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MCX: New Contracts And Index Inclusion Will Be Balanced Against Margin Resilience

Indian Commodity Markets Will Gain From Global Index Inclusion And New Contracts

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MCX
AnalystConsensusTarget
Not Invested
Published 21 Dec 2024

Update shared on 09 Dec 2025

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Analysts have inched up their price target for Multi Commodity Exchange of India by 0.3 percent to ₹10,110.67 per share, citing slightly higher required returns and a marginally richer future earnings multiple, while maintaining robust growth and profitability assumptions.

What's in the News

  • MCX will launch monthly options contracts on the MCX iCOMDEX Bullion Index (MCX BULLDEX) from October 27, 2025, offering a new hedging and investment tool linked to gold and silver futures (Key Developments).
  • The company has been added to the FTSE All-World Index (USD), increasing its visibility and potential inclusion in global passive and benchmarked portfolios (Key Developments).
  • Shareholders have proposed a dividend of INR 30 per equity share for the financial year ended March 31, 2025, indicating continued confidence in cash flows and profitability (Key Developments).
  • At the September 12, 2025 AGM, shareholders approved changes to the capital clause of the Memorandum of Association, enabling greater flexibility in future capital structure decisions (Key Developments).
  • V. Sankar Aiyar & Co has been appointed as statutory and tax auditor for a five-year term, providing continuity in external oversight of financial reporting (Key Developments).

Valuation Changes

  • Fair Value Estimate remains unchanged at ₹10,110.67 per share, reflecting stable long term earnings and cash flow assumptions.
  • The Discount Rate has risen slightly from 14.49 percent to 14.61 percent, implying a marginally higher required return for investors.
  • Revenue Growth is effectively unchanged at around 23.03 percent annually, indicating consistent expectations for top line expansion.
  • The Net Profit Margin is effectively unchanged at about 55.57 percent, suggesting stable profitability assumptions over the forecast period.
  • The Future P/E has risen slightly from 50.93x to 51.09x, indicating a modestly richer multiple applied to forward earnings.

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