{
  "id": 9703881,
  "title": "A $47 bn D-Street debut puts NSE in rare company",
  "url": "https://urgent.news/2026/09/25/a-47-bn-d-street-debut-puts-nse-in-rare-company",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-25T00:07:41.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/markets/stocks/news/nse-becomes-worlds-sixth-largest-bourse-with-47-billion-m-cap/articleshow/134472426.cms"
  },
  "original_language": "en",
  "account": "The National Stock Exchange of India (NSE) has made a remarkable debut, securing the sixth spot among the world's largest stock exchanges by market capitalisation. Following its listing on Thursday, the NSE's market cap soared to nearly $47 billion (₹4.5 lakh crore), thanks to its shares closing at ₹1,818 on the BSE. The stock made its initial public offering (IPO) at ₹1,800, slightly above its issue price of ₹1,785. Notably, NSE operates with a price-to-earnings (P/E) multiple of 43 times, the highest among its global peers. This valuation premium highlights the exchange's superior earnings before interest, tax, depreciation, and amortisation (EBITDA) margin and investors' optimistic outlook for stronger earnings growth fueled by the expanding financialisation of household savings. The top five global exchanges, including Intercontinental Exchange (ICE) at the New York Stock Exchange (NYSE), Hong Kong Exchanges & Clearing, Deutsche Borse, Nasdaq, and London Stock Exchange Group, have market caps of $87.8 billion, $63.6 billion, $59.5 billion, $53.3 billion, and $53 billion, respectively. Despite its smaller market cap base, NSE's P/E multiple surpasses the 25-30 times range commonly observed in the top five global exchanges, as well as the 24-34 times range seen among the 10 largest listed exchange operators. India's capital markets are poised for robust growth, driven by rising incomes, greater financialisation of savings, and increasing retail participation. According to a Redseer report, cash market turnover in India is expected to expand annually at a 14-16% rate, reaching ₹473-507 lakh crore by FY30, up from ₹280 lakh crore in FY26. NSE also outperforms its global counterparts in terms of operating profitability. Its operating EBITDA margin of 66.9% sits at the higher end of the 53-80% range across the five largest listed exchange operators.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}