MCX volumes can increase with regulatory tailwinds like institutional participation (MFs, PMS), launch of Indices, and partnership with retail bank subsidiaries. These can boost volumes by another 10%. The concern related to increase in competition and pricing pressure is subsiding. We don't see risk to existing volume and pricing. In fact, the market can expand with launch of innovative products and entry of new market participants. We estimate revenue/PAT CAGR of 18/14% over FY19-21E. We see value in MCX based on (1) Embedded non-linearity, (2) ADTV growth despite rising competition, (3) Market leadership and (4) Net cash of Rs 13bn (~30% of Mcap). Risks include regulatory delays and increased competition. We maintain BUY on MCX on in-line 4QFY19. The company has increased market share despite increasing competition. Cost control was impressive, led to margin expansion. We assign 30x to core FY21E PAT and add net cash to arrive at SoTP of Rs 950 (19% upside).