Motilal Oswal maintains ‘Neutral’ on MCX with a target price of Rs 6,100

Motilal Oswal Financial Services (MOSL) has maintained a ‘Neutral’ rating on MCX (Multi Commodity Exchange) with a target price of ₹6,100, indicating an upside potential of approximately 10.9% from the current market price of ₹5,500.25.

The brokerage highlighted that MCX’s Q3 earnings missed expectations, though the company reported a healthy volume growth of 102% year-on-year. Management remains optimistic about sustaining this momentum, driven by the launch of new products and increased market participation.

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However, MOSL has cut its EPS estimates for FY25, FY26, and FY27 by 4%, 14%, and 11%, respectively, citing a lack of visibility on the timeline for new product launches, which is crucial for a potential re-rating of the stock.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.