NSE:MCXNSEFinancial Services
Multi Commodity Exchange of India Limited
📊 Financial Data & Stock Exchanges
Day ₹2,862
₹2,972 Overbought
52W ₹1,120
₹2,972 Overbought
₹2,968.70
▲ ₹70.70 (+2.44%)
Vol: 1,513,530 · Avg: 4,145,209
As of April 29, 2026 · 06:21 IST
COMPOSITE RISK SCORE
66 MODERATE
VAL:0/25 · FIN:25/25 · GRO:23/25 · TECH:18/25
📈 P/E RATIO
119.1x
Trailing
📖 P/B RATIO
24.3x
Price to Book
💰 EPS
₹24.92
TTM
🏛 MARKET CAP
₹75,558Cr
Large Cap
📊 ROE
29.7%
Return on Equity
📈 REV GROWTH
114.9%
YoY
🏢 Company Analysis · Multi Commodity Exchange of India Limited
💼 BUSINESS MODEL
  • Multi Commodity Exchange of India Limited, a commodity derivatives exchange, provides a platform to facilitate online trading of commodity derivatives in India..
  • It offers iCOMDEX, a real-time commodity futures price indices; and trades in bullion, base metals, energy, and agricultural commodities..
  • The company also provides clearing and settlement services; and data feed subscription and membership services..
  • It has strategic alliances, consultancy, and collaboration agreements with various exchanges, such as CME Group, Dalian Commodity Exchange, London Metal Exchange, European Energy Exchange AG, Taiwan Futures Exchange, and Zhengzhou Commodity Exchange, Jakarta Futures Exchange, and Chittagong Stock Exchange Limited..
  • Operates in Financial Data & Stock Exchanges within the Financial Services sector.
  • Workforce of 400 employees.
🏰 MOAT & COMPETITION
  • Large-cap (₹75,558 Cr) — established player with meaningful market presence.
  • Profit margin of 51.7% suggests pricing power / cost moat.
  • Key competitors: Indian Energy Ex, BSE, Multi Comm. Exc..
🚀 CATALYSTS
  • Company has delivered good profit growth of 25.4% CAGR over last 5 years
  • Revenue growing at 115% — strong top-line momentum.
  • Earnings growth of 151% signals execution on profitability.
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹2,577 — ₹3,270 (mean ₹2,980, 11 analysts).
  • Unfavorable asymmetry — limited upside +10% vs downside -13% (0.8x).
  • P/E of 119.1x — premium valuation, growth must sustain to avoid de-rating risk.
🔭 FUTURE OUTLOOK
  • Analyst consensus: Buy (11 analysts).
  • Latest quarter earnings grew 151% YoY — positive trajectory.
✅ PROS
  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 25.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 46.5%
❌ CONS
  • Stock is trading at 36.0 times its book value
VALUATION
0/25
25% WEIGHT
  • P/E at 119x
  • P/B at 24.3x
  • Analyst target: ₹2980 (+0.4%)
  • 1Y return: +139.3%
FINANCIAL HEALTH
25/25
25% WEIGHT
  • ROE: 29.7%
  • Profit margin: 51.7%
  • Revenue growth: 114.9%
  • Debt/Equity: 0%
GROWTH
23/25
25% WEIGHT
  • Revenue growth: 114.9%
  • Earnings growth: 150.6%
  • Beta: 0.53
  • Sector: Financial Services
TECHNICAL
18/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
1047.2 802.6 558.0 313.3 68.7 '2014 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2014: 494.0 Mar 2015: 602.2 Mar 2016: 659.7 Mar 2017: 598.5 Mar 2018: 698.5 Mar 2019: 518.1 Mar 2020: 320.2 Mar 2021: 336.2 Mar 2022: 527.3 Mar 2023: 508.3 Mar 2024: 910.6 Mar 2025: 135.2 TTM: 80.8 80.8
💎 Valuation & Financial Metrics
P/E RATIO
119.1x
Trailing twelve months
P/B RATIO
24.3x
Price to Book value
ROE
29.7%
Return on Equity
PROFIT MARGIN
51.7%
Net profit margin
OPM
72.4%
Operating profit margin
ANALYST TARGET
₹2,980
Range: ₹2,577 - ₹3,270
Yahoo Finance ↗
PEG RATIO
1.55
Price/Earnings to Growth
EV/EBITDA
58.8x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
0.21%
Annual yield
ROA
17.8%
Return on Assets
GROSS MARGIN
95.3%
Gross profit margin
INDUSTRY AVERAGES — EXCHANGE AND DATA PLATFORM
P/E 68.5x (above avg)
P/B 3.0x (sector fair)
ROCE 46.6% (below avg)
ROE 18% (sector good)
OPM 30% (sector good)
Div Yield 0.21%
D/E <200 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 ₹286 Cr— ₹154 Cr— N/A 71.8%
Q3 FY25 ₹301 Cr+5.5% ₹160 Cr+4.2% N/A 71.9%
Q4 FY25 ₹173 Cr-42.5% ₹135 Cr-15.4% N/A 109.8%
Q1 FY26 ₹373 Cr+115.5% ₹203 Cr+50.0% N/A 73.4%
