Mumbai, India – Multi Commodity Exchange of India Ltd (MCX) shares have demonstrated significant upward momentum, soaring approximately 44% year-to-date in 2026. On Wednesday, May 13, 2026, the stock traded at Rs 3192.75 per share on the BSE. This impressive performance extends over the past year, with the counter delivering multi-bagger returns exceeding 168%.
Brokerage Reactions to Q4FY26 Earnings
Following the release of its Q4FY26 earnings on May 8, brokerages have issued a range of opinions regarding the future trajectory of MCX shares. Investors are now weighing these expert analyses to determine their next steps: buy, sell, or hold.
HDFC Securities Maintains 'Buy' Rating
HDFC Securities remains optimistic about MCX's prospects. The firm reiterated its 'Buy' rating and increased its target price to Rs 3,750, up from Rs 3,230. According to HDFC Securities, options volume growth was primarily driven by a sharp increase in crude and natural gas trading, despite a moderation in gold and silver volumes after their peak in January 2026. The brokerage anticipates sustained momentum, citing key drivers for FY27, including growth in traded Unique Client Codes (UCCs), continued commodity market volatility, the launch of new contracts, and supportive regulatory environments.
ICICI Securities Downgrades to 'Hold'
Taking a more cautious approach, ICICI Securities downgraded MCX stock from 'Add' to 'Hold'. They set a target price of Rs 3,150. This revised outlook is based on a 40x multiple applied to an estimated FY28 core Earnings Per Share (EPS) of Rs 75 (excluding investment income, net of taxes, up from a previous estimate of Rs 68). The assessment also incorporates free cash (investments excluding margin money, SGF, and regulatory capital) of Rs 150 per share.
Motilal Oswal Financial Services Issues 'Neutral' Rating
Motilal Oswal Financial Services (MOFSL) has maintained a 'Neutral' rating on MCX shares, while simultaneously reducing its target price to Rs 2,850. MOFSL highlighted an 11% sequential decline in the overall Average Daily Turnover (ADT), largely attributed to a 26% quarter-on-quarter drop in bullion contracts. The brokerage noted that while bullion and energy contracts fueled incremental volume growth in FY26, elevated bullion volatility led to a sequential moderation from peak levels in Q4.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.