The National Stock Exchange of India (NSE) has reached a significant milestone, with its market capitalization soaring to $46.89 billion. This valuation, based on a dollar-rupee exchange rate of Rs 95.96, officially makes the NSE the second most valued listed stock exchange across Asia as of Thursday, September 24, 2026.
Hong Kong Exchanges & Clearing Ltd maintains its lead as Asia's most valued exchange, boasting a market capitalization of $63.59 billion. Globally, the Chicago-based CME Group Inc, known for its derivatives exchange, holds the top spot with a commanding market capitalization of $97.37 billion, according to Bloomberg data.
Other prominent global exchanges with higher market values than NSE include the Atlanta-based Intercontinental Exchange Inc ($87.77 billion), Nasdaq ($53.34 billion), and the London Stock Exchange ($53.10 billion). In comparison, the Singapore Exchange recorded a market capitalization of $18.75 billion.
On the day of this announcement, NSE shares closed at Rs 1,818 apiece, marking a 1.85 percent increase over its issue price of Rs 1,785. The exchange commanded an Indian rupee market capitalization of Rs 4,49,955 crore. Several brokerage firms have expressed optimism regarding NSE's future performance.
For instance, Emkay Global initiated coverage with a 'Buy' rating and set a target price of Rs 2,050 for NSE. The brokerage highlighted NSE's robust financial performance, noting a 24 percent revenue and 26 percent PAT (Profit After Tax) growth compounded annually between FY21 and FY26, primarily fueled by its thriving derivatives segment. Emkay Global anticipates a 12 percent revenue CAGR and a 13 percent Ebitda and PAT CAGR for NSE over FY27-29E, underscoring its leadership in India's financial market infrastructure.
The highest target for NSE was set by Asian Markets Securities, which valued India's largest stock exchange at 40 times its estimated FY28 earnings per share of Rs 54, arriving at a target price of Rs 2,170 per share. This suggests a potential upside of 22 percent for investors.