External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>MCX: MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label circular</li><li>The profitability will be muted as the AMC cost for CDP will be applicable from Q3FY25</li><li>We expect MCX to post an EBITDA/PAT of INR 2.01/1.56bn, up +2.0/1.6% QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MCX: MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label circularThe profitability will be muted as the AMC cost for CDP will be applicable from Q3FY25We expect MCX to post an EBITDA/PAT of INR 2.01/1.56bn, up +2.0/1.6% QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exchanges, Staffing and Internet (Q3FY25E Results Preview): Growth moderating

Equity Bottom-Up

Multi Commodity Exchange India / Equity Bottom-Up

<ul><li>We recently met with the management of MCX and gained understanding that the company is gearing up for its next phase of growth</li><li>The strategic pillars driving this include the introduction of new products, boosting market participation, and enhancing technological capabilities</li><li>The regulator has, in principle, agreed to one weekly expiry per week for an exchange, making the launch of crude or index weekly expiry options a possibility</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We recently met with the management of MCX and gained understanding that the company is gearing up for its next phase of growthThe strategic pillars driving this include the introduction of new products, boosting market participation, and enhancing technological capabilitiesThe regulator has, in principle, agreed to one weekly expiry per week for an exchange, making the launch of crude or index weekly expiry options a possibilityContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MCX: Growth Engine - New Products and Stable Tech

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>MCX posted 73% YoY growth in operating revenue to INR2.9b (5% above our estimate) in 2QFY25.</li><li>Operating revenue rose 67% YoY in 1HFY25. Revenue growth was driven by a surge in volumes, which jumped 114% YoY.</li><li>Futures volumes grew 46% YoY to INR17.5t, while options volumes surged 129% YoY to INR126t during the quarter. EBIT stood at INR1.7b (vs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MCX posted 73% YoY growth in operating revenue to INR2.9b (5% above our estimate) in 2QFY25.Operating revenue rose 67% YoY in 1HFY25. Revenue growth was driven by a surge in volumes, which jumped 114% YoY.Futures volumes grew 46% YoY to INR17.5t, while options volumes surged 129% YoY to INR126t during the quarter. EBIT stood at INR1.7b (vs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MCX - Volumes at an All-Time High; PAT Above Estimate

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>MCX’s Q2FY25 results exhibit three main trends: 1) consolidating on the new steady cost profile; 2) Healthy volumes across futures, options and premium conversions. 3) Growth in option participation.</li><li>We indicated upside risk to earnings from volume surges, basis commodity volatility in our previous note (link), and it played out on these lines in Q1/Q2FY25.</li><li>To adequately capture this higher-thanexpected volume growth potential on earnings, we now roll over to FY27. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MCX’s Q2FY25 results exhibit three main trends: 1) consolidating on the new steady cost profile; 2) Healthy volumes across futures, options and premium conversions. 3) Growth in option participation.We indicated upside risk to earnings from volume surges, basis commodity volatility in our previous note (link), and it played out on these lines in Q1/Q2FY25.To adequately capture this higher-thanexpected volume growth potential on earnings, we now roll over to FY27. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hold Multi Commodity Exchange of India - Volume Growth Surprising Positively

<ul><li>UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA and investment in India Cements at 1x BV)</li><li>In Q2FY25, UTCEM’s consolidated volume rose 4% YoY</li><li>However, subdued demand and continued competitive pressure led to a 3% fall in grey cement realisation (blended 1% fall)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA and investment in India Cements at 1x BV)In Q2FY25, UTCEM’s consolidated volume rose 4% YoYHowever, subdued demand and continued competitive pressure led to a 3% fall in grey cement realisation (blended 1% fall)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: UltraTech Cement, Oberoi Realty, Dalmia Bharat

India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

Exchanges, Staffing and Internet (Q3FY25E Results Preview): Growth moderating

MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label...

HDFC Securities

MCX: Growth Engine - New Products and Stable Tech

We recently met with the management of MCX and gained understanding that the company is gearing up for its next phase of growth

HDFC Securities

MCX - Volumes at an All-Time High; PAT Above Estimate

MCX posted 73% YoY growth in operating revenue to INR2.9b (5% above our estimate) in 2QFY25. Operating revenue rose 67% YoY in 1HFY25.

Motilal Oswal

Hold Multi Commodity Exchange of India - Volume Growth Surprising Positively

MCX’s Q2FY25 results exhibit three main trends: 1) consolidating on the new steady cost profile; 2) Healthy volumes across futures, options and...

ICICI Securities Limited

HSIE Results Daily: UltraTech Cement, Oberoi Realty, Dalmia Bharat

We estimate UTCEM to deliver 11% volume CAGR (ex-India Cements) over FY24-27E and unit EBITDA to expand to INR 1,349 in FY27E.

HDFC Securities

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