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Companies›Financial Services›Financial Services›Capital Markets
NSE:MCX

MULTI COMMODITY EXCHANGE

Financial Services › Capital Markets·NIFTY 200NIFTY 500NIFTY LARGEMIDCAP 250NIFTY MIDCAP 100+10
₹3,180.60
at close · 28 Oct 2026
▼ 6.20 (-0.19%)

Latest filings

Next results: Tue, 3 Nov · Financial Results
  1. MCX schedules Q2 FY27 earnings call for November 4, 2026 · Board & Shareholder Meetings
  2. MCX incorporates wholly owned subsidiary for mineral exchange · Strategic Transactions
  3. MCX board meeting on Nov 3 to consider Q2 FY26 results · Results
All filings ↓
Ask Nexa about MULTI COMMODITY EXCHANGE

Snapshot

What the business is, and whether it's a good one at a fair price.

AI · written from filings

Operates India's commodity derivatives exchange, where members and their clients trade futures and options on bullion, energy, base metals and agricultural commodities. Revenue is generated from transaction fees on this trading activity. FY26 consolidated revenue was INR 2,302 crores and profit after tax INR 1,331.55 crores. Product launches have broadened participation: Gold Mini, Gold Ten futures, silver monthly options, the BULLDEX index and a Silver 100 futures contract in 100-gram lots aimed at jewelers, SMEs and retail investors. A Coal Exchange has been licensed as an independent SEBI-regulated subsidiary. Cost structure is light: other operating expenses are 11.6% of revenue, materials 9.2%, employee cost 7.8% and depreciation 3.4%.

Operating scale
Commodity derivatives market share
~98%FY24-25
Q3 FY26 average daily turnover (F&O)
INR 7.5 lakh croresQ3 FY26
Bullion share of ADT
69%Q3 FY26
Retail UCC growth
+64% YoYFY26
Technology volume readiness
Built for 3-4x current volumes; targeting 10x
Silver 100 futures contract
100-gram lots, launched June 1, 2026
Who pays it
Members (brokers) and their end clients — retail traders, FPIs, domestic financial institutions, jewelers, SMEs and hedgers
Biggest cost
Technology and people — other opex 11.6% of revenue and employee cost 7.8% of revenue
Kind of business
Cyclical, asset-light exchange with high operating leverage
Where it sits
About 98% market share in Indian commodity derivatives (FY24-25)
Market Cap
₹81,105 Cr
P / E (TTM)
27.6×
EV / EBITDA
45.4×
Div Yield
0.19%
Growth
42.6%▲
Revenue 5y CAGR
PAT +42.7% · EBITDA +43.7%
Quality
9.2%·
ROCE (5y median)
ROE 7.4% (5y median) · margin 76.8%
Leverage
0.00·
Debt / Equity · low
Net cash ₹820 Cr
Revenue FY21→FY26
5.9×▲
Margin +0.2 pts
₹391 Cr → ₹2,302 Cr
Cash conversion
2.22×▲
Operating cash ÷ profit · 5 yrs
₹5,038 Cr on ₹2,267 Cr
Moves on a normal day
1.70%·
Median daily move
Last 267 sessions · the yardstick for filing-day moves
Where it sits among 68 Capital Markets peersBar = share of peers beaten · tick = industry median · latest reported figures
P/E (TTM)#41/58
P/B#62/65
ROCE#5/33
ROE#2/65
Debt / Equity#1/30
EBITDA margin#10/64
Revenue growth#2/58
Profit growth#6/61

Scorecard

Measured from the filed financials, judged against its Capital Markets peers · as of FY26 — not investment advice

Strengths
Revenue compounding 43% a year over 5 years
Profit compounding 43% a year over 5 