BUY MULTI COMMODITY EXCHANGE OF INDIA. Strong Q2; All eyes on option volumes. Target Price: Rs 1,280. Concall highlights

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1 25 OCT 2017 Quarterly Update BUY Target Price: Rs 1,280 Strong Q2; All eyes on option volumes Revenue increased ~5% QoQ to Rs 915 mn due to higher traded value (up ~17% QoQ) led by bullion (up ~17% QoQ) and base metals (up ~32% QoQ). EBITDA margin (including float income) expanded to 23.6% (Q1: 13.7%) driven by operating leverage and flat cost even as yields led to lower float income. PAT was up 4% QoQ at Rs 265 mn. Upbeat on new products, new participants: MCX to launch options on Gold on 17 Oct It expects launch of options on more commodities in coming quarters. Response from Cat III Alternative Investment Funds in options has been encouraging. Following this, management expects PMS and MFs will also be permitted, which should boost traded value. CMP : Rs 1,133 Potential Upside : 13% MARKET DATA No. of Shares : 51 mn Free Float : 100% Market Cap : Rs 58 bn 52-week High / Low : Rs 1,411 / Rs 932 Avg. Daily vol. (6mth) : 349,118 shares Bloomberg Code : MCX IB Equity Promoters Holding : 0% FII / DII : 26% / 35% Concall highlights MCX has received approval for launching options on gold contracts. Management shared that it will not charge transaction fees for some time (3 months) to encourage member participation and experience. It has incurred negligible capex to launch the options contract. It expects approval for options contract on other products by the end of year White paper on participation of Portfolio Management Services (PMS) and Mutual Funds (MFs) is expected to be floated in short term. Increased institutional participation will be positive for MCX, as it will push Average Traded Value (ADT) up at MCX MCX is looking at other asset classes, but looks at currency derivatives as the next preferred asset class to enter MCX awaits regulatory approval for launch of contract on diamond Financial summary (Consolidated) before options/ regulatory reforms Sales (Rs mn) 2,349 2,594 2,758 3,324 Adj PAT (Rs mn) 1,203 1,266 1,364 1,518 Con. EPS* (Rs) EPS (Rs) Change YOY (%) (4.4) P/E (x) RoE (%) RoCE (%) EV/E (x) DPS (Rs) Source: *Consensus broker estimates, Company, Axis Capital Key drivers (YoY) E 2019E Gold -3% -6% -22% 15% Silver -16% 5% -21% 12% Crude Oil 35% -7% -3% 31% Total 4% 5% -3% 18% Price performance Sensex MCX Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 01

2 Results update (before options/ regulatory reforms) 25 OCT 2017 Quarterly Update Quarter ended 12 months ended (Rs. mn) Sep-17 Sep-16 % chg Jun-17 % chg FY18E FY17 % chg Net sales (4.1) ,758 2, EBITDA (18.8) Other income ,345 1, PBIDT (18.8) ,167 1, Depreciation Interest PBT (21.4) ,948 1, Tax (18.2) Adjusted PAT (22.6) ,364 1, No. of shares (mn) EBITDA margin (%) PBIDT margin (%) EPS - annualized (Rs.) (22.6) Source: Company, Axis Capital Our forecast (existing products): Over FY17-19, we estimate traded value/transaction fees/ EBITDA at 7%/ 13% / 12% CAGR (including float income). Management expects material impact of launch of options from FY19, as more commodity options are launched. We have valued MCX at Rs 1,280 (Rs 1,302 earlier): Rs 685 (23x FY19E, at Asian average: ~26x) for existing products and Rs 595 (FY20 EPS discounted back at 12%, 23x) for new product/ participant introductions. Maintain BUY with an upside of 13%. All segments Traded value 18,000 16, ,000 10,000 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 02

3 25 OCT 2017 Quarterly Update Bullion Gold 7,000 6,000 4,500 3,500 5,000 3,000 2,500 2,000 3,000 1,500 Energy Crude Oil 5,500 5,000 5,000 4,500 4,500 3,500 3,000 Base metals Agri trading 6,000 5, ,000 4, , ,

