Multi Commodity Exchange Of India Limited (MCX)

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Multi Commodity Exchange Of India Limited (MCX) · mywealthgrid

About

MCX operates India's primary commodity exchange and data platform within the capital markets sector. With market cap ₹74,243 Cr, it demonstrates strong current profitability (OPM 59.79%, ROE 34.33%) and zero debt, positioning it as a capital-efficient infrastructure provider. Historical quarterly volatility (revenue ₹63–₹106 Cr) reflects exposure to commodity trading volumes and market cycles.

Founded: 2003
Face value: ₹2

Market cap

₹81,702 Cr

P/E

61.4×

P/B

28.7×

Dividend yield

0.2%

ROE

56.3%

ROCE

46.7%

Debt / equity

OPM

71.3%

EPS (TTM)

₹52.2

Book value

₹111.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation: PE 507.68 is extreme; clarify if earnings were depressed or if stock is significantly overvalued vs. normalized profitability
Margin sustainability: OPM at 59.79%, elevated vs. historical 30–48% range; verify if driven by structural improvements or cyclical commodity volatility spike
Promoter absence: 0% promoter holding is atypical for Indian exchanges; verify ownership intent and governance structure during market stress
Volume and regulatory risk: exchange revenues tied to commodity trading volumes and regulation; macro slowdown or policy constraints could compress revenues

Generated analysis · source review pending

Growth drivers

Operating margin 59.79% vs. 30–48% historical range: earnings scale faster than revenue if sustained; verify if margin elevation is structural or cyclical
ROE 34.33% indicates capital efficiency; if redeployed into higher-growth products (data services, derivatives), revenue can expand while maintaining returns; verify product pipeline
Institutional base (FII 29.84%, DII 50.81% = 81% combined); if commodity market volumes or investor participation rise, fee revenue grows; verify volume and participation trends
Post-split (Jan 2026) lowers share price and improves retail accessibility; if retail participation expands, user base and trading volumes grow; verify retail account openings and volume growth

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹3,204.0-0.9%1Y

Quick read

rule-based

Pros

+Strong return on equity of 32.1% (3-yr avg)
+High return on capital employed of 26.2%
+Healthy operating margin of 71.3%
+Profit CAGR of 42.7% over the last 5 years
+Revenue CAGR of 42.6% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 4696.4×

Cons

−Expensive at 61.4× trailing earnings
−Trading at 28.7× book value

Research score

Structured signal from quality, growth, valuation and momentum.

67/100

Business quality: 100
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
National Stock Exchange of India LtdNSENSE	₹4,30,972 Cr	₹4,35,023 Cr	₹16,601 Cr	—	—	₹10,302 Cr	62.1%	3.3%	33%	—
ICICI Prudential Asset Management Company LimitedICICIAMCICICIAMC	₹1,52,462 Cr	₹1,52,462 Cr	₹5,765 Cr	₹4,294 Cr	74.5%	₹3,298 Cr	57.2%	—	85.8%	—
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Sbi Funds Management LimitedSBIFUNDSSBIFUNDS	₹1,01,911 Cr	—	₹4,389 Cr	₹3,472 Cr	79.1%	₹3,067 Cr	69.9%	—	43%	—
Multi Commodity Exchange Of India LimitedMCXMCX	₹81,702 Cr	₹81,702 Cr	₹2,302 Cr	₹1,643 Cr	71.3%	₹1,332 Cr	57.8%	46.7%	56.3%	-321
Nippon Life India Asset Management LimitedNAM-INDIANAM-INDIA	₹66,871 Cr	₹66,871 Cr	₹2,869 Cr	₹1,915 Cr	66.3%	₹1,637 Cr	56.5%	—	34.5%	—
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Aditya Birla Sun Life Amc LimitedABSLAMCABSLAMC	₹28,680 Cr	₹28,680 Cr	₹1,861 Cr	₹1,096 Cr	59.9%	₹1,007 Cr	52.9%	—	25.1%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
Anand Rathi Wealth LimitedANANDRATHIANANDRATHI	₹17,575 Cr	₹17,592 Cr	₹1,197 Cr	₹462 Cr	41.9%	₹465 Cr	34.6%	59.1%	47.4%	14

