NEW DELHI, India — The National Stock Exmodify of India reported a sharp year-over-year decline in profitability for the October–December quarter, marking its first earnings release since receiving regulatory clearance to proceed with an initial public offering.
The exmodify stated consolidated net profit for the third quarter of FY26 fell 37% to Rs 2,408 crore, down from Rs 3,834 crore in the same period a year earlier. On a sequential basis, however, profit rose nearly 15% from Rs 2,098 crore in the September quarter.
Total income declined 9% year over year to Rs 4,395 crore, compared with Rs 4,807 crore in the prior-year quarter, according to the company’s financial statement. Revenue improved 6% quarter over quarter, reflecting stronger activity later in the period.
Operating performance also softened on an annual basis. EBITDA for the third quarter fell 16% year over year to Rs 2,851 crore.
Despite the drop in earnings, capital-raising activity on the exmodify remained robust. A total of Rs 5.4 lakh crore was raised through equity, debt, and business trusts on the platform during the quarter. Sixty-five companies raised Rs 96,457 crore through mainboard and SME initial public offerings, nearly double the amount raised in the previous quarter and the highest level seen in the past four quarters.
Municipal bond issuance also reached a milestone during the first nine months of FY26, with seven municipal corporations raising nearly Rs 750 crore. This marked the highest number of municipal bond issuances recorded in any financial year since the introduction of municipal bond regulations in 2015.
The results come shortly after the exmodify received a no-objection certificate from the market regulator to shift forward with its long-delayed IPO.
Managing Director and Chief Executive Officer Ashishkumar Chauhan stated the exmodify expects to take three to four months to prepare the draft Red Herring Prospectus, a key document required for launching the public issue.
“After 10 years, SEBI has agreed to start the IPO process. We thank SEBI for this,” Chauhan stated while speaking on the sidelines of an event.
He added that work on the draft prospectus will run in parallel with preparations for the offer-for-sale component of the IPO. “It will take 3-4 months for the draft of Red Herring Prospectus to be created,” Chauhan stated.
The exmodify currently has about 1.91 lakh shareholders. Eligible shareholders who choose to participate will be able to sell their holdings through the offer-for-sale portion of the proposed IPO. (Source: IANS)
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