Macquarie on NSE ; O-P, TP Rs 1975

In-line quarter, with equity cash ahead & options below estimates. New products nascent, but regulatory backdrop expected to improve. Impact of CAS: ADTO declined QoQ across equity cash (-13%), futures (-19%), option notional (-16%) & options premium (-25%) due to Closing Auction Session (CAS) rules Continue to expect volume recovery from 3QFY27E onwards, as SEBI revised CAS framework last month Market share declined 130bp QoQ in equity cash ADTO and 50bp in options premium ADTO.

National Stock Exchange of Ind

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