NSE Dividend 2026: ₹35 Per Share, Record Date, Unlisted Share Dividend History & Q4 FY26 Results
· 11 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
NSE reported Q4 FY26 profit growth, announced a ₹35 dividend, and saw its unlisted share price rise to ₹2,170 despite a fall in annual PAT. Understand the results and the tentative NSE IPO timeline in this 2026 post.
Update, 28 Sep 2026: NSE listed on BSE on 24 Sep 2026 at ₹1,800; the IPO price band was ₹1,700–₹1,785 (Red Herring Prospectus dated 10 Sep 2026). See NSE unlisted share price today for the last indicative price and the listing details, and the NSE IPO record for subscription and allotment. The FY26 dividend of ₹35 per share, including a ₹10 special dividend, was approved at the AGM on 24 Aug 2026 and paid on 27 Aug 2026, per the same RHP.
Last Updated: May 2026
This is the paradox that most retail investors have been perplexed about this week. For the financial year ending FY26, the National Stock Exchange of India reported annual post-tax profits of ₹10,302 crore, which represents a reduction of about 15% compared to the ₹12,188 crore reported the previous year. As can be expected, the full-year figure presents an actual loss for the company. Yet the stock price of the unlisted firm has surged by nearly 10% in two days to ₹2,170, a figure that's risen by nearly 18% this year. Same firm. Same figures. Two conflicting signals.
What is different this time is the context around the FY26 PAT figure. Instead, the ₹35 dividend on a face value of ₹1 (or a 3,500% dividend rate) being paid, along with the 8.3% YoY rise in Q4 FY26 profit, along with the scheduled DRHP filing mid-June 2026, as well as the final clearance of the SEBI case, means that there's far more going on here than meets the eye. This post sets out each of these layers in turn.
TL;DR
1. The Contradiction in One Frame
The market looks forward. The PAT drop of FY26 was an aberration driven by higher core SGF contribution, the ₹1,388 crore settlement charge for the regulator paid in October 2025, and higher investments in technology infrastructure. None of them will recur and dent FY27 profitability. The Q4 number is 8.3% higher YoY to stand at ₹2,871 crore (as per the report from Business Standard on the results).
The rally in the unlisted stock has to be understood on the backdrop of:
1. The Q4 number is an indicator of the operating trend; while the PAT decline for FY26 is just a rear-view with regulatory baggage.
2. The dividend is ₹35 per share.
3. DRHP filing is scheduled. The unlisted price has moved ahead of the scheduled DRHP filing.
2. The Q4 FY26 Results: Digging into the Details
For the quarter ending 31 March 2026, the net profit was reported at ₹2,871 crore compared to ₹2,650 crore during the corresponding quarter last fiscal – marking an 8.3% YoY increase. Revenue from operations saw an 11% YoY increase, growing to ₹4,832 crore driven primarily by growth in the equity derivatives category (despite SEBI's 'true to label' F&O reforms that reduced weekly expiries) and substantial contributions from colocation plus data subscription revenue.
The EBITDA margins stood well above the 73% level with only minor QoQ changes. Of all the expense items that grew in FY26 vis-à-vis FY25, technology infrastructure and regulatory/SGF contributions were two items that grew the most in terms of their structural nature and have been called out by the exchange to be a multi-year trend. IPO Guru's result analysis breaks down the segment performance in much more detail.
In Q4, cash equivalents on the balance sheet were over ₹15,000 crore, after FY25-26 regulatory settlement costs.
3. The FY26 Full Year Story – Where the Decline Originated
Let us then move on to the aspect of the outcome that, in itself, may look somewhat disappointing. While FY26 PAT is at ₹10,302 crores against FY25 PAT of ₹12,188 crores, that represents a decline of around ₹1,886 crores, or 15% year-over-year. That is real money, and the reason behind this is also real:
• SEBI Colocation Case Settlement Payment. Following the settlement of a decade-long colocation dispute with SEBI in October 2025, there was an associated payment of around ₹1,388 crores. The non-recurring nature of the payment shows up in the FY26 P&L. The settlement closed the colocation case, which had been pending for close to a decade.
