Multi Commodity Exchange of India Ltd logo

Multi Commodity Exchange of India Ltd

MCX NSE

Key Fundamentals

MidcapExchangeCapital Markets
Market Cap
₹75,057 Cr
Volatility
Moderate
P/E Ratio
50.37
EBITDA
₹1,642 Cr
Return on Equity
29.72%
Debt to Equity
0
Book Value
₹111.69
EPS
₹34.19
52W High
₹3,480
52W Low
₹1,460.8

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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52 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

6
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 48.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.4%
  • Company has been maintaining a healthy dividend payout of 29.8%
  • Company's median sales growth is 24.0% of last 10 years

Weaknesses

1
  • Stock is trading at 26.3 times its book value

Growth Rate

Revenue Growth
90.42% ↗
Net Income Growth
139.90% ↗
Cash Flow Change
114.90% ↗
ROE
392.87% ↗
ROCE
424.13% ↗
EBITDA Margin (Avg.)
7.30% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

MCX is India's near-monopoly commodity derivatives exchange with ~97% market share, reporting FY26 revenue of ₹2,429 crore (+101% YoY) and record PAT of ₹1,332 crore (+138% YoY). The stock trades at a PE of 49x and 26.5x book value, reflecting strong earnings momentum but demanding valuations relative to historical norms.

Bull Case 8
  • Near-monopoly with ~97% market share in Indian commodity derivatives, creating an extremely wide competitive moat with negligible threat from competitors
  • FY26 PAT surged 138% YoY to ₹1,332 crore on revenue of ₹2,429 crore (+101% YoY), demonstrating powerful operating leverage on incremental volumes
  • Virtually debt-free balance sheet provides financial flexibility and eliminates interest rate risk
  • 3-year ROE of 36.4% and last-year ROE of 56% indicate exceptional capital efficiency for a capital-markets infrastructure business
  • SEBI proposal to allow FPI participation in physically-settled non-agricultural commodity derivatives could add an incremental 3% to profits and structurally expand volumes over FY28-29
  • Compounded profit CAGR of 49% over 5 years and 108% over 3 years shows an accelerating earnings trajectory post technology platform migration
  • Gold price volatility (3.7% in March 2026 vs 1.3% YoY) directly drives turnover with ~90% correlation, and the current macro backdrop of geopolitical uncertainty supports continued elevated commodity volatility
  • Consistent dividend payout ratio of ~29.8% maintained alongside high reinvestment returns, with dividend yield at 0.27%
Bear Case 8
  • Stock trades at 26.5x price-to-book, among the most expensive financial-sector stocks in India, leaving minimal margin of safety if growth decelerates
  • PE of 49x prices in significant future growth; any miss on volume or earnings expectations could trigger sharp de-rating
  • SEBI tightened F&O regulations in FY26, causing a 51% crash in overall options volumes across Indian markets — regulatory intervention remains an ever-present risk for exchanges
  • Q1 FY27 PAT declined 22% QoQ to ₹413 crore and revenue fell 21% QoQ, signalling that quarter-to-quarter volatility in commodity turnover can produce lumpy earnings
  • Revenue is heavily correlated to commodity price volatility; periods of low volatility (e.g., gold vol at 1.3% in prior year) can materially compress turnover and transaction income
  • Stock has delivered 78% returns in 1 year and 111% CAGR over 3 years — such elevated prior returns increase the risk of mean-reversion or extended consolidation
  • Concentration risk: gold and energy contracts dominate turnover; failure to diversify into new asset classes (carbon credits, electricity, etc.) limits addressable market expansion
  • Regulatory ceiling on shareholding by trading members (currently 29.69%) and potential SEBI mandates on fee structures constrain pricing power and ownership flexibility

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 4
  • Q1 net profit surges 103% YoY Aug 4

    MCX reported consolidated net profit of ₹413.44 crore for Q1FY27, up 103% YoY, driven by ₹702.00 crore in operational income.

  • SEBI nod for Mineral Spot Exchange Aug 12

    SEBI approved MCX's investment of up to ₹100 crore in a proposed Mineral Spot Exchange Company to create a regulated platform for mined natural resources.

  • ED appointments ratified by shareholders Aug 15

    Shareholders approved ratification of two Executive Director appointments via postal ballot with over 90% support from public institutional holders.

