Is NSE worth 30x earnings? Macquarie says yes

NSE handles 93% of India's cash market trades. But its share of options, its biggest earner, fell from 97% to 75% in two years. Macquarie still calls it "The Dominator" and rates it Outperform, with a Rs1,965 target. Is the 30x price tag worth it? In this video we break down Macquarie's first report on NSE: • Why NSE works like a toll booth, keeping about 75 rupees of every 100 as operating profit • How rule changes and BSE are eating into its options business • Why Macquarie thinks a 65% premium to global exchanges is fair • The one risk that could cut profit by 16% Chapters 0:00 The Dominator 0:28 Macquarie's call 1:05 The toll booth 3:50 One product pays the bills 5:59 Is the premium fair? 9:06 What could prove Macquarie wrong 9:45 Our take Source: sell-side report, Macquarie, 24 Sep 2026. Rs1,785 is the cap of the IPO price band, not a traded price. FY27 to FY30 figures are Macquarie estimates. Commentary and analysis by Exencial Research Partners, SEBI Registered Research Analyst INH000017666. Not investment advice. Playlist: Dalal Street Decoded #NSE #NSEIPO #StockMarketIndia #NationalStockExchange #IPO2026 #Macquarie #EquityResearch #IndianStockMarket #ExencialResearch