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Macquarie initiates coverage of NSE with ₹1,965 target
Macquarie projects NSE revenue growth of about 12% CAGR from FY26 to FY30 and expects return on equity near 35%.
LiveMint Markets reports Macquarie initiated coverage of the National Stock Exchange of India with an Outperform rating and a target price of ₹1,965, citing NSE’s dominant position in India’s exchange market.
The brokerage described NSE as “The Dominator,” pointing to its leading market share, integrated technology infrastructure, deep liquidity, and ability to expand beyond transaction-led revenues.
Macquarie said the target implies roughly 10% upside from NSE’s last closing price of ₹1,792, supported by network effects and strong cash generation.
The brokerage expects NSE to deliver a 12% revenue compound annual growth rate between FY26 and FY30, with return on equity around 35%, driven in part by growth in non-transaction revenues from data and analytics.