MCX Q2 Results - Motilal Oswal Retains 'Buy' Rating On The Stock; Sees 15% Upside Potential

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Multi Commodity Exchange of India Ltd. posted 73% YoY growth in operating revenue to Rs 2.9 billion (5% above our estimate) in Q2 FY25. Operating revenue rose 67% YoY in H1 FY25.Revenue growth was driven by a surge in volumes, which jumped 114% YoY. Futures volumes grew 46% YoY to Rs 17.5 trillion, while options volumes surged 129% YoY to Rs 126 trillion during the quarter. Ebit stood at Rs 1.7 billion (versus Ebit loss of Rs 353 million in Q2 FY24), which was 4% above our estimates. MCX reported PAT of Rs 1.5 billion (versus a loss of Rs 191 million in Q2 FY24), which grew 39% sequentially and was 7% higher than our estimate. For H1 FY25, MCX’s PAT was Rs 2.6 billion (versus Rs 6 million in H1 FY24). We raise our FY25/26 EPS estimates by 10%/11%, factoring in the surge in volumes witnessed in H1 FY25, offset by a rise in SGF contribution. We reiterate our Buy rating on the stock with a one-year target price of Rs 7,600 (premised on 44 times Sep’26E earnings per share)..Click on the attachment to read the full report:.MCX Q2 Results: Profit Jumps 38.5% Sequential .DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

MCX Q2 Results - Motilal Oswal Retains 'Buy' Rating On The Stock; Sees 15% Upside Potential

Company's volumes were at an all-time high; net profit above estimate, adds the brokerage.

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MCX Q2 Results - Motilal Oswal Retains 'Buy' Rating On The Stock; Sees 15% Upside Potential

Company's volumes were at an all-time high; net profit above estimate, adds the brokerage.

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