ICICI Securities has raised its target price for Multi Commodity Exchange of India Ltd. (MCX) to 12,500 from 10,000, maintaining an 'Add' rating. The brokerage cited strong volume momentum driven by elevated commodity market volatility and sustained high trading activity. ICICI Securities anticipates MCX's profit after tax to nearly double Q-o-Q in Q3 FY26, with long-term drivers including capital-efficient products and digital brokers, though it remains cautious about sustained volume growth.