Macquarie has initiated coverage on the National Stock Exchange (NSE), which makes its stock market debut today, the Bombay Stock Exchange (BSE), MCX, Billionbrains Garage Ventures, the parent company of trading platform Groww, and on Angel One.
Among the five of them, Groww has the highest upside potential as per Macquarie, at 39%, while the upside potential for the rest, ranges from 11% to 22%.
Why Is Macquarie Betting On NSE?
The National Stock Exchange received its first bullish recommendation on the day of its listing with Macquarie’s “outperform” rating coming with a price target of ₹1,965, which implies an upside potential of nearly 11% from its issue price.
Macquarie called NSE “The Dominator”, due to its leading market share and power. It added that a full set of services, technology stack, and deep liquidity make NSE the “lynchpin” of India’s financialization theme.
An entrenched network, industry-leading profitability and cash are some of the factors why Macquarie is bullish on NSE.
What Drives Macquarie’s Conviction On BSE?
Macquarie’s “outperform” rating on BSE comes with a price target of ₹4,000, which indicates an upside potential of 22% from current levels.
Calling it “The Challenger”, Macquarie said that its pivot to index options has made BSE a credible competitor to the NSE.
The platform expansion and market share gains that BSE has made, creates revenue and margin optionality, thereby supporting strong cash generation.
Earnings growth, margin expansion and platform optionality drive Macquarie’s bullish stance on BSE.
Why Is Macquarie Bullish On MCX?
The brokerage has called MCX “The Phoenix” as it recovered from a “near-death” situation and leveraged its first-mover advantage to dominate commodity trading, Macquarie’s note stated.
Despite a high FY26 base, MCX’s low penetration of investors and products should evolve, driving highly visible growth and higher margins.
Macquarie has an “outperform” rating on MCX with a price target of ₹3,820.
What Drives Macquarie’s Conviction On Groww?
Calling Groww a “Disruptor”, Macquarie has an “outperform” rating on the platform with a price target of ₹260, which implies an upside potential of 39%, the highest among the five stocks.
Macquarie said that Groww’s platform-based approach creates flywheel benefits, driving market share gains, higher margins and significant cash generation.
Why Is Macquarie Cautious On Angel One?
The only one stock among the five where Macquarie does not have a bullish stance is Angel One. It initiated coverage on the stock with a “neutral” rating and a price target of ₹285, implying a downside potential of 5% from current levels.
Calling Angel One a “Transformer” as it transitions from a “bricks & mortar” broker to a “bricks and clicks” broker, Macquarie said that it sees several challenges for the stock due to increased competition, high earnings sensitivity to reduced volumes and a higher proportion of float income.
Shares of BSE are up 25% so far this year, while those of Angel One are also up 26%. MCX shares have risen 53% so far, while those of Groww are up 21%.