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MCX

Multi Commodity Exchange of India Ltd

MCX NSE
₹3,315.00 −175.10 (−5.02%)
P/E
54.83
View as Markdown
MCP
Close 4 Nov 2026 ₹3,315.00 +1,464.90 +79.2% 1Y
Start ₹1,850.10

Key Fundamentals

MidcapCapital MarketsFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
71.40%
Debt to Equity
0.00
EPS (TTM)
₹60.46
Book Value
₹111.69
Market Cap
—
P/E (TTM)
54.83
P/B
29.68
ROE
56.30%
Dividend Yield
0.23%
EBITDA
₹1,774 Cr
52W High
₹3,538.00
52W Low
₹1,762.10
Day Range
₹3,252.00 – ₹3,425.70
Volume
63,01,430

Tapetide Score

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

Overall score

62 Good

Data confidence 100/100

Category scores

Quality
79
Strong
Returns, margins, earnings quality 22% weight
Valuation
28
Poor
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
86
Strong
Solvency, leverage, coverage 9% weight
Momentum
70
Strong
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish0712
OscillatorsBullish072
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
53.96
Neutral
MACD (12,26,9)
16.96
Bullish
SMA (50)
3,263.15
Bullish
SMA (200)
2,861.75
Bullish

As of

Analyst Rating

Based on 16 analysts
BUY88%

14 of 16 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
14
88%
HOLD
2
13%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+25.63%
5Y+42.56%
3Y+64.83%
1Y+106.83%
TTM+110.31%

Net profit

Net profit growth by window
10Y+27.76%
5Y+42.71%
3Y+107.54%
1Y+137.86%
TTM+136.35%

Operating cash flow

Operating cash flow growth by window
10Y+44.21%
5YTurned positive
3Y+178.17%
1Y+219.47%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+39.42 pp
5Y+24.02 pp
3Y+43.12 pp
1Y+11.58 pp
TTM+10.24 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹259 Cr
Mar 2018₹260 Cr
Mar 2019₹300 Cr
Mar 2020₹398 Cr
Mar 2021₹391 Cr
Mar 2022₹367 Cr
Mar 2023₹514 Cr
Mar 2024₹684 Cr
Mar 2025₹1,113 Cr
Mar 2026₹2,302 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹127 Cr
Mar 2018₹108 Cr
Mar 2019₹146 Cr
Mar 2020₹236 Cr
Mar 2021₹225 Cr
Mar 2022₹143 Cr
Mar 2023₹149 Cr
Mar 2024₹83.00 Cr
Mar 2025₹560 Cr
Mar 2026₹1,332 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹559 Cr −15.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-04, Multi Commodity Exchange of India (MCX) trades at ₹3,315 with a market cap of ₹84,900 Cr, a P/E (TTM) of 54.83, and a P/B of 29.68. The company is debt-free with a ROE of 46.75% and has delivered compounded profit growth of 49% CAGR over five years, but its valuation multiples are elevated relative to book value and earnings.

Bull Case 8
  • MCX is virtually debt-free with a debt-to-equity ratio of 0, giving it a clean balance sheet and full financial flexibility.
  • TTM revenue growth of 110% and TTM profit growth of 136% indicate a sharp acceleration in the business.
  • ROE stands at 46.75% as of 2026-11-04, with a 3-year average ROE of 36%, reflecting highly efficient capital deployment.
  • Compounded profit CAGR of 49% over 5 years and 31% over 10 years demonstrates a sustained long-term earnings trajectory.
  • Compounded sales CAGR of 43% over 5 years and 26% over 10 years, with a median sales growth of 24% over the last 10 years, shows durable top-line expansion.
  • The stock has delivered a 1-year return CAGR of 94% and a 5-year CAGR of 54%, significantly outperforming broader markets over multiple horizons.
  • ROCE of 39.04% underscores the capital-light nature of the exchange business model and strong pre-tax returns on deployed capital.
  • The company has maintained a healthy dividend payout ratio of approximately 29.8%, returning capital to shareholders even while growing rapidly.
Bear Case 5
  • The stock trades at 29.68 times book value, an extremely high P/B multiple that implies heavy reliance on intangible franchise value rather than tangible asset backing.
  • The dividend yield of just 0.23% offers negligible income support at the current price of ₹3,315.
  • As a near-monopoly commodity derivatives exchange, MCX faces regulatory risk — any change in transaction charges, margin norms, or market structure by the regulator could directly impact revenues.
  • TTM profit growth of 136% creates a very high base, making comparable growth rates in subsequent periods mathematically difficult and raising the risk of earnings deceleration.
  • The capital markets sector is inherently cyclical; trading volumes and revenues are sensitive to commodity price volatility, macro sentiment, and speculative activity, all of which can reverse quickly.

