MCX
Key Fundamentals
MidcapExchangeCapital MarketsPrice-based figures as of 13 Oct 2026, 15:28 IST · EPS basis: Consolidated · TTM
Peer Comparison
Financial Services › Capital Markets › Exchange › Exchange and Data Platform
| — | 22.28 | 4,28,398 Cr | 13.34 | 2.02% | 31.70% | 30.15% | 19,466 Cr | 10,982 Cr | |
| ₹3,375.40 | 48.53 | 1,37,677 Cr | 20.63 | 0.30% | 36.43% | 40.85% | 5,879 Cr | 2,822 Cr | |
| MCX (this company) | ₹3,308.00 | 54.71 | 84,351 Cr | 29.62 | 0.24% | 46.75% | 39.04% | 2,775 Cr | 1,541 Cr |
| ₹106.40 | 19.49 | 9,488 Cr | 7.05 | 3.34% | 36.12% | 45.71% | 786 Cr | 488 Cr | |
| Median 4 companies | ₹3,308.00 | 35.41 | 1,11,014 Cr | 16.99 | 1.16% | 36.28% | 39.95% | 4,327 Cr | 2,182 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
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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 28.5 times its book value
Technical Indicators
Oscillators
Neutral
Overall
Bullish
Moving Averages
Bullish
14 of 16 analysts rate Buy, 2 Hold, 0 Sell.
Updated 13 Oct 2026
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 70% · Jun 2026
AI Analysis — Bull vs Bear
As of the 2026-10-09 close, Multi Commodity Exchange of India Ltd (MCX) traded at ₹3,318.2, giving a market capitalisation of ₹84,611.39 crore, a trailing P/E of 54.88 and a P/B of 29.71. The company carries no debt (debt-to-equity of 0) and reports an ROE of 46.75% and an ROCE of 39.04%. TTM sales grew 110% and TTM profit grew 136%. The stock rose 94% over one year and is about 4.7% below its 52-week high of ₹3,481.4, while its dividend yield is 0.25%.
- Profit is growing quickly over every period: 136% in the TTM, a 108% CAGR over 3 years and a 49% CAGR over 5 years. The 5-year figure lines up with the stated 48.7% CAGR.
- Returns on capital are high for a balance-sheet-light exchange. ROE is 46.75% and ROCE is 39.04%. ROE has risen steadily, from a 10-year average of 20% to 28% over 5 years, 36% over 3 years and 56% last year.
- Revenue growth has lasted a long time. Sales grew at a 26% CAGR over 10 years with a median annual growth of 24.0%. Growth has also sped up, to a 65% CAGR over 3 years and 110% in the TTM, which points to operating leverage in an exchange model with mostly fixed costs.
- The balance sheet carries no debt (debt-to-equity of 0). This removes refinancing and interest-rate risk and helps the company meet regulatory net-worth and settlement-guarantee-fund requirements without borrowing.
- MCX is the dominant commodity derivatives exchange in India. Its market cap of ₹84,611.39 crore reflects a scale and liquidity advantage, and liquidity tends to concentrate on the incumbent venue, which makes it hard for competitors to win share.
- Shareholder returns have compounded over the long run: the stock's CAGR was 98% over 3 years, 54% over 5 years and 28% over 10 years. Over that time the company also kept a dividend payout of 29.8%.
- Earnings have kept pace with the price. TTM EPS of ₹60.46 grew 136%, faster than the stock's 94% one-year gain, so earnings growth explains much of the rerating, not just a higher multiple.
- The data points to continued strength in the near term: the company is expected to report a good quarter, and TTM sales growth of 110% shows trading volumes are still high.
- The valuation is high in absolute terms. A P/E of 54.88 means an earnings yield of about 1.8%, so the price already assumes high growth will continue for years.
- The P/B of 29.71 is very high (the stated pros/cons list gives 28.5x book). There is little asset backing if earnings return to normal levels.
- Recent growth is unusually fast and may not repeat. TTM sales growth of 110% and profit growth of 136% are well above the 10-year averages of 26% for sales and 31% for profit, which makes the comparison base for the coming years much harder.
- Revenue depends on trading volumes, which rise and fall with commodity price volatility, especially in bullion and energy. The 10-year average ROE of 20%, against 56% last year, shows how much profitability swings across market cycles.
- Regulators pose a concentration risk. Much of the volume growth behind the 110% TTM sales growth comes from options trading. If SEBI tightens rules on derivatives (lot sizes, margins, retail participation curbs) or changes transaction-fee structures, revenue could fall sharply.
- Much of the good news may already be in the price. The stock is up 94% in one year and trades about 90.7% above its 52-week low of ₹1,740. At ₹3,318.2 it is within about 4.7% of its 52-week high of ₹3,481.4, which leaves room for a sharp drop if growth disappoints.
- The income return is small. The dividend yield is 0.25% despite a 29.8% payout, so almost all of the shareholder return depends on the share price continuing to rise.
