Multi Commodity Exchange of India Ltd logo

Multi Commodity Exchange of India Ltd

MCX NSE

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]

AI Verdict: BUY Confidence: 7%

MCX trades at a premium PE of 54x, but its monopoly position in Indian commodity derivatives, 138% TTM profit growth, and debt-free balance sheet justify a BUY with 83% analyst consensus. The 56% ROE last year and 107% TTM sales growth reflect a structural shift in volumes post successful technology migration.

Key Fundamentals

MidcapExchangeCapital Markets
Market Cap
₹72,035 Cr
Volatility
Moderate
P/E Ratio
54.23
EBITDA
₹1,642 Cr
Return on Equity
10.07%
Debt to Equity
0
Book Value
₹111.69
EPS
₹34.19
52W High
₹3,480
52W Low
₹1,460.8

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 25.4 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 3d ago
BUY
Risk medium

MCX trades at a premium PE of 54x, but its monopoly position in Indian commodity derivatives, 138% TTM profit growth, and debt-free balance sheet justify a BUY with 83% analyst consensus. The 56% ROE last year and 107% TTM sales growth reflect a structural shift in volumes post successful technology migration.

Bull Case 8
  • Exceptional TTM profit growth of 138% demonstrates strong operating leverage as volumes scale on the new technology platform
  • Revenue CAGR of 65% over 3 years and 107% TTM sales growth indicate accelerating topline momentum
  • Last year ROE of 56% is best-in-class for any exchange business globally, reflecting capital-light model efficiency
  • Company is virtually debt-free, giving it financial flexibility to invest in new product segments and technology
  • 83% analyst buy rating with zero sell recommendations from 12 covering analysts signals strong institutional conviction
  • 5-year profit CAGR of 49% with 3-year ROE averaging 36% shows consistency beyond just one strong year
  • Stock CAGR of 105% over 3 years reflects market re-rating of MCX as a monopoly exchange with secular growth tailwinds
  • Healthy dividend payout of 29.8% provides income return alongside capital appreciation, with 1.06% current yield
Bear Case 8
  • PE ratio of 54x is expensive even for a high-growth exchange, leaving limited margin of safety if growth decelerates
  • Price-to-book of 25.1x is extremely elevated and prices in years of future growth, making valuation vulnerable to any earnings miss
  • Market cap of Rs 71,191 Cr implies the market expects sustained 30%+ earnings growth for several years which may be difficult to maintain after 138% TTM surge
  • 10-year sales CAGR of only 26% versus recent 107% TTM growth suggests current momentum may be cyclical rather than structural
  • Monopoly status could attract regulatory intervention on transaction charges, capping revenue growth potential
  • 5-year stock CAGR of 56% versus 3-year CAGR of 105% shows much of the re-rating is recent and could mean-revert
  • 10-year ROE of only 20% versus last year's 56% highlights that current profitability levels may not be sustainable long-term
  • Single-product concentration in commodity derivatives exposes MCX to regulatory or sentiment shifts in commodity markets

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 3
  • UBS downgrades to Neutral May 29

    UBS downgraded MCX from Buy to Neutral on May 29, citing peak earnings momentum and stretched valuation at ~50x forward earnings, ~10% above historical average.

  • Volume normalization in Q1FY27 May 29

    Q1FY27 volumes have normalized from elevated Q4FY26 levels as extraordinary commodity volatility moderates, raising concerns about earnings sustainability.

  • Stock corrects 4.45% post-rally May 29

    MCX fell 4.45% to ₹3,159.80 after a 44% YTD rally, as market transitions from pricing exceptional to sustainable performance.

Positives 6
  • FY26 revenue surges 107% YoY May 29

    MCX revenue from operations surged 107% to ₹2,302 crore in FY26, with net profit more than doubling to ₹1,332 crore. Q4FY26 revenue hit ₹889 crore (up 205% YoY) with profit at ₹530 crore (up 291% YoY).

