Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 12:17 pm ISTDetails
Quote21 Oct, 12:17 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result05 Aug, 01:32 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
49NeutralMACD −
Stock trend: 51
Sector RS: 46
Sector 3M: -5.9% vs Nifty 500 -6.0%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MCXD candles · FIT view+6.9%TODAY · PROVISIONALLatest price ₹3098.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-3.3%
RSI
42
MACD hist
-26.84
52W pos
78%
2026-10-21O ₹3205.00H ₹3212.30L ₹3090.60C ₹3098.00Vol 6.7L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MCXNifty Financial ServicesNifty 500
- MCX
- +13.0%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +18.6 pp
Chart stats
19 Oct 2026- From 52W high
- -8.5%
- 52W range position
- 83%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.60x
- Avg traded value
- ₹613 Cr
- 20D price channel
- ₹3,122.7 - ₹3,481.4
₹3,481.4
₹1,723 - ₹3,481.4
₹105.3
Latest completed session
20-session average
35.8% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED62
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +88.2% · PAT +103.5% YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model-100.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +88% YoY · PAT +103% YoY · margin expansion · operating leverage
Filed 04 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 53.20
- P/B
- 28.71
- EV/EBITDA
- 41.53
- Market Cap
- 82016.00Cr
Profitability
- ROE
- 56.30%
- ROCE
- 71.40%
- ROA
- 20.56%
- Dividend Y
- 0.25%
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
- 0.78%
- FCF Positive Y
- 11/5
- OCF
- 3035.00 Cr
- EPS TTM
- 60.46
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,302+106.8% vs prev
Net Profit
₹ CrLatest: 1,332+137.9% vs prev
Return on Equity
%Latest: 46.8+57.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 42.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 76% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
95
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.3%
3M return
+13.0%
6M return
+14.4%
1Y return
+74.7%
RS 1D
+1
RS 20D
-1
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 7.7% 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.
50-DMA
price below
200-DMA
price above
S2 entered
11 Aug 2026
S2 age
48 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 206.88+1.76%
RS vs Nifty 500207
Valuation & peers
U-Score 62 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 62 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation0/30
Growth25/25
Quality20/20
Balance Sheet6/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
62
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
62/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Quality contributes 20/20 to the score.
Main drags
- Fair-value margin of safety is negative at -100.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
53.2
PB
28.7
EV/EBITDA
41.5
ROE
56.3%
ROCE
71.4%
FCF Yield
0.8%
Debt/Equity
0.0
MoS
-100.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
62
Previous: 62
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
-100.9%
Previous: -106.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
62
62
62
62
62
62
62
62
62
62
62
62
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹390.33
-693.7% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,541.73
-100.9% MoS
PEG
0.73
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BSE
Mid
BSE Limited
Stock Exchange
match 59
60
49.4
46.0%
-88%
UNDERVALUED
MOTILALOFS
Mid
Motilal Oswal Financial Services Limited
NBFC / Capital Markets / Insurance
match 19
26
32.4
15.5%
-89%
OVERVALUED
ABCAPITAL
Mid
Aditya Birla Capital Limited
NBFC
match 18
24
26.0
12.0%
+3%
OVERVALUED
ICICIAMC
Mid
ICICI Prudential Asset Management Company Limited
Asset Management
match 17
61
39.3
85.8%
-52%
UNDERVALUED
360ONE
Mid
360 ONE WAM LIMITED
Wealth Management
match 16
27
35.2
14.4%
-35%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T15:53:19.651Z
Management commentary snapshot
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.
Current business mix
MCX Commodities Futures Turnover % Q4 FY26
Latest issuer-disclosed distribution across 8 reported categories.
GOLD43.0%
SILVER34.0%
COPPER7.0%
NATURAL GAS7.0%
CRUDE OIL7.0%
ALUMINIUM1.0%
ZINC1.0%
Others0.1%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 98th percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
279 docs text-extracted · 181 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Financial Services: 98th pctile, median 62 · Mid: 86th pctile, median 76
Evidence depth
Financial-only
279 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
77
strong · quarterly consistency
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.
Continue researching Multi Commodity Exchange of India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.