Neutral MCX; target of Rs 10700: Motilal Oswal

Motilal Oswal's research report on MCX

MCX’s operating revenue came in at INR3.7b in 2QFY26, up 31% YoY (in line). For 1HFY26, revenue rose 44%, to INR7.5b. Total expenses jumped 23% YoY to INR1.3b, with staff costs up 37% YoY and other expenses up 17% YoY. EBITDA stood at INR2.4b, up 36% YoY in 2Q (in line). For 1H, EBITDA rose 56% to INR4.9b. 2Q PAT of ~INR2b was up 29% YoY (in line). 1H PAT rose 51%, to INR4b.

Outlook

We reiterate a Neutral rating on the stock with a one-year TP of INR10,700 (premised on 40x Sep’27E EPS).