificate comes through, we could see another leg up in the unlisted price,” he added.
At ₹2,400 a share, NSE’s implied market cap stands at around ₹5.9 lakh crore. That makes it India’s fifth most valuable company and the fifth largest stock exchange globally, after NYSE, Nasdaq, Shanghai, and Tokyo.
The bullish outlook isn’t just about the IPO. It’s also about scale and dominance. NSE commands near-total control over Indian equity derivatives and substantial leads in other segments. In Q4FY25, it held 99.8% market share in equity futures, 94.6% in cash trading, 93.9% in currency derivatives, and 81.2% in equity options. Globally, it’s the largest derivatives exchange by contract volume and second only to the NYSE in equity trades.
Conclusion
The surge in NSE’s unlisted share price reflects growing investor confidence, driven largely by the anticipation surrounding its long-awaited IPO and its dominant position in the Indian financial market. With retail participation increasing and the exchange maintaining impressive growth figures, the rally may have more room to run, particularly if the IPO successfully unlocks further value. Analysts remain bullish, citing attractive valuation metrics relative to BSE and the NSE’s strong financial performance. Furthermore, the exchange’s near-total dominance in key segments, coupled with global leadership in derivatives and equity trades, positions it for continued growth. As regulatory approvals inch closer, the outlook for NSE remains positive, with potential for substantial gains in both the unlisted and listed markets.
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