Buy MCX; target of Rs 1397: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on Multi Commodity Exchange of India

Revenue declined 12% QoQ at Rs 874 mn due to lower traded value (down 10% QoQ). Bullion (35% of traded value) was hit by continued impact of demonetization and lower volume due to GST uncertainty. Higher regulatory and operating expenses led to muted EBITDA and PAT performance. PAT was at Rs 220 mn (down 35% QoQ).

Outlook

Regulatory announcements on options guidelines and further approvals hold the key for stock’s performance. We have valued MCX at Rs 1,397 (Rs 1,526 earlier): Rs 782 (23x FY19E, at Asian average: 23x) for existing products and Rs 615 (FY20 EPS discounted back at 12%, 23x) for new product/ participant introductions. Maintain BUY with an upside of 21%.

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