MCX
MCX
Capital Markets F&OKey Fundamentals
MidcapExchangeCapital MarketsTapetide Score
Data-driven rating, 0–100. How it works →
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 29.3 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoMulti Commodity Exchange of India (MCX), with a market cap of ₹83,138 Cr, is India's leading commodity derivatives exchange currently trading at a PE of 54.6x and 29.5x book value. The company has delivered exceptional recent growth with TTM sales up 110% and profits up 136%, while maintaining a debt-free balance sheet and a 3-year ROE of 36%.
- Dominant market position as India's largest commodity derivatives exchange, operating in a sector with high barriers to entry due to regulatory licensing requirements
- Exceptional profit growth with TTM compounded profit growth of 136% and a 5-year profit CAGR of 49%, indicating strong operating leverage as volumes scale
- Virtually debt-free balance sheet, eliminating financial risk and providing flexibility for technology investments and capital returns
- Strong return on equity trajectory — last year ROE of 56%, 3-year average ROE of 36%, and 5-year average ROE of 28% — showing improving capital efficiency
- Revenue growth has been robust and accelerating, with TTM sales growth of 110%, 3-year compounded sales growth of 65%, and a 10-year median sales growth of 24%
- Consistent dividend payout ratio of 29.8%, providing shareholders with regular income even as the company reinvests for growth
- Stock has delivered a 1-year return of 118% and a 3-year CAGR of 112%, reflecting strong market recognition of the business turnaround post technology platform migration
- Long-term compounded sales growth of 26% over 10 years demonstrates a sustained secular trend of increasing commodity derivatives participation in India
- Valuation is stretched at a PE of 54.6x, significantly above typical capital markets and exchange peers, leaving limited margin of safety if growth decelerates
- Price-to-book ratio of 29.5x is extremely elevated, meaning investors are paying a very large premium over the company's net asset value
- Regulatory concentration risk — MCX operates under SEBI oversight and any adverse changes to commodity trading regulations, margins, or product approvals could materially impact volumes and revenue
- Revenue is highly dependent on trading volumes which are cyclical and sensitive to commodity price volatility; a period of low volatility could compress turnover and fee income significantly
- Dividend yield of just 0.24% is minimal, offering negligible income support at current valuations despite the 29.8% payout ratio
- Near-monopoly status invites potential regulatory intervention or encouragement of competition; any new exchange entrant or policy shift favoring competitor platforms would erode market share
- The 10-year stock CAGR of 33% versus the 10-year profit CAGR of 31% suggests recent re-rating has been driven partly by sentiment expansion, which could reverse if earnings momentum slows
- 52-week high/low data is unavailable (reported as 0), but the 118% one-year stock appreciation implies the stock may be trading near peak levels, increasing downside risk from mean reversion
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- 27% correction from May highs Aug 19
BSE and MCX stocks declined ~27% each from May 2026 highs, with MCX trading down 2.5% at ₹2,983. Technical support identified at ₹2,650-2,600 band.
- BSE targets 15% commodity share Aug 21
BSE is targeting 15% market share in commodity derivatives within 24 months, leveraging superior technology and competitive fees against MCX's 98% dominance.
- Regulatory and margin risks persist Aug 21
SEBI consultation papers still in proposal stage with 6-12 month implementation timelines. Banks and insurers signaled in May 2026 they are not in favor of participating in commodity derivatives. High margins (crude ~30%, gold ~10%) constrain volume growth.
- ₹1.25 crore regulatory penalty Aug 26
MCX disclosed a ₹1.25 crore regulatory penalty in its FY26 BRSR filing, alongside a 13.28% employee turnover rate.
- Record ₹62.93 lakh crore turnover Aug 29
MCX achieved highest-ever single-day turnover of ₹62.93 lakh crore on Aug 28, with 3.13 crore contracts traded. Options contributed ₹61,84,516 crore driven by surging gold prices.
- Electricity futures hit record volumes Sep 6
Electricity futures recorded highest-ever single-day turnover of ₹245 crore on Sep 4 with 4.20 lakh MWh volume. Open interest hit all-time high of 1.40 lakh MWh, up 45% YoY.
- ₹200 crore coal/minerals expansion Aug 17
MCX plans ₹200 crore investment (₹100 crore each) for coal and minerals exchanges approved by SEBI. Expected operational by FY27, addressing domestic price discovery gap.
- UBS, JPMorgan upgrades to Buy Aug 17
UBS upgraded to Buy with ₹3,800 target (28% upside), JPMorgan upgraded to Overweight at ₹3,500, and HDFC Securities reaffirmed Buy at ₹3,600. EBITDA margin forecast at 77% by FY28.
- FY26 revenue up 113%, PAT +138% Aug 21
Revenue grew 113% YoY to ₹2,302 crore in FY26, PAT surged 138% to ₹1,332 crore. Q1 FY27 revenue hit ₹702 crore (+88% YoY) with net profit up 103% to ₹413 crore.
- ₹8 final dividend declared Aug 21
MCX fixed Aug 28 as record date for ₹8 per share final dividend for FY26, payable by Oct 15, 2026. Stock up 45% YTD and 101% over one year.
- FPIs allowed in commodities Sep 2026 Sep 4
FPIs will access gold, silver and non-agri commodities on MCX from September 2026. FPIs currently account for only ~3% of MCX volumes vs 16% at equity exchanges, implying significant growth potential.
- Shareholders ratify ED appointments Aug 15
Two Executive Director appointments ratified via postal ballot with over 90% support from public institutional holders.
- ₹9.20 crore IIBHL investment Sep 10
MCX invested ₹9.20 crore in India International Bullion Holding IFSC Limited via rights issue, subject to regulatory approvals.
- Multiple analyst meetings scheduled Sep 9
MCX scheduled virtual and physical meetings with Ninety One (Sep 18), American Century (Sep 4), Epoch Investment Partners (Sep 3), Nuvama (Sep 4), Bernstein SG (Sep 1), Sixteenth Street Capital (Aug 28), and Macquarie Capital (Aug 26).
- 24th AGM set for Sep 17 Aug 26
MCX scheduled its 24th Annual General Meeting for September 17, 2026 via video conferencing. FY26 annual report and BRSR filed.
- Buy-on-decline strategy endorsed Sep 7
Chola Securities' Dharmesh Kant maintains bullish 2-3 year outlook on MCX, recommending accumulation during corrections amid mixed global cues and FII selling of ₹3,112 crore on Sep 4.
TL;DR: MCX is firing on all cylinders with record turnover (₹62.93 lakh crore), explosive volume growth (F&O ADT +238% YoY), and strong financials (FY26 PAT +138% to ₹1,332 crore). Strategic expansion into coal/minerals exchanges and upcoming FPI access in Sep 2026 provide clear growth catalysts, backed by multiple analyst upgrades (UBS ₹3,800, JPMorgan ₹3,500). Key risks include the 27% correction from May highs, BSE's competitive push for 15% commodity market share, and regulatory implementation delays on SEBI proposals. The structural growth story remains intact with India's commodity derivatives at just 70bps of deliverable supply, but rich valuations (51.6x P/E) demand continued execution on volumes and regulatory reforms.
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 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 |
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 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% | — |
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
Log in to view MCX insights
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]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/MCX.md for Multi Commodity Exchange of India Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.