Shares of Multi Commodity Exchange of India (MCX) rallied more than 3% to hit a fresh record high on Thursday, extending sharp gains amid multiple tailwinds that have pushed the stock nearly 9% higher over the past week.The shares of the company jumped to a fresh 52-week high of Rs 3,315.90 apiece on the NSE on Thursday morning. The stock has gained nearly 20% in one month and more than 50% in 2026 so far, rallying a whopping 166% over the past one year. Over the longer term, MCX shares have delivered returns of more than 1,116% in three years and 988% in five years.MCX Q4 resultsEarlier this week, MCX shares rallied sharply after the company reported a fourfold surge in net profit and a threefold rise in revenue from operations during the fourth quarter of FY26, boosting investor sentiment despite overall market weakness.The company’s net profit stood at Rs 530 crore in the January-March quarter of FY26, marking a 291% jump from the Rs 135 crore reported in the corresponding quarter of the previous financial year.The firm’s revenue from operations surged more than 205% to Rs 889 crore in Q4 FY26, compared with Rs 291 crore in the same period last year. Sequentially, net profit grew 32% from Rs 401 crore in Q3 FY26, while revenue rose 34% from Rs 666 crore in the December quarter of FY26.EBITDA soared 271% year-on-year to Rs 530 crore, while the EBITDA margin improved to 76% during the quarter under review.Gold, silver prices rallyLater, the shares of the company gained further as gold, silver and other metal futures rallied sharply. The surge in precious metals was driven by the government’s move to increase import duty on gold and silver to 15% in an effort to curb the rupee’s free fall and moderate non-essential imports during a period of heightened global uncertainty linked to the Iran-US conflict, which continues to keep oil prices elevated above the $100-per-barrel mark, with no signs of an early resolution.This came after Prime Minister Narendra Modi on Sunday urged citizens to reduce purchases of non-essential gold over the next year. Speaking in Secunderabad, Hyderabad, Modi said the move could help reduce pressure on foreign exchange reserves and imports.Motilal Oswal on MCX share priceMotilal Oswal Financial Services maintained its ‘Neutral’ rating on MCX shares, with a target price of Rs 2,850 apiece. This implies a downside potential of more than 11% from the stock’s previous closing price of Rs 3,204.2 apiece on the NSE.After the release of the results, Motilal Oswal said MCX continues to strengthen its product pipeline across metals, energy and commodity indices, with a focus on commodity index futures and options. New metal index products are expected in FY27, it added.“Bullion and energy drove incremental volume growth in FY26. However, elevated bullion volatility led to a sequential moderation from peak levels in Q4. Going forward, commodity volumes are expected to normalise, with estimates assuming a 10% decline in FY27 futures volumes but strong 92% and 40% growth in options notional and premium volumes, respectively,” the brokerage added.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)