Maintain BUY with a TP of Rs 1,050 implying a P/E of 30x FY20E EPS. MCX delivered decent set of numbers in 1QFY19, revenue was up 3.2% QoQ to Rs 729mn (vs our est. of Rs 742mn), led by 5.5% QoQ rise in volume (Rs 15.8 TN) offset by 2.2% drop in realisations. ADTV was up 2.2% QoQ and 29.8% YoY to Rs 243.60 bn led by rise in Bullion (+5.7% QoQ) and Metals (+9.0%). Bullion volume has started to recover and current ADTV is only at 56% of the pre-demonitisation level, thus scope for catch-up is immense. Options volume jumped significantly (~12x) after introduction of LES in April-18 (ADTV of Rs 5.46bn vs Rs 0.46 in 3Q).