MCX Shares Gain Following HDFC Securities Reiteration of 'Buy' Rating

Mumbai, Oct 14, 2025 – Shares of Multi Commodity Exchange of India Ltd (MCX) rose 4.65% on Tuesday’s trading session, hitting a fresh 52-week high of ₹9,460, following a reiteration by HDFC Securities of its ‘Buy’ rating and an increase in the target price to ₹10,000. The brokerage cited strong growth momentum in bullion-led options trading and ongoing technology upgradation as key drivers.

Market Snapshot

MCX shares opened strongly, with the day’s range being ₹9,014 to ₹9,460. As of 2:14 pm IST, the stock was trading at ₹9,353.50 at a traded volume of 12.82 lakh shares worth ₹1,198.41 crore. The market cap of the company is ₹47,395 crore with a free-float value of ₹47,356 crore and a delivery percentage of 28.88%. The stock has been rising steadily from the 52-week low of ₹4,408 to record levels now.

Bullion-Led Rally Boosts Earnings Outlook

HDFC Securities noted that MCX’s options premium average daily turnover (ADTV) for October 2025 soared to ₹67,000 crore from ₹41,000 crore during Q2FY25, dominated by gold and silver contracts. Bullion now represents 60% of total notional volume and 30% of premium ADTV, a reflection of the impact of shifting gold and silver options to monthly expiries. The brokerage estimates 27% CAGR in revenues and 33% CAGR in profit after tax (PAT) during FY25–FY28 on the strength of product innovation and a favorable regulatory scenario encouraging institutional participation.

Product Pipeline and Expansion

MCX is set to introduce cash-settled index derivatives-Metldex in bullion and Bulldex in metals—along with index options, and weekly options in crude oil and natural gas. These products are expected to attract foreign portfolio investors and high-frequency traders. Earlier in 2025, MCX expanded its product suite with the launch of Gold 10g futures, Silver 5kg and 30kg monthly options, and Cardamom futures, further strengthening its range of contract offerings.

Valuation and Price Target

HDFC Securities has valued MCX at 46 times its Sep-27E core EPS, setting a target price of ₹10,000 per share—an implied upside of 15% from current levels. The exchange is trading at 42 times FY27E earnings, marginally ahead of peers such as BSE and CDSL, supported by its leadership position in commodity derivatives and a favourable regulatory environment.

REF: https://www.hdfcsec.com/hsl.docs//MCX – Update – Oct25 – HSIE-202510131353275574621.pdf?t=14102025114410665

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