Mumbai, June 19 -- The National Stock Exchange (NSE) has waited nearly a decade to go public. However, just as investors finally get the chance to own India's largest market infrastructure company, its FY26 earnings present a sobering reality. Following the Securities and Exchange Board of India's crackdown on speculative trading, NSE's high margins may shrink back to historical averages, some experts said. Investors face a critical question: should FY26 be dismissed as an aberration, or accepted as the exchange's new normal? Operating margin plunged to 67% in FY26 from about 74% a year ago, suggesting profitability in core operations has weakened. Net profit consequently fell 16% year-on-year to Rs.10,302 crore in FY26 from Rs.12,188 crore...