NSE: MCX | BSE: 534091

Strong Performer, Getting Expensive

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9666.50 69.50 (0.72%)

New 52W High in past week

467.8K NSE+BSE Volume

NSE 14 Nov, 2025 3:31 PM (IST)

49,297.6

Market Cap

High in industry

1.7

Beta 1Year

Very High 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 Nov 2025

9666.50

0.72%

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. is trading above all available SMAs

Multi Commodity Exchange of India Ltd.

08 Nov 2025

9666.50

0.72%

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 of India Ltd. is trading above all available SMAs

Multi Commodity Exchange of India Ltd.

04 Aug 2025

9666.50

0.72%

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. is trading above all available SMAs

Multi Commodity Exchange of India Ltd.

21 Jan 2025

9666.50

0.72%

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.

ICICI Direct downgraded Multi Commodity Exchange of India Ltd. to Hold with a price target of 10000.0 on 11 Nov, 2025.

Multi Commodity Exchange of India Ltd.

23 Oct 2024

9666.50

0.72%

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.

Multi Commodity Exch.. has an average target of 10350.00 from 2 brokers.

Multi Commodity Exchange of India Ltd.

21 Oct 2024

9666.50

0.72%

Volumes at an all-time high; PAT above estimate

Buy: Multi Commodity Exchange o...

Target

Motilal Oswal

MCX posted 73% YoY growth in operating revenue to INR2.9b (5% above our estimate) in 2QFY25. Operating revenue rose 67% YoY in 1HFY25.

ICICI Direct downgraded Multi Commodity Exchange of India Ltd. to Hold with a price target of 10000.0 on 11 Nov, 2025.

Multi Commodity Exchange of India Ltd.

16 Sep 2024, 12:00AM

9666.50

0.72%

New products to be key growth drivers

Buy: Multi Commodity Exchange o...

Target

Motilal Oswal

MCX plans to grow volumes by launching new products, such as serial contracts, index options, 10g monthly gold futures, cotton seed wash oil, crude sunflower oil contracts and many more in the pipeline.

Multi Commodity Exchange of India Ltd. has gained 62.44% in the last 1 Year

Multi Commodity Exchange of India Ltd.

03 Sep 2024

9666.50

0.72%

Positive surprise in volumes lead to earnings upgrades; implied volume growth in valuations high

Hold: Multi Commodity Exchange o...

Target

ICICI Securities Limited

Volumes have been strong in MCX across options and futures, as well as the premium conversion rates in Aug’24 after a weak Jul’24.

Number of FII/FPI investors increased from 369 to 469 in Sep 2025 qtr.

Multi Commodity Exchange of India Ltd.

01 Aug 2024

9666.50

0.72%

Volume and stable cost outlook lead to earnings upgrade; valuations capture earnings potential well

Hold: Multi Commodity Exchange o...

Target

ICICI Securities Limited

MCX’s Q1FY25 results had two main takeaways - steady cost profile established; and healthy rise in option volumes offset by lower premium conversion and resurgence in future.