Q2 FY26 N/A— N/A— N/A N/A
Q3 FY26 ₹666 Cr— ₹401 Cr— N/A 78.9%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹329 Cr— ₹143 Cr— ₹391 Cr—
FY23 ₹448 Cr+36.0% ₹149 Cr+3.8% ₹141 Cr-63.9%
FY24 ₹584 Cr+30.3% ₹83 Cr-44.2% ₹442 Cr+212.6%
FY25 ₹994 Cr+70.4% ₹560 Cr+573.9% ₹950 Cr+114.9%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How Multi Commodity Exchange of India Limited Makes Its Money
Revenue ₹666 Cr Cost of Revenue ₹99 Cr Gross Profit ₹567 Cr Op. Expenses ₹94 Cr Operating Inc. ₹473 Cr Tax ₹102 Cr Other ₹31 Cr Net Income ₹401 Cr (60.3% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of Multi Commodity Exchange of India Limited's Balance Sheet
Total Assets ₹4.3K Cr Cash & Equiv.: ₹339 Cr (7.8%) Receivables: ₹29 Cr (0.7%) Other Current: ₹2.3K Cr (53.0%) PP&E: ₹231 Cr (5.3%) Other Intangibles: ₹199 Cr (4.6%) Other Non-Curr.: ₹1.2K Cr (28.5%) Liab. + Equity ₹4.3K Cr Current Liab.: ₹1.4K Cr (32.9%) Long-Term Debt: ₹0.3 Cr (0.0%) Other Liab.: ₹1.0K Cr (23.5%) Equity: ₹1.9K Cr (43.6%) As of Mar 2025 · All values in ₹ Crores
💸 Looking into Multi Commodity Exchange of India Limited's Cash Flow
Operating CF ₹950 Cr Capital Exp. ₹96 Cr Free Cash Flow ₹854 Cr Dividends ₹39 Cr Retained / Other ₹815 Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +146165192181234286301291373374666
Expenses +13619521279102106108131132132172
Operating Profit9-30-21102133179193160241242494
OPM %6%-18%-11%56%57%63%64%55%65%65%74%
Other Income +2019182019262430332731
Interest00000000000
Depreciation47111413141522172022
Profit before tax25-17-14108138191202168256249503
Tax %23%9%-63%19%20%20%21%20%21%21%20%
Net Profit +20-19-588111154160135203197401
EPS in Rs0.77-0.75-0.213.454.356.026.285.317.977.7415.73
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +2603003983913675146841,1131,704
Expenses +184206219205206369621447567
Operating Profit7694178185161145636651,137
OPM %29%31%45%47%44%28%9%60%67%
Other Income +887510510446687598121
Interest000000000
Depreciation171518222322366481
Profit before tax1471542652671841911026991,177
Tax %26%5%11%16%22%22%18%20%
Net Profit +10814623622514314983560937
EPS in Rs4.255.739.278.835.635.843.2621.9636.75
Dividend Payout %80%70%65%62%62%65%47%27%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital515151515151515151
Reserves1,3291,2001,3081,3671,3671,4281,3271,8332,036
Borrowings +-0-0-0212211
Other Liabilities +5868251,3751,0831,3821,5422,0292,4403,179
Total Liabilities1,9662,0752,7352,5032,8013,0233,4094,3255,267
Fixed Assets +156158158159156150379412430
CWIP61924269516916180
Investments1,3221,0661,2561,2051,1571,0479141,4011,830
Other Assets +4828321,2961,1121,3921,6582,1002,4943,006
Total Assets1,9662,0752,7352,5032,8013,0233,4094,3255,267
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +-3299258449-184391141442950
Cash from Investing Activity +5536-93-27-39-142-8-346-751
Cash from Financing Activity +-40-92-105-123-154-142-89-98-40
Net Cash Flow-174361299-37710744-2159
Free Cash Flow-5973231422-20631070299854
CFO/OP24%170%306%281%-74%263%132%786%149%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days497681110339
Inventory Days
Days Payable
Cash Conversion Cycle497681110339
Working Capital Days-287-404-429-761-424-654-463-540-390
ROCE %11%8%13%15%16%14%13%7%43%
🏭 Industry Peers — Exchange and Data Platform
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Indian Energy Ex ★₹12623.8₹11,25851.8%+10.7%60
2BSE₹3,66768.5₹149,36146.6%+175.8%59
3Multi Comm. Exc.₹2,96780.8₹75,65942.9%+150.6%26
★ Indian Energy Ex ranks higher on combined P/E, ROCE, and growth metrics in Exchange and Data Platform
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
FIIs23.13%21.80%21.69%19.00%20.64%26.07%
DIIs56.27%58.10%59.09%60.50%59.16%54.35%
Government0.00%0.00%0.00%0.00%0.00%0.01%
Public20.41%19.90%19.03%20.31%20.03%19.38%
Others0.19%0.19%0.19%0.19%0.19%0.19%
No. of Shareholders2,35,2622,43,4562,34,9892,56,7152,52,4703,60,169
🟢 CATALYSTS
🏆Revenue Growth 115%: Above sector norm of 15% — strong top-line momentum.
