The National Stock Exchange of India Ltd (NSE) reported a 15% decline in profit for the fiscal year 2026, bringing the total to ₹10,302 crore ($1.24 billion USD). Revenue also fell by 3%, down to ₹16,601 crore ($2 billion USD), primarily due to decreased transaction charges and clearing income. Transaction income specifically dropped 4% to ₹13,057 crore ($1.57 billion USD), while clearing and settlement income saw a significant 22% decline to ₹251 crore ($30 million USD). This downturn is attributed to a volatile market and a cooling in derivatives trading, as reflected in the NSE's Market Pulse report, which noted a 7% year-on-year decline in average daily turnover (ADT) for equity cash to ₹1.05 lakh crore ($12.6 billion USD). Additionally, new regulations introduced by the Securities and Exchange Board of India (SEBI) in July 2024 aimed at curbing excessive speculation in equity derivatives have contributed to this slowdown. Despite these challenges, NSE's revenue for the March quarter increased by 27% sequentially, indicating some recovery. The exchange is also in the process of preparing for an initial public offering (IPO) that could raise up to ₹23,000 crore ($2.8 billion USD), amidst a broader trend of major public offerings anticipated in 2026.