Multi Commodity Exchange of India Limited

Financial Services — Financial Data & Stock Exchanges · NSE

₹3,162.00−₹54.40 (−1.69%)

DalalBaazaar Score

79 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Low

Driven by a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Multi Commodity Exchange of India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Multi Commodity Exchange of India Limited, a commodity derivatives exchange, provides a platform to facilitate online trading of commodity derivatives in India.

IndustryFinancial Data & Stock Exchanges

SectorFinancial Services

Employees436

Annual revenue₹2,118 Cr

How does it make money?

Turns over ₹2,118 Cr a year. Of every ₹100 of sales, about ₹63 reaches shareholders as profit, with ₹82 left at the operating level before interest, tax and depreciation. Each of its 436 employees supports ₹4.86 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹4.86 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What is the outlook?

14 analysts covering the stock expect revenue to grow about 17.7% and earnings to grow about 18.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+17.7%

Est. earnings growth+18.9%

Analysts14

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +373% while net margin moved +89% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+373%

Margin effect+89%

DalalBaazaar Score

79/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 66.0x is demanding — it needs sustained high growth to justify
✓ P/E is 47% below its own historical median of 124.1x — cheap by its own standards
✗ P/B of 19.12x is a steep premium to book

Quality vs. Valuation

Company Quality

89/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

49/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

66.0x

3Y Median

124.1x

40 monthly readings · mean 186.6x · range 57.7x–548.7x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 47% below its 3y median of 124.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 289% above the peer median of 17.0x.

vs. its own history

Cheap

124.1x median over 40 months · -47%

vs. sector peers

Expensive

17.0x median of 4 peers · +289%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

45.8x

PEG

0.61

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 40.7% to 82.0% over 3 years.
Return on equity is rising
ROE has improved from 10.1% to 46.8%.
Return on capital is rising
ROCE has improved from 9.0% to 39.0%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 40.7% to 82.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 47% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 289% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 51% a year✓ 67.9% CAGR
Latest reported year was 85.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 80%✓ 82.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 45%✓ 46.8%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 124.1x✓ 66.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

11 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 2 neutral · 2 weak

Market Cap

₹80,477 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

66.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

19.12x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹47.88

Profitable

Profitable on a per-share basis

ROE

46.8%

Strong

Strong capital efficiency

ROCE

39.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.11x

Low

Conservative leverage

Revenue Growth (YoY)

85.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

103.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.25%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹2,962 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

38.0x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

69.6%

Good

Healthy core-business profitability

Net Margin

55.6%

Good

Strong bottom-line conversion

Current Ratio

1.31

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.71

Defensive

Steadier than the market

52W Range Position

81%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

3280.7 / 3196.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

41.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹448 Cr	₹584 Cr	₹994 Cr	₹2,118 Cr	+67.9%
EBITDA	₹182 Cr	₹138 Cr	₹742 Cr	₹1,738 Cr	+112.0%
EBITDA Margin	40.7%	23.7%	74.6%	82.0%	—
PAT (Net Profit)	₹149 Cr	₹83 Cr	₹560 Cr	₹1,332 Cr	+107.5%
EPS	₹5.85	₹3.26	₹21.96	₹52.22	+107.4%
ROE	10.1%	6.0%	29.7%	46.8%	—
ROCE	9.0%	4.6%	24.1%	39.0%	—
Total Debt	₹2 Cr	₹2 Cr	₹1 Cr	₹5 Cr	+45.4%
Free Cash Flow	₹70 Cr	₹299 Cr	₹854 Cr	₹2,962 Cr	+248.2%

🟢 Revenue has grown at 67.9% a year over 3 years.

🟢 EBITDA has grown at 112.0% a year over 3 years.

🟢 EBITDA Margin has risen from 40.7% to 82.0% over 3 years (+41.3 pts).

🟢 PAT (Net Profit) has grown at 107.5% a year over 3 years.

🟢 EPS has grown at 107.4% a year over 3 years.

🟢 ROE has risen from 10.1% to 46.8% over 3 years (+36.7 pts).

🟢 ROCE has risen from 9.0% to 39.0% over 3 years (+30.1 pts).

🔴 Total Debt has grown at 45.4% a year over 3 years.

🟢 Free Cash Flow has grown at 248.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7,501 Cr

Total Liabilities

₹4,653 Cr

Cash & Equivalents

₹820 Cr

Operating Cash Flow

₹3,035 Cr

Capex

-₹72 Cr

Shareholding (proxy)

Institutional Holding

53.2%

Insider Holding

19.5%

Corporate Actions

Next Earnings

05 Nov 2026

Dividend Rate

₹8

Ex-Dividend Date

28 Aug 2026

Analyst Consensus

Recommendations

14 Buy · 2 Hold · 0 Sell

Target Price (Mean)

₹3,533.44

+11.7% vs CMP

Target Range

₹2,825 – ₹4,000

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

3 mixed3 general

MCX Share Price Fall Streak: 4th Session Decline

Univest, 16 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

MCX FY26 PAT More Than Doubles to Rs. 1,332 Crores; Results Published Across Major Newspapers

scanx.trade, 18 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

MCX (NSE:MCX) Daily Technical Analysis: Order Block at ₹3,130

Kalkine India, 16 Oct

MCX Share Price Jumps Over 5%: Why Multi Commodity Exchange Stock Is Rising Today

India Infoline, 20 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

National Stock Exchange Of India Ltd Share Price

Business Today, 16 Oct

BSE, Angel One Fall Over 3% On SEBI CAS Changes; MCX, Groww, NSE Also Decline

NDTV Profit, 16 Oct

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingRisk

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