Buy MCX; target of Rs 1455: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Multi Commodity Exchange of India

Multi Commodity Exchange’s (MCX) Q4FY17 PAT at INR219mn came lower than estimate on slower revenue momentum. Revenue was impacted by lower volumes (down >7% QoQ), partially due to impact of demonetisation (especially in bullion) and uncertainty with regard to GST rates. However, the hike (by 25%) in transaction charges effected in October 2016 cushioned the revenue impact.

Outlook

Given softer volumes and higher costs, we have pruned FY18/FY19E earnings by 5%/4%, translating into a target price of INR 1,455 (INR 1,520 earlier). The stock is currently trading at 24.8x FY19E P/E. Maintain ‘BUY/SP’.

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