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

• Market Cap: ₹389.82B
• Dividend Yield: 0.39%
• Average Volume (3M): 28.93K
• Price to Earnings (P/E): 59.6
• Beta (1Y): 1.48
• 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: 24,028
• 30 Day Avg. Volume: 28,930
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ₹7,180.00
• Price Target Upside: -5.59% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2

• Rating: 61 Neutral
• Price Target: ₹8,023.00 ▲(5.49% Upside)

The overall stock score reflects strong financial performance, which is the most significant factor. However, technical analysis indicates bearish trends, and the valuation suggests potential overvaluation, which negatively impacts the score. The absence of earnings call data and corporate events limits additional insights.

Multi Commodity Exchange of India Limited Business Overview & Revenue Model

Company Description

Multi Commodity Exchange of India Limited (MCX) is a leading exchange in India that facilitates the trading of commodity derivatives. Established in 2003 and headquartered in Mumbai, MCX provides an electronic platform for the trading of various commodities, including bullion, base metals, energy, and agricultural commodities. As a key player in the Indian financial sector, it offers risk management and hedging solutions to producers, traders, and investors, thus enhancing market efficiency and transparency.

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

The company demonstrates 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. However, there is room for improvement in 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 2023	Dec 2023	Dec 2021	Dec 2021
Income Statement
Total Revenue	11.61B	12.09B	5.14B	5.84B	4.78B	3.86B
Gross Profit	9.85B	11.39B	1.99B	532.70M	3.21B	2.27B
EBITDA	7.71B	7.62B	2.12B	1.40B	2.95B	2.28B
Net Income	5.60B	5.60B	1.49B	831.10M	2.25B	1.43B
Balance Sheet
Total Assets	43.25B	43.25B	18.57B	34.09B	25.03B	28.01B
Cash, Cash Equivalents and Short-Term Investments	24.29B	24.29B	2.29B	12.77B	10.24B	11.34B
Total Debt	10.10M	10.10M	15.50M	16.60M	15.30M	8.60M
Total Liabilities	15.11B	15.11B	2.62B	12.50B	10.84B	13.82B
Stockholders Equity	28.15B	18.84B	15.96B	13.78B	14.18B	14.18B
Cash Flow
Free Cash Flow	0.00	8.54B	701.50M	3.78B	-2.06B	3.09B
Operating Cash Flow	0.00	9.50B	1.41B	5.21B	-1.84B	3.91B
Investing Cash Flow	0.00	-7.51B	-80.80M	-4.24B	-387.80M	-1.42B
Financing Cash Flow	0.00	-402.00M	-894.80M	-981.80M	-1.54B	-1.42B

Multi Commodity Exchange of India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7605.10
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MCX, the sentiment is Negative. The current price of 7605.1 is below the 20-day moving average (MA) of 7885.98, below the 50-day MA of 8119.16, and above the 200-day MA of 6567.61, indicating a neutral trend. The MACD of -109.50 indicates Positive momentum. The RSI at 43.44 is Neutral, neither overbought nor oversold. The STOCH value of 41.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
CAMS	69 Neutral	₹186.25B	39.44		1.62%	19.78%	21.62%
CRISIL	67 Neutral	₹366.06B	50.30		1.15%	6.03%	11.92%
IEX	65 Neutral	₹127.20B	28.03		3.18%	18.51%	22.17%
MCX	61 Neutral	₹389.82B	59.65		0.39%	60.95%	274.09%
PTCIL	61 Neutral	₹204.97B	329.19		―	54.30%	60.60%
Sector *	56 Neutral	$13.75B	13.24	10.03%	0.92%	7.13%	-12.93%
QUESS	55 Neutral	₹40.19B	31.24		3.79%	-7.67%	-61.64%