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

AI News Digest

9h ago

TL;DR: MCX delivered a standout Q2FY27 with 130% profit growth and 76%+ EBITDA margins, powered by a 207% surge in F&O average daily turnover. The energy-heavy revenue mix (60% of transaction fees) provides a hedge against gold price weakness, though the SAT ruling exposing procedural lapses in MCX's disciplinary process raises governance concerns. The stock trades at 36x FY28 earnings against a 26% three-year EPS CAGR.

Headwinds 2
  • SAT quashes ₹1.77cr penalty order Oct 29

    SAT overturned MCX's ₹1.77 crore penalty on Ventura Securities, ruling the order was signed by a former panel member whose tenure ended Mar 20, 2026. The tribunal called the procedural failure by a 'first-line regulator' unsustainable and ordered MCX to refund the amount plus ₹1 lakh in costs.

  • Stock down 12% tracking gold drop Oct 26

    MCX shares fell 12% over one month mirroring gold price corrections, trading 13% below the 52-week high of ₹3,481.40. Gold futures settled at ₹1,42,024 per 10 grams, about 21% below the January record high.

Positives 2
  • Q2 profit surges 130% YoY Nov 4

    MCX reported Q2FY27 net profit of ₹454.57 crore, up 130% YoY, with revenue from operations surging 113% YoY to ₹799.66 crore. EBITDA margin expanded to 76.32% from 65.1%, driven by combined F&O ADT growth of 207.1% YoY to ₹12.63 lakh crore.

  • MCX shares rise amid broad rally Nov 4

    MCX share price rose over 3.5% in one month as Nifty rallied 370 points to 23,810.85. Market experts noted MCX is preferred over BSE for long-term investors given its standout Q2 performance.

Neutral 3
  • Mineral exchange subsidiary incorporated Oct 17

    MCX incorporated MCX Mineral Exchange of India Limited as a wholly owned subsidiary on October 16, 2026, expanding into the mineral exchange segment.

  • Diwali Muhurat Trading on Nov 8 Oct 29

    MCX announced its Diwali Muhurat Trading session for November 8, 2026, with trading from 2:20 PM to 3:30 PM. All commodity and index contracts will be available during the shortened session.

  • New Chief of Product appointed Oct 9

    MCX appointed Shivanshu Mehta as Chief of Product for Precious & Base Metals effective October 8, 2026, transitioning from his prior role as Head-Bullion and interim CBO.

Quarterly Results

₹ Cr
MCX quarterly results, ₹ crore
Particulars 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 (₹)
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

₹ Cr
MCX profit and loss, annual, ₹ crore
Particulars 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 (₹)
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

₹ Cr
MCX balance sheet, annual, ₹ crore
Particulars 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
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

₹ Cr
MCX cash flow, annual, ₹ crore
Particulars 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

Ratios

MCX financial ratios, annual
Particulars 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
−391
−465
ROCE %
10%
10%
11%
8%
13%
15%
16%
14%
13%
7%
43%
71%

Insights

Beta

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

Log in to view MCX insights

56 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 55.16%
  • FIIs 27.07%
  • Public 14.33%
  • Others 3.43%
  • Government 0.01%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about MCX

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.
Where is Multi Commodity Exchange of India Ltd (MCX) listed?
Multi Commodity Exchange of India Ltd trades as MCX on the NSE and under code 534091 on the BSE.
Which sector does Multi Commodity Exchange of India Ltd belong to?
Multi Commodity Exchange of India Ltd is classified under the Capital Markets sector, in the Exchange industry.
What is the PE ratio of Multi Commodity Exchange of India Ltd?
Multi Commodity Exchange of India Ltd trades at a PE ratio of 54.83 as of 4 Nov 2026, on earnings per share of ₹60.46, against a book value of ₹111.69 per share.
What is the 52-week high and low of Multi Commodity Exchange of India Ltd?
Over the last 52 weeks Multi Commodity Exchange of India Ltd has traded between ₹1,762.1 and ₹3,538 as of 4 Nov 2026.
Does Multi Commodity Exchange of India Ltd pay dividends?
Multi Commodity Exchange of India Ltd has a dividend yield of 0.23%.
What is the Return on Equity (ROE) of Multi Commodity Exchange of India Ltd?
Multi Commodity Exchange of India Ltd reported a return on equity of 56.30%. Its debt-to-equity ratio is 0.00.

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.

Website mcxindia.com
CEO Ms. Praveena Rai
Employees 400
Listed 9 Mar 2012
Face Value ₹2

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