NASDAQ:LPTH 25 April 2026

July 1, 2026, 2:28 AM EDT. Jefferies kicked off coverage on Multi Commodity Exchange of India Ltd (MCX) with a Buy rating and set a price target at Rs 3,600-27% above the current Rs 2,841. MCX, though just a fifth the size of NSE by individual equity derivative traders, almost monopolizes non-agri commodity contracts. Jefferies projects a 20% CAGR in revenue to Rs 400 billion by FY29 and expects 22% annual EPS growth, with margins hitting 73%. The firm points to more retail activity and new mini contracts ahead for India's commodity derivatives market, where MCX already dominates. Shares trade at 46x FY27 P/E, below both U.S. and Asian comparables, so Jefferies sees the stock as undervalued for its growth.