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

• Market Cap: ₹573.32B
• Dividend Yield: 0.28%
• Average Volume (3M): 32.88K
• Price to Earnings (P/E): 82.2
• Beta (1Y): 1.64
• Revenue Growth: 49.22%
• EPS Growth: 100.59%
• Country: IN
• Employees: 355
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 7.74
• Shares Outstanding: 254,991,850
• 10 Day Avg. Volume: 50,879
• 30 Day Avg. Volume: 32,881
• PEG Ratio: 0.02
• Price to Book (P/B): 2.83
• Price to Sales (P/S): 4.41
• P/FCF Ratio: 6.24
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹11,405.00 ▲(394.71% Upside)

The overall stock score of 72 reflects strong financial performance and bullish technical indicators. However, the high P/E ratio and low dividend yield suggest potential overvaluation, which could limit upside potential. Investors should be cautious of the overbought technical signals that may indicate a short-term pullback.

Positive Factors

Revenue Growth

MCX's significant revenue growth highlights its expanding market presence and effective pricing strategy, ensuring long-term business stability.

Cash Flow Generation

Strong cash flow generation allows MCX to fund strategic initiatives and maintain operational resilience, supporting sustainable growth.

Balance Sheet Health

A strong balance sheet with low leverage provides MCX with financial flexibility to navigate market fluctuations and invest in growth opportunities.

Negative Factors

ROE Improvement Needed

Moderate ROE indicates potential inefficiencies in profit generation, which could affect long-term shareholder value if not addressed.

Profit Margin Pressure

Potential margin pressure from rising costs could impact profitability, challenging MCX's ability to maintain its competitive edge.

Cash Flow Fluctuations

Fluctuating cash flow relative to net income could indicate volatility in cash management, affecting MCX's financial stability over time.

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. This includes fees for futures and options contracts across various commodities. Additionally, MCX earns income from annual membership fees paid by brokers and participants, as well as through the sale of data and market information services. The exchange also benefits from partnerships with financial institutions and technology providers, which enhance its trading infrastructure and attract more participants. Furthermore, MCX may derive revenue from educational programs and workshops aimed at increasing market participation and understanding of commodity trading.

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	4.48B	3.29B	3.48B
Gross Profit	10.27B	11.39B	536.70M	1.39B	1.76B	1.93B
EBITDA	8.79B	7.62B	1.38B	2.12B	2.07B	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	22.30M
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: 2305.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 2305.4 is above the 20-day moving average (MA) of 2131.35, above the 50-day MA of 2023.21, and above the 200-day MA of 1613.76, indicating a bullish trend. The MACD of 70.51 indicates Negative momentum. The RSI at 72.03 is Negative, neither overbought nor oversold. The STOCH value of 69.27 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAMS	74 Outperform	₹185.66B	39.96	―	1.32%	12.35%	8.91%
MCX	72 Outperform	₹573.32B	82.20	―	0.28%	49.22%	100.59%
IEX	72 Outperform	₹132.06B	28.16	―	3.23%	14.10%	19.23%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PTCIL	63 Neutral	₹267.93B	427.25	―	―	66.18%	31.67%
CRISIL	61 Neutral	₹340.92B	45.51	―	1.38%	6.61%	11.88%
QUESS	55 Neutral	₹32.65B	37.25	―	4.70%	-16.43%	-75.38%