MCX shares up 45% in 2026 so far; should you buy, sell or hold?

MCX share price: Multi Commodity Exchange of India Ltd (MCX) shares have been on a run for the past one year. On Wednesday, MCX shares were trading 1.08% higher at Rs 3192.75 per share on the BSE. As per current levels, the stock has surged about 44% on a year-to-date basis in 2026. Extending its winning streak over a longer horizon, the counter has delivered multibagger returns of over 168% in just a one-year period.

Meanwhile, following the last week’s release of its Q4FY26 earnings on May 8, brokerages have offered a mixed bag of views.

Buy, sell or hold?

HDFC Securities remains positive about MCX, maintaining a ‘Buy’ rating  in its results review note, raising stock’s target price to Rs 3,750 from Rs 3,230. “Options volume growth was led by a sharp rise in crude and natural gas, while gold and silver moderated after peaking in Jan 2026, the brokerage said.

“We expect momentum to sustain, with FY27E drivers including growth in traded UCCs, continued commodity volatility, new contract launches, and regulatory tailwinds,” HDFC Securities said.

Taking a more cautious stance, ICICI Securities downgraded the stock to ‘Hold’ from ‘Add’, setting a target price of Rs 3,150. “This is based on a 40x multiple on an FY28E core EPS of Rs 75 (ex-investment income, net of taxes, earlier Rs 68), while adding free cash (investments ex-margin money, SGF and regulatory capital) of Rs 150/share,” it said.

Motilal Oswal Financial Services (MOFSL) maintained a ‘Neutral; rating on MCX and cut its target price to Rs 2,850. The brokerage pointed out that the overall average daily Turnover (ADT) declined 11% sequentially due to a 26% quarter-on-quarter drop in bullion contracts. “Bullion and energy drove incremental volume growth in FY26; however, elevated bullion volatility led to a sequential moderation from peak levels in 4Q,” it noted.