Multi Commodity Exchange Of India

MCX is trading at ₹3,528.00 on 2026-11-06, marking a near-all-time high with a +4.8% daily gain and an extreme intraday range of +7.2%. The stock is positioned in the upper 96–99% of its 20-, 50-, and 252-day ranges, supported by a bullish Supertrend across daily, weekly, and monthly timeframes. While the monthly trend shows strong conviction (ADX 70.58), the daily trend is developing (ADX 20.99), suggesting short-term momentum may be consolidating after a sharp move. A Morning Star pattern formed on the monthly chart corroborates the broader bullish structure, though recent daily anomalies include a significant volume-backed drop on 2026-11-04 (-5.0%) followed by today’s recovery. Key support levels are clustered at ₹3,522.93 (0.14% below) and ₹3,459.47 (1.94% below). Annualized volatility remains elevated at +40.0%, and the stock has recovered from a maximum drawdown of -28.7%. The setup strengthens if price sustains above the 20-day moving average; it weakens if a daily close breaks below ₹3,459.47.

On November 4, 2026, MCX shares fell between 5% and 7% following the release of its Q2 FY27 results, which missed market estimates despite strong top-line growth. The company reported a 130% year-on-year surge in net profit to ₹455 crore and revenue more than doubling to ₹799.66 crore, driven by robust trading activity. However, operating expenses exceeded expectations, including a ₹24.8 crore contribution to the Settlement Guarantee Fund and significant tax costs from MCXCCL, leading Motilal Oswal to assign a 'Neutral' rating.

The market reaction was influenced by valuation concerns and technical factors. Analysts noted that the stock had risen 50% in 2026 and doubled from its 52-week low of ₹1,762, with a P/E multiple of approximately 54—nearly double the sector average. Jefferies highlighted that while EBITDA was largely in line, the net profit shortfall pressured sentiment. Conversely, SBI Securities identified MCX as a top Diwali stock pick on November 5, citing it as a notable opportunity. Experts suggested the decline may reflect profit-booking rather than fundamental weakness, with technical support levels identified between ₹3,200 and ₹3,225.

As of 6 November 2026, Multi Commodity Exchange of India (MCX) has recorded a notable shift in its equity valuation. The stock price increased to ₹3,528.00, up from the previous level of ₹3,366.00. This represents a positive movement in the company's market pricing over the observed period. No new corporate filings or news developments have been reported alongside this price adjustment. The change reflects current market sentiment and trading activity rather than any disclosed operational or structural alteration to the business.

Multi Commodity Exchange of India (MCX) reported Q2 FY27 results on November 4, 2026, showing a 130% year-on-year surge in net profit to ₹454.57 crore and revenue growth of 114% to ₹799.66 crore. Despite this robust fundamental performance, shares fell approximately 7% as the results missed market estimates by roughly 14%. The shortfall was attributed to higher operating expenses, including a ₹24.8 crore contribution to the Settlement Guarantee Fund and significant tax expenses of ₹470 million recognized by MCXCCL. Following the decline, Motilal Oswal assigned a 'Neutral' rating, citing rich valuations with the stock trading at a P/E multiple of around 54, nearly double the sector average. Technical analysis indicates strong momentum, with the stock up 90.7% over the past year and currently trading near ₹3,528, supported by bullish trends across daily and monthly timeframes.

Multi Commodity Exchange of India (MCX) has demonstrated a significant acceleration in financial performance through the September 2026 quarter. Sales surged 114% year-on-year to ₹800 crore, while operating profit more than doubled to ₹611 crore and net profit rose to ₹455 crore from ₹197 crore a year prior. This growth is supported by strong cash generation; Cash from Operating Activity for the trailing twelve months reached ₹3,035 crore, up sharply from ₹950 crore in FY2025. The company’s balance sheet remains robust with zero interest expenses reported in recent quarters and a negative Working Capital Days metric (-465 days as of Mar 2026), indicating efficient working capital management where payables exceed receivables. Return on Capital Employed (ROCE) improved dramatically to 71% in Mar 2026 from 43% in Mar 2025. Shareholding shows institutional stability, with DIIs holding 55.16% and FIIs at 27.06% as of Sep 2026. Borrowings increased modestly to ₹9 crore in Sep 2026, while investments grew to ₹3,106 crore. The primary checkpoint is monitoring whether this high sales growth trajectory sustains into the next reporting period and how it impacts margin expansion.

MCX demonstrates robust fundamental growth, with Q2 FY27 net profit surging 130% year-on-year to ₹455 crore and revenue more than doubling to ₹799.66 crore. This operational strength is underpinned by strong trading activity and improved EBITDA margins, despite higher operating expenses including a ₹24.8 crore contribution to the Settlement Guarantee Fund and significant tax expenses. Technically, the stock exhibits a bullish structure across daily, weekly, and monthly timeframes, supported by positive directional indicators (Plus DI significantly above Minus DI) and a rising Supertrend. The stock has appreciated +180.6% since the start of the tracking period and +90.7% over the past year, indicating sustained momentum. While recent price action reflects profit-booking following this rally and valuations are rich at a P/E of ~54x, the underlying earnings trajectory remains constructive.

MCX faces near-term headwinds as its stock price reacted negatively to Q2 FY27 results, despite reporting a 130% year-on-year surge in net profit to ₹455 crore. The decline was driven by a 14% miss against Motilal Oswal’s estimates, caused by higher operating expenses including a ₹24.8 crore contribution to the Settlement Guarantee Fund and significant tax costs of ₹470 million from MCXCCL. These cost overruns pressured net margins even as revenue doubled. Furthermore, the stock trades at a rich valuation with a P/E multiple of approximately 54, nearly double the sector average, suggesting that much of the fundamental improvement is already priced in. Technical indicators show high volatility, with an annualized volatility of +40.0% and a maximum historical drawdown of -28.7%, while recent price action has seen sharp declines of up to 7% following the earnings release.