Macquarie Rates NSE ‘The Dominator’ With Outperform Ahead of Listing
· Business · Economic Times, Moneycontrol
Macquarie initiated coverage of the National Stock Exchange of India (NSE) with an Outperform rating and a Rs 1,965 target price, calling it “The Dominator” due to its leading market position and strong network effects. The brokerage expects 12% revenue CAGR for NSE through FY30, driven by non-transaction revenues and new products, despite near-term pressures from the Closing Auction Session (CAS). NSE’s Rs 22,562-crore IPO was subscribed 5.71 times, with qualified institutional buyers showing the strongest demand. Macquarie notes that NSE trades at a 65% P/E premium to international exchanges but delivers around 60% higher growth and returns, supported by India’s structural financialisation tailwinds. The long-awaited NSE IPO is set to make its stock-market debut imminently.
Why it matters
Investors in India’s capital markets will see NSE’s listing as a key benchmark for exchange valuations, potentially influencing sentiment around other market infrastructure listings. The outlook highlights how India’s financialisation trends are creating durable advantages for dominant exchange platforms like NSE.
Read the original report — Economic Times
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