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MCX Share Price: UBS raises target to ₹12,000 on strong earnings momentumUBS sees significant potential for further earnings upgrades, even after factoring in some moderation in trading volumes from October highs. It attributed October's strong performance to elevated bullion prices, higher volatility, and growing interest in energy commodities.By Meghna Sen   November 4, 2025, 8:37:17 AM IST (Published)2 Min ReadSwiss investment bank UBS reiterated its 'Buy' rating on the Multi Commodity Exchange of India (MCX) stock, raising its price target to ₹12,000 from ₹10,000 earlier.

The revised target implies a potential upside of nearly 26% from Monday's closing level.

UBS said that MCX's earnings for October alone, if annualised, work out to about ₹320 per share, which is roughly the level it had earlier projected for FY30. In comparison, the market consensus currently estimates ₹158 for FY26 and ₹191 for FY27.

The brokerage sees significant potential for further earnings upgrades, even after factoring in some moderation in trading volumes from October highs. It attributed October's strong performance to elevated bullion prices, higher volatility, and growing interest in energy commodities.

UBS also mentioned the contribution of new product launches, such as smaller-sized gold contracts, which accounted for about 40% of gold trading value in October, up from 30% in April 2025.

It further said that the launch of weekly and fortnightly options could provide additional upside, especially if regulators clarify their stance on such shorter-duration contracts.

UBS has raised its earnings per share estimates by 27% and 23% for FY26 and FY27, respectively.

Last week, MCX faced an hours-long outage caused by a technical issue. The exchange subsequently shifted operations to its Disaster Recovery (DR) site before reopening the markets.

During the outage, MCX said trading would resume from the DR site but did not disclose the nature of the glitch.

Among 11 analysts covering MCX, five recommend a 'Buy,' four suggest 'Hold,' and two rate it 'Sell.'

Shares of MCX rose 3.12% on Monday to ₹9,531.50, taking their gains for 2025 to nearly 52%.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsMCXMCX IndiaMCX PlatformMulti Commodity Exchange of India MCXshare market today