The National Stock Exchange could generate ₹1,260 crore in annual revenue from Electronic Gold Receipts by FY30, says Jefferies. The brokerage expects trading volumes to grow as the platform develops into a large spot market. NSE launched these receipts in May 2026, allowing users to convert them into physical gold.
The National Stock Exchange (NSE) could generate nearly ₹1,260 crore in annual revenue from its Electronic Gold Receipts (EGR) business by FY30, if the platform develops into a large spot market for gold trading, according to estimates by global brokerage Jefferies.
The brokerage estimates that trading volumes on the platform could reach 18,750 tonnes by FY30, assuming volumes of 25 times India’s annual gold consumption. This would translate into a turnover of about ₹229 lakh crore.
“We estimate NSE’s EGR turnover could reach ₹229 lakh crore by FY30e ($2 trillion), assuming a trading volume 25x India’s gold consumption and pricing similar to cash equities,” Jefferies said in its report initiating coverage of the exchange.
The estimated revenue of ₹1,259.9 crore would be equivalent to 7.6 per cent of NSE’s FY26 operating revenue. Jefferies has drawn a comparison with China’s Shanghai Gold Exchange, which recorded gold trading turnover of $7.5 trillion in calendar year 2025, about 73 times China’s gold consumption.
NSE launched EGRs in May 2026. These are exchange-traded securities representing ownership of physical gold stored in SEBI-approved vaults. Unlike gold exchange-traded funds and Sovereign Gold Bonds, EGRs can be converted into physical gold, though a 3 per cent goods and services tax applies on conversion.
The expansion of the platform will depend partly on improving access to physical gold deposits. NSE plans to increase authorised collection centres to more than 1,000 over the next year, Jefferies said. The exchange has also introduced smaller-denomination receipts to encourage retail participation. The brokerage said NSE could consider launching futures and options contracts on EGRs once turnover scales up.
EGRs are one of three businesses that Jefferies expects could together generate ₹2,242 crore in annual revenue by FY30. The estimate, which is not included in its base-case forecasts, is equivalent to 13.5 per cent of NSE’s FY26 revenue and 13.8 per cent of its FY26 profit after tax. Commodity derivatives could contribute ₹859 crore and the mutual fund order platform ₹123 crore.
NSE’s commodity futures and options average daily turnover has increased threefold and tenfold, respectively, in calendar year 2026 so far, led by its WTI crude oil contracts. However, the segment still accounts for less than 1 per cent of revenue. Jefferies expects it to contribute at least 2 per cent by FY30.
NSE’s mutual fund order platform, NSE MF Invest, increased its market share to 13 per cent in FY26 from 9 per cent in FY25. Jefferies expects this to rise to 35 per cent by FY30, with the number of orders processed increasing sevenfold, aided by partnerships with fintech platforms.
Jefferies expects NSE’s revenue to grow at a compound annual rate of about 15 per cent between FY27 and FY29. It has initiated coverage with a Buy rating and a target price of ₹2,085 a share, implying an upside of about 17 per cent from the reference price used in its report.