Multi Commodity Exchange of India Limited (MCX)
Mid CapFinancial Services stocks · Mid cap · NSE
Multi Commodity Exchange of India Limited (MCX) is India's leading commodity derivatives exchange, offering trading in futures and options across bullion, base metals, energy, and agricultural commodities. It also operates a clearing corporation, MCXCCL, which acts as a central counterparty for trades.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +88% YoY · PAT +103% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹702 Cr | +88.2% | -21.0% |
| EBITDA | ₹494 Cr | +105.0% | -25.7% |
| Operating margin | 70.0% | +500 bps | -500 bps |
| PAT | ₹413 Cr | +103.5% | -22.1% |
| PAT margin | 58.8% | +441 bps | -79 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
MCX reported exceptional FY26 and Q4 FY26 results, with operating revenue more than doubling YoY and PAT crossing Rs. 1,300 Cr for the full year. Q4 saw over 200% YoY operating revenue growth and nearly 300% YoY PAT growth, driven by strong ADT expansion in bullion and energy.
The company demonstrated robust financial and operational performance in FY26 and Q4 FY26, with significant YoY growth in revenue, PAT, and Average Daily Turnover (ADT). Market share dominance in key segments and strategic initiatives to expand participation and product offerings indicate continued strong momentum, supporting the investment thesis.
MCX Commodities Futures Turnover % Q4 FY26
Latest issuer-disclosed distribution across 8 reported categories.
Expanding Market Participation
Banks are allowed to provide broking services and serve as Professional Clearing Members. Integration of brokers and increasing institutional participation from MFs, PMS, and FPIs.
New Products & Indices
Introduction of Commodity Index Options, Cardamom Futures, Nickel Futures, Gold and Silver monthly Options, and BULLDEX Options.
Dominant Market Share
MCX continues to command over 99% share across bullion, base metals, and energy, benefiting from overall market expansion.
Bullion and Energy Segment Growth
Avg. Daily Turnover (F&O) growth in Bullion and Energy is expanding the overall market and driving sharp acceleration in ADT.
New Commodity Derivatives Platform
Go Live of new Commodity Derivatives Platform on Oct 16, 2023, enhancing operational capabilities.
Designated Warehouses
Has designated warehouses in Thane, Raipur, Chennai, Kolkata, and Palwal (NCR) for deliverable metal contracts.
Indian Commodities Derivatives Market Expansion
The overall market is expanding rapidly, driven by growth in Bullion and Energy F&O Average Daily Turnover.
Regulatory Support for Participation
SEBI's initiatives allowing banks, Mutual Funds, Portfolio Managers, and Foreign Portfolio Investors to participate in commodity derivatives.
Strategic Partnerships
Licensing agreements with NYMEX (CME Group) and IEX, and a consultancy agreement with CSE to establish Bangladesh’s first Commodity Exchange.
Regulatory Changes
Changes in government regulations could materially differ the company's actual performance from expectations.
Competition
Competition from other exchanges or platforms could impact market share and profitability.
Technological Change
Technological change is an inherent risk that could affect the company's performance.
Economic Factors
General economic, political, and market factors in India and internationally can influence commodity trading volumes and company performance.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and overall market expansion, especially for a financial year. QoQ comparison is important to track sequential momentum in ADT, margins, and the impact of recent initiatives.
Options Average Daily Turnover (ADT)
PositiveFY26: 471,641 Cr (+146% YoY); Q4 FY26: 575,387 Cr (+112% YoY).
Futures Average Daily Turnover (ADT)
PositiveFY26: 64,407 Cr (+137% YoY); Q4 FY26: 90,199 Cr (+111% YoY).
EBITDA Margin
PositiveFY26: 73% (vs 63% PY); Q4 FY26: 76% (vs 59% PY).
Net Profit Margin
PositiveFY26: 55% (vs 46% PY); Q4 FY26: 57% (vs 42% PY).
Focus on Market Expansion
Management is focused on expanding the overall market through increased participation and new product offerings.
Leveraging Dominant Position
The company aims to maintain its over 99% market share in key segments like bullion, base metals, and energy.
Operational Efficiency
The new Commodity Derivatives Platform and robust risk management systems are key operational enablers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall ADT Growth | FY26 F&O ADT +146% YoY. | Sustained high double-digit growth in both Futures and Options ADT. |
| EBITDA Margin | Q4 FY26 76%. | Maintenance or further improvement in high operating margins. |
| Client Acquisition | FY26 F&O Traded Clients 20.9 Lakh (+61% YoY). | Continued growth in unique traded clients across segments. |
| New Product Adoption | New products like Cardamom Futures, Nickel Futures, Gold/Silver monthly Options launched. | Contribution of new products to overall ADT and revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +14.4% / mo · MACD + · near 52W low
Technical chart
MCXdaily · 1Y · AUTO+28.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 60. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~12.6% over last month) — short-term momentum positive.
- RSI(14) at 60 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 71% off 52W high · 54% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 16.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.6%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Quality contributes 20/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -95.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 99th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 20%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 99th pctile, median 62 · Mid: 89th pctile, median 76
275 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸OPM spread across recent quarters is 20%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 54.20
- P/B
- 29.24
- EV/EBITDA
- 42.29
- Market Cap
- 83520.00Cr
Profitability
- ROE
- 56.30%
- ROCE
- 71.40%
- ROA
- 20.56%
- Dividend Y
- 0.24%
Growth (CAGR)
- Revenue 5Y
- 43.00%
- EPS 5Y
- 49.00%
- Revenue 3Y
- 65.00%
- EPS 3Y
- 108.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 7.84
- Book Value
- 112.00
Cash Flow
- FCF Yield
- 0.76%
- FCF Positive Y
- 11/5
- OCF
- 3035.00 Cr
- EPS TTM
- 60.46
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.