  • Dominant 97-99% market share May 29

    MCX commands 97-99% market share in bullion, base metals, and energy with ROE at 34.33%, EBITDA margins at 73%, and zero debt. 9 of 13 analysts maintain Buy ratings with zero Sell ratings.

  • Client base grows 60% to 21L May 29

    Retail client base grew from 13 lakh to 21 lakh in FY26, a 60% jump, with ADT growing 2.5x to approximately ₹5.4 trillion per day.

  • MCX Coal Exchange incorporated Jun 12

    MCX incorporated MCX Coal Exchange of India Limited on June 11, 2026 as a wholly owned subsidiary, following SEBI approval for a coal spot exchange.

  • Silver 100 futures launched Jun 1

    MCX launched Silver 100 futures to expand its bullion portfolio, enabling hedging for jewelers and retail investors.

  • Two Executive Directors appointed May 27

    SEBI approved Sanjay Rajpal and Manoj Jain as Executive Directors for five-year terms, strengthening MCX's leadership team.

Neutral 3
  • Heavy analyst meeting schedule Jun 23

    MCX scheduled 10+ one-on-one analyst meetings between June 1-30 with firms including GIC, William Blair, Kotak MF, Jefferies, Hill Fort Capital, and Axis Max Life Insurance.

  • Public Interest Director appointed May 28

    MCX appointed former SEBI Whole Time Member Santosh Kumar Mohanty as Public Interest Director for a three-year term effective May 28, 2026.

  • Holiday split trading schedule May 27

    MCX followed split schedule on May 28 for Bakri Eid, closing morning session but resuming evening trade from 5:00 PM to 11:30/11:55 PM.

TL;DR: MCX delivered a transformative FY26 with 107% revenue growth, 73% EBITDA margins, and near-monopoly market share, but the stock faces a valuation reality check after a 44% rally and UBS's downgrade citing peak earnings. The structural growth story remains intact with product expansion (coal exchange, Silver 100 futures) and heavy institutional interest evident from numerous analyst meetings. The key risk is whether Q4FY26's extraordinary volumes represent a cyclical peak or new baseline — Q1FY27 results will be the critical signal for direction.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
134
146
165
192
181
234
286
301
291
373
374
666
889
Expenses
134
136
195
212
79
102
106
108
131
132
132
172
224
Operating Profit
0
9
-30
-21
102
133
179
193
160
241
242
494
665
OPM %
0%
6%
-18%
-11%
56%
57%
63%
64%
55%
65%
65%
74%
75%
Other Income
20
20
19
18
20
19
26
24
30
33
27
31
36
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
6
4
7
11
14
13
14
15
22
17
20
22
19
PBT
14
25
-17
-14
108
138
191
202
168
256
249
503
682
Tax %
61%
23%
9%
-63%
19%
20%
20%
21%
20%
21%
21%
20%
22%
Net Profit
5
20
-19
-5
88
111
154
160
135
203
197
401
530
EPS in Rs
0.21
0.77
-0.75
-0.21
3.45
4.35
6.02
6.28
5.31
7.97
7.74
15.73
20.78
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
222
235
259
260
300
398
391
367
514
684
1,113
2,302
Expenses
135
160
180
184
206
219
205
206
369
621
447
660
Operating Profit
88
75
80
76
94
178
185
161
145
63
665
1,642
OPM %
39%
32%
31%
29%
31%
45%
47%
44%
28%
9%
60%
71%
Other Income
110
111
117
88
75
105
104
46
68
75
98
127
Interest
1
0
0
0
0
0
0
0
0
0
0
0
Depreciation
26
25
19
17
15
18
22
23
22
36
64
78
PBT
170
162
178
147
154
265
267
184
191
102
699
1,690
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
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
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 Mar 2026
DIIs 54.36%
FIIs 26.08%
Public 15.51%
Others 4.04%
Government 0.01%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Financial Services sector within the Capital Markets 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 ₹72035.20 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 54.23. 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 1.06%. 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 10.07%. 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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