Downgrades

In-line result; robust volume growth trends continue: Indian Energy Exchange (IEX) reported 2QFY26 standalone revenue of INR1.5b and EBITDA of INR1.3b, both in line with estimates, supported by traded electricity volumes of 35.2BUs, which were also in line with expectations.

The regulator is considering measures to increase the tenure of the options segment. One of the measures could be shifting from weekly to monthly expiries for index contracts.

MOFS continued its steady performance in Q4FY25 amid volatile markets and despite impact of the new F&O regulations, with operating PAT at Rs5.2bn (+4% YoY; -1% QoQ). However, treasury loss of Rs7.43bn resulted in reported consolidated loss (including OCI) of Rs2.2bn.

Quarterly Update Q4FY25

360 One WAM (360ONE) reported operating revenue of INR6.5b (11% beat), reflecting growth of 14% YoY, largely due to a 41% YoY growth in recurring revenue. For FY25, revenue grew 32% YoY to INR24.5b.

Angel One (ANGELONE) reported a total income of INR8.3b (-16% QoQ), which was broadly in line with our estimate. F&O regulations as well as weak market activity in 4QFY25 adversely impacted the company’s sequential growth.

Indian Energy Exchange (IEX) reported standalone revenue for 3QFY25 at INR1,313m (+14% YoY), surpassing our estimate by 7%. Reported standalone PAT was 16% above our est. at INR1,031m (+28% YoY), primarily due to a 15.9% YoY rise in electricity volumes and other income.

MCX posted 57% YoY growth in operating revenue, reaching INR3b (5% miss) in 3QFY25. Operating revenue rose 63% YoY to INR8.2b in 9MFY25.

Angel One reported total income of INR9.9b, up 19% YoY/down 18% QoQ and largely in line with our estimate. The sequential decline was owing to the impact of F&O regulations and True-to-Label regulations on other income.

Valuation concerns emerge after steep run-up

Quarterly Update Q2FY25

2QFY25 PAT grew 39% YoY to INR4.2b (5% beat), aided by better than expected operational efficiency. Revenue from operations jumped 45% YoY to INR9.8b.

BSE reported a strong performance in 1QFY25 with a PAT of INR2.64b, an increase of 160% YoY and 148% QoQ (6.5% beat).

Quarterly Update Q1FY25

Quarterly Update Q1FY25

360 One WAM Ltd (IIFLW) managed to meet its FY24 guidance of INR 8bn PAT aided by higher transactional revenue
and strong MTM gains throughout the year despite lower-than-expected recurring AUM flows, lower retention rates and higher-than-expected cost.

ARR AUM and ARR revenue grew 36% and 28% YoY respectively in Q4; strong commentary for growth in the medium term

Quarterly Update Q3FY24

Quarterly Update Q3FY24

Quarterly Update Q2FY24