“Took a Neutral view on the NSE IPO, balancing the structural growth opportunity with risks from regulation, trading activity, and valuation. The FY26 financial performance was impacted by regulatory changes and moderation in trading activity. At a P/E of 42.9x, the valuation reflects NSE's market position and growth potential but offers limited upside for earnings disappointments, with SEBI measures on options trading identified as a key risk to volumes.”