India’s stock exchanges ended FY25 on a high with the National Stock Exchange (NSE), the country’s largest stock exchange, emerging as the one spitting out pure profit at industrial scale.
In FY25, NSE churned out a stunning 64 paise in net profit for every rupee of revenue—making it one of the most profitable institutions in the country. But quietly, and with far less fanfare, the Bombay Stock Exchange (BSE) has sharpened its own engine—earning 41 paise for every rupee, a level of profitability that signals a remarkable turnaround for the 150-year-old institution.
While the NSE reported ₹12,188 crore in consolidated net profit on revenues of ₹19,177 crore, the BSE logged ₹1,326 crore in net profit on ₹3,236 crore in revenues. In plain terms: NSE made almost twice the profit margin of the average Nifty company; BSE isn’t far behind.
The scale difference remains vast—NSE is nearly six times BSE in topline—but what’s changed is BSE’s profitability muscle. A 291% jump in operating EBITDA and a rise in margin from 28% to 51% suggests the exchange has tightened costs and capitalised on its booming mutual fund and derivatives businesses. Its StAR MF platform handled 66.3 crore transactions in FY25, holding 89% market share. Meanwhile, its equity derivatives segment generated ₹1,415 crore in revenue by trading 30.5 billion contracts.
For NSE, the focus remains on reinforcing its lead.
Its grip on Indian markets is near-absolute, with a 99.8% market share in equity futures, 94.6% in the cash market, 93.9% in currency derivatives, and 81.2% in equity options, as of March 2025.
It recorded a 47% jump in net profit and declared a ₹35 per share dividend, including a special payout. Bonus shares (4:1) added to shareholder cheer, while its operating EBITDA rose to ₹12,647 crore, with earnings per share climbing to ₹49.24.
But the real story is no longer just about scale—it’s about how efficiently these institutions are turning revenue into profits. FY25 may be over, but it has left a clear message: India’s stock exchanges are no longer just platforms—they’re profit machines.
