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:78Outperform
Price Target:
₹3,170.00
▲(11.02% Upside)
Action:Reiterated
Date:05/10/26
Score is driven primarily by very strong financial performance (rapid growth, exceptional margins, high ROE, and minimal leverage). Technicals are supportive but appear overextended, and the overall score is tempered by a high P/E and low dividend yield.
Positive Factors
High Profitability & Margins
MCX's exchange model generates exceptionally high operating and net margins, reflecting strong operating leverage and low incremental costs per additional trade. These durable margins indicate structural profitability from fee-based revenue and scalable technology, supporting sustained cash generation if volumes remain healthy.
Negative Factors
Historical Profitability & Cash-Flow Variability
Although FY2026 shows excellent margins and cash conversion, prior years exhibited markedly lower profitability and uneven OCF (eg FY2021 negative OCF). This history indicates earnings and cash generation can swing with timing, seasonality, or one-off items, reducing predictability over 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
MCX's exchange model generates exceptionally high operating and net margins, reflecting strong operating leverage and low incremental costs per additional trade. These durable margins indicate structural profitability from fee-based revenue and scalable technology, supporting sustained cash generation if volumes remain healthy.
Read all positive factors
Multi Commodity Exchange of India Limited (MCX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹727.40B
Dividend Yield0.28%
Average Volume (3M)32.88K
Price to Earnings (P/E)54.6
Beta (1Y)1.45
Revenue Growth100.94%
EPS Growth137.60%
CountryIN
Employees355
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)27.32
Shares Outstanding254,991,840
10 Day Avg. Volume50,879
30 Day Avg. Volume32,881
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)21.39
Price to Sales (P/S)25.08
P/FCF Ratio18.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)69.42
Revenue Forecast (FY)₹30.22B
Multi Commodity Exchange of India Limited Business Overview & Revenue Model
Company Description
The Multi Commodity Exchange of India Limited (MCX) operates as a premier online platform, enabling the trading of commodity derivatives throughout India. This exchange offers its proprietary iCOMDEX, a real-time index for commodity futures prices...
How the Company Makes Money
MCX primarily makes money by charging fees and earning income linked to the activity and services of operating a commodity derivatives exchange. Key revenue streams typically include: (1) Transaction/Trading Fees: The largest driver is fees charge...
Multi Commodity Exchange of India Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.96B | 24.29B | 12.09B | 5.84B | 4.48B | 3.29B |
| Gross Profit | 11.74B | 22.73B | 11.39B | 536.70M | 1.39B | 1.76B |
| EBITDA | 9.43B | 17.68B | 7.62B | 1.38B | 2.12B | 2.07B |
| Net Income | 6.96B | 13.32B | 5.60B | 831.10M | 1.49B | 1.43B |
Balance Sheet | ||||||
| Total Assets | 52.67B | 75.01B | 43.25B | 34.09B | 30.23B | 28.01B |
| Cash, Cash Equivalents and Short-Term Investments | 23.00B | 39.17B | 24.29B | 12.77B | 13.78B | 16.86B |
| Total Debt | 10.40M | 47.60M | 10.10M | 16.60M | 15.50M | 8.60M |
| Total Liabilities | 21.46B | 32.85B | 15.11B | 12.50B | 9.54B | 8.57B |
| Stockholders Equity | 20.87B | 28.48B | 18.84B | 13.78B | 14.79B | 14.18B |
Cash Flow | ||||||
| Free Cash Flow | 9.77B | 32.40B | 8.54B | 3.78B | 701.50M | 3.09B |
| Operating Cash Flow | 10.16B | 33.13B | 9.50B | 5.21B | 1.41B | 3.91B |
| Investing Cash Flow | -6.07B | -26.77B | -7.51B | -4.24B | -80.80M | -1.42B |
| Financing Cash Flow | -1.53B | -1.54B | -402.00M | -981.80M | -894.80M | -1.42B |
Multi Commodity Exchange of India Limited Technical Analysis
Positive
2855.45
Price Trends
2928.16
Negative
2686.93
Positive
2267.62
Positive
Market Momentum
-63.32
Positive
43.13
Neutral
33.10
Neutral
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 below the 20-day moving average (MA) of 3062.49, below the 50-day MA of 2928.16, and above the 200-day MA of 2267.62, indicating a neutral trend. The MACD of -63.32 indicates Positive momentum. The RSI at 43.13 is Neutral, neither overbought nor oversold. The STOCH value of 33.10 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹1.65T | 66.69 | ― | 0.22% | 58.15% | 87.14% | |
78 Outperform | ₹727.40B | 54.62 | ― | 0.28% | 100.94% | 137.60% | |
73 Outperform | ₹107.76B | 21.94 | ― | 3.23% | 14.59% | 14.87% | |
68 Neutral | ₹256.63B | 56.24 | ― | 0.82% | 3.27% | -13.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | ₹142.74B | 41.53 | ― | 0.68% | 19.09% | 2.91% | |
61 Neutral | ₹535.10B | 28.50 | ― | 0.57% | 12.44% | -25.58% |
* Financial Sector Average
IN:MCX
Multi Commodity Exchange of India Limited
2,852.65
1,293.08
82.91%
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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.