Multi Commodity Exchange of India Limited (IN:MCX)
:MCX
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Multi Commodity Exchange of India Limited
(MCX)
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Rating:70Outperform
Price Target:
₹3,144.00
▲(10.11% Upside)
Action:UpgradedDate:02/03/26
The score is primarily supported by strong financial performance (rapid revenue growth, improved margins, healthy cash generation, and low leverage). Technicals add moderate support with a longer-term uptrend but near-term consolidation. The largest offset is valuation, with a high P/E and minimal dividend yield.
Positive Factors
Strong Revenue Growth
MCX has delivered very strong top-line growth, more than doubling revenue year-over-year. Durable revenue expansion supports increased fee income, broader market reach and scale benefits for its trading platform, strengthening long-term cash generation and reinvestment capacity.
Negative Factors
Revenue Cyclicality
MCX’s fee-driven model is structurally linked to trading volumes and the mix of actively traded commodities. That creates persistent cyclicality: extended periods of low activity or less volatile markets can materially reduce transaction revenues and compress operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
MCX has delivered very strong top-line growth, more than doubling revenue year-over-year. Durable revenue expansion supports increased fee income, broader market reach and scale benefits for its trading platform, strengthening long-term cash generation and reinvestment capacity.
Read all positive factors
Multi Commodity Exchange of India Limited (MCX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹726.91B
Dividend Yield0.28%
Average Volume (3M)32.88K
Price to Earnings (P/E)35.3
Beta (1Y)1.41
Revenue Growth49.22%
EPS Growth100.59%
CountryIN
Employees355
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)15.73
Shares Outstanding254,991,840
10 Day Avg. Volume50,879
30 Day Avg. Volume32,881
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)14.15
Price to Sales (P/S)22.05
P/FCF Ratio31.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,980.00Price Target Upside4.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)63.97
Revenue Forecast (FY)₹28.14B
Multi Commodity Exchange of India Limited Business Overview & Revenue Model
Company Description
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,...
How the Company Makes Money
MCX primarily makes money by charging transaction-based fees tied to trading activity on its exchange. The core revenue stream is fees and charges collected on executed trades in commodity derivatives (futures and options), typically linked to vol...
Multi Commodity Exchange of India Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.96B | 12.09B | 5.84B | 4.48B | 3.29B | 3.48B |
| Gross Profit | 11.74B | 11.39B | 536.70M | 1.39B | 1.76B | 1.93B |
| EBITDA | 9.71B | 7.62B | 1.38B | 2.12B | 2.07B | 2.89B |
| Net Income | 6.96B | 5.60B | 831.10M | 1.49B | 1.43B | 2.25B |
Balance Sheet | ||||||
| Total Assets | 52.67B | 43.25B | 34.09B | 30.23B | 28.01B | 25.03B |
| Cash, Cash Equivalents and Short-Term Investments | 23.00B | 24.29B | 12.77B | 13.78B | 16.86B | 10.24B |
| Total Debt | 10.40M | 10.10M | 16.60M | 15.50M | 8.60M | 22.30M |
| Total Liabilities | 21.46B | 15.11B | 12.50B | 9.54B | 8.57B | 6.15B |
| Stockholders Equity | 20.87B | 18.84B | 13.78B | 14.79B | 14.18B | 14.18B |
Cash Flow | ||||||
| Free Cash Flow | 9.77B | 8.54B | 3.78B | 701.50M | 3.09B | -2.06B |
| Operating Cash Flow | 10.16B | 9.50B | 5.21B | 1.41B | 3.91B | -1.84B |
| Investing Cash Flow | -6.07B | -7.51B | -4.24B | -80.80M | -1.42B | -387.80M |
| Financing Cash Flow | -1.53B | -402.00M | -981.80M | -894.80M | -1.42B | -1.54B |
Multi Commodity Exchange of India Limited Technical Analysis
Positive
2855.45
Price Trends
2496.56
Positive
2334.99
Positive
2007.16
Positive
Market Momentum
94.45
Negative
69.78
Neutral
91.65
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MCX, the sentiment is Positive. The current price of 2855.45 is above the 20-day moving average (MA) of 2573.35, above the 50-day MA of 2496.56, and above the 200-day MA of 2007.16, indicating a bullish trend. The MACD of 94.45 indicates Negative momentum. The RSI at 69.78 is Neutral, neither overbought nor oversold. The STOCH value of 91.65 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MCX.
Multi Commodity Exchange of India Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹180.61B | 36.53 | ― | 1.32% | 12.35% | 8.91% | |
72 Outperform | ₹118.33B | 25.04 | ― | 3.23% | 14.10% | 19.23% | |
70 Outperform | ₹726.91B | 35.33 | ― | 0.28% | 49.22% | 100.59% | |
68 Neutral | ₹301.47B | 41.26 | ― | 1.38% | 6.61% | 11.88% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | ₹236.37B | 379.22 | ― | ― | 66.18% | 31.67% | |
55 Neutral | ₹29.13B | 13.93 | ― | 4.70% | -16.43% | -75.38% |
* Financial Sector Average
IN:MCX
Multi Commodity Exchange of India Limited
2,858.55
1,668.72
140.25%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.