# UBS upgrades MCX to Buy, sets Rs 3,800 target on valuations 2026-08-13T08:50:12+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet UBS has upgraded Multi Commodity Exchange of India (MCX) to Buy from Neutral and raised its 12-month price target to Rs 3,800 from Rs 3,600. The global brokerage cited attractive valuations after a 15% correction from May's peak, resilient trading volumes, and potential regulatory catalysts including Sebi's proposal for Foreign Portfolio Investment in commodity derivatives. UBS raised FY27-FY29 EPS estimates by 4%-9% and sees upside of over 28% from the previous close of Rs 2,962. MCX shares traded at Rs 2,980 on Thursday, up 0.61%. The stock has risen nearly 35% in 2026, 78% in one year, and over 840% in three years. MCX's Q1 FY27 revenue surged 88% year-on-year to Rs 7 billion, supported by a 47% jump in futures average daily turnover. UBS expects EBITDA margins to expand to 77% by FY28 on operating leverage. ## Coverage - economictimes.indiatimes.com Tags: commodity derivatives, MCX, Sebi FPI, stock rating, target price, UBS Canonical: https://indianopinion.org/ubs-upgrades-mcx-to-buy-sets-rs-3800-target-on-valuations/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/ubs-upgrades-mcx-to-buy-sets-rs-3800-target-on-valuations/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.