MCX Share Price: Shares of Multi Commodity Exchange of India (MCX) declined over 5 per cent on Wednesday, November 4, despite the company reporting a more than two-fold increase in consolidated net profit for the quarter ended September 30, 2026.
As of 10:20 am, the stock of MCX, with a market capitalisation of Rs 84,050.41 crore, was trading 5.4 per cent or Rs 189 lower at Rs 3,300.9. The stock touched an intraday low of Rs 3,252 earlier in the session, reflecting a decline of 6.8 per cent from its previous closing price of Rs 3,490.10.
The company’s total income surged to Rs 799.66 crore from Rs 374.23 crore in the corresponding quarter of the previous year. Expenses increased to Rs 211.36 crore from Rs 150.41 crore.
On the volume front, the Average Daily Turnover (ADT) of futures climbed to Rs 62,819 crore during the quarter, while the ADT of options stood at Rs 12,00,129 crore.
The exchange also recorded physical deliveries of 5.68 tonnes of gold, 199.91 tonnes of silver and 34,707 tonnes of base metals during the quarter.
“Our strong performance in Q2 FY27 reflects the continued trust of market participants and the growing relevance of the exchange in the evolving commodity ecosystem,” said Praveena Rai, MD and CEO, MCX, PTI reported.
MCX Share Price Target
Following the Q2 results, brokerages Jefferies and Morgan Stanley maintained their positive stance on MCX.
Jefferies Maintains BUY
Jefferies maintained its BUY rating on the stock with an unchanged target price of Rs 4,000. The brokerage said MCX’s Q2 performance was largely in line with its expectations.
According to Jefferies, revenue increased 14 per cent quarter-on-quarter to Rs 800 crore, while EBITDA rose 16 per cent to Rs 611 crore. Options accounted for 76 per cent of trading revenue, and EBITDA margin improved to 76.4 per cent.
However, the brokerage said net profit increased 10 per cent quarter-on-quarter to Rs 455 crore but came 5 per cent below its estimate. This was partly due to the clearing arm booking H1’s Rs 47 crore tax in Q2.
Jefferies also highlighted that technology costs grew faster than expected, while staff costs were lower than anticipated.
Morgan Stanley Sees About 10% Upside
Morgan Stanley maintained its OVERWEIGHT rating on MCX with a target price of Rs 3,835.
The brokerage said PAT was 3 per cent below its estimate and 6 per cent below Visible Alpha consensus, with the shortfall driven by a higher tax rate of 29 per cent.
Core EBITDA was 2 per cent below its estimate due to 8 per cent higher operating expenses. However, PBT was 6 per cent above estimates as no settlement guarantee fund contribution was made.
Morgan Stanley also highlighted that the 3Q-to-date ADTR stood at INR 123mn, ahead of its F27 estimate of INR 108.5mn.
The brokerage said it remained positive on MCX due to its defensive positioning amid geopolitical uncertainty and was awaiting management commentary on the earnings call.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)