MCX shares jump 18% in 3 days; key reasons, target price & more

Multi Commodity Exchange of India (MCX) shares surged for the third straight session on Thursday, following its robust third-quarter earnings for the quarter ended December 31, 2025.

At 12:53 pm, MCX stock was 3.07 per cent higher at Rs 2,674.15, after climbing over 4 per cent earlier in the day to hit a fresh 52-week high of Rs 2,704.80 on BSE. The counter has gained over 18 per cent in the last three consecutive sessions, even as the broader market remained weak.

According to the filing submitted to the exchanges, MCX posted a massive 151 per cent year-on-year (YoY) jump in its consolidated net profit to Rs 401.12 crore, compared to Rs 160.04 crore recorded in the same period last fiscal.

Revenue from operations followed a similar trajectory, surging 121 per cent annually to Rs 665.62 crore in Q3 FY26, against Rs 301.38 crore in Q3 FY25. The consolidated EBITDA skyrocketed 144 per cent YoY to Rs 527 crore

This growth was largely fueled by a dramatic rise in trading volumes. The Futures average daily turnover (ADT) witnessed a staggering 202 per cent YoY jump to Rs 84,471 crore, the company said in its investor presentation.

Meanwhile, the Options ADT saw an even steeper incline, growing by 227 per cent to Rs 6.65 lakh crore.

Following the results, ICICI Direct has recommended a 'Buy' rating on the stock with a target price of Rs 2,980 over the next 12 months.

The brokerage said “global uncertainties on tariff side, persistent geopolitical tensions, rising trust in hard commodities across countries, as well as rising speculative interest is likely to keep this volatile commodity trend to continue of which MCX shall be key beneficiary."

 "We estimate revenue/EBITDA/PAT CAGR of 44%/52%/50% over FY25-28E," it said.

Investor sentiment in the counter is also being buoyed by sizzling prices in the underlying commodities market. At the last check on the exchange, gold futures were trading up 7.82 per cent at Rs 191,000 per 10 grams, while silver futures gained 5.73 per cent to trade at Rs 4,07,458 per kg.