Whalesbook
Trading ki toofani tezi se NSE ki pocket garam!
Asal mein, yeh jo equity aur derivatives mein itna trading ho raha hai na, wahi NSE ki income ka main reason bana hai. Q4 mein company ka profit after tax 19% badh kar ₹2,871 crore pahunch gaya aur total income 22% jump karke ₹5,360 crore ho gayi. Transaction charges mein toh 34% ka uplift dikha hai, jo seedha-seedha average daily turnover mein increase ko show karta hai. Poore FY26 ki baat karein toh consolidated profit ₹10,302 crore raha aur total income ₹18,713 crore thi. Abhi NSE ka stock (NSEI) kareeb ₹2,250 ke aas paas chal raha hai aur market cap lagbhag ₹1.85 trillion hai, jiska P/E ratio lagbhag 38x hai. Matlab investors ko lagta hai abhi aur growth aayegi.
Par kharche bhi toh badhe hain!
Magar, sab kuch itna hi smooth nahi hai. Revenue toh badha hai, par saath hi saath operational expenses bhi badh gaye hain. Iska reason hai year-end provisions aur regulatory settlements. Normal toh hai, par in provisions ko dhyan se dekhna padega ki future mein profitability par koi fark na pade.
Competition aur Sector ka Scene
Bhai, Bombay Stock Exchange (BSE) ke comparison mein toh NSE abhi bhi bahut aage hai trading volumes aur revenue mein. BSE ka valuation bhi thoda kam rehta hai. India mein exchange industry, retailers ke badhte interest aur derivatives mein participation se fayda utha rahi hai. Lekin, ye trading volumes par zyada depend karna thoda risky hai, kyunki market girne ya global sentiment change hone par income fluctuate ho sakti hai.
Broker Log kya bol rahe hain?
Analysts ka kehna hai ki NSE ka market mein dominance accha hai aur stock mein upside dikh raha hai. Par valuation thoda zyada lag raha hai. Board ne ₹35 per share ka dividend recommend kiya hai, jisme special payout bhi included hai. Yeh shareholders ki approval ke baad hi hoga.
Kya risk hai?
Sabse bada risk yeh hai ki NSE ka revenue model trading volumes par bahut zyada depend karta hai. Agar market mein kabhi lamba downturn aaya ya regulations change hue toh income par seedha asar padega. Aur jo expenses badh rahe hain, khaskar provisions, un par bhi nazar rakhni hogi. Agar koi purani legal issue ya litigation se related hai toh future mein problem ho sakti hai. Rich P/E 38x ka matlab hai ki future growth already price mein include ho chuki hai. Thoda bhi gadbad hone par stock price gir sakta hai.