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. 

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Equity Bottom-Up

<ul><li>The equity derivatives segment has successfully navigated a period of significant regulatory changes and emerged stronger</li><li>Over the past eighteen months, the sector has adapted to multiple developments, including the one exchange one weekly expiry policy, revisions to upfront margin regulations and higher lot sizes, and uncertainty surrounding the continuation of weekly options</li><li>Despite challenges, trading activity stayed resilient, with notional ADTV up ~5% (3Y CAGR 43%) and options premium ADTV up ~8% YoY (3Y CAGR 17%)</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.

The equity derivatives segment has successfully navigated a period of significant regulatory changes and emerged strongerOver the past eighteen months, the sector has adapted to multiple developments, including the one exchange one weekly expiry policy, revisions to upfront margin regulations and higher lot sizes, and uncertainty surrounding the continuation of weekly optionsDespite challenges, trading activity stayed resilient, with notional ADTV up ~5% (3Y CAGR 43%) and options premium ADTV up ~8% YoY (3Y CAGR 17%)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.

BSE: Impressive Growth, Emerging Stronger. Maintain ADD

Thematic (Sector/Industry)

<ul><li>BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book-building and listing fees</li><li>Adjusted PAT (ex-labor laws provision, additional SGF, and impairment) came in at INR 6.5bn vs our estimate of INR 6.2bn</li><li>Transaction revenue, contributing 77% of total revenue, surged 26% QoQ on continued gains in options market share and recovery in industry volumes</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.

BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book-building and listing feesAdjusted PAT (ex-labor laws provision, additional SGF, and impairment) came in at INR 6.5bn vs our estimate of INR 6.2bnTransaction revenue, contributing 77% of total revenue, surged 26% QoQ on continued gains in options market share and recovery in industry volumesContent 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: BSE, Navin Fluorine International, The Ramco Cements...

<ul><li>MCX is expected to report a robust quarter, led by strong growth in futures and options trading, driven by gold and silver</li><li>Options revenue is estimated to rise 70.8% QoQ and futures revenue to expand 99.1% QoQ, taking total revenue to INR 6.46bn in Q3, up 72.6/114.3% QoQ/YoY</li><li>We expect EBITDA/PAT of INR 4.81bn/3.88bn, up +97.6/+96.6% 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 is expected to report a robust quarter, led by strong growth in futures and options trading, driven by gold and silverOptions revenue is estimated to rise 70.8% QoQ and futures revenue to expand 99.1% QoQ, taking total revenue to INR 6.46bn in Q3, up 72.6/114.3% QoQ/YoYWe expect EBITDA/PAT of INR 4.81bn/3.88bn, up +97.6/+96.6% 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 (Q3FY26E Results Preview): Exchanges strong, staffing weak

<ul><li>MCX is expected to report a flat quarter sequentially (+0.4 QoQ) although it will register 31.2% YoY growth</li><li>The revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQ</li><li>We expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/-1.1% 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 is expected to report a flat quarter sequentially (+0.4 QoQ) although it will register 31.2% YoY growthThe revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQWe expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/-1.1% 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: Recovery in sight

<ul><li>MCX: MCX is expected to report revenue growth of +27/57% QoQ/YoY, led by revenue growth in options (+24% QoQ) and futures (+46% QoQ)</li><li>The margin and profitability will improve as there were one-off cost items last quarter which will normalize, and growth will boost margins</li><li>We expect MCX to post an EBITDA/PAT of INR 2.60/1.94bn, up +46/43% 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 +27/57% QoQ/YoY, led by revenue growth in options (+24% QoQ) and futures (+46% QoQ)The margin and profitability will improve as there were one-off cost items last quarter which will normalize, and growth will boost marginsWe expect MCX to post an EBITDA/PAT of INR 2.60/1.94bn, up +46/43% 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 (Q1FY26E Results Preview): A mixed bag

India

BSE Ltd. is Asia's oldest stock exchange, providing a transparent market for trading in equities, debt instruments, derivatives, mutual funds, and other securities. It offers services including listing, trading, clearing, settlement, and data services, and operates platforms for SMEs and mutual fund distribution. The company is headquartered in Mumbai, India, and was founded in 1875.

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BSE (BSE IN)

BSE: Impressive Growth, Emerging Stronger. Maintain ADD

Despite challenges, trading activity stayed resilient, with notional ADTV up ~5% (3Y CAGR 43%) and options premium ADTV up ~8% YoY (3Y CAGR 17%)

HDFC Securities

HSIE Results Daily: BSE, Navin Fluorine International, The Ramco Cements...

BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book...

HDFC Securities

Exchanges, Staffing and Internet (Q3FY26E Results Preview): Exchanges strong, staffing weak

Options revenue is estimated to rise 70.8% QoQ and futures revenue to expand 99.1% QoQ, taking total revenue to INR 6.46bn in Q3, up 72.6/114.3%...

HDFC Securities

Exchanges, Staffing and Internet: Recovery in sight

The revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQ. We expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/...

HDFC Securities

Exchanges, Staffing and Internet (Q1FY26E Results Preview): A mixed bag

MCX: MCX is expected to report revenue growth of +27/57% QoQ/YoY, led by revenue growth in options (+24% QoQ) and futures (+46% QoQ)

HDFC Securities

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