Refer Exhibits 2 and 3 for scenario analysis of earnings to volume drivers. Basis our revised target price of INR 6,670, MCX is trading at 45.2x FY26E P/E and 49.6x FY26E core P/E (ex-other income).

Target is slashing prices on more than 2,000 items, marking the second time this year that the retailer cut customer costs as it attempts to attract inflation-weary shoppers ahead of the holiday ...