Multi Commodity Exchange of India Limited (MCX) AI Stock Analysis

• Market Cap: ₹418.38B
• Dividend Yield: 0.34%
• Average Volume (3M): 23.40K
• Price to Earnings (P/E): 64.0
• Beta (1Y): 1.57
• Revenue Growth: 60.95%
• EPS Growth: 274.09%
• Country: IN
• Employees: 355
• Sector: Services
• Sector Strength: N/A
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 39.84
• Shares Outstanding: 50,998,367
• 10 Day Avg. Volume: 20,266
• 30 Day Avg. Volume: 23,403
• PEG Ratio: 0.08
• Price to Book (P/B): 14.15
• Price to Sales (P/S): 22.05
• P/FCF Ratio: 31.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹7,811.00
• Price Target Upside: -10.33% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 77 Outperform
• Price Target: ₹9,073.00 ▲(4.16% Upside)

The overall stock score of 76.9 reflects strong financial performance and positive technical indicators, which are the most significant factors. The high P/E ratio suggests potential overvaluation, which slightly offsets the positive aspects. The absence of earnings call data and corporate events means these factors do not influence the score.

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, base metals, energy, and agricultural commodities. The company also provides trade clearing and settlement services; and data feed services. It has strategic alliances with various exchanges, such as CME group, Dalian Commodity Exchange, London Metal Exchange, Mozambique Commodities Exchange, Taiwan Futures Exchange, and Zhengzhou Commodity Exchange. The company was incorporated in 2002 and is based in Mumbai, India.

How the Company Makes Money

MCX generates revenue primarily through transaction fees charged on trades executed on its platform. These fees are based on the volume and value of the transactions conducted across different commodities. Additionally, MCX earns money from annual subscription fees paid by members for accessing its trading services and from data feed services, where market data is sold to various stakeholders like financial institutions, traders, and analysts. Furthermore, MCX benefits from strategic partnerships with domestic and international exchanges and technology providers, which help expand its product offerings and market reach. The company also earns interest income from its investments in financial instruments, which is another contributing factor to its revenue.

Multi Commodity Exchange of India Limited Financial Statement Overview

Summary

Multi Commodity Exchange of India Limited demonstrates a strong financial performance with impressive revenue growth and profit margins. The balance sheet is well-capitalized with low leverage, enhancing financial stability. Cash flows are robust, supporting operational and strategic initiatives. The company appears well-positioned in its industry, though it should focus on maintaining profitability margins and optimizing returns on equity.

Income Statement

The company shows a strong financial performance with significant revenue growth from 2024 to 2025, more than doubling its revenue. The gross profit margin is exceptionally high, indicating strong cost management. Net profit margin has also improved significantly, reflecting increased profitability. However, the EBIT and EBITDA margins, while healthy, could face pressure if costs increase.

Balance Sheet

The balance sheet reflects a solid financial position with a low debt-to-equity ratio, indicating low leverage and financial risk. The equity ratio is strong, suggesting a high proportion of equity financing. However, the Return on Equity (ROE) is moderate, suggesting room for improvement in generating profits from shareholders' equity.

Cash Flow

Cash flow analysis reveals a robust operating cash flow, with a high free cash flow to net income ratio, indicating efficient cash generation from operations. The free cash flow growth is substantial, showcasing strong cash management. However, the ratio of operating cash flow to net income suggests potential fluctuations in cash generation relative to accounting profits.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.81B	12.09B	5.84B	5.79B	4.39B	5.14B
Gross Profit	10.27B	11.39B	532.70M	5.78B	2.27B	3.21B
EBITDA	8.79B	7.62B	1.64B	2.20B	2.28B	2.89B
Net Income	6.52B	5.60B	831.10M	1.49B	1.43B	2.25B
Balance Sheet
Total Assets	0.00	43.25B	34.09B	30.23B	28.01B	25.03B
Cash, Cash Equivalents and Short-Term Investments	24.29B	24.29B	12.77B	13.78B	16.86B	10.24B
Total Debt	0.00	10.10M	16.60M	15.50M	8.60M	15.50M
Total Liabilities	-28.15B	15.11B	12.50B	9.54B	8.57B	6.15B
Stockholders Equity	28.15B	18.84B	13.78B	14.79B	14.18B	14.18B
Cash Flow
Free Cash Flow	0.00	8.54B	3.78B	701.50M	3.09B	-2.06B
Operating Cash Flow	0.00	9.50B	5.21B	1.41B	3.91B	-1.84B
Investing Cash Flow	0.00	-7.51B	-4.24B	-80.80M	-1.42B	-387.80M
Financing Cash Flow	0.00	-402.00M	-981.80M	-894.80M	-1.42B	-1.54B

Multi Commodity Exchange of India Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8710.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 8710.85 is above the 20-day moving average (MA) of 7988.92, above the 50-day MA of 7893.55, and above the 200-day MA of 6749.78, indicating a bullish trend. The MACD of 132.06 indicates Negative momentum. The RSI at 71.92 is Negative, neither overbought nor oversold. The STOCH value of 84.02 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MCX	77 Outperform	₹418.38B	64.02	―	0.34%	60.95%	274.09%
CAMS	69 Neutral	₹188.12B	39.82	―	1.62%	19.78%	21.62%
CRISIL	67 Neutral	₹338.55B	46.52	―	1.25%	6.03%	11.92%
IEX	65 Neutral	₹124.12B	27.36	―	3.20%	18.51%	22.17%
PTCIL	58 Neutral	₹239.49B	386.52	―	―	54.30%	60.60%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
QUESS	55 Neutral	₹35.71B	27.76	―	4.19%	-7.67%	-61.64%