India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.</li>
<li>Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.</li>
<li>This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.</li>
</ul>


NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.
Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.
This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.


World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

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 Bottom-Up

<ul>
<li>SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover</li>
<li>The impact of this would 10-20% on earnings in short term</li>
<li>The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading</li>
</ul>


SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover
The impact of this would 10-20% on earnings in short term
The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading


Equity Derivatives

Multi Commodity Exchange of India / Equity Derivatives

Multi Commodity Exchange of India (MCX IN)

<ul>
<li>MCX reported FY26 PAT of Rs. 1,332 crore, a 138% YoY jump, on total income of Rs. 2,429 crore. The PAT alone exceeds FY25's entire revenue of Rs. 1,209 crore.</li>
<li>Exchange economics at full volume: revenue more than doubled while total expenses grew just 58% in Q4, producing a 76% EBITDA margin. </li>
<li>The structural <strong>re-rating</strong> argument is simple: MCX's revenue is a function of volatility and participation, both of which expanded structurally in FY26.</li>
</ul>


MCX reported FY26 PAT of Rs. 1,332 crore, a 138% YoY jump, on total income of Rs. 2,429 crore. The PAT alone exceeds FY25's entire revenue of Rs. 1,209 crore.
Exchange economics at full volume: revenue more than doubled while total expenses grew just 58% in Q4, producing a 76% EBITDA margin. 
The structural re-rating argument is simple: MCX's revenue is a function of volatility and participation, both of which expanded structurally in FY26.


How MCX Turned a Gold Supercycle into a Profit-Making Machine?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

Multi Commodity Exchange of India / Event-Driven

<ul>
<li>NSE launched GOLD10G, a SEBI-approved 10-gram gold futures contract with compulsory delivery, on March 16, 2026, directly targeting retail participants underserved by MCX's larger lot structures.</li>
<li>MCX controls ~98% of India's commodity futures market and 100% of precious metals derivatives. NSE's entry is the most credible structural challenge to that dominance  of MCX's existence.</li>
<li>MCX's smaller gold contracts already suffer from thin liquidity; NSE's GOLD10G targets the same retail gap. </li>
</ul>


NSE launched GOLD10G, a SEBI-approved 10-gram gold futures contract with compulsory delivery, on March 16, 2026, directly targeting retail participants underserved by MCX's larger lot structures.
MCX controls ~98% of India's commodity futures market and 100% of precious metals derivatives. NSE's entry is the most credible structural challenge to that dominance  of MCX's existence.
MCX's smaller gold contracts already suffer from thin liquidity; NSE's GOLD10G targets the same retail gap. 


NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

Multi Commodity Exchange of India / Equity Bottom-Up

<ul>
<li>MCX has seen a sharp surge in average daily transaction revenue driven by strong commodity price action.</li>
<li>Higher ADTR has led to meaningful earnings upgrades and a re-rating in valuation assumptions.</li>
<li>If current trading momentum sustains, MCX offers an attractive medium-term buying opportunity despite near-term volatility.</li>
</ul>


MCX has seen a sharp surge in average daily transaction revenue driven by strong commodity price action.
Higher ADTR has led to meaningful earnings upgrades and a re-rating in valuation assumptions.
If current trading momentum sustains, MCX offers an attractive medium-term buying opportunity despite near-term volatility.


MCX: Commodity Boom to Drive Explosive Earnings Growth

India

Multi Commodity Exchange of India (MCX) is India's largest commodity derivatives exchange, offering an online platform for trading commodity futures and options across segments such as bullion, base metals, energy, and agricultural commodities. The company also provides data feed subscriptions and membership services. It was founded in 2003 and is headquartered in Mumbai, India.

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Multi Commodity Exchange of India (MCX IN)

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

BSE - A Regulatory Accident?

BSE - Regulatory Fee Hike Impact Is a Short-Term Overhang In Long-Term Multifold Growth. Impact on future business strategies and treatment of this...

Sudarshan Bhandari

How MCX Turned a Gold Supercycle into a Profit-Making Machine?

MCX's FY26 PAT jumps 138% to Rs. 1,332 crore, exceeding FY25's total revenue, with revenue doubling and expenses growing just 58% in Q4, leading...

Sudarshan Bhandari

NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

Nimish Maheshwari

MCX: Commodity Boom to Drive Explosive Earnings Growth

MCX's strong revenue growth and earnings upgrades make it a promising investment opportunity despite short-term fluctuations.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

BSE - A Regulatory Accident?

BSE - Regulatory Fee Hike Impact Is a Short-Term Overhang In Long-Term Multifold Growth. Impact on future business strategies and treatment of this...

Sudarshan Bhandari

How MCX Turned a Gold Supercycle into a Profit-Making Machine?

​MCX's FY26 PAT jumps 138% to Rs. 1,332 crore, exceeding FY25's total revenue, with revenue doubling and expenses growing just 58% in Q4, leading...

Sudarshan Bhandari

NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

​NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

Nimish Maheshwari

MCX: Commodity Boom to Drive Explosive Earnings Growth

​MCX's strong revenue growth and earnings upgrades make it a promising investment opportunity despite short-term fluctuations.

Sudarshan Bhandari

MCX's FY26 PAT jumps 138% to Rs. 1,332 crore, exceeding FY25's total revenue, with revenue doubling and expenses growing just 58% in Q4, leading...

NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

MCX's strong revenue growth and earnings upgrades make it a promising investment opportunity despite short-term fluctuations.