Global peers such as Nasdaq, London Stock Exchange, Japan Exchange Group, Hong Kong Exchange and Intercontinental Exchange derive only 20-60% of revenue from transaction charges, as per a PL Capital report. A much larger share of their income comes from relatively stable, annuity-like businesses such as market data, technology services and information products. Despite this, most of them trade at 17-22 price-to-earnings multiple, based on Bloomberg consensus estimates for CY26 (almost equivalent to FY27)—a large discount to NSE’s valuation.
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