MCX zooms 114% from March low; HDFC Securities sets target price of ₹10,000

Multi-Commodity Exchange (MCX) share price today

 

Shares of Multi-Commodity Exchange (MCX) hit an all-time high of ₹9,457.45, as the stock rallied 6 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes. The stock price of the exchange and data platform company surpassed its previous high of ₹9,110 touched on July 1, 2025.

 

In the past one month, MCX has outperformed the market by surging 20 per cent, as against 0.50 per cent rise in the BSE Sensex. The stock has zoomed 114 per cent from its 52-week low of ₹4,410.10 touched on March 11, 2025.

 

At 10:10 AM; MCX was quoting 5 per cent higher at ₹9,362, as compared to 0.2 per cent decline in the BSE Sensex. A combined nearly 1 million equity shares had changed hands on the NSE and BSE.

 

MCX overview, outlook

 

MCX is India’s leading commodity derivatives exchange, and the largest Commodity Options Exchange globally (FIA, 2024), with a market share of about 98 per cent in terms of the value of commodity futures contracts traded in financial year 2024-25. It offers trading in a diverse range of commodities, spanning multiple segments including bullion, energy, metals and agri commodities, as well as sectoral commodity indices.

 

Over the years, MCX has established itself as a leading and 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.

 

Market participants are increasingly turning to derivative instruments for hedging price risks and navigating the uncertainties of the economy. This growing culture of proactive risk management is encouraging organizations of all sizes to seek solutions from hedging platforms such as MCX for effective risk mitigation. This evolving trend underscores the importance of strategic risk management in today’s markets and presents an opportunity for the company to engage with and support these firms as they navigate the challenges of commodity price fluctuations. MCX said the company is well-positioned to capitalize on this emerging demand.  CATCH STOCK MARKET LIVE UPDATES TODAY

HDFC Securities maintains BUY on MCX with a target price of ₹10,000

 

MCX continues to present a compelling growth story built on its earlier drivers—new product launches, a robust product pipeline, tech upgrades, and rising participation.

 

Options premium average daily traded value (ADTV) has witnessed strong growth, jumping to ₹6,700 crore in October 2025 vs ₹4,100 crore in Q2FY25, led by surge in gold and silver volumes, which now account for 60 per cent of total notional volume and 30 per cent of premium ADTV. The bullion contracts have scaled rapidly post the shift to monthly expiry, gaining traction and diversifying the revenue mix. Analysts at HDFC Securities believe bullion could reach 40 per cent of total premium by Q4FY27E, materially reducing earlier concentration risk from crude and natural gas contracts (85 per cent share previously).

 

The upcoming launch of cash-settled index contracts such as Metldex and Bulldex is expected to generate growth thrust and attract higher participation from FPIs and institutions. Importantly, SEBI’s indication to allow FPI and domestic institutional participation in non-cash settled commodities is a positive step, especially given MCX’s current FPI volume share of only 3 per cent versus 20 per cent for equity exchanges. 

 

“Additionally, the co-location facilities in commodities could pave the way for HFT activity, which has been a significant volume driver in equity markets. These developments amplify our earlier thesis of sustained options growth, supported by both product innovation and structural market reforms, and strengthen our conviction on MCX’s medium term earnings trajectory,” HDFC Securities said in the company update. The brokerage firm maintains a BUY rating on the stock with a target price of ₹10,000, based on 46x Sep-27E core EPS and adding cash excluding SGF and trading margin.