As investors gear up for the NSE's Rs 30,000-crore IPO, set to become India's second-largest public offering after Jio Platforms' blockbuster issue, Zerodha founder and CEO Nithin Kamath has used the occasion to raise a broader question: why are there so few Indian companies like the stock exchange?
In a post on X, formerly Twitter, Kamath described NSE as a "cash generation and distribution machine", noting that the exchange earned more than Rs 10,300 crore in profit in FY26 and distributed about Rs 8,660 crore as dividends, translating into a payout ratio of 84%.
