Strong Momentum Drives New High
MCX’s stock price opened with a gap up of 2.14% and touched an intraday high of Rs.2704.8, representing a 4.25% gain on the day. This marks the highest price level the stock has reached in the past 52 weeks, surpassing its previous peak and reflecting sustained investor confidence. The stock has recorded gains for three consecutive days, delivering a cumulative return of 16.88% over this period. Notably, it outperformed its sector by 2.7% on the day, underscoring its relative strength within the capital markets industry.
Trading above all key moving averages — including the 5-day, 20-day, 50-day, 100-day, and 200-day averages — MCX’s technical positioning remains firmly bullish. This alignment of short-term and long-term moving averages often signals a strong upward trend, reinforcing the stock’s positive momentum.
Exceptional One-Year Performance Compared to Benchmarks
Over the past year, MCX has delivered an impressive return of 133.28%, vastly outpacing the Sensex’s modest 6.84% gain during the same period. This remarkable outperformance highlights the stock’s ability to generate substantial shareholder value relative to the broader market. The stock’s 52-week low stood at Rs.882.02, illustrating the scale of its appreciation over the last twelve months.
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Robust Financial Fundamentals Underpinning the Rally
MCX’s strong price performance is supported by solid fundamental metrics. The company boasts a healthy long-term growth trajectory, with net sales expanding at an annual rate of 33.25% and operating profit growing at 33.13%. The latest quarterly results, declared in December 2025, were particularly noteworthy. Net sales reached a record Rs.665.62 crores, while PBDIT (Profit Before Depreciation, Interest and Taxes) hit an all-time high of Rs.495.16 crores. The operating profit margin to net sales ratio also peaked at 74.39%, reflecting operational efficiency and strong profitability.
Net profit growth was exceptional, rising by 102.33% in the latest quarter, continuing a streak of positive results for eight consecutive quarters. The company’s average return on equity (ROE) stands at a robust 16.92%, indicating effective capital utilisation and consistent value creation for shareholders.
Institutional Confidence and Valuation Metrics
Institutional investors hold a significant 79.79% stake in MCX, signalling strong confidence from well-resourced market participants who typically conduct thorough fundamental analysis. This high level of institutional ownership often contributes to stock price stability and liquidity.
However, the stock trades at a premium valuation, with a price-to-book value of 31.7 and a return on equity of 33.4, reflecting its expensive market positioning relative to peers. Despite this, the price-to-earnings-to-growth (PEG) ratio of 0.9 suggests that the stock’s price growth remains reasonably aligned with its earnings expansion, indicating balanced valuation dynamics.
Market Context and Sector Performance
While MCX surged to a new 52-week high, the broader market showed mixed signals. The Sensex opened flat but declined by 586.78 points (-0.68%) to close at 81,782.18. Several indices, including NIFTY PSE, NIFTY CPSE, and NIFTY METAL, also reached new 52-week highs on the same day, reflecting pockets of strength within the market despite the overall decline. The Sensex is currently trading below its 50-day moving average, though the 50-day average remains above the 200-day average, indicating a cautious medium-term outlook for the benchmark index.
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Consistent Outperformance and Quality Grades
MCX’s performance over the last three years has been consistently strong, outperforming the BSE500 index in each annual period. The company’s Mojo Score stands at 82.0, earning it a “Strong Buy” grade as of 18 Nov 2025, upgraded from a previous “Buy” rating. This upgrade reflects improved confidence in the company’s long-term fundamentals and growth prospects.
Despite a market capitalisation grade of 2, indicating a mid-cap status, MCX’s financial strength and growth metrics place it among the top performers in the capital markets sector. The stock’s ability to sustain high returns and deliver record quarterly results has been a key driver behind its recent price appreciation.
Summary of Key Metrics
To summarise, Multi Commodity Exchange of India Ltd’s stock has reached a new 52-week high of Rs.2704.8, supported by:
- Three consecutive days of gains, with a 16.88% return in this period
- Outperformance of sector by 2.7% on the day of the new high
- Strong quarterly results with record net sales and operating profit
- Average ROE of 16.92% and net profit growth of 102.33% in the latest quarter
- High institutional ownership at 79.79%
- Mojo Score of 82.0 and upgraded grade to Strong Buy
This milestone reflects the company’s sustained growth and operational strength within the capital markets sector, setting a benchmark for performance in the current market environment.
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