“Assigned a 'Subscribe' rating for the NSE IPO for medium- to long-term investors. At ₹1,785, NSE is valued at approximately 42x FY26 adjusted EPS. The bullish stance is driven by NSE's dominant position across India's equity and derivatives markets, its robust investor ecosystem, network effects, scalable technology, asset-light model, high margins, and strong cash generation, alongside rising capital market participation and financialisation of savings.”