• Increase in SGF contributions. Following the changes to the derivative regulations by SEBI in 2024, the Settlement Guarantee Fund (SGF) contribution is now higher. It’s a recurring expense from here on, but its incremental impact is felt more in FY26.
• Increased Capex and Surveillance related amortization.
Without even considering the settlement payment, the FY26 PAT is close to ₹11,690 crore – below FY25 numbers, yet the gap reduces to less than 5% as opposed to the earlier reported 15% difference.
4. The Dividend Dynamics - Understanding the 3,500% Payout Ratio
The 3,500% rate is calculated on the face value of ₹1. The important point here for an investor would be the rupee amount paid relative to the current unlisted price of the stock.
At the post-earnings stock price of ₹2,170, the dividend of ₹35 per share works out to a trailing yield of around 1.6%. As seen above, the dividend will work out to about ₹8,650 crore of the money coming back to the shareholders (total FY26 PAT at ₹10,302 crore).
The record date for the dividend payment is expected to be somewhere in late June or early July 2026, depending upon when the company holds the AGM and pays the dividend within 30 days of the same. Those investors who have the shares of the company in demat form on the record date are eligible for the payment. The Business Today tracking of the post-earnings stock prices found out that the dividend announcement is the most important reason behind the price movement.
In case, any investor wants to see the latest quote along with the cum-dividend window period, they can track the same on NSE's unlisted share tracker portal – Unlisted Axis.
5. Why was there a Rise in the Unlisted Price Even Though There Is a Fall in FY26?
The factors are set out below:
(b) Dividend. The board approved a dividend distribution ratio of 84%.
(c) Price movement around the IPO. The DRHP filing is scheduled for around 15th June 2026, with a tentative listing in Q3 FY27.
The "how to buy" tutorial should be used by anyone seeking to gain insight into buying an interest in unlisted stocks.
6. The IPO Backdrop – State of Affairs by May 2026
Below is the IPO timeline according to market reports and company disclosures:
• DRHP Filing: Target to file DRHP around 15 June 2026. The market regulators have approved the investment bank syndicate led by Kotak, Axis Capital, JM Financial, Morgan Stanley, ICICI Securities, and more.
• SEBI Observations: Usually takes around 60 to 90 days post DRHP filing.
Exchange plans to use offer for sale method where existing investors sell out stakes.
• Listing: Expected within Q3 of FY27 at both exchanges with standard self-listing approach (Exchange would be listed at BSE while NSE uses other route).
The SEBI settlement in October 2025 would be the most important gate that had to be cleared for the DRHP filing to proceed. The runway is now operationally clear. There are still some unknowns regarding (a) the size of the offer, (b) the pricing band, and (c) the anchors for the issue.
Any investor wanting to invest in this IPO once its subscription opens should have an active demat account with a UCC registered broker; see here for more details on the demat process of unlisted stocks.
7. What is Next – The Calendar Up to Q3 FY27
Upcoming events:
1. DRHP filing (June 2026). This will have all details of offer size, identities of OFS sellers, whether there is any new money issuance involved, full audited results for FY26 and regulatory disclosure block.
2. SEBI observations + amendments (July-September 2026). Note if there are any restrictions imposed on offer structuring and governance.
3. RHP filing (September-October 2026). Contains the price band.
4. AGM & Dividend Record Date (June-July 2026). Cum-Div period is crucial when choosing the right entry timing.
5. Allocation of anchor investors (shortly before the opening). Reflects the interest from institutions.
6. Listing date and first 30 days price action. Sets the reference point against which the unlisted price converges.
In case of discounted offer compared to the prevailing unlisted price (which is the usual case), the unlisted price usually softens by 5-15% ahead of the issue, reflecting this phenomenon best in the past IPOs such as LIC, Mankind, Hyundai India, NSDL.
Glossary: Any terminology used in relation to the above events can be explained under the unlisted shares glossary available on Unlisted Axis.
8. Education Disclaimer
The information provided here is purely educational in nature and does not serve as personalized investment advice. Nothing contained in this post shall be interpreted as an opinion on the direction of a stock being discussed. Readers who invest in stocks similar to these usually analyze their business potential by reading through the DRHP fully and independently modeling future earnings.
Frequently Asked Questions
Question 1: Is NSE listed on any stock exchanges currently?
