MCX shares cross ₹10,000 for 1st time: What's the reason?
What's the story
The shares of Multi Commodity Exchange of India (MCX) hit a new high of ₹10,148 on the BSE today. The stock has been on a winning streak for three consecutive sessions, gaining 5% during this period. Today's trading session saw a significant increase in activity with around two lakh shares changing hands in the morning alone. This comes after yesterday's strong turnover of three lakh shares, indicating heightened investor interest in MCX stocks.
Market forecast
UBS raises target price for MCX shares
Earlier this month, UBS raised its target price for MCX shares to ₹12,000 apiece. This is more than a 20% upside from the current market levels. The Swiss investment bank noted that MCX's earnings for October alone, if annualized, work out to about ₹320 per share. This is roughly in line with its earlier estimate of FY30 earnings per share (EPS).
Growth drivers
ICICI Securities highlights MCX's growth factors
ICICI Securities recently highlighted that periodic volatility in bullion and energy commodities is driving MCX's average daily turnover, topline growth, and profitability. The firm said, "MCX is a play on commodity volatility especially related to oil and gold prices." It also noted healthy traction in the option segment, product launches, and trading client additions will support steady business growth over the long term.
Financial results
MCX's Q2 performance
MCX reported a strong year-on-year growth of 28.54% in its Profit After Tax (PAT) for Q2 FY26. The PAT for the quarter stood at ₹197.47 crore, compared to ₹153.62 crore in Q2 FY25. The exchange also saw an impressive 87% YoY jump in Average Daily Turnover (ADT) of futures and options to ₹411,270 crore in Q2 FY26 from ₹220,249 crore a year ago.
Stock analysis
A look at the stock performance
MCX shares have outperformed the broader market, rising 13% over the past month against Sensex's modest 0.26% gain. The stock has also surged 130% from its 52-week low of ₹4,410.10 on March 11, 2025.