“Bullish on NSE IPO, recommending 'Subscribe'. The issue is priced at 47.3x TTM earnings, comparable to BSE's 48.9x, but NSE is a larger, stronger business with no real substitute in market infrastructure. NSE's dominance in cash-market turnover and equity futures, high margins near 76%, and zero borrowings make it attractive, despite concerns about index options. The brokerage views the pricing as fair for a dominant market player.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%