JPM on NSE ; OW, TP Rs 2130

NSE reported 2Q27 consolidated revenue from operations of Rs 40.7 bn (+10.6% YoY, -10.8% QoQ), 4% ahead of JPMe. Strong expense control resulted in operating EBITDA coming in at Rs 30.8bn (+10.7/-13.2% YoY/QoQ), & 5.5% above JPMe. EBITDA margins were stable at 75.7% (+6/-204bp YoY/QoQ) despite lower revenues QoQ. Lower other income (+0.9%/-29.5% YoY/QoQ) dragged core APAT to Rs 25.6bn (+10.1/-16.2% YoY/QoQ), 3.5% above JPMe NSE trades at a FY28E P/E of 36.8x.

National Stock Exchange of Ind

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