Hold Multi Commodity Exchange; target of Rs 1873: Arihant Capital

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26 Aug, 2025 12:21

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Arihant Capital 's research report on Multi Commodity Exchange

MCX revenue for the quarter declined by 14% YoY to Rs 730 mn, largely due to reduction in exchange timings in Apr’20. However, the recovery was stronger in May-June 20. EBITDA for the quarter declined by 20% YoY to Rs 265 mn, while EBITDA margin contracted by 267bps YoY to 36.3%. Despite a fall in topline company has reported 29% profit growth, which was supported by other income growth of 92% YoY. PAT for the quarter came in at Rs 563 mn.

Outlook

We increase our target price to Rs 1,873 from our initiation level target price of Rs 1,405. Due to sharp run up in the stock price at 58% in 3 months, we change our rating to Hold from Accumulate.

For all recommendations report, click here

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