The next-best performer is Hong Kong Exchanges and Clearing, which has gained 26% over the same period. It operates the Hang Seng index. Japan Exchange Group has risen 25% while Nasdaq Inc. delivered 21% returns in the past 12 months.
ASX Limited, which operates the Australian Securities Exchange, gained 10% while Euronext posted relatively modest gains of 7%. While Euronext is a European bourse based in Amsterdam, Deutsche is a German exchange.
American peers lagged further behind, with Intercontinental Exchange — which operates the NYSE — rising just 3%, and TMX Group delivering a 5% return.
TMX Group Limited is a Canadian financial services company that operates major securities and derivatives exchanges, as well as clearing, settlement, and market data businesses.
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Among other major players, London Stock Exchange Group (LSEG) is down 19%, while Germany’s Deutsche Boerse AG is trading with cuts of 6%.
India’s exchange stocks’ sharp outperformance reflects a combination of strong retail participation, rising derivatives volumes, and operating leverage, which have boosted earnings visibility. Additionally, regulatory tailwinds and increasing financialisation of savings in India have supported sustained growth in trading activity.
In contrast, global peers, many of which have more diversified but mature business models spanning data, clearing, and analytics, have seen relatively stable but slower growth, limiting sharp stock price re-rating.
Dr Ravi Singh, Chief Research Officer from Master Capital Services, lauds the performance of MCX, highlighting how the commodity markets play has “clearly stood out over the past year”. In his view, the outperformance isn’t just momentum-driven but reflects a broader structural improvement, with stronger participation in commodity derivatives, better execution after earlier tech issues, and the advantage of operating in a market that still has significant growth headroom.
Echoing a similar sentiment, Sathvik Vishwanath, Co-Founder and CEO of Unocoin, said the rally in MCX reflects a deeper structural shift in exchange economics rather than a cyclical upswing. A key driver is the transition from futures to options, which enhances fee stability, increases retail participation, and improves operating leverage, he said. MCX, which has a monopoly in non-agri commodity trading in India, benefits from regulatory protection, centralised liquidity, and pricing power, Vishwanath said.
MCX outperformance amid weak market performance
MCX’s stellar run becomes more commendable at a time when domestic markets have struggled because of internal and external headwinds. Poor domestic earnings have weighed on Indian equities, making them pricier vis-à-vis global markets. Foreign Institutional Investors (FIIs) have preferred selling local stocks for more than a year now. They have sold shares worth Rs 1.79 lakh crore in 2026 so far, after remaining net sellers in 2025 at Rs 1.66 lakh crore. US tariff and the Iran-Israel war are global factors that have weakened markets.
As opposed to BSE Sensex’s 4% one-year returns and Nifty’s 6% returns, Japan’s Nikkei 225 has yielded 70% returns in the same period. Meanwhile, the Wall Street frontline index, the S&P 500, has rallied 30%. Germany’s DAX has risen 15%, Hang Seng is up 21%, while China’s Shanghai Composite is 25% higher on an annual basis.
The UK’s FTSE 100, Dow 30 and French CAC 40 gained 30%, 19% and 14%.
MCX share price outlook
Dr Singh does not find valuation comfort in MCX shares after the recent sharp rally, though he sees the stock as a long-term story. He warns against a near-term correction. Decoding those charts, the expert sees the breakout above the 2,700 zone as an important development. “This level now acts as a key support, and as long as it holds, the overall trend remains positive. On the upside, the next zones to watch are 2,850–2,900, with 3,000 as a possible extension. However, some consolidation around current levels would be quite normal before the next move,” Singh said.
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MCX commands a premium akin to CME Group due to predictable cash flows and strong moats, said Vishwanath.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)