Macquarie initiates NSE coverage with Outperform rating ahead of listing

Macquarie has initiated coverage of the National Stock Exchange with an Outperform rating, setting a target price of ₹1,965 per share. The brokerage cited NSE's dominant market position, strong network effects, profitability and growth prospects as key factors.

Macquarie expects NSE to deliver 12% revenue compound annual growth rate through FY30, though it acknowledged near-term pressures from regulatory changes in clearing and settlement fees. NSE's ₹22,562-crore initial public offering was subscribed 5.71 times overall, with strong demand from qualified institutional buyers.