4 25 OCT 2017 Quarterly Update Multi Commodity Exchange of India Table of International Valuations North America Europ e Asia/Australia Others (USD mn) NASDAQ CME ICE TMX DB LSE BOLSAS BURSA OSAKA SGX HKEX JSE BOLSA BOVESPA Mean Median Price (USD) Mcap (USDm) 12,495 46,809 41,142 3,010 21,868 18,087 2,857 1,274 10,088 6,043 34, ,607 CMP (USD) Mcap (USDm) 12,495 46,809 41,142 3,010 21,868 18,087 2,857 1,274 10,088 6,043 34, ,607 EV (USDm) 15,391 47,595 46,659 3,432 22,340 18,961 2, ,459 5,464 23, ,360 EV/Sales (x) CY15/FY CY16/FY17e CY17/FY18e CY18/FY19e Adj PAT CY15/FY CY16/FY17e CY17/FY18e CY18/FY19e P/E (X) CY15/FY CY16/FY17e CY17/FY18e CY18/FY19e P/FCF (x) CY15/FY (611.8) (19.4) 22.7 CY16/FY17e (7.7) CY17/FY18e CY18/FY19e continued 25 Oct

5 25 OCT 2017 Quarterly Update Multi Commodity Exchange of India North America Europ e Asia/Australia Others (USD mn) NASDAQ CME ICE TMX DB LSE BOLSAS BURSA OSAKA SGX HKEX JSE BOLSA BOVESPA Mean Median P/B (x) CY15/FY CY16/FY17e CY17/FY18e CY18/FY19e EV/EBITDA (x) CY15/FY CY16/FY17e CY17/FY18e CY18/FY19e RoE (%) CY15/FY (1.8) CY16/FY17e CY17/FY18e CY18/FY19e CAGR FY17-19E (%) Sales EBITDA (1.8) PAT (0.4) EPS (6.3) Source: Bloomberg; Note: NYMEX Acquired by CME 25 Oct

6 Financial summary (Consol) before options/ regulatory reforms Profit & loss (Rs mn) Net sales 2,349 2,594 2,758 3,324 Other operating income Total operating income 2,349 2,594 2,758 3,324 Cost of goods sold (793) (1,071) (1,171) (1,410) Gross profit 1,556 1,524 1,587 1,914 Gross margin (%) Total operating expenses (804) (728) (766) (903) EBITDA ,010 EBITDA margin (%) Depreciation (246) (186) (218) (300) EBIT Net interest (3) (2) - - Other income 1,169 1,169 1,345 1,459 Profit before tax 1,673 1,778 1,948 2,169 Total taxation (470) (512) (584) (651) Tax rate (%) Profit after tax 1,203 1,266 1,364 1,518 Minorities Profit/ Loss associate co(s) Adjusted net profit 1,203 1,266 1,364 1,518 Adj. PAT margin (%) Net non-recurring items (56) Reported net profit 1,146 1,266 1,364 1,518 Balance sheet (Rs mn) Paid-up capital Reserves & surplus 12,424 13,114 14,269 15,787 Net worth 12,934 13,624 14,779 16,297 Borrowing Other non-current liabilities 2,098 2,126 2,056 2,083 Total liabilities 15,033 15,750 16,836 18,381 Gross fixed assets 1,489 1,698 2,313 2,841 Less: Depreciation (92) (178) (397) (697) Net fixed assets 1,398 1,519 1,916 2,144 Total fixed assets 1,402 1,522 1,921 2,149 Total Investment 2,529 4,380 4,380 4,380 Debtors Cash & bank 5,003 3,890 5,811 6,941 Loans & advances Current liabilities 3,586 2,945 3,363 3,935 Net current assets 2,130 1,851 3,548 4,323 Other non-current assets 8,972 7,998 6,987 7,529 Total assets 15,033 15,750 16,836 18,381 Cash flow (Rs mn) 13 OCT 2017 Quarterly Update Profit before tax 1,673 1,778 1,948 2,169 Depreciation & Amortisation Chg in working capital (306) (834) Cash flow from operations 1, ,807 2,173 Capital expenditure 2,102 (207) (618) (528) Cash flow from investing 3,822 (1,053) 323 (1,043) Equity raised/ (repaid) Dividend paid (399) (918) (982) (1,093) Cash flow from financing (396) (916) (982) (1,093) Net chg in cash 4,565 (1,354) 1, Key ratios OPERATIONAL FDEPS (Rs) CEPS (Rs) DPS (Rs) Dividend payout ratio (%) GROWTH Net sales (%) EBITDA (%) (14.0) Adj net profit (%) (4.4) FDEPS (%) (4.4) PERFORMANCE RoE (%) RoCE (%) EFFICIENCY Asset turnover (x) Sales/ total assets (x) Working capital/ sales (x) (1.3) (0.9) (0.8) (0.7) Receivable days Payable days VALUATION PE (x) EV/ EBITDA (x) EV/ Net sales (x) PB (x) Dividend yield (%) Free cash flow yield (%) Source: Company, Axis Capital Source: Company, Axis Capital