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	235	259	260	300	398	391	367	514	684	1,113	2,302
COGS	—	—	—	—	—	—	0	0	0	0	213
Gross profit	—	—	—	—	—	—	—	—	—	—	2,089
	160	180	188	206	219	205	205	364	619	447	448
	75	80	72	94	178	185	162	150	64	665	1,642
OPM %	32%	30.7%	27.7%	31.3%	44.8%	47.4%	44.2%	29.2%	9.4%	59.8%	71.3%
Depreciation	25	19	17	15	18	22	23	22	36	64	78
Interest	0	0	0	0	0	0	0	0	0	0	0
	117	117	92	99	105	104	45	63	74	98	127
Profit before tax	—	—	—	—	—	—	184	191	102	699	1,690
Tax	-47	-51	-39	32	29	42	41	42	19	139	359
Tax %	—	—	—	—	—	—	22.1%	21.8%	18.5%	19.9%	21.2%
	115	127	108	146	237	225	143	149	83	560	1,332
PAT margin %	48.8%	48.8%	41.7%	48.7%	59.5%	57.7%	39.1%	29%	12.2%	50.3%	57.8%
EPS (₹)	22.6	24.9	21.3	28.8	46.5	44.3	28.2	29.3	16.3	109.8	52.2
EPS adjusted (₹)	4.5	5	4.3	5.7	9.3	8.8	5.6	5.8	3.3	22	52.2
	28.8%	60.2%	79.8%	69.6%	64.5%	62.4%	61.7%	65.2%	46.9%	27.3%	15.3%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	51	51	51	51	51	51	51	51	51	51	51
Reserves	1,235	1,311	1,329	1,200	1,308	1,367	1,367	1,428	1,327	1,833	2,797
Minority interest	0	—	—	—	—	—	—	—	—	—	—
	—	—	—	—	—	—	0	0	0	0	0
	570	507	586	825	1,375	1,084	1,382	1,543	2,030	2,441	4,653
Total equity & liabilities	1,855	1,869	1,966	2,075	2,735	2,503	2,801	3,023	3,409	4,325	7,501
	143	152	156	158	156	158	156	150	379	412	412
CWIP	0	0	2	0	1	1	43	52	8	6	28
Investments	1,324	1,198	900	595	674	611	1,157	1,047	914	1,401	2,889
	389	519	908	1,323	1,904	1,732	1,443	1,774	2,107	2,506	4,171
Total assets	1,855	1,869	1,966	2,075	2,735	2,503	2,801	3,023	3,409	4,325	7,501

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	90.8%
EBITDA margin %	31.3%	44.8%	47.4%	44.2%	29.2%	9.4%	59.8%	71.3%
EBIT margin %	26.2%	40.3%	41.8%	38%	24.9%	4.2%	54.1%	67.9%
PAT margin %	48.7%	59.5%	57.7%	39.1%	29%	12.2%	50.3%	57.8%
Working capital
Receivable days	7	6	8	11	10	33	9	10
Inventory days	—	—	—	0	0	0	0	0
Payable days	0	52	72	47	21	36	70	331
NWC days	—	—	—	-36	-11	-3	-60	-321
Leverage
Current ratio	2.69	1.65	2.02	2.3	1.81	1.23	1.87	1.31
Debt to EBITDA	—	—	—	0	0	0	0	0
Debt to equity	—	—	—	0	0	0	0	0
Interest coverage	17,707	1,659.3	1,404.5	858.3	932.2	384.3	1,550.6	4,696.4
Asset turnover	0.14	0.15	0.16	0.13	0.17	0.2	0.26	0.31
Return ratios
Return on assets %	7%	8.6%	9%	5.1%	4.9%	2.4%	12.9%	17.8%
Return on capital employed %	11%	15.4%	14.2%	10.4%	9.5%	4.8%	27.2%	46.7%
Return on equity %	11.7%	17.4%	15.9%	10.1%	10.1%	6%	29.7%	46.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.31%	26.61%	23.22%	20.69%	22.07%	23.13%	21.81%	21.69%	19%	20.64%	26.08%	29.84%
	56.43%	53.02%	56.88%	57.25%	57.46%	56.26%	58.1%	59.09%	60.5%	59.16%	54.36%	50.81%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%
	18.07%	20.18%	19.71%	21.87%	20.28%	20.42%	19.9%	19.03%	20.31%	20.01%	19.36%	19.15%
No. of shareholders	—	—	—	—	—	—	—	—	2,56,715	2,52,470	3,60,169	4,32,684

Promoter holding up 0 percentage points since Sep 2023.

92 deals · 8 Oct 2021 – 29 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Jun 2026	UTI MUTUAL FUND	Bulk	NSE	Buy	14,65,941	₹2,899.23	₹425.01 Cr
29 May 2026	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Sell	21,79,407	₹2,947.84	₹642.45 Cr
29 May 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	15,07,824	₹2,992.12	₹451.16 Cr
29 May 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	15,07,824	₹2,995.08	₹451.61 Cr
29 May 2026	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Buy	39	₹2,992.84	₹0.01 Cr
3 Feb 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	12,87,962	₹2,450.44	₹315.61 Cr
3 Feb 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	12,87,962	₹2,449.33	₹315.46 Cr
2 Feb 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	13,88,361	₹2,230.16	₹309.63 Cr
2 Feb 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	13,88,361	₹2,228.57	₹309.41 Cr
1 Feb 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	23,87,489	₹2,204.28	₹526.27 Cr

