NSE: MCX | BSE: 534091

Mid-range Performer

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3162.00 -54.40 (-1.69%)

79.44% Gain from 52W Low

2.4M NSE+BSE Volume

NSE 16 Oct, 2026 3:31 PM (IST)

80,628.4

Market Cap

High in industry

Beta 1Year

Low volatility

Multi Commodity Exchange of India Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for MCX, BSE:534091 Multi Commodity Exchange of India Ltd.

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Multi Commodity Exchange of India Ltd.

11 Sep 2026

3162.00

-1.69%

Structural growth levers broaden the earnings opportunity

Neutral: Multi Commodity Exchange o...

Target

Motilal Oswal

MCX is emerging as a clear structural beneficiary of India’s deepening commodity derivatives ecosystem: F&O ADT reached ~INR10.5t in 1QFY27, with options notional ADT rising 266% YoY and futures ADT rising 47% YoY, reflecting strong underlying market expansion alongside continued volatility support.

Multi Commodity Exchange of India Ltd. is trading above its 200 day SMA of 2803.1

Multi Commodity Exchange of India Ltd.

05 Aug 2026

3162.00

-1.69%

Higher expenses lead to EBITDA miss

Neutral: Multi Commodity Exchange o...

Motilal Oswal

MCX’s operating revenue stood at INR7b (in line), up 88% YoY but down 21% QoQ, reflecting normalization after an exceptionally strong volatility-driven 4QFY26. Meanwhile, underlying business fundamentals remained healthy.

Multi Commodity Exchange of India Ltd. is trading above its 200 day SMA of 2803.1

Multi Commodity Exchange of India Ltd.

12 May 2026

3162.00

-1.69%

Volume moderation likely after a superlative Q4

Hold: Multi Commodity Exchange o...

ICICI Securities Limited

We mentioned the possibility of earnings estimates lagging actual volume growth for MCX in our last two reports, titled ‘Earnings estimates keep lagging volume growth; prefer to play the ‘commodity momentum’’ and ‘Structural volatility is alas an oxymoron! Hence earnings estimates lag current volume growth’.

Multi Commodity Exchange of India Ltd.'s price crossed below 50Day SMA today

Multi Commodity Exchange of India Ltd.

12 May 2026

3162.00

-1.69%

Multi Commodity Exchange

Hold: Multi Commodity Exchange o...

Recommendation Target

ICICI Direct

Q4FY26 performance: MCX reported strong set of Q4 results, led by significant spike and volatility in commodity prices, both on bullion and energy side. Revenue was recorded at 889 cr, increasing by 205% YoY and 34% QoQ. EBITDA reported at 666 cr with EBITDA margin of 74.9%, up 54 bps QoQ, 1995 bps YoY. Strong revenue growth resulted in massive operating leverage and margin expansion. PAT...

Multi Commodity Exchange has gained 69.44% in the last 1 Year

Multi Commodity Exchange of India Ltd.

28 Jan 2026

3162.00

-1.69%

Multi Commodity Exchange

Buy: Multi Commodity Exchange o...

ICICI Direct

Q3FY26 performance: MCX reported a strong set of Q3 results, boosted by volatility and surge in gold and silver prices. Revenue stood at 666 crore, up 121% YoY and 78% QoQ. Futures average daily turnover (ADT) in Q3 has sky-rocketed at 202% YoY, 102% QoQ to 84,472 crore while options premium ADT surged 100% YoY, 73% QoQ to 7104 crore, driven largely by higher activity in bullion. EBITDA rose to 495 crore, growing 156% YoY and 103% QoQ, while EBITDA margins...

Multi Commodity Exchange of India Ltd. is trading below its 30 day SMA of 3276.9

Multi Commodity Exchange of India Ltd.

11 Nov 2025

3162.00

-1.69%

Multi Commodity Exchange

Hold: Multi Commodity Exchange o...

Recommendation Target

ICICI Direct

Q2FY26 performance: MCX reported healthy result as expected with revenue of 374 crore, which increased by 31% YoY and was flattish sequentially. Average daily turnover (ADT) for futures segment has increased 55% YoY, 3% QoQ to 41,758 crore while options premium ADT has increased 25% YoY, 4% QoQ to 4096 crore. Sharp surge in price and volatility of gold as well as silver has boosted ADT growth. EBITDA grew 36% YoY and 1% QoQ at 243 crore. EBITDA margins...

Multi Commodity Exchange of India Ltd.'s price crossed below 50Day SMA today

Multi Commodity Exchange of India Ltd.

08 Nov 2025

3162.00

-1.69%

Healthy participation and product launches driving growth

Neutral: Multi Commodity Exchange o...

Target

Motilal Oswal

MCX’s operating revenue came in at INR3.7b in 2QFY26, up 31% YoY (in line). For 1HFY26, revenue rose 44%, to INR7.5b. Total expenses jumped 23% YoY to INR1.3b, with staff costs up 37% YoY and other expenses up 17% YoY.

Multi Commodity Exchange has gained 69.44% in the last 1 Year

Multi Commodity Exchange of India Ltd.

04 Aug 2025

3162.00

-1.69%

Best-ever quarterly performance

Neutral: Multi Commodity Exchange o...

Target

Motilal Oswal

MCX posted a 59% YoY growth in operating revenue, reaching the bestever quarterly revenue of INR3.7b (in-line), backed by volume growth of 77% YoY.

Multi Commodity Exchange of India Ltd.'s price crossed below 50Day SMA today

Multi Commodity Exchange of India Ltd.

21 Jan 2025

3162.00

-1.69%

Miss on earnings; new product launches key to re-rating

Neutral: Multi Commodity Exchange o...

Recommendation Target

Motilal Oswal

MCX posted 57% YoY growth in operating revenue, reaching INR3b (5% miss) in 3QFY25. Operating revenue rose 63% YoY to INR8.2b in 9MFY25.

Multi Commodity Exchange of India Ltd. is trading above its 200 day SMA of 2803.1

Multi Commodity Exchange of India Ltd.

23 Oct 2024

3162.00

-1.69%

Volume growth surprising positively; difficulty to build a structural uninhibited volume growth “yet” is our premise for HOLD rating

Hold: Multi Commodity Exchange o...

Target

ICICI Securities Limited

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.

Number of FII/FPI investors increased from 662 to 915 in Jun 2026 qtr.

Is Multi Commodity Exchange of India Ltd. worth buying?

397 Votes:

Buy 80.6%

Sell 10.83%

Hold 8.56%

RESEARCH REPORTS

Neutral SEE REPORTS >

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Neutral SEE REPORTS >

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