7 13 OCT 2017 Quarterly Update Disclosures: The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations). 1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH ASL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. ASL is a subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company and one of India s largest private sector bank and has its various subsidiaries engaged in businesses of Asset management, NBFC, Merchant Banking, Trusteeship, Venture Capital, Stock Broking, the details in respect of which are available on 2. ASL is registered with the Securities & Exchange Board of India (SEBI) for its stock broking & Depository participant business activities and with the Association of Mutual Funds of India (AMFI) for distribution of financial products and also registered with IRDA as a corporate agent for insurance business activity. 3. ASL has no material adverse disciplinary history as on the date of publication of this report. 4. I/We, authors (Research team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or ASL does not have any financial interest in the subject company. Also I/we or my/our relative or ASL or its Associates may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Since associates of ASL are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. I/we or my/our relative or ASL or its associates do not have any material conflict of interest. I/we have not served as director, officer or employee in the subject company. Research Team Sr. No Name Designation 1 Hiren Trivedi Research Associate hiren.trivedi@axissecurities.in 2 Kiran Gawle Associate kiran.gawle@axissecurities.in 5. ASL or its associates has not received any compensation from the subject company in the past twelve months. ASL or its Research Analysts has not been engaged in market making activity for the subject company. 6. In the last 12-month period ending on the last day of the month immediately preceding the date of publication of this research report, ASL or any of its associates may have: i. Received compensation for investment banking, merchant banking or stock broking services or for any other services from the subject company of this research report and / or; ii. Managed or co-managed public offering of the securities from the subject company of this research report and / or; iii. Received compensation for products or services other than investment banking, merchant banking or stock broking services from the subject company of this research report; ASL or any of its associates have not received compensation or other benefits from the subject company of this research report or any other third-party in connection with this report Term& Conditions: This report has been prepared by ASL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ASL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ASL will not treat recipients as customers by virtue of their receiving this report.

8 13 OCT 2017 Quarterly Update DEFINITION OF RATINGS Disclaimer: Ratings Expected absolute returns over months BUY More than 10% HOLD Between 10% and -10% SELL Less than -10% Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the recipient s specific circumstances. The securities and strategies discussed and opinions expressed, if any, in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors. ASL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Past performance is not necessarily a guide to future performance. Investors are advise necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ASL and its affiliated companies, their directors and employees may; (a) from time to time, have long or short position(s) in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or investment banker, lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting this document. ASL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that ASL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ASL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither this report nor any copy of it may be taken or transmitted into the United State (to U.S. Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. 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The Company reserves the right to make modifications and alternations to this document as may be required from time to time without any prior notice. The views expressed are those of the analyst(s) and the Company may or may not subscribe to all the views expressed therein. Copyright in this document vests with Axis Securities Limited. Axis Securities Limited, Corporate office: Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai , Tel No / , Regd. off.- Axis House, 8th Floor, Wadia International Centre, PandurangBudhkarMarg, Worli, Mumbai Compliance Officer: AnandShaha, compliance.officer@axisdirect.in, Tel No: SEBI-Portfolio Manager Reg. No. INP

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