MCX gains 4%, hits new high after stock turns ex-date for 1:5 split

MCX is currently in a positive volume momentum, benefitting from the current state of heightened commodity volatility, reflected in the volume growth seen in Q3FY26 and 9MFY26, says ICICI Securities.

Multi Commodity Exchange of India (MCX) share price today

 

Shares of Multi Commodity Exchange of India (MCX) hit a new high of ₹2,277, gaining 4 per cent on the BSE in Friday’s intra-day trade. The stock price of the exchange and data platform company turned ex-date for 1:5 stock split. It surpassed its previous high of ₹2,243.69 (adjusted to split) on December 29, 2025.

 

In the past one year, MCX has outperformed the market by soaring 80 per cent, as compared to a 7 per cent rise in the BSE Sensex. It has zoomed 158 per cent from its 52-week low of ₹882 touched on March 11, 2025.

 

 

At 10:25 AM; MCX share was quoting 2 per cent higher at ₹2,233.75, as compared to 0.43 per cent rise in the BSE Sensex.  FOLLOW LATEST STOCK MARKET UPDATES LIVE

MCX turns ex-date for 1:5 stock split today

 

MCX on Wednesday, on December 17, 2025, informed that the company fixed January 02, 2026, as the 'Record Date' for the purpose of determining the shareholders eligible for the aforesaid sub-division of existing equity shares.

 

Under the approved proposal, each existing equity share of face value ₹10 was to be split into five equity shares of face value ₹2 each, aimed at improving liquidity and enhancing retail investor participation. Shareholders of MCX will see an increase in the number of shares they hold, although the overall value of their investment will remain unchanged.

MCX overview/ outlook

 

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. The company's presence in various commodities offers a healthy diversification with focus on option volume.

 

In the second quarter (July to Sept 2025) of FY26, MCX consolidated total revenue grew 29 per cent year-on-year (YoY) at ₹401 crore. EBITDA increased to ₹270 crore by 32 per cent and profit after tax (PAT) also grew by 29 per cent to ₹197 crore. And overall, the company’s average daily turnover rose to ₹4.11 trillion, against ₹2.02 trillion in Q2FY25.  ALSO READ | Ola Electric share price rises 9% on bourses; here's what is fueling demand

ICICI Securities view on MCX

 

MCX is a play on commodity volatility especially related to oil and gold prices. This coupled with a healthy traction in the option segment, product launches and trading client’s addition shall support steady business growth over the long term. Superior margins and return ratios to be sustained, analysts at ICICI Securities said in the Q2 result update.  Considering the sharp increase in average daily turnover, the brokerage firm raised topline and PAT estimates for both FY26E / 27E. Price and volatility trend of key commodities i.e. gold and crude oil to be watched, it added.

 

MCX is currently in a positive volume momentum, benefitting from the current state of heightened commodity volatility, reflected in the volume growth seen in October to December 2025 quarter (Q3FY26) and 9MFY26. Accordingly, the brokerage firm expects ~100 per cent quarter-on-quarter (QoQ) growth in PAT in Q3FY26.

 

Capital-efficient product designs, strong enablers like digital brokers and scope of increase in penetration are available volume levers; however, the strong momentum, driven by commodity volatility, is the overriding driver as of now (also evident across global bourses – quoted in this report).  However, there remains an inhibition to factor in sustained volume growth, which leads to us estimating only ₹700/₹7,000 crore future/premium ADTV in FY27E and ₹830/₹8,200 crore in FY28E, as against ₹92,800 crore/₹7,800 crore in December 2025, the brokerage firm said in the company update. It maintains ‘BUY’ rating on MCX with a target price of ₹2,500 (₹12,500 unadjusted).  =================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.