UBS upgraded the Multi Commodity Exchange of India (MCX) from Neutral to Buy. The brokerage raised its 12-month price target to ₹3,800 from ₹3,600. This new target represents a potential upside of 27.9% from the previous closing price.
Analysts attribute the upgrade to attractive valuations and resilient trading volumes. Increased participation from foreign portfolio investors (FPIs) in commodity derivatives serves as a significant medium-term growth catalyst.
UBS increased its earnings per share (EPS) estimates for MCX by 4% to 9% for the FY27-FY29 period. A positive regulatory outlook further supports the revised rating.