SHCIL owns 4.4% of NSE, amounting to 11 crore shares. At the current unlisted price of Rs 2,285 per share, SHCIL’s stake is valued at approximately Rs 25,000 crore—a valuation that could substantially boost IFCI’s investment portfolio and market perception ahead of NSE’s public debut.
According to Motilal Oswal Private Wealth, the NSE is expected to receive a green light from SEBI to file its Draft Red Herring Prospectus (DRHP) by the end of July 2025. This follows a proposed settlement of long-pending co-location and dark fibre issues. Once SEBI issues the no-objection certificate, the DRHP filing process could take 4–5 months, followed by 2–3 months of regulatory review—putting NSE’s listing timeline in Q4 of FY2026.
On Tuesday, IFCI’s stock price closed at around Rs 64.85, giving the company a market capitalisation of Rs 17,513 crore. Over the past 52 weeks, the stock has touched a high of Rs 91.40 and a low of Rs 36.20.
From a valuation standpoint, IFCI’s price-to-earnings (PE) ratio stands at 102.66, while its price-to-book (PB) ratio is 1.16.
On the earnings front, IFCI posted a net profit of Rs 171 crore in the latest fiscal year (FY25). This marks a notable turnaround, as the company returned to profitability in FY24 after incurring losses for five consecutive fiscal years from FY19 to FY23.
NSE IPO: A Decade-Long Wait Nears the Finish Line
The anticipated listing will cap a nearly decade-long journey for NSE, which originally filed for an IPO in 2016, aiming to raise Rs 10,000 crore through a 22% stake sale by existing shareholders. Regulatory hurdles and pending disputes delayed the process, even as NSE shares remained in high demand in the grey market. In a significant move, NSE removed the ISIN freeze from March 24, 2025, enabling free trading of its unlisted shares and reducing the share transfer approval time from three months to just one day—further boosting private market liquidity, according to Motilal Oswal.NSE enters the IPO window from a position of financial strength. The exchange commands a dominant 94% share in cash equities, 99% in equity index futures, and 88% in equity options premium.
In FY25, NSE reported a 17% YoY increase in total income to Rs 19,177 crore, with operating revenue up 16% at Rs 17,141 crore. Net profit surged 47% to Rs 12,188 crore, backed by strong operational metrics. The EBITDA margin stood at 74%, while return on equity hit 45%—indicating robust profitability and efficiency. In Q4 FY25 alone, the exchange reported a net profit of Rs 2,650 crore, despite a dip in revenues due to softer trading volumes.
NSE also declared a Rs 35 per share dividend, which included a special payout of Rs 11.46, adding further value for shareholders.
Also read: NSE IPO: Sebi nod to file DRHP likely this month, listing expected in Q4, says Motilal
As the NSE prepares for what could be one of India’s most anticipated listings, IFCI’s indirect stake via SHCIL places it in a unique position to benefit. With a sizeable exposure to NSE and recent signs of financial recovery, IFCI could emerge as a surprising but strategic bet for investors tracking the IPO play.
