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Multi Commodity Exchange Of India Ltd
NSE: MCX Financial Services Cap Markets 🔎 Screen
NIFTY 200 NIFTY 500 Midcap 50 Midcap 100 Midcap 150
₹85,123 Cr
Market Cap
30.43
P/B
71.4%
ROCE
56.3%
ROE
0.00
D/E
-5.8%
Fin. Margin
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
Shareholding
About

The MCX) commenced operation in Nov,03 is India’s first listed, national-level, electronic exchange, and India’s leading commodity derivatives exchange which offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. The Exchange operates under SEBI.

✓ Strengths 6
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 48.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.4%
  • Company has been maintaining a healthy dividend payout of 29.8%
  • Company's median sales growth is 24.0% of last 10 years
! Concerns 1
  • Stock is trading at 30.0 times its book value
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Strong beat – Q4 operating revenue surged 205% YoY to ₹889 Cr and PAT jumped 291% YoY to ₹530 Cr, driven by massive growth in bullion and energy volumes. quarter Investor Presentation One-Pager Mar 2026
Revenue
₹889 Cr
Operating income, +205% YoY (vs ₹291 Cr)
EBITDA Margin
76%
Up from 59% in Q4 FY25, +17pp YoY
PAT
₹530 Cr
+291% YoY (vs ₹135 Cr)
Futures ADT
₹90,199 Cr
+230% YoY (vs ₹27,315 Cr)
What Went Right
  • Operating revenue more than tripled YoY to ₹889 Cr, with EBITDA margin expanding to 76%.
  • PAT grew ~3.9x YoY to ₹530 Cr, driven by operating leverage as costs rose only 58%.
  • Futures ADT surged 230% YoY to ₹90,199 Cr; Options notional ADT rose 160% YoY to ₹575,387 Cr.
  • Bullion futures ADT jumped 305% YoY (₹69,402 Cr) and base metals futures ADT soared 466% YoY (₹8,056 Cr).
  • Traded client base expanded sharply – futures clients doubled to 4.7 lakh, options clients more than doubled to 11.5 lakh in Q4.
What to Watch
  • Total F&O ADT declined 11% QoQ to ₹665,586 Cr, driven by a 30% QoQ drop in bullion options notional (to ₹315,321 Cr).
  • Options notional in energy also rose strongly YoY but premium growth lagged notional growth, indicating lower implied premiums.
  • Index options remain negligible (notional ₹9 Cr in futures, near zero in options), failing to gain traction.
  • Agri derivatives continue to be a non-factor – ADT of just ₹6 Cr in futures, flat YoY and declining QoQ.
  • Product license fees jumped 128% YoY to ₹42.52 Cr, and contribution to statutory funds rose 215% YoY, pressuring margins had revenue growth not been exceptional.
Investor Lens
MCX's thesis remains intact – it holds >99% market share in bullion, base metals, and energy commodities, and the secular growth in Indian commodity derivatives is accelerating. Q4 FY26 results confirm the leverage in the model: revenue more than doubled while costs grew much slower, driving a 17pp EBITDA margin expansion. However, the 11% QoQ decline in total ADT, especially in bullion options, suggests some volatility in trading volumes, possibly due to price rallies or regulatory changes. Key catalysts to watch: full impact of bank-sponsored brokerage and FPI participation through DMA, launch of electricity futures traction, and any further margin or contract specification changes. Next quarter's ADT trends, particularly in bullion and energy, will be critical to judge if growth is sustainable or cyclical. Valuation at ~12x FY26 book value (₹111.69) likely prices in continued strong growth, leaving little room for disappointment.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Revenue up 205% YoY, PAT up 293% YoY
Revenue
Revenue surged 205.5% YoY to ₹889 Cr, driven by strong trading volumes and higher transaction income. Sequential growth of 33.5% indicates continued momentum.
Profitability
Net profit jumped 292.6% YoY to ₹530 Cr, with EPS rising to ₹20.78 from ₹5.31. PBT of ₹682 Cr benefited from a 22% tax rate.
Margins
Operating profit margin improved sharply to 75% from 55% a year ago, reflecting operational leverage on higher volumes. QoQ margin was 74%, near peak levels.
Balance Sheet
Balance sheet remains debt-light with borrowings of only ₹5 Cr and strong reserves of ₹2,797 Cr. D/E ratio is 0, indicating zero financial leverage.
Key Risks
High valuation with PE of 82.8 leaves limited margin for safety. Sustaining 75% OPM may be challenging if trading volumes decline. Regulatory changes in commodity derivatives could impact revenue.
Outlook
Continued market participation should support near-term growth, but high base effects may slow YoY comparisons. The company's strong cash position provides resilience.
Generated by AI · Mar 2026 results · Not investment advice
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Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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