Introduction
India’s financial markets have experienced an unprecedented surge, and the National Stock Exchange of India (NSE)—not just as a platform, but as a company—has quietly been one of the biggest beneficiaries. While the NSE is yet to be listed on stock exchanges, its unlisted shares have gained immense popularity in the grey market, offering compelling returns to early investors.
In this article, we explore the growth of NSE’s unlisted stock over the last 3 years, recent bonus issues, dividend declarations, and what lies ahead for this financial behemoth.
3-Year Growth Story: NSE Unlisted Shares
In early 2021, NSE unlisted shares were trading at approximately ₹2,800–₹3,200. As of Q2 FY25, they are valued at ₹9,500–₹10,500 in the unlisted space—over 3x growth in just three years.
Growth Drivers:
- 📈 Explosive Earnings: Net profit of ₹5,198 crore in FY23, up 44% YoY.
- 📊 Market Monopoly: NSE commands over 90% market share in equities.
- 💡 IPO Speculation: Anticipation of NSE’s IPO adds long-term value.
- 🌐 Innovation: Focus on co-location, analytics, and data-driven revenue.
This stellar financial performance and strategic positioning have made NSE’s unlisted shares among the most sought-after in India’s private market ecosystem.
Bonus History: Accelerated Equity Growth
🪙 Bonus Issues Timeline
| Date | Ratio | Effect |
|---|---|---|
| Sep 2021 | 1:1 | Doubled shareholding |
| FY22 (2022) | 1:1 | Doubled again |
| Oct 19, 2024 | 4:1 | Quadrupled shareholding again |
An investor holding 100 shares in 2021 would now own 2,000 shares after all three bonus issues.
Impact: Massive multiplier effect on investor holdings and increased liquidity in the unlisted market.
Dividend History: Consistent Cash Rewards
NSE has followed a shareholder-friendly approach by issuing regular dividends across quarters.
🧾 Dividend Timeline
- Sept 3, 2024: ₹90 per share interim dividend
- Q4 FY25 Announcement: ₹35 per share final dividend declared
- Earlier Years: Average dividend of ₹80–₹100 per original (pre-bonus) share
Considering the bonus adjustments, dividend yields remain healthy and reflect a strong profit distribution policy.
Cumulative FY25 Dividend: ₹125 per share (₹90 + ₹35)
Why NSE Still Holds Massive Potential
🛡️ Financial Resilience
With return on equity (ROE) exceeding 35%, negligible debt, and sustained profitability, NSE has proven to be a fortress in India’s capital markets.
📅 IPO Catalyst
Despite delays, NSE’s IPO remains the most anticipated listing in Indian financial history. A successful listing could unlock 2x–3x valuation upside for current shareholders.
💼 Regulatory and Tech Leadership
From AI-driven market surveillance to cutting-edge co-location services and fintech integration, NSE continues to stay ahead of the curve, reinforcing its competitive moat.
💰 Diversified Revenue Streams
In addition to transaction fees, NSE earns substantial revenue from:
- Co-location services
- Market data feeds
- Regulatory tech
- Mutual fund platforms (NSE MF)
Risks to Consider
- IPO Delays: Regulatory or legal bottlenecks could postpone listing.
- Illiquidity: Buying/selling in the unlisted market isn’t instantaneous.
- Post-IPO Valuation Risks: IPO pricing may or may not align with unlisted market premiums.
How to Invest in NSE Unlisted Shares
You can acquire NSE shares via SEBI-registered intermediaries like IncredMoney UnlistedZone or Altius Investech. Make sure to complete necessary due diligence and understand lock-in periods.
Conclusion
The NSE unlisted stock has delivered exceptional returns over the past three years—3x in price, 2 massive bonus events, and strong dividend payouts including ₹125 in FY25 alone. With continued financial strength and an IPO on the horizon, NSE remains a top-tier pre-IPO investment opportunity for those willing to bet long-term.
Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice or a recommendation to buy, sell, or hold any security. Investing in unlisted shares carries risk, including illiquidity, regulatory changes, and potential capital loss. Please consult a SEBI-registered financial advisor before making any investment decisions.