- Competition could increase. Other exchanges offer commodity derivatives, and any share they take from MCX would hurt operating leverage on a business valued at ₹84,611.39 crore.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹103 crore GST notice for FY23 Sep 30
A show-cause notice dated September 29 under Section 73(1) of the CGST/MGST Act proposes a ₹54.08 crore tax demand, ₹43.82 crore in interest and a ₹5.41 crore penalty for alleged short payment and wrongly availed ITC in FY23. MCX says it has a strong case and expects no material impact on its finances or operations.
- Steep valuation premium over sector Sep 22
MCX trades at a P/E of 54.0, against a sector average of 21.4, with a market cap of ₹83,009 crore. That leaves little room for error if growth slows.
- Bearish short-term momentum signals Sep 22
The MACD line sits below its signal line and the 14-day RSI is near 39. The stock is 6.9% below its 52-week high of ₹3,480 and fell 1.77% to ₹3,266 on Sep 29.
- Domestic institutions trimming stake Sep 22
DII holding fell from 59.09% to 50.81% over the past five quarters. This points to some domestic profit-taking after the strong rally.
- Profit up 137.8% year on year Sep 22
TTM revenue roughly doubled to ₹2,429 crore from ₹1,209 crore, and net profit rose to ₹1,332 crore from ₹560 crore. Debt-to-equity is 0.0.
- Macquarie sees 19% revenue CAGR Sep 29
Macquarie expects MCX revenue to grow at a 19% CAGR through FY30, driven by rising participation and new products such as natural gas and crude oil options. The stock is up about 48.87% in 2026.
- FII stake rises to 29.84% Sep 22
Foreign institutional holding climbed from 21.69% to 29.84% over five quarters. That signals growing global investor confidence.
- Stock rose despite GST notice Sep 30
Shares closed at ₹3,300, up ₹58 (1.79%) on BSE, despite the tax notice. The stock remains about 113% above its 52-week low of ₹1,521.40.
- ₹8 final dividend declared Sep 17
The 24th AGM on September 17 approved the FY26 financial statements and a final dividend of ₹8 per equity share.
- Religare advises gradual accumulation Sep 22
Ajit Mishra of Religare Broking recommended gradually accumulating MCX around ₹3,031, citing its relative strength among platform stocks. The stock trades above its 50-DMA (₹3,004.74) and 200-DMA (₹2,692.38).
- Ramesh Varakhedkar named CBO Sep 29
The former ICICI Securities head of commodities, with 30+ years of experience, became Chief Business Officer and KMP effective September 28, 2026.
- New product and innovation chiefs Oct 9
Nishant Pradhan, with 25+ years in AI and capital markets, became Chief of Innovation effective September 25. Shivanshu Mehta moved from Head-Bullion and interim CBO to Chief of Product for Precious & Base Metals effective October 8.
- Daily volume steady at ₹11,000 crore Sep 16
Average daily trading volume held at ₹11,000 crore in September, led by crude oil and bullion contracts. Like-for-like volumes trended higher.
- Busy institutional investor meeting schedule Sep 18
MCX scheduled meetings with Axis Max Life (Sep 21), Nomura AM (Sep 22), JP Morgan and Elara Capital (Sep 23), and Dymon Asia (Sep 24), as disclosed under SEBI LODR.
- CEO focuses on fintech partnerships Sep 30
MD & CEO Praveena Rai said the exchange's next phase of growth will come from technology and fintech partnerships rather than going it alone.
TL;DR: MCX is executing well: TTM net profit has more than doubled to ₹1,332 crore, FII ownership is rising, and the stock is up about 49% in 2026 with a debt-free balance sheet. The main risks are a P/E of 54 against a sector average of 21.4, weakening short-term momentum, falling DII holdings, and a ₹103 crore GST notice that management calls immaterial. The fundamental trend is still improving, helped by the leadership overhaul and new options products. Near-term upside likely depends on whether trading volumes keep growing fast enough to justify the premium valuation.
Analyst Forecasts
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 (₹) | 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 417 |
| CWIP | 2 | 3 | 0 | 6 | 19 | 24 | 26 | 95 | 169 | 16 | 18 | 31 |
| 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | -391 | -465 |
| ROCE % | 10% | 10% | 11% | 8% | 13% | 15% | 16% | 14% | 13% | 7% | 43% | 71% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY11–FY27.
Documents
Frequently Asked Questions about MCX
What does Multi Commodity Exchange of India Ltd do?
Where is Multi Commodity Exchange of India Ltd (MCX) listed?
Which sector does Multi Commodity Exchange of India Ltd belong to?
What is the market capitalisation of Multi Commodity Exchange of India Ltd?
What is the PE ratio of Multi Commodity Exchange of India Ltd?
What is the 52-week high and low of Multi Commodity Exchange of India Ltd?
Does Multi Commodity Exchange of India Ltd pay dividends?
What is the Return on Equity (ROE) of Multi Commodity Exchange of India Ltd?
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]
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