Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>In this insight we discuss about updates from <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)'</a>s RHP.</li>
<li>We discuss in detail various operational parameters and market share in key areas.</li>
<li>Finally, we discuss why NSE stock is not running away.</li>
</ul>


In this insight we discuss about updates from National Stock Exchange (NSEIN IN)'s RHP.
We discuss in detail various operational parameters and market share in key areas.
Finally, we discuss why NSE stock is not running away.


NSE IPO: RHP Updates; It’s Not Running Away

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 +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

<ul><li>BSE: BSE reported a strong quarter, with revenue and PAT coming better than our estimate</li><li>The revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building revenue (IPO related)</li><li>BSE saw an impressive gain in its options premium market share, which increased by ~630bps to reach 18.8% in Q4, following the regulatory changes introduced in January 2025</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 reported a strong quarter, with revenue and PAT coming better than our estimateThe revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building revenue (IPO related)BSE saw an impressive gain in its options premium market share, which increased by ~630bps to reach 18.8% in Q4, following the regulatory changes introduced in January 2025Content 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, Kajaria Ceramics

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Derivatives

National Stock Exchange of India / Equity Derivatives

<ul>
<li>NSE, world's largest derivatives exchange by number of contracts traded has filed its DRHP on 17-Jun-26.</li>
<li>BSE leads in breadth and platforms; NSE leads in liquidity, derivatives and transaction monetisation.</li>
<li>In a financialising economy like India, both can grow. But the economics are different. BSE is a turnaround-plus-platform growth story. NSE is a scale-led market infrastructure compounding story.</li>
</ul>


NSE, world's largest derivatives exchange by number of contracts traded has filed its DRHP on 17-Jun-26.
BSE leads in breadth and platforms; NSE leads in liquidity, derivatives and transaction monetisation.
In a financialising economy like India, both can grow. But the economics are different. BSE is a turnaround-plus-platform growth story. NSE is a scale-led market infrastructure compounding story.


NSE Vs BSE: Same Market, Different Business Models

<ul><li>MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume</li><li>We expect SGF to come down by ~50% as MCX has been providing voluntary contribution over the last three quarters</li><li>We expect MCX to post a Revenue/PAT of INR 2.98/1.66bn in Q4, -1.1/+3.8% 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 revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volumeWe expect SGF to come down by ~50% as MCX has been providing voluntary contribution over the last three quartersWe expect MCX to post a Revenue/PAT of INR 2.98/1.66bn in Q4, -1.1/+3.8% QoQ.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.

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BSE (BSE IN)

NSE IPO: RHP Updates; It’s Not Running Away

Response to the NSE IPO has been soft from general retail category(just 1.39x subscription). QIBs have done the heavy lifting by subscribing 12.68x...

Sreemant Dudhoria

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

HSIE Results Daily: BSE, Kajaria Ceramics

The revenue growth of 9.5% QoQ was led by 35% QoQ increase in options revenue, but was offset by a drop in cash volume (-33% QoQ) and book building...

HDFC Securities

NSE Vs BSE: Same Market, Different Business Models

NSE IPO is a book build issue of ₹22,561.57 crores. The issue is entirely an offer for sale of 12.64 crore shares of ₹22,561.57 crore. NSE IPO...

Sudarshan Bhandari

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)