Multi Commodity Exchange (MCX) Share Price Target 2026–2030
Multi Commodity Exchange of India Limited (MCX) is India’s first listed commodity derivatives exchange and the dominant player in the non-agricultural commodity futures segment. With over 95% market share in bullion, energy, and base metals trading, MCX operates as a near-monopoly infrastructure platform under SEBI regulation. The company has recently reported explosive growth—driven by record trading volumes and strong macro tailwinds—but trades at an extremely high valuation. This article provides a fact-based outlook on its share price target for each year from 2026 through 2030, grounded in verified financials and sector dynamics.
Multi Commodity Exchange (MCX): Company Overview
- Incorporated: 2003; listed in 2012
- Core Business:
- Operates India’s leading electronic commodity derivatives exchange
- Offers futures and options on gold, silver, crude oil, natural gas, copper, and more
- Revenue Model:
- Transaction fees (primary source)
- Clearing & settlement charges
- Data licensing & co-location services
- Investment income from the margin pool
- Market Position:
- 95.9% market share in Indian commodity futures (FY24)
- Monopoly in precious metals (100%), energy (99.6%), and base metals (99.8%)
- Ownership: No promoters—widely held by institutions (DII + FII = 79.78%)
Multi Commodity Exchange (MCX): Key Financial Snapshot
| Metric | Value |
|---|---|
| Market Capitalization | ₹61,101.15 Cr |
| Current Share Price | ₹2,396 (as of Feb 2026) |
| P/E (TTM) | 84.62 |
| P/B (TTM) | 25.52 |
| Book Value (TTM) | ₹93.88 |
| EPS (TTM) | ₹28.32 |
| ROE | 23.88% |
| ROCE | 31.90% |
| Dividend Yield | 0.25% |
| Sales Growth (TTM) | 70.03% |
| Profit Growth (TTM) | 698.27% |
| Operating Revenue | ₹1,011.58 Cr |
| Net Profit | ₹414.78 Cr |
| Advances | ₹0 Cr |
| Face Value | ₹2 |
MCX Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹2,500 – ₹2,800 |
| 2027 | ₹2,700 – ₹3,100 |
| 2028 | ₹2,900 – ₹3,500 |
| 2029 | ₹3,100 – ₹3,900 |
| 2030 | ₹3,300 – ₹4,300 |
Targets assume sustained volume growth, stable regulatory environment, and gradual ROE improvement—but are capped by extreme current valuation and low dividend yield.
MCX Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹2,500 | ₹2,800 |
- High P/E (84x) leaves minimal room for error
- Record FY2025 volumes support near-term momentum
- Risk: Any drop in commodity volatility could sharply reduce transaction revenue
MCX Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹2,700 | ₹3,100 |
- Expected benefit from new product launches (e.g., options on agri-commodities)
- Potential inclusion in financial infrastructure ETFs may boost liquidity
- Dividend yield remains negligible (0.25%)—offers no income cushion
MCX Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹2,900 | ₹3,500 |
- By 2028, the cumulative effect of retail participation in commodity trading should be reflected in margins
- ROCE (31.9%) justifies a premium if sustained
- Execution risk: Competition from NCDEX or new entrants remains low but not zero
MCX Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹3,100 | ₹3,900 |
- Long-term tailwinds from India’s financialization and hedging needs in commodities
- Institutional ownership (79.78%) provides stability
- Regulatory risk: SEBI fee caps or new exchange licenses could disrupt the monopoly
MCX Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹3,300 | ₹4,300 |
- If MCX sustains 30%+ ROCE and expands into new asset classes, ₹4,200+ is achievable
- However, targets beyond ₹4,500 require exponential volume growth—not currently visible
- Success hinges on maintaining dominance amid rising digital trading competition
MCX: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Domestic Institutions (DII) | 59.14% |
| Foreign Institutions (FII) | 20.64% |
| Public (Retail) | 20.23% |
| Promoters | 0% |
| Others | 0% |
MCX: Strengths vs Risks
Strengths
- Near-monopoly in Indian commodity derivatives
- Asset-light, high-margin business model
- Zero advances and minimal operational debt
- Exceptional ROCE (31.9%) and ROE (23.9%)
Risks
- Extremely high P/B (25.5x)—among the highest in Indian markets
- Profit growth not sustainable at 698%—base effect will fade
- Zero promoter alignment—pure institutional governance
- High dependence on market volatility—revenue drops in calm markets
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | High |
| Time Horizon | Long-term (5+ years) |
| Volatility | High |
| Dividend/Income | Very low (0.25% yield) |
| Ideal Investor | Thematic investor betting on India’s commodity trading ecosystem and financial infrastructure growth |
FAQs
A: A realistic range is ₹2,500 to ₹2,800, assuming stable trading volumes and no regulatory disruption.
A: Credible estimates suggest ₹3,300 to ₹4,300 by 2030, contingent on sustained ROCE and market share.
A: Reliable forecasts beyond 2030 are not possible. Such long-term projections are speculative and not based on verifiable data.
A: MCX has no promoters. It is owned by institutions (79.78%) and public shareholders (20.23%).
A: Yes, but minimally. It has a dividend yield of 0.25% and a payout ratio of ~21%.
A: The stock corrected due to valuation concerns (P/E > 84, P/B > 25) and fears of regulatory intervention in exchange fee structures.
A: Yes. It reports ₹0 in advances and carries negligible operational debt, making it effectively debt-free.
Final Verdict
MCX is a unique, high-quality financial infrastructure asset with unmatched dominance in India’s commodity derivatives market. Its explosive recent growth is impressive, but its extreme valuation (P/B > 25) demands caution. Our 2026–2030 price targets (₹2,500–₹4,300) reflect balanced optimism—rewarding monopoly power while capping upside due to valuation risk. Best suited for long-term investors who believe in India’s commodity trading evolution.
Sources
- Screener.in – Multi Commodity Exchange Ltd (Consolidated Financials)
- Finology.in – Company Essentials
- BSE India – Shareholding Pattern (Q3 FY2026)
- MCX Annual Report FY2025
- Investor Presentation – Q2 FY2026 Results
Hi, I’m Raj Mittal, a stock market content writer focused on company analysis, share price trends, and fundamental research. I create simple, research-based insights to help investors make smarter market decisions.
