The National Stock Exchange (NSE) on Tuesday said it has set aside Rs 1,297 crore in the quarter ended September 30 as provision towards the settlement applications it had filed with Sebi with regard to the co-location and dark fibre cases, as the bourse seeks to push ahead with a long-delayed IPO.
Excluding the provision amount, the profit rose 8% YoY to Rs 3,396 crore. It reported a consolidated total income of Rs 4,160 crore for the latest quarter, against Rs 4,798 crore a year ago. “The consolidated revenue from transaction charges stood at ₹2,785 crore, a sequential decline of 12% due to reduction in volumes across the cash market and derivatives segments,” the NSE said.
On a consolidated basis, the operating EBITDA was Rs 1,484 crore, against Rs 3,130 crore a year ago. Excluding the provision for Sebi settlement fees, the operating EBITDA was Rs 2,782 crore, with the operating EBITDA margin of 76%.
“Revert from Sebi on the above-mentioned applications is awaited, of which the future outcome is uncertain at this stage,” it said. Consequently, the exchange has reported a 28% sequential and 33% year-on-year decline in its profit after tax to Rs 2,098 crore.
This settlement is crucial as it has been a hurdle in the exchange’s public listing pending since 2016.
Its notes to accounts said during the half-year ended September 30, the company filed two separate settlement applications for a cumulative amount of Rs 1,387.39 crore with Sebi Colocation WTM Order and Colocation AO Order and Dark Fibre WTM Order and Dark Fibre AO Order.
It added: “In the light of pending outcomes of the above settlement applications, during the quarter ended September 30, 2025, the board of directors has considered deferment of other legal proceedings in this regard.”
Consequently, the company has recognised a provision of Rs 1,297.41 crore, including interest, during the quarter ended September 30, 2025. This is in addition to Rs 100 crore imposed by the SAT in the Colocation WTM appeal which had duly been adjusted against the amount deposited by the company with Sebi.