  • ₹10 crore invested in IIBHL Aug 5

    MCX completed a ₹10 crore rights issue investment in India International Bullion Holding IFSC Limited after receiving regulatory approvals.

Neutral 4
  • Q1FY27 results and earnings call Aug 5

    MCX released unaudited Q1FY27 financials on Aug 4 and hosted an investor conference call on Aug 5 at 16:00 IST to discuss the results.

  • Analyst meet scheduled Aug 18 Aug 11

    MCX will hold an investor meeting in Mumbai on August 18, 2026 as part of the Motilal Oswal Global Investor Conference.

  • New Chief Compliance Officer appointed Aug 7

    Praveen DG appointed as Chief Compliance Officer effective August 6, 2026, retaining Key Managerial Personnel status and interim CRiO charge.

  • Q1 FY27 earnings call announced Jul 28

    MCX scheduled an earnings conference call for August 5, 2026 at 16:00 IST to discuss June quarter results via dial-in or webcast.

TL;DR: MCX is delivering strong financial performance with Q1FY27 profit doubling YoY on robust operational income growth. Strategic expansion into mineral spot trading and bullion infrastructure signals diversification beyond traditional commodities. No material headwinds are visible in recent news flow. The trend is clearly improving with earnings momentum and regulatory tailwinds supporting the growth trajectory.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
146
165
192
181
234
286
301
291
373
374
666
889
702
Expenses
136
195
212
79
102
106
108
131
132
132
172
224
208
Operating Profit
9
-30
-21
102
133
179
193
160
241
242
494
665
494
OPM %
6%
-18%
-11%
56%
57%
63%
64%
55%
65%
65%
74%
75%
70%
Other Income
20
19
18
20
19
26
24
30
33
27
31
36
50
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
4
7
11
14
13
14
15
22
17
20
22
19
21
PBT
25
-17
-14
108
138
191
202
168
256
249
503
682
523
Tax %
23%
9%
-63%
19%
20%
20%
21%
20%
21%
21%
20%
22%
21%
Net Profit
20
-19
-5
88
111
154
160
135
203
197
401
530
413
EPS in Rs
0.77
-0.75
-0.21
3.45
4.35
6.02
6.28
5.31
7.97
7.74
15.73
20.78
16.21
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
222
235
259
260
300
398
391
367
514
684
1,113
2,302
2,631
Expenses
135
160
180
184
206
219
205
206
369
621
447
660
736
Operating Profit
88
75
80
76
94
178
185
161
145
63
665
1,642
1,894
OPM %
39%
32%
31%
29%
31%
45%
47%
44%
28%
9%
60%
71%
72%
Other Income
110
111
117
88
75
105
104
46
68
75
98
127
144
Interest
1
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
26
25
19
17
15
18
22
23
22
36
64
78
81
PBT
170
162
178
147
154
265
267
184
191
102
699
1,690
1,957
Tax %
26%
29%
29%
26%
5%
11%
16%
22%
22%
18%
20%
21%
—
Net Profit
126
115
127
108
146
236
225
143
149
83
560
1,332
1,542
EPS in Rs
4.93
4.5
4.96
4.25
5.73
9.27
8.83
5.63
5.84
3.26
21.96
52.22
60.46
Div. Payout %
41%
29%
60%
80%
70%
65%
62%
62%
65%
47%
27%
15%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
51
51
51
51
51
51
51
51
51
51
51
51
Reserves
1,154
1,242
1,311
1,329
1,200
1,308
1,367
1,367
1,428
1,327
1,833
2,797
Borrowings
0
0
0
0
0
0
2
1
2
2
1
5
Other Liabilities
622
568
507
586
825
1,375
1,083
1,382
1,542
2,029
2,440
4,648
Total Liabilities
1,827
1,862
1,869
1,966
2,075
2,735
2,503
2,801
3,023
3,409
4,325
7,501
Fixed Assets
143
137
152
156
158
158
159
156
150
379
412
419
CWIP
2
3
0
6
19
24
26
95
169
16
18
28
Investments
1,295
1,114
1,198
1,322
1,066
1,256
1,205
1,157
1,047
914
1,401
2,949
Other Assets
387
607
519
482
832
1,296
1,112
1,392
1,658
2,100
2,494
4,104
Total Assets
1,827
1,862
1,869
1,966
2,075
2,735
2,503
2,801
3,023
3,409
4,325
7,501
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
70
78
-32
99
258
449
-184
391
141
442
950
3,035
Investing
-68
-30
55
36
-93
-27
-39
-142
-8
-346
-751
-2,399
Financing
-19
-61
-40
-92
-105
-123
-154
-142
-89
-98
-40
-154
Net Cash Flow
-18
-14
-17
43
61
299
-377
107
44
-2
159
481
Free Cash Flow
62
57
-59
73
231
422
-206
310
70
299
854
2,962
CFO/OP
126
177
24
170
306
281
-74
263
132
786
149
202
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
17
7
4
9
7
6
8
11
10
33
9
10
Cash Conversion Cycle
17
7
4
9
7
6
8
11
10
33
9
10
Working Capital Days
-522
-446
-287
-404
-429
-761
-424
-654
-463
-540
-390
-247
ROCE %
10%
10%
11%
8%
13%
15%
16%
14%
13%
7%
43%
71%

