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Investing.com - Axis Capital Limited initiated coverage on Multi Commodity Exchange of India Ltd (MCX:IN) with a Buy rating and a price target of INR12,500.00 on Tuesday.
The research firm cited dual tailwinds supporting Indian commodity exchanges: growing commodities markets driven by healthy GDP growth and rising commodity consumption, alongside increasing participation from institutional and individual investors due to formalization.
MCX, which commands approximately 98% market share as the market leader, is experiencing earnings acceleration through new product launches, growing participation, and higher volatility in the market, according to Axis Capital.
The exchange’s new shorter-tenor and smaller-ticket-size products have boosted revenue growth to 59% year-over-year in FY25 and 43% in H1FY26, compared to 15% growth from FY21-24, the research note highlighted.
Axis Capital projects an earnings compound annual growth rate of 44% for MCX over FY25-28E, driven by revenue growth of 37% and margin expansion to 71%, while identifying regulations and rising competition as key risks to their outlook.
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