Answer- Not really. By May 2026, National Stock Exchange of India Ltd. itself is not listed on any stock exchanges. Shares of the entity are traded in the unlisted secondary market via SEBI-registered dealers/ platforms. After completion of the DRHP filing and obtaining SEBI's approval, listing of the entity is expected in Q3 FY27.
Question 2: When will be the listing date of NSE IPO?
Answer-According to the timeline as of May 2026: The DRHP filing will take place around 15 June 2026; SEBI observations will be received in September-October 2026; followed by filing of RHP. NSE listing is expected in Q3 FY27 (October-December 2026). All dates are subject to management estimates.
Question 3: How do you know about the unlisted price of NSE stock?
Answer-The NSE unlisted stock price is based on dealer quotes and changes slightly across different platforms. A good way to track it is through a price tracker that provides an unlisted price based on quotes of more than one registered dealer. Use NSE unlisted share price tracker available on Unlisted Axis website.
Question 4: What would be the record date for the ₹35 dividend?
Answer- The precise date of the record has yet to be announced. According to the timeline of a dividend after AGM, the record date should occur either in late June or early July of 2026. The notice will become available through the corporate actions announcement of the firm. Those holding the demat share before that day shall receive dividends.
Question 5: How does the dividend compare with the unlisted price?
Answer- The payment of dividend itself does not indicate the valuation of the company since this is a capital allocation decision rather than a valuation one. The valuation requires its own earnings forecast model.
Question 6: Can I apply for the IPO NSE?
Answer- Once the IPO is officially opened after the release of the RHP, then all retail investors with PAN and demat account and having a UPI-enabled bank account shall be able to take part in the subscription.
Applications happen during the 3-day issue window. Application is open to all eligible categories — retail, HNI, QIB, employee — subject to the prospectus terms.
Question 7: Where do I hold my NSE Unlisted shares – demat or physical?
Only demat. As per SEBI guidelines, since 2018, off-market transactions of unlisted shares happen only via the dematerialized route. Through the demat account of the seller, the shares get transferred to the buyer's demat account off-market via payment. Physical form of share certificates cannot be traded. It will be the broker/platform from whom you make the trade who will execute off-market transaction through a DIS slip.
Question 8: Has the settlement issued by NSE and SEBI concluded the issue completely?
Yes, the matter related to co-location was settled with NSE as of October 2025 via no admission consent settlement with a payment of around ₹1,388 crore. This is now a concluded matter as per the SEBI Settlement Regulations 2018 which is now binding. Now the major overhang in terms of regulation of this entity is sorted out once for all.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹1,785 | 24 Sep 2026 |
| Lot size | 15 shares | 17 Oct 2026 |
| Minimum investment | ₹26,775 | 24 Sep 2026 |
| Market cap | ₹441,788 Cr | 24 Sep 2026 |
| Face value | ₹1 | 17 Oct 2026 |
| Book value | ₹122.64 | 17 Oct 2026 |
| P/E | 38.55 | 24 Sep 2026 |
| ISIN | INE721I01024 | 17 Oct 2026 |
| Sector | Financials | 17 Oct 2026 |
| Listing status | LISTED | 17 Oct 2026 |
NSE dividend 2026: frequently asked questions
What is the NSE dividend for 2026?
₹35 per equity share of face value ₹1 (3,500%) for the year ended 31 March 2026, including a special one-time dividend of ₹10. NSE’s Governing Board recommended it on 5 May 2026 and shareholders approved it at the AGM on 24 Aug 2026.
When was the NSE FY26 dividend paid?
NSE paid the total dividend of ₹86,625 million on 27 Aug 2026, according to its Red Herring Prospectus.
What dividend did NSE pay for FY25?
Also ₹35 per share, including a special one-time dividend of ₹11.46, approved at the AGM on 25 Aug 2025.
Is NSE still unlisted?
No. NSE listed on BSE on 24 Sep 2026 at ₹1,800. The NSE unlisted share price page shows the last indicative unlisted price and the listing details.
Source for the dividend figures
National Stock Exchange of India Limited, Red Herring Prospectus dated 10 Sep 2026 (dividend table and notes to the restated financial information).
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.
Dated indicative prices for every company the desk tracks, refreshed each working day, are on the all unlisted share prices page.
