MCX gets fresh Buy calls in 2026: targets to ₹3,600

What changed for MCX in the latest broker notes

Multi Commodity Exchange of India Ltd (MCX) drew fresh attention after multiple brokerages raised their price targets or reiterated positive views. Jefferies initiated coverage with a Buy rating and set a price target of ₹3,600 per share. Morgan Stanley also revised its stance and target, while HDFC Securities reiterated a Buy call with a higher target.

The upgrades came alongside sharp moves in the stock price on the National Stock Exchange (NSE), with MCX touching record highs in one of the reported sessions. The broader theme across the notes is that analysts are assigning higher valuations as the exchange benefits from product-related and participation-led tailwinds mentioned in the reports.

Jefferies initiates coverage with a ₹3,600 target

Jefferies initiated coverage on MCX with a Buy rating and a price target of ₹3,600 per share. The brokerage said the target is based on 45x Jun-28e EPS. According to the note, this implied a 27% upside from the prior close of ₹2,841.

This initiation placed MCX among broker focus stocks at a time when the stock was already showing strong momentum. The report also provides a clear valuation anchor, by linking the target to a multiple of estimated earnings for June 2028.

Morgan Stanley upgrades MCX and raises its 12-month target

Morgan Stanley upgraded MCX to Overweight from Equal-weight. It raised the 12-month price target to ₹3,270 from ₹2,550 earlier. The note said the new target implied an upside potential of 22% over the previous close.

The report also said this was the highest target among analysts tracked by Bloomberg. In the same set of data points, 11 out of 13 analysts tracking MCX had a Buy rating and two recommended Hold. The average 12-month target price was ₹2,922, implying about 7% upside.

HDFC Securities reiterates Buy and lifts target to ₹2,950

HDFC Securities reiterated its Buy rating on MCX and raised its target price to ₹2,950 from ₹2,780. The brokerage described MCX’s outlook as a “compelling growth story,” and attributed it to new product launches, a stable technology platform, regulatory tailwinds, and rising commodity participation.

The revised target implied an upside of around 19% from the current market price, as cited in the report. The note adds a domestic-broker perspective to the broader set of upgrades led by global brokerages.

Stock action: record highs and sharp short-term gains

In one reported session, MCX shares hit a record high on Monday. The stock gained as much as 3.5% to touch ₹2,764 on the NSE. The scrip was reported to be up 151% over the last 12 months and 24% year-to-date.

A separate market update said MCX rose over 3.5% to an intraday high of ₹2,764 on Monday, April 13, despite subdued market sentiment. It also said MCX gained nearly 9% in the last four sessions. At 1:40 PM, the stock was up 2.9% at ₹2,742.7 on the NSE.

Another Morgan Stanley note cites a different price regime

The provided material also includes another Morgan Stanley reference that differs from the Overweight call noted earlier. It states Morgan Stanley upgraded MCX to Equal-weight from Underweight and raised the target price to ₹11,135 from ₹6,710.

In the same cluster of updates, MCX shares were said to have risen over 3% to ₹11,198, approaching a 52-week high of ₹11,218.45, after the upgrade and a 66% target price increase. These figures appear in a separate context from the ₹2,6xx to ₹3,6xx range cited in the other reports, and are reproduced here as stated.

Axis Capital initiates coverage with a ₹12,500 target

Axis Capital initiated coverage on MCX with a Buy rating and a price target of ₹12,500. The report said this represented an upside potential of 27% from current levels. It also described MCX as India’s leading commodity derivatives platform with a 98% market share.

Axis Capital forecast MCX earnings growth at a 44% CAGR between FY25 and FY28, supported by a 37% revenue CAGR and margin expansion to 71%. The note also cited a market capitalisation of ₹50,258 crore, with the stock trading at ₹9,855 versus a previous close of ₹9,865.

Momentum context: multi-month run and target revisions

The material also describes a strong 2025 run for the stock, saying it surged 132.15% in eight months from a 52-week low of ₹4,408 hit on 11 March. It linked the rally to a surge in precious metals and other commodities traded on the platform, which drove higher investor interest.

It further said a domestic brokerage initiated coverage with a target price of ₹12,500, implying nearly 22.08% upside from current levels. Another foreign brokerage was said to have lifted its target price to ₹12,000 from ₹10,000 while retaining a Buy rating.

Key numbers at a glance

Market impact: what the upgrades signal for investors

The immediate market impact in the cited sessions was a sharp price move, including an intraday rise of 3.5% to ₹2,764 and continued strength over multiple sessions. Broker upgrades and higher targets typically increase investor attention, and the analyst distribution provided suggests most tracked analysts leaned positive in the period mentioned.

The notes also point to specific drivers. HDFC Securities explicitly cited new product launches, a stable technology platform, regulatory tailwinds, and rising commodity participation. Axis Capital’s initiation added longer-horizon growth assumptions, including revenue and margin expansion and a multi-year earnings CAGR.

Analysis: why multiple targets matter, and how to read them

The set of targets highlights how MCX is being valued differently across timeframes and broker frameworks. Jefferies anchored its target to a Jun-28e EPS multiple, while Morgan Stanley provided a 12-month target as part of a rating upgrade. HDFC Securities took a domestic-broker view focused on operational and participation drivers.

At the same time, the dataset includes different price regimes (₹2,6xx-₹3,6xx and ₹9,8xx-₹12,5xx, plus a separate ₹11,1xx target reference). Investors typically need to map each target to the specific date, price reference, and context used in that report before comparing them directly.

Conclusion

MCX remained in focus after Jefferies initiated coverage with a ₹3,600 target and Morgan Stanley and HDFC Securities raised their targets and ratings. The stock action cited includes record highs and strong 12-month performance. The next set of investor cues will likely come from follow-up brokerage updates and any measurable outcomes tied to product launches, participation trends, and the regulatory and technology factors referenced in the notes.