The broker said MCX’s business model benefits from elevated commodity price volatility since the outbreak of the Iran war. Noting that exchange volumes typically rise with a heightened volatility in commodity prices, the bourse is well-positioned as broader decline in Indian equities. Analysts expect strong revenue growth in the current risk-off sentiment.

MCX is India's largest commodity derivatives exchange, with around 98% market share in commodity futures. It offers trading in a diverse range of commodities, spanning multiple segments including bullion, energy, metals and agri commodities, as well as sectoral commodity indices.

The company reported 150.63% year-on-year (YoY) surge in consolidated net profit to Rs 401.12 crore in Q3 FY26, compared with Rs 160.04 crore in Q3 FY25. Income from operations jumped 120.85% YoY to Rs 665.62 crore for the quarter ended 31 December 2025.