Shareholding Pattern

As of Jun 2026
DIIs 50.81%
FIIs 29.84%
Public 15.83%
Others 3.50%
Government 0.01%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
FIIs
0.25%
0.22%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.31%
0.00%
23.22%
20.69%
22.07%
23.13%
21.81%
21.69%
19.00%
20.64%
26.08%
29.84%
DIIs
37.92%
36.76%
40.63%
42.62%
45.37%
46.25%
49.43%
52.82%
52.71%
55.07%
56.43%
51.32%
56.88%
57.25%
57.46%
56.26%
58.10%
59.09%
60.50%
59.16%
54.36%
50.81%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
Public
19.03%
20.33%
15.89%
17.92%
20.75%
20.51%
21.88%
17.13%
16.10%
15.83%
14.16%
16.01%
15.50%
17.42%
15.99%
16.22%
15.74%
15.08%
16.34%
15.82%
15.51%
15.83%
Others
42.80%
42.68%
43.48%
39.45%
33.88%
33.24%
28.69%
30.05%
31.19%
29.10%
4.10%
32.67%
4.41%
4.64%
4.48%
4.39%
4.36%
4.14%
4.15%
4.38%
4.04%
3.50%
No. of Shareholders
1,26,875
1,44,809
1,62,320
2,04,124
2,37,592
2,35,687
2,38,891
1,97,616
1,88,868
1,79,975
1,65,446
1,73,682
1,76,305
2,02,603
2,01,692
2,35,262
2,43,456
2,34,989
2,56,715
2,52,470
3,60,169
4,32,684

Documents

Frequently Asked Questions about Multi Commodity Exchange of India Ltd

What does Multi Commodity Exchange of India Ltd do?
The MCX) commenced operation in Nov,03 is India’s first listed, national-level, electronic exchange, and India’s leading commodity derivatives exchange which offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. The Exchange operates under...
Where is Multi Commodity Exchange of India Ltd (MCX) listed?
Multi Commodity Exchange of India Ltd is listed on the Indian stock exchanges. It is listed on NSE: MCX and BSE: 534091. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Multi Commodity Exchange of India Ltd belong to?
Multi Commodity Exchange of India Ltd operates in the Capital Markets sector within the Exchange industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Multi Commodity Exchange of India Ltd?
Multi Commodity Exchange of India Ltd has a market capitalisation of approximately ₹75056.85 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Multi Commodity Exchange of India Ltd?
The Price-to-Earnings (PE) ratio of Multi Commodity Exchange of India Ltd is 50.37. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Multi Commodity Exchange of India Ltd?
Over the past 52 weeks, Multi Commodity Exchange of India Ltd has traded between a low of ₹1,460.8 and a high of ₹3,480. This range helps investors understand the stock's price volatility and recent trading levels.
Does Multi Commodity Exchange of India Ltd pay dividends?
Yes, Multi Commodity Exchange of India Ltd has a dividend yield of 0.27%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Multi Commodity Exchange of India Ltd?
Multi Commodity Exchange of India Ltd has a Return on Equity (ROE) of 29.72%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Multi Commodity Exchange of India Ltd on Tapetide?
On Tapetide, you can view Multi Commodity Exchange of India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

The MCX) commenced operation in Nov,03 is India’s first listed, national-level, electronic exchange, and India’s leading commodity derivatives exchange which offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. The Exchange operates under SEBI. [1]

Website mcxindia.com
CEO Ms. Praveena Rai
Employees 400
Listed 2012-03-09
Face Value ₹ 2
Issued Size 25,49,91,845

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