NSE IPO: Why India Lacks Many 'Cash Generating Machines' Like NSE

As investors prepare for the massive ₹30,000-crore National Stock Exchange (NSE) IPO, Zerodha founder Nithin Kamath has highlighted a unique financial phenomenon. He describes the exchange as a rare "cash generation and distribution machine," sparking a vital conversation about why most Indian businesses prioritize growth over shareholder returns.

The NSE Model: High Profits and Massive Payouts

The upcoming NSE IPO is poised to be one of India’s largest public offerings, following in the footsteps of Jio Platforms. What makes the NSE unique is its extraordinary ability to convert earnings into shareholder wealth. According to Kamath, the exchange earned over ₹10,300 crore in profit during FY26.

Crucially, NSE distributed approximately ₹8,660 crore as dividends, representing a staggering payout ratio of 84%. Kamath notes that these generous payouts are likely to persist even after listing. This is primarily because regulatory constraints prevent stock exchanges from investing their surplus cash into other private or listed businesses, leaving dividend distribution as one of the few viable ways to utilize excess profits.

The Tax Arbitrage: Why Growth Beats Dividends

Kamath identifies a fundamental reason why most Indian companies avoid high dividend payouts: the tax disparity between dividend income and capital gains. He explains that when a company earns ₹100, it first pays corporate tax, leaving roughly ₹75.

If that ₹75 is distributed as a dividend, shareholders are taxed again at their marginal income-tax rate, which can be significantly high for many investors. Conversely, if a company retains those earnings to fund expansion, the value is reflected in the stock price. Investors then benefit from capital gains tax, which is typically much lower than income tax. This "tax arbitrage" creates a massive incentive for modern businesses to prioritize reinvestment and aggressive growth rather than returning cash to shareholders.

The Risk of Ignoring Profitability

虽然资本再投资对经济增长至关重要，但 Kamath 警告说，“不惜一切代价追求增长”的心态潜藏着固有危险。那些只专注于扩张而未能维持有意义且可持续利润的企业，在经济衰退期间往往变得极其脆弱。他认为，长期的业务韧性根植于盈利能力，并指出，仅仅一个糟糕的经济周期就可能“重创”那些缺乏充足现金缓冲的公司。

NSE IPO 详情

NSE IPO 的结构为现有股东减持 (OFS)，发行量最高达 1.489 亿股股票，约占该交易所实收股本的 6%。由于非上市市场估值维持在 5 万亿卢比左右，预计发行规模约为 3000 亿卢比。市场出现了一个独特的反转：NSE 的股票将在 BSE 上市，这与目前 BSE 股票在 NSE 上市的现有安排相呼应。

核心要点

• 超高派息： 由于监管机构对盈余现金使用方式的限制，NSE 保持着极高的股息支付率（2026 财年为 84%）。
• 税收差异： 高额股息税与较低资本利得税之间的差距，激励着公司将利润进行再投资，而非进行分配。
• 以盈利实现韧性： 虽然再投资能驱动增长，但可持续的盈利能力对于度过经济周期并确保长期生存至关重要。