External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The Indian IT services sector braces for another muted quarter in Q4FY26E, with tier-1 players growth projected at -1.1 to +0.9% QoQ CC and mid-tier companies ranging growth from -1.8% to +3.4%, as macro uncertainty, ongoing geopolitical tensions, and cautious client decision-making on large deals amid war escalation risks temper near-term revenue traction</li><li>The rupee depreciation brings some respite to margins, but AI-led deflation concerns triggered the recent multiple de-rating</li><li>Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting traditional SaaS/IT models</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 Indian IT services sector braces for another muted quarter in Q4FY26E, with tier-1 players growth projected at -1.1 to +0.9% QoQ CC and mid-tier companies ranging growth from -1.8% to +3.4%, as macro uncertainty, ongoing geopolitical tensions, and cautious client decision-making on large deals amid war escalation risks temper near-term revenue tractionThe rupee depreciation brings some respite to margins, but AI-led deflation concerns triggered the recent multiple de-ratingLaunch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting traditional SaaS/IT modelsContent 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.

IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive

<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>Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)</li><li>Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demand</li><li>Extended monsoon did partially impact sales momentum though</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.

Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demandExtended monsoon did partially impact sales momentum thoughContent 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: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

<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

Info Edge is an Indian technology holding company that owns, operates, and invests in internet-led businesses. It provides online platforms for recruitment (Naukri.com), real estate (99acres.com), matrimony (Jeevansathi.com), and education (Shiksha.com), along with strategic investments in technology startups. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1995.

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Info Edge (INFOE IN)

IT Sector (Q4FY26E Results Preview): Navigating Uncertainty, Valuations Turn Attractive

Launch of new models from Gen-AI platforms like Claude and Palantir fuelled a ~24% correction over the past three months on fears of disrupting...

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

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

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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