Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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.

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Equity Bottom-Up

Multi Commodity Exchange India / Equity Bottom-Up

<ul>
<li>
Options ADT surged 91% YoY, bullion now drives 57% of ADT, and the costly technology transition is complete, sharply improving MCX’s margin profile. </li>
<li>Options-Led participation, lower tech costs, and new products like electricity derivatives create a stronger, more diversified growth engine while reinforcing MCX’s quasi-monopoly in metals and energy. </li>
<li>
With operating leverage unlocked, product expansion underway, and volume visibility improving, MCX shifts from a cyclical trade to a high-conviction multi-year structural compounding story.</li>
</ul>



Options ADT surged 91% YoY, bullion now drives 57% of ADT, and the costly technology transition is complete, sharply improving MCX’s margin profile. 
Options-Led participation, lower tech costs, and new products like electricity derivatives create a stronger, more diversified growth engine while reinforcing MCX’s quasi-monopoly in metals and energy. 

With operating leverage unlocked, product expansion underway, and volume visibility improving, MCX shifts from a cyclical trade to a high-conviction multi-year structural compounding story.


2026 High Conviction Idea: MCX - India’s Commodity Giant

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.

<ul><li>MCX launched the much-awaited index option contract in October 2025, based on the MCX iCOMDEX Bullion Index</li><li>This contract will be cash-settled and marks a pivotal development in the exchange's product innovation roadmap, setting the stage for the next phase of growth</li><li>MCX has been on a product launch spree, and the recent launch of monthly expiry gold and silver options on futures has been a success</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 launched the much-awaited index option contract in October 2025, based on the MCX iCOMDEX Bullion IndexThis contract will be cash-settled and marks a pivotal development in the exchange's product innovation roadmap, setting the stage for the next phase of growthMCX has been on a product launch spree, and the recent launch of monthly expiry gold and silver options on futures has been a successContent 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: Index Options: Paving the Next Phase of Growth. Maintain BUY

<ul><li>MCX continues to present a compelling growth story built on its earlier drivers—new product launches, a robust product pipeline, tech upgrades, and rising participation</li><li>As we had highlighted in our earlier report “The new gold standard,” gold and silver were expected to emerge as major contributors to options premium, and this trend is firmly on track and gaining strength</li><li>Options premium ADTV has witnessed strong growth, jumping to ~INR 67bn in October 2025 vs INR 41bn in Q2FY25, led by surging gold and silver volumes, which now account for ~60% of total notional volume and ~30% of premium ADTV.</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 continues to present a compelling growth story built on its earlier drivers—new product launches, a robust product pipeline, tech upgrades, and rising participationAs we had highlighted in our earlier report “The new gold standard,” gold and silver were expected to emerge as major contributors to options premium, and this trend is firmly on track and gaining strengthOptions premium ADTV has witnessed strong growth, jumping to ~INR 67bn in October 2025 vs INR 41bn in Q2FY25, led by surging gold and silver volumes, which now account for ~60% of total notional volume and ~30% of premium ADTV.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: Riding the Bullion Wave. Maintain BUY

<ul><li>MCX presents a compelling growth story, driven by (1) new product launches (gold and silver monthly expiry options); (2) robust pipeline of new products (index and weekly options); (3) focus on technology and upgrades which enhance network capacity, agility, and speed to market; and (4) increasing institutional participation and hedging activity on the platform</li><li>The options notional and premium volume have registered robust growth (+18/14% CQGR), following the tech transition, leading to 2.5x increase in volumes</li><li>However, the options premium is still dominated by crude and natural gas premium (~85%) and we believe that the launch of monthly expiry gold and silver options contracts will trigger the next leg of growth</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 presents a compelling growth story, driven by (1) new product launches (gold and silver monthly expiry options); (2) robust pipeline of new products (index and weekly options); (3) focus on technology and upgrades which enhance network capacity, agility, and speed to market; and (4) increasing institutional participation and hedging activity on the platformThe options notional and premium volume have registered robust growth (+18/14% CQGR), following the tech transition, leading to 2.5x increase in volumesHowever, the options premium is still dominated by crude and natural gas premium (~85%) and we believe that the launch of monthly expiry gold and silver options contracts will trigger the next leg of growthContent 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.

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 57% YoY growth in operating revenue, reaching INR3b (5% miss) in 3QFY25.</li><li>Operating revenue rose 63% YoY to INR8.2b in 9MFY25. EBIT stood at INR1.8b vs EBIT loss of INR310m in 3QFY24, a 6% miss on our estimates.</li><li>The company reported PAT of INR1.6b (vs loss of INR54m in 3QFY24), flat QoQ, and was 7% lower than our estimates.</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 57% YoY growth in operating revenue, reaching INR3b (5% miss) in 3QFY25.Operating revenue rose 63% YoY to INR8.2b in 9MFY25. EBIT stood at INR1.8b vs EBIT loss of INR310m in 3QFY24, a 6% miss on our estimates.The company reported PAT of INR1.6b (vs loss of INR54m in 3QFY24), flat QoQ, and was 7% lower than our estimates.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 - Miss on Earnings; New Product Launches Key to Re-Rating

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)

2026 High Conviction Idea: MCX - India’s Commodity Giant

MCX launches successful Commodity Derivatives Platform, sees growth in bullion options; poised for operational leverage despite technical glitches.

Nimish Maheshwari

MCX: Index Options: Paving the Next Phase of Growth. Maintain BUY

MCX has been on a product launch spree, and the recent launch of monthly expiry gold and silver options on futures has been a success

HDFC Securities

MCX: Riding the Bullion Wave. Maintain BUY

MCX continues to present a compelling growth story built on its earlier drivers—new product launches, a robust product pipeline, tech upgrades, and...

HDFC Securities

MCX: The New Gold Standard. Maintain BUY

The options notional and premium volume have registered robust growth (+18/14% CQGR), following the tech transition, leading to 2.5x increase in...

HDFC Securities

Mcx - Miss on Earnings; New Product Launches Key to Re-Rating

Operating revenue rose 63% YoY to INR8.2b in 9MFY25. EBIT stood at INR1.8b vs EBIT loss of INR310m in 3QFY24, a 6% miss on our estimates.

Motilal Oswal

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2026 High Conviction Idea: MCX - India’s Commodity Giant

​MCX launches successful Commodity Derivatives Platform, sees growth in bullion options; poised for operational leverage despite technical glitches.

Nimish Maheshwari

MCX: Index Options: Paving the Next Phase of Growth. Maintain BUY

MCX has been on a product launch spree, and the recent launch of monthly expiry gold and silver options on futures has been a success

HDFC Securities

MCX: Riding the Bullion Wave. Maintain BUY

MCX continues to present a compelling growth story built on its earlier drivers—new product launches, a robust product pipeline, tech upgrades, and...

HDFC Securities

MCX: The New Gold Standard. Maintain BUY

The options notional and premium volume have registered robust growth (+18/14% CQGR), following the tech transition, leading to 2.5x increase in...

HDFC Securities

Mcx - Miss on Earnings; New Product Launches Key to Re-Rating

Operating revenue rose 63% YoY to INR8.2b in 9MFY25. EBIT stood at INR1.8b vs EBIT loss of INR310m in 3QFY24, a 6% miss on our estimates.

Motilal Oswal

MCX launches successful Commodity Derivatives Platform, sees growth in bullion options; poised for operational leverage despite technical glitches.