'Buy' MCX Shares Maintains HDFC Securities, Hikes Target Price — Here's Why

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HDFC Securities Institutional Equities

Multi Commodity Exchange of India Ltd. is up ~27/116% in the last 1M/1Y and is trading at a P/E of 44x FY27E, which is a ~10% discount to BSE. Historically, MCX has traded at a 10- 15% premium to BSE. The rising volumes, stable tech platform, regulatory tailwinds, and the option value linked to the launch of new products have resulted in outperformance, which we believe will continue.

The stock has traded at an average one-year forward P/E of ~44x and is currently trading at a P/E of 53/44x FY26/27E EPS.

We increase the P/E multiple to 45x, which implies a PEG of 1.5x.

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