MCX (Multi Commodity Exchange of India) shares declined sharply in early trade on Friday, falling as much as 4.8% to ₹8,807.15 on the BSE, following the company’s Q2 FY26 results.

Q2 FY26 Performance

• Standalone net profit: ₹197.47 crore, up 28.5% from ₹153.62 crore in Q2FY25
• Revenue from operations: ₹374.23 crore, a 31% increase YoY from ₹285.58 crore
• Average Daily Turnover (ADT) of futures and options: ₹411,270 crore, up 87% YoY from ₹220,249 crore
• Bullion segment ADT share: Increased from 44% to 57%, supported by new variants such as Gold Mini and Gold Ten Futures

Morgan Stanley noted that MCX’s net profit and core EBITDA were in line with expectations. Its average daily transaction revenue (ADTR) jumped to ₹9.5 crore in October but moderated to ₹8 crore over the past 10 days. Sustained higher ADTR could create an upside risk to EPS forecasts.

Technical Outlook

According to Anshul Jain, Head of Research at Lakshmishree Investments, MCX shares are in tight consolidation after last week’s breakout from a three-week inside bar pattern.

• The narrow-range candle and declining volumes indicate a healthy pause, not weakness.
• A sustained move above ₹9,450 could trigger renewed momentum, potentially pushing the stock toward ₹10,200 in the coming sessions.
• Traders are advised to watch for volume expansion on any breakout as confirmation of strength.

Recent Performance

• 1 month: +14%
• 3 months: +18%
• 6 months: +54%
• YTD: +48%
• 2-year gain: 255%
• 5-year gain: 440%

As of 9:55 AM, MCX shares were trading slightly higher at ₹9,260.05, indicating some recovery after the initial decline.

MCX’s strong Q2 growth, coupled with technical consolidation, suggests potential for further gains if the stock breaks above key resistance levels.