💹High ROE (29.7%): Above sector norm of 18% — efficient capital use.
🔀Healthy Margins (51.7%): Above sector norm of 30%.
🇮Low Beta (0.53): Less volatile than market — defensive play.
🇳Earnings Growth (151%): Above sector norm — strong profit expansion.
🔴 RISKS
📜High P/E (119.1x): Well above sector expensive threshold of 35x — leaves little room for error.
💰High P/B (24.3x): Well above sector expensive threshold of 5x.
🔓Market Risk: Broader market correction or sentiment shift could impact stock.
🕸 Factor Analysis · Radar
Momentum 8/10: 1M +24.2%, 6M +61.8%, RSI 71, MACD bullish, Above 200DMA Sentiment 6/10: Analyst upside +0.4%, Rec: buy Value 1/10: P/E 119.1, P/B 24.3, PEG 1.55, EV/EBITDA 58.8 Quality 7/10: Margin 51.7%, D/E 0 Low Volatility 8/10: Beta 0.53, Ann. vol 39% Momentum 8 Sentiment 6 Value 1 Quality 7 Low Vol 8
Momentum 8/10
1M +24.2%, 6M +61.8%, RSI 71, MACD bullish, Above 200DMA
Sentiment 6/10
Analyst upside +0.4%, Rec: buy
Value 1/10
P/E 119.1, P/B 24.3, PEG 1.55, EV/EBITDA 58.8
Quality 7/10
Margin 51.7%, D/E 0
Low Volatility 8/10
Beta 0.53, Ann. vol 39%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYCapture 0.4% analyst upside; strong 43% ROCE compoundsOPM of 72% provides margin buffer; P/E 119x vs sector median 68x is a risk
HOLDRetain existing position; wait for better entry; FII stake rising (+5.43%)Miss further upside if momentum continues; 1M return of +24.2% shows momentum
SELLLock in +139.3% 1Y return; redeploy into Indian Energy Ex at lower P/EAvoid further drawdown; P/E compression risk at 119x
REASONS TO BUY
  • Analyst upside of 0.4% with mean target of ₹2,980
  • ROCE at 43% indicates strong capital efficiency
  • FII stake rising (+5.43%) — signals institutional confidence
  • ROE of 29.7% above sector norm of 18%
REASONS TO SELL / AVOID
  • P/E of 119.1x is 1.7x the sector median of 68x
  • Indian Energy Ex offers lower P/E (23.8) with ROCE of 51.8% in the same sector
  • 1Y return of +139.3% — profit booking opportunity
📰 Latest News
Multi Commodity Exchange of India Ltd (BOM:534091) Q3 2026 Earnings Call Highlights: Record ...
GuruFocus.com · 2026-01-27T17:00
India's SEBI says it will engage with government on permitting banks, pension funds to trade commodities
Reuters · 2025-09-17T06:34
RECOMMENDATION
SPECULATIVE BUY
COMPOSITE SCORE
66/100
Multi Commodity Exchange of India Limited trades at ₹2,968.70 with a composite risk score of 66/100. The stock scores 0/25 on valuation, 25/25 on financial health, 23/25 on growth, and 18/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 0.4% with a mean target of ₹2980. Revenue growth is at 114.9% — a strong positive signal.

Within Exchange and Data Platform, Indian Energy Ex (P/E 23.8, ROCE 51.8%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Financial Services but monitor closely. The current recommendation is SPECULATIVE BUY.
PROFITABLE HIGH ROE STRONG GROWTH EXPENSIVE
RISK SCORE REPORT · NSE:MCX · GENERATED APR 29, 2026 06:21 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.