NSE Q2 Results FY27: Consolidated Profit Up 22.8% to Rs 2,577.6 Crore, and What the Base Effect Means for the Share

The NSE Q2 results for FY27 show a clean beat on consolidated profit, but the year-ago comparison needs care. This guide breaks down the numbers, explains why the base effect flatters growth and covers dividends, price and risks. It is a results explainer, not a call to buy or sell.

Data is from NSE's reported Q2 FY27 results as covered on 4 November 2026 and from NSE and BSE quotes. For an earlier look at the company's valuation and price view, see our 2 November article on the NSE share price target; this piece focuses on the results.

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NSE Q2 FY27 Results at a Glance

Metric	Q2 FY27	Q2 FY26	Change
Consolidated net profit	Rs 2,577.6 crore	Rs 2,098.5 crore	+22.8%
Revenue	Rs 4,066.8 crore	Rs 3,676.8 crore	+10.6%
Share price (4 Nov 2026)	About Rs 1,810.75	-	+0.39% on the day

Source: NSE results coverage compiled by Business Standard and NSE and BSE quotes. Figures are consolidated.

The Base Effect: Why 22.8% Overstates Growth

In the NSE Q2 results, the year-ago profit of about Rs 2,098 crore was reduced by a one-time provision for a SEBI settlement. Excluding that item, the year-ago profit was about Rs 3,396 crore, according to reports. Against that adjusted base, Q2 FY27 profit of Rs 2,577.6 crore would be lower, not higher.

This gap means the NSE Q2 results allow two readings. On the reported numbers, profit grew 22.8%. On an adjusted basis, profit fell, which is worth checking in the company's own disclosure. Investors comparing growth should ask which base a headline uses.

Revenue Growth: A Steadier Signal

In the NSE Q2 results, revenue growth of 10.6% is less affected by one-off items. It reflects transaction income from cash and derivatives trading, plus data and other services. Revenue of Rs 4,066.8 crore compares with Rs 3,676.8 crore a year earlier, a rise of about Rs 390 crore. Profit rose faster than revenue because the year-ago profit was reduced by the provision.

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Dividend History

Period	Detail
Q4 FY26	Profit Rs 2,871 crore; dividend Rs 35 per share
Q2 FY27	Dividend not part of the data we verified

For the NSE Q2 results, we did not find a verified interim dividend announcement alongside the Q2 FY27 results, so check NSE's filing for any dividend decision. NSE has tended to return a large share of profit to shareholders.

Share Price Context

After the NSE Q2 results, NSE traded at about Rs 1,810.75 on 4 November 2026, up 0.4%. Business Today showed the stock at Rs 1,749.45 on 19 October. A 3.5% rise in about two weeks suggests the market was already positive on exchange stocks ahead of results. Compare this with BSE and MCX, both of which report later this month.

Key Risks

Risk	What it means
Regulation	Rules on derivatives can reduce volumes
Base effect	Headline growth is inflated by last year's provision
Volume dependence	Profit follows market turnover
Valuation	A strong run leaves less margin for disappointment
One-offs	Settlements and provisions can distort quarterly results

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Conclusion

The NSE Q2 results show profit up 22.8% and revenue up 10.6%, but the base effect from last year's SEBI provision makes the profit comparison less clean. Revenue growth is the steadier guide. Check the company's disclosures, the dividend decision and valuation before acting.

Frequently Asked Questions on NSE Q2 Results

What were NSE's Q2 FY27 results?

Ans. NSE reported consolidated net profit of Rs 2,577.6 crore for Q2 FY27, up 22.8% from Rs 2,098.5 crore a year earlier. Revenue was Rs 4,066.8 crore, up 10.6% from Rs 3,676.8 crore. These are consolidated figures as reported on 3 and 4 November 2026.

Why is NSE's profit growth of 22.8% misleading?

Ans. The year-ago profit was lowered by a one-time provision linked to a SEBI settlement. Excluding it, last year's profit would have been much higher, around Rs 3,396 crore according to reports, which would make the current quarter's profit lower. So headline growth reflects an unusually low base.

Did NSE declare a dividend with Q2 FY27 results?

Ans. We did not find a verified dividend announcement tied to the Q2 FY27 results. NSE paid Rs 35 per share with its Q4 FY26 results. Check the company's filing on the NSE and BSE websites for any interim dividend and its record date.

What is NSE's share price after the results?

Ans. NSE traded at about Rs 1,810.75 on the morning of 4 November 2026, up about 0.4%. Prices move through the day, so check live quotes. The stock was near Rs 1,749.45 on 19 October.

How does NSE make money?

Ans. NSE earns mainly from transaction charges on trades in equities, derivatives and currencies, plus data, technology, listing and clearing-related services. Because transaction income depends on market activity, profit rises when volumes are high and falls when markets are quiet.

How do NSE results compare with BSE and MCX?

Ans. NSE has reported Q2 FY27, while BSE and MCX report by 14 November 2026. In Q1 FY27, BSE grew profit 62% and MCX 103%, faster than NSE's 22.8% in Q2, but on much smaller bases. Compare them once all three have reported.

What are the risks of investing in NSE shares?

Ans. Risks include regulatory changes on derivatives, dependence on trading volumes, one-time items such as settlements and provisions, and valuation after a rally. Because the company's results can be distorted by one-offs, read the notes to the accounts.

Is NSE a buy after Q2 results?

Ans. This article cannot say. The headline profit grew, but the adjusted view is less clear and valuation matters. Consider the dividend decision, the next quarter's volume trend and your own goals. Consult a SEBI-registered advisor for personal advice.