Archive · 1 Jan 2026
ICICI Raises MCX Target Amid Bullion Boom
ICICI Securities, a financial company, has increased its prediction for the price of MCX shares.
They now think each share will be worth Rs 12,500, which is higher than their previous prediction of Rs 10,000.
This is because more people are trading commodities, and the prices of these commodities are changing a lot.
ICICI Securities also expects MCX to make a lot more profit in the next few months.
However, they are not sure if this good performance will last for a long time.
They have some numbers that show how much trading is happening now and how much they think will happen in the future.
In the latest quarter, MCX made money from trading futures and options, with a big part of that money coming from trading gold and silver instead of energy like oil and gas.
ICICI Securities raised its target price for MCX shares to Rs 12,500 from Rs 10,000, citing sustained trading volume momentum and commodity volatility.
MCX is expected to see a nearly 100% quarter-on-quarter increase in profit after tax in Q3FY26.
Futures average daily traded value (ADTV) is projected to rise to Rs 70,000 crore in FY27 and Rs 83,000 crore in FY28.
Options premium ADTV is expected to increase to Rs 7,000 crore in FY27 and Rs 8,200 crore in FY28.
MCX's Q2 transaction revenue showed a shift from energy to bullion trading, with bullion's contribution rising from 36% to 43%.
- Who
- ICICI Securities, Multi Commodity Exchange of India Ltd (MCX)
- What
- ICICI Securities revised its target price for MCX shares upward to Rs 12,500 per share from Rs 10,000, citing sustained momentum in trading volumes and heightened commodity volatility. MCX's Q2 transaction revenue showed a shift from energy to bullion trading.
- When
- The revision is based on expectations for Q3FY26 and projections for FY27 and FY28. Q2 financial results were reported recently.
- Where
- The information pertains to the Indian stock market and commodity exchange.
- Why
- The revision is driven by strong trading volumes, commodity volatility, and structural enablers like digital brokers and higher penetration. The shift in revenue mix reflects changes in market dynamics.
- Current Share Price
- Rs 11,158.15
- Previous Target Price
- Rs 10,000
- Revised Target Price
- Rs 12,500
- Expected Q3FY26 Profit Increase
- 100% QoQ
- Futures ADTV (FY27)
- Rs 70,000 crore
- Options Premium ADTV (FY27)
- Rs 7,000 crore
- Futures ADTV (FY28)
- Rs 83,000 crore
- Options Premium ADTV (FY28)
- Rs 8,200 crore
- Q2 Transaction Revenue (Futures)
- ₹114 crore
- Q2 Transaction Revenue (Options)
- ₹223 crore
- Q2 Total Transaction Charges
- ₹337 crore
- Energy Trading Share (Q1)
- 64%
- Energy Trading Share (Q2)
- 57%
- Bullion Trading Share (Q1)
- 36%
- Bullion Trading Share (Q2)
- 43%
