Picture this: India’s stock market cap exploding from ₹132 lakh crore in 2020 to ₹387 lakh crore by 2025, a 2.9x surge fueled by retail frenzy, SIPs hitting ₹25,000 crore monthly, and Nifty touching 26,277 in late 2024. At the epicentre? NSE, raking in FY25 revenue of ₹15,433 crore (33% YoY jump) and PAT ₹12,188 crore (47% up), while unlisted shares trade at around Rs. 1900. Missed the early ride?
At Rits Capital, we’ve matched 300+ clients on NSE unlisted shares, turning ₹2-5 lakh lots into 2x+ gains amid IPO buzz.
NSE’s Revenue Rocket: Transaction Fees on Steroids
NSE doesn’t build products, it powers the party. Equity turnover averaged ₹1.5 lakh crore daily in FY25, derivatives notional ₹500 lakh crore, yielding 94% equity market share and near-100% in F&O. FY25 operating EBITDA hit ₹12,647 crore (74% margin, 28% YoY), with listing fees from 200+ IPOs (₹1.5 lakh crore raised) adding ₹2,000+ crore.
Compare to BSE: NSE’s ROE/ROCE at 37-45% dwarfs peers, dividend ₹35/share (71% payout).
Every Nifty point, every demat account (18 crore+ now), funnels cash SEBI data shows NSE processed 80% of India’s 10 billion+ trades in 2025.
Clients at Rits Capital love this: “Bought at ₹1,800 last year; now eyeing ₹3,000 on IPO whispers,” shares one after Q4 PAT ₹2,650 crore despite 18% revenue dip QoQ.
Market Boom Breakdown: 2020-2025 Data Dive
India’s equity boom isn’t hype, total mcap 71.6x since 2001, smallcaps alone now bigger than 2020’s entire midcap bucket (₹44 lakh Cr vs ₹21 lakh Cr). Nifty 50 hit record 26,277 (Nov 2025) after 14-month lull, Sensex 85,978 peak, despite 2025’s reset (down 4% YTD on FII outflows).
NSE vs BSE at a glance:
| Metric (FY25) | NSE | BSE |
| Market Share (Equity) | 94% | 6% |
| Derivatives Dominance | ~100% | Minimal |
| Revenue Growth YoY | 33% (₹15,433 Cr) | Faster but smaller base |
| PAT (Full Year) | ₹12,188 Cr (47% up) | N/A (PE 91x vs NSE 55x) |
| Unlisted Price | ₹2,425 (mcap ₹1.85L Cr) | Listed ₹250+ |
| 5-Year CAGR (Revenue) | 34% | 17% projected |
NSE’s tech edge (fully automated since ’94) captured this: Largecaps 2.3x, midcaps 3.9x, smallcaps 4.9x growth. Rits Capital’s playbook? Layer NSE unlisted with listed proxies for 25% alpha.
Read Also: NSE’s Nifty vs BSE’s Sensex: What’s the REAL Difference?
Unlisted NSE Shares: Your Pre-IPO Goldmine
Trading at ₹2,425 (face ₹1, min lot ₹2.4 lakh for 100 shares), NSE’s unlisted mcap ₹1.85 lakh crore implies 3x rise in three years, analysts eye ₹1,900-₹2,700 in 2025, ₹3,500+ post-IPO. Why? Monopoly moat: No.1 global derivatives by volume, ₹19,823 crore total income FY25.
Risks? Regulatory scrutiny (SEBI IPO delays), competition from MCX/IFSC, but 74% margins laugh it off. Taxes: STCG 20% (<24m hold), LTCG slab rates. Liquidity? 7-30 days via platforms we’ve exited 150 lots at 20% premiums. Parent-like stability: FY25 Q4 revenue ₹3,771 Cr, even post one-time gains fade.
2026 Projections: NSE’s Order Book Swells
Defence-like order visibility: NSE eyes 15-20% CAGR through 2027 on fintech tie-ups, global listings, 25 crore demat milestone. Budget tailwinds ₹6 lakh Cr capex indirectly boosts listings. DCF at Rits (12% discount, 18% growth) values ₹3,200 fair 50% upside. 2026 watch: IPO filing Q1, F&O volumes double on retail surge.
BSE chases with 17% growth forecasts, but NSE’s 94% share cements the throne. We’ve positioned clients ahead: “NSE unlisted funded my portfolio rebalance,” per a FY25 trade.
Risks and Rits Capital’s De-Risk Play
2025’s Nifty dip (-4%) hit volumes, but NSE’s data/listing arms buffered (17% total income growth). FII exits? Retail SIPs offset. Valuation? 55x PE reasonable vs BSE 91x. Unlisted traps: Verify ISIN INE00000NSE1, avoid P2P—SEBI OTC compliant only.
Rits Capital streamlines: KYC-to-demat in 48 hours, live pricing, 500+ unlisted deals (25% avg returns). Track Nifty’s rebound with us your equity boom ticket.
Ready to grab NSE unlisted shares amid India’s mcap sprint to ₹500 lakh Cr? Ping Rits Capital for quotes, matching, and 2026 playbook.
Join Our Whatsapp Channel to get the latest Unlisted Shares Prices, Latest News, exclusives, and videos on WhatsApp.
₹1850/share (Dec 2025), 52-week ₹1,560-₹8,160. Min lot 100 shares (₹2.4 lakh); Rits matches at market.
Revenue ₹15,433 Cr (+33% YoY), PAT ₹12,188 Cr (+47%), EBITDA ₹12,647 Cr (74% margin). Q4 PAT ₹2,650 Cr despite volume dip.
94% equity share, 100% derivatives dominance every trade, listing, data feed pays. Market cap 2.9x since 2020.
NSE leads (55x PE, 34% 5-yr revenue CAGR) over BSE (91x PE). Unlisted NSE offers pre-IPO pop; BSE listed but volatile.
2026 likely (Q1 filing whispers), targets ₹3,000-3,500 post-listing. Track SEBI; Rits monitors for clients.
Demat ready? Use Rits Capital/verified platforms ISIN check, 7-30 day settlement. STCG 20%; start with 1 lot.
Retail boom (25 Cr demats), IPO pipeline, F&O volumes 15-20% CAGR projected amid ₹500L Cr mcap chase.