MCX stock: Room for more?

Precious saviour MCX could make up for the q-o-q drop in energy trading revenue in Q2FY26, owing to the rise in bullion trading revenue.

- Manish Joshi [e-mail]

Just as the surge in gold and silver prices has caught many by surprise, so too has the rally in Multi Commodity Exchange of India Ltd (MCX), whose stock scaled an all-time high of ₹11,219 on Monday.

The exchange’s five-for-one stock split will take effect on 2 January, lowering the share price mechanically, but not valuation. That has already expanded sharply, with MCX shares rising nearly 80% in 2025.

Brokerages are still scrambling to catch up. Motilal Oswal Financial Services raised its FY27 EPS estimate by 27% after Q2FY26 results, pointing to strong volume growth in bullion contracts. Morgan Stanley followed this week, hiking its target price for MCX stock by a striking 66% to ₹1,135. The upgrade reflects a re-rating of the price-to-earnings multiple rather than a dramatic shift in earnings expectations: the brokerage lifted its FY27 earnings per share (EPS) estimate by 20%.