Multi Commodity Exchange of India (MCX) jumped 3% to Rs 2,748.15 after the foreign broker upgraded its rating on the stock to 'overweight' from 'equal weight' and raised its 12-month target price to Rs 3,270 from Rs 2,550 earlier.
The broker said MCXs business model benefits from elevated commodity price volatility since the outbreak of the Iran war. Noting that exchange volumes typically rise with a heightened volatility in commodity prices, the bourse is well-positioned as broader decline in Indian equities. Nalysts expect strong revenue growth in the current risk-off sentiment.
MCX is India's largest commodity derivatives exchange, with around 98% market share in commodity futures. 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.
The company reported 150.63% year-on-year (YoY) surge in consolidated net profit to Rs 401.12 crore in Q3 FY26, compared with Rs 160.04 crore in Q3 FY25. Income from operations jumped 120.85% YoY to Rs 665.62 crore for the quarter ended 31 December 2025.