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.

Equity Bottom-Up

Multi Commodity Exchange of India / Equity Bottom-Up

Multi Commodity Exchange of India (MCX IN)

<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

<ul><li>We recently met with the management of MCX and gained understanding that the company is gearing up for its next phase of growth</li><li>The strategic pillars driving this include the introduction of new products, boosting market participation, and enhancing technological capabilities</li><li>The regulator has, in principle, agreed to one weekly expiry per week for an exchange, making the launch of crude or index weekly expiry options a possibility</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.

We recently met with the management of MCX and gained understanding that the company is gearing up for its next phase of growthThe strategic pillars driving this include the introduction of new products, boosting market participation, and enhancing technological capabilitiesThe regulator has, in principle, agreed to one weekly expiry per week for an exchange, making the launch of crude or index weekly expiry options a possibilityContent 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: Growth Engine - New Products and Stable Tech

<ul><li>MCX posted 73% YoY growth in operating revenue to INR2.9b (5% above our estimate) in 2QFY25.</li><li>Operating revenue rose 67% YoY in 1HFY25. Revenue growth was driven by a surge in volumes, which jumped 114% YoY.</li><li>Futures volumes grew 46% YoY to INR17.5t, while options volumes surged 129% YoY to INR126t during the quarter. EBIT stood at INR1.7b (vs.</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 73% YoY growth in operating revenue to INR2.9b (5% above our estimate) in 2QFY25.Operating revenue rose 67% YoY in 1HFY25. Revenue growth was driven by a surge in volumes, which jumped 114% YoY.Futures volumes grew 46% YoY to INR17.5t, while options volumes surged 129% YoY to INR126t during the quarter. EBIT stood at INR1.7b (vs.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 - Volumes at an All-Time High; PAT Above Estimate

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)

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: Growth Engine - New Products and Stable Tech

We recently met with the management of MCX and gained understanding that the company is gearing up for its next phase of growth

HDFC Securities

MCX - Volumes at an All-Time High; PAT Above Estimate

MCX posted 73% YoY growth in operating revenue to INR2.9b (5% above our estimate) in 2QFY25. Operating revenue rose 67% YoY in 1HFY25.

Motilal Oswal

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