1–10 of 92

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Mr. HARSH KUMAR BHANWALANon-Executive - Independent Director-Chairperson
Mr. CHANDRA SHEKHAR VERMANon-Executive - Independent Director
Mr. MOHAN NARAYAN SHENOINon-Executive - Non Independent Director
Mr. ASHUTOSH VAIDYANon-Executive - Independent Director
Ms. SONU BHASINNon-Executive - Independent Director
Mr. ARVIND KATHPALIANon-Executive - Non Independent Director
Mr. NAVRANG SAININon-Executive - Independent Director
Ms. PRAVEENA RAIExecutive Director-CEO-MD
Mr. SANTOSH KUMAR MOHANTYNon-Executive - Independent Director
Mr. SANJAY RAJPALExecutive Director
Mr. MANOJ JAINExecutive Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹3,300.4 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹3,336.2	+22.4	+0.7%	₹3,336.2	31,764	-616	6,966	225
23 Nov 2026	₹3,351.6	+20.1	+0.6%	₹3,351.6	963	+46	162	225
29 Dec 2026	₹3,355.2	+75.1	+2.3%	₹3,355.2	11	+11	12	225

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

23

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
—	—	—	—	2,600

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

182

across 20 fund houses

Held by these funds

19.39%

of the company's equity

All mutual funds

30.07%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

182 schemes · 20 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	43.18 L	1,468.22	3.43%	1.693%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	43 L	1,462	2.8%	1.686%	—
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	29.71 L	1,010.03	3.01%	1.165%	+2 L
SMALL CAP FUND	Nippon India Mutual Fund	28 L	952	1.15%	1.098%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	27.67 L	940.66	4.67%	1.085%	-1 L
Midcap Fund	SBI Mutual Fund	22 L	748	3.05%	0.863%	-0
Mid Cap Fund	DSP Mutual Fund	19.53 L	663.86	3.16%	0.766%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	15.85 L	538.95	0.96%	0.622%	—

1–8 of 182

1 / 23

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

16 Sept 2026, 6:38 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	90.8%
EBITDA margin %	31.3%	44.8%	47.4%	44.2%	29.2%	9.4%	59.8%	71.3%
EBIT margin %	26.2%	40.3%	41.8%	38%	24.9%	4.2%	54.1%	67.9%
PAT margin %	48.7%	59.5%	57.7%	39.1%	29%	12.2%	50.3%	57.8%
Working capital
Receivable days	7	6	8	11	10	33	9	10
Inventory days	—	—	—	0	0	0	0	0
Payable days	0	52	72	47	21	36	70	331
NWC days	—	—	—	-36	-11	-3	-60	-321
Leverage
Current ratio	2.69	1.65	2.02	2.3	1.81	1.23	1.87	1.31
Debt to EBITDA	—	—	—	0	0	0	0	0
Debt to equity	—	—	—	0	0	0	0	0
Interest coverage	17,707	1,659.3	1,404.5	858.3	932.2	384.3	1,550.6	4,696.4
Asset turnover	0.14	0.15	0.16	0.13	0.17	0.2	0.26	0.31
Return ratios
Return on assets %	7%	8.6%	9%	5.1%	4.9%	2.4%	12.9%	17.8%
Return on capital employed %	11%	15.4%	14.2%	10.4%	9.5%	4.8%	27.2%	46.7%
Return on equity %	11.7%	17.4%	15.9%	10.1%	10.1%	6%	29.7%	46.8%

Calls	Strike	Puts
—	—	—	—	2,600

Date	Category	Subject	Filing
16 Sept 2026, 6:38 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 2:38 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 9:57 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
10 Sept 2026, 5:09 pm	Company Update General	General Update	PDF
9 Sept 2026, 10:46 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 6:49 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
3 Sept 2026, 7:34 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 12:18 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	78	-32	99	-184	391	141	442	950	3,035
	-30	55	36	-39	-142	-8	-346	-751	-2,399
	-61	-40	-92	-154	-142	-89	-98	-40	-154
Net cash flow	-14	—	—	-377	107	44	-2	159	481
Free cash flow	—	—	—	—	—	—	—	—	-3,775
CFO / Operating profit %	103%	-40.3%	138.2%	-99.6%	241.3%	94.5%	687.5%	142.8%	184.9%

Multi Commodity Exchange Of India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

23

Fund holders

Documents

Announcements

Events

Announcements

3

23

Announcements

Annual reports

Investor Presentation and earnings call

18

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Multi Commodity Exchange Of India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain23

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain23

Announcements

Annual reports

Investor Presentation and earnings call

Dividends18

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

23

3

23

18

1

1