“Recommends subscribing to the NSE IPO for the long term, citing its leadership, financial strength, high margins, debt-free balance sheet, and structural capital-market growth. Values NSE at 42.89x FY2026 earnings at the upper price band of ₹1,785, supported by its superior market position, profitability, scalability, and long-term growth opportunity, despite dependence on derivatives as a key risk.”