MCX shares crack 5% after Q2 numbers; check key details, UBS target & more

MCX shares: Multi Commodity Exchange of India (MCX) tanked nearly 5 per cent during the trading session on Friday after the company announced a mixed set of numbers in quarterly earnings for the September 2025 period. Shares of MCX tanked 4.8 per cent YoY to Rs 8,807.15 on Friday, with its market capitalization slipping below Rs 46,000 crore.

MCX reported a net profit of Rs 197 crore, rising 28.5 per cent on a year-on-year (YoY) basis, for the September 2025 quarter. The commodity bourse reported a consolidated revenue of Rs 374 crore, up 31.1 per cent YoY to Rs 374 crore. Ebitda for the quarter rose 35.9 per cent YoY to Rs 244 crore, while Ebitda margins improved 230 basis points to 65.1 per cent for the reported quarter.

Praveena Rai, Managing Director & CEO, MCX said, “Our continued growth across product segments and strong participation reflect the confidence that market participants have in MCX’s transparent market ecosystem. We remain committed to expanding our product offerings and deepening market penetration, further strengthening our role."

Other income at Rs 26.6 crore grew 5 per cent YoY, but dipped 19 per cent QoQ, while staff costs jumped 37 per cent YoY to Rs 44.8 crore. Other expenses grew 17% YoY to Rs 85.8 crore, said Motilal Oswal Financial Services post Q2 results, citing PAT, Ebitda and revenue being in line. It has a 'neutral' rating on the stock so far.

Average Daily Turnover (ADT) of futures and options increased by 87 per cent YoY at Rs 4,11,270 crores from Rs 220,249. MCX launched Cardamom Futures Contract (effective from July 2025) with expiry in August, September, October, and November 2025. MCX launched new Nickel Futures contract (effective August 2025) with trading unit and the delivery unit of 250 kgs and 1500 kgs respectively, said the company in its release.

Bullion segment has increased its share in ADT from 44 per cent to 57 per cent, supported by launch of new variants viz. Gold Mini, Gold Ten Futures. Following the positive response received on the monthly Gold Options contracts, MCX also launched in coordination with the industry, the Silver (30 kg) and Silver Mini (5 kg) monthly expiry contracts, it added.

In August 2025, MCX had announced a subdivision of shares or stock-split in 1:5 ration, which will split its shares with a face value of Rs 10 each into 5 shares with a face value of Rs 2 each. However, the record date for the same has not been announced so far. Also, MCX was heavily criticized last week as the trading remain halted for two hours on Tuesday, October 28.

Earlier this week, UBS reiterated its 'Buy' rating on the MCX, raising its price target to Rs 12,000 from Rs 10,000 earlier. The revised target implies a potential upside of nearly 36 per cent from today's low. The Swiss investment bank said that MCX's earnings for October alone, if annualised, work out to about Rs 320 per share, which is roughly the level it had earlier projected for FY30.