MCX shares cross ₹10,000-mark; zoom 130% from March low; upside left?

In the past one month, MCX share price has outperformed the market by surging 13 per cent, as compared to a 0.26 per cent rise in the BSE Sensex

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Multi-Commodity Exchange (MCX) share price today

 

Multi-Commodity Exchange (MCX) share price surpassed the ₹10,000-mark for the first time ever, hitting a new high of ₹10,147.95 per share on the BSE today. MCX stock gained 3 per cent in Wednesday's intraday trade to achieve the feat.

 

The stock price of commodity exchange and data platform company surpassed its previous high of ₹9,975, which it touched on November 20, 2025.

 

In the past one month, MCX shares have outperformed the market by surging 13 per cent as compared to 0.26 per cent rise in the BSE Sensex index. The stock has zoomed 130 per cent from its 52-week low of ₹4,410.10, touched on March 11, 2025.

 

At 09:53 AM, MCX share price was trading 2 per cent higher at ₹10,102.50, commanding a market capitalisation of ₹51,514 crore.  FOLLOW LATEST STOCK MARKET UPDATES LIVE

MCX: Business overview, H1FY26 financials

 

MCX is the leader in commodity derivatives exchanges in India with 98 per cent market share in terms of commodity futures turnover. It has 100 per cent market share in precious metals, base metals, and energy. Presence in various commodities offers healthy diversification with focus on option volume.

 

In the first half (April to September) of the current financial year 2025-26 (H1FY26), MCX reported 51 per cent year-on-year (Y-o-Y) growth in consolidated profit after tax at ₹400.66 crore. Revenue from operations was at ₹747.44 crore, registering a growth of 44 per cent over H1FY25. Earnings before interest, tax, depreciation and amortisation (Ebitda) increased by 53 per cent Y-o-Y to ₹544.46 crore.

 

Over the years, MCX has established itself as a leading and a reliable platform for efficient price discovery and managing the complex risks associated with commodity price volatility. The demand for these services is likely to remain at elevated levels in the times to come, which poses a positive outlook for the company, MCX said in its FY25 annual report.

 

Meanwhile, in October 2025, a technical issue led to a temporary shift of operations to the disaster recovery (DR) site. Disruption was caused by a predefined parameter limit within gateway services, which has since been rectified. Normal operations have resumed at the primary site. Exchange continues to engage with Sebi, though no penal action has been taken to date.  ALSO READ | SMS Pharma up 8% as arm gets USFDA nod for reformulated Ranitidine tablets

Brokerages on MCX

 

According to analysts at ICICI Securities, periodic volatility in both bullion (mainly gold, silver) and energy (mainly crude oil, natural gas) markets is boosting MCX's average daily turnover (ADT), top line growth, and profitability.

 

October month has particularly seen sharp surge in ADT. The surge, however, has partly subsided with softening of gold and silver prices. Besides, global uncertainties on tariff side and periodic geopolitical tensions, is keeping volatility elevated across commodities including crude oil, gold, etc, they said.

 

"MCX is a play on commodity volatility esp. related to oil and gold prices. This, coupled with healthy traction in the option segment, product launches and trading clients addition shall support steady business growth over the long term. Superior margins and return ratios need to be sustained," the brokerage firm said in its Q2 result update report. The stock has achieved the brokerage firm's target price of ₹10,000.

 

Those at Motilal Oswal Financial Services, however, have a 'Neutral' rating on MCX with a one-year target price of ₹10,700 (premised on 40x Sep’27E EPS).

 

"MCX introduced several new products, including Silver (30kg) and Silver Mini (5kg) monthly expiry contracts, Cardamom Futures, and Nickel Futures, and Options on the MCX iCOMDEX Bullion Index (MCX BULLDEX), covering both Gold and Silver. These launches have witnessed healthy traction, and management indicated that the product pipeline remains robust with necessary regulatory approvals already in place," the brokerage firm said.

 

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Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.