Upgrades

Angel One (ANGELONE) reported a total income of INR8.9b (+7% QoQ/- 20% YoY) in 1QFY26, in line with our estimate.

360ONE WAM (360ONE) reported an operating revenue of INR6.6b (in line), reflecting 10% YoY growth in 1QFY26.

Anand Rathi Wealth (ARWM) reported operating revenue of INR2.7b in 1QFY26, up 15% YoY/24% QoQ, primarily driven by 27% YoY growth in MF revenue.

Nuvama Wealth’s (NUVAMA) 4QFY25 operating revenue grew 30% YoY to INR7.7b (11% beat), mainly fueled by higher-than-expected revenue from Nuvama Private (20% beat) and its capital market segment (13% beat).

Indian Energy Exchange (IEX) reported standalone revenue for 4QFY25 at INR1.4b (+16.5% YoY), below our estimate by 7%, due to a lower-thanestimated per-unit transaction fee (-8.6% YoY, -6.8% QoQ).

360 One WAM (360 ONE) reported net revenue of INR6b (7% beat), up 38% YoY in 3QFY25. For 9MFY25, net revenue grew 41% YoY to INR17.9b.

Valuation concerns emerge after steep run-up

BSE reported a strong performance in 2QFY25 as PAT jumped 192% YoY and 31% QoQ to INR3.46b (20% beat), driven by strong revenue growth and better-than-expected operational efficiency.

Quarterly Update Q2FY25

MCX’s Q2FY25 results exhibit three main trends: 1) consolidating on the new steady cost profile; 2) Healthy volumes across futures, options and premium conversions. 3) Growth in option participation.

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

Angel One’s business execution remains strong, underlined by increasing share in cash volumes (17.5%), share in F&O volumes (20.7%)

MCX plans to grow volumes by launching new products, such as serial contracts, index options, 10g monthly gold futures, cotton seed wash oil, crude sunflower oil contracts and many more in the pipeline.

Volumes have been strong in MCX across options and futures, as well as the premium conversion rates in Aug’24 after a weak Jul’24.

MCX’s Q1FY25 results had two main takeaways - steady cost profile established; and healthy rise in option volumes offset by lower premium conversion and resurgence in future.

Quarterly Update Q1FY25

Quarterly Update Q1FY25

MCX reported PAT of INR1.1b (5% miss) in 1QFY25, up 4.6x YoY and 26% QoQ. Excluding the voluntary contribution to core SGF, overall profitability was in line with our estimate.

In its FY24 Annual Report, 360 ONE WAM (360 ONE) outlined the emerging growth opportunities in the Wealth Management industry in India and expects a 13-14% AUM CAGR over the next 4-5 years.

MOFS reported a robust operational and financial performance in Q4FY24,
leading to a strong finish to the fiscal. While performance of the Capital Markets
segment was sturdy, the Asset and Wealth Management segment delivered a
solid turnaround with the Housing Finance business gradually coming back on
track.