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Multi Commodity Exchange of India Limited
(MCX)
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Rating:69Neutral
Price Target:
₹3,573.00
▲(30.90% Upside)
Action:Downgraded
Date:08/11/26
Strong financial performance (rapid growth, exceptional margins/ROE, and low leverage) is the primary positive. The score is held back by expensive valuation (high P/E and low yield) and only neutral-to-soft technical momentum (negative MACD and trading below key longer-term moving averages).
Positive Factors
Strong Revenue and Margin Expansion
The sharp expansion in revenue and profitability indicates strong operating leverage and improved earnings power. If supported by sustained commodity derivatives activity and liquidity, these gains can strengthen MCX’s ability to reinvest and scale its platform.
Negative Factors
Dependence on Trading Activity
MCX’s fee-based model links revenue directly to derivatives participation and liquidity rather than contracted recurring sales. Prolonged reductions in commodity activity, volatility or permitted products could weaken earnings and operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Margin Expansion
The sharp expansion in revenue and profitability indicates strong operating leverage and improved earnings power. If supported by sustained commodity derivatives activity and liquidity, these gains can strengthen MCX’s ability to reinvest and scale its platform.
Read all positive factors
Multi Commodity Exchange of India Limited (MCX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹835.10B
Dividend Yield0.18%
Average Volume (3M)32.88K
Price to Earnings (P/E)55.4
Beta (1Y)1.32
Revenue Growth103.82%
EPS Growth136.22%
CountryIN
Employees417
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)60.51
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 Target
₹3,600.00Price Target Upside31.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)66.11
Revenue Forecast (FY)₹28.71B
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,...
How the Company Makes Money
MCX primarily makes money by charging fees linked to trading activity and by monetizing its market infrastructure and data services. Key revenue streams typically include: (1) Transaction/trading fees: Charges assessed on executed trades (often ba...
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 | 27.25B | 24.29B | 12.09B | 5.84B | 4.48B | 3.29B |
| Gross Profit | 24.78B | 22.73B | 11.39B | 536.70M | 1.39B | 1.76B |
| EBITDA | 20.39B | 17.68B | 7.62B | 1.38B | 2.12B | 2.07B |
| Net Income | 15.42B | 13.32B | 5.60B | 831.10M | 1.49B | 1.43B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 75.01B | 43.25B | 34.09B | 30.23B | 28.01B |
| Cash, Cash Equivalents and Short-Term Investments | 39.17B | 39.17B | 24.29B | 12.77B | 13.78B | 16.86B |
| Total Debt | 0.00 | 47.60M | 10.10M | 16.60M | 15.50M | 8.60M |
| Total Liabilities | -42.15B | 32.85B | 15.11B | 12.50B | 9.54B | 8.57B |
| Stockholders Equity | 42.15B | 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
2729.60
Price Trends
2848.27
Positive
2897.44
Positive
2577.35
Positive
Market Momentum
129.19
Negative
75.33
Negative
94.89
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 2729.6 is below the 20-day moving average (MA) of 2911.19, below the 50-day MA of 2848.27, and above the 200-day MA of 2577.35, indicating a bullish trend. The MACD of 129.19 indicates Negative momentum. The RSI at 75.33 is Negative, neither overbought nor oversold. The STOCH value of 94.89 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹110.84B | 21.40 | ― | 2.82% | 13.74% | 11.96% | |
75 Outperform | ₹166.99B | 49.29 | ― | 1.40% | 22.26% | -0.41% | |
71 Outperform | ₹291.51B | 63.59 | ― | 1.89% | 3.27% | -13.39% | |
69 Neutral | ₹835.10B | 55.36 | ― | 0.28% | 103.82% | 136.22% | |
67 Neutral | ₹1.35T | 48.28 | ― | 0.28% | 58.15% | 87.75% | |
60 Neutral | ₹606.90B | 31.59 | ― | 0.57% | 14.81% | -29.13% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MCX
Multi Commodity Exchange of India Limited
3,347.05
1,867.47
126.22%
IN:BSE
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3,325.60
1,152.92
53.06%
IN:CDSL
Central Depository Services (India) Limited
1,434.00
-4.87
-0.34%
IN:IEX
Indian Energy Exchange Ltd.
121.95
-13.94
-10.26%
IN:KFINTECH
Kfin Technologies Limited
976.00
-59.88
-5.78%
IN:MOTILALOFS
Motilal Oswal Financial Services Limited
1,040.35
158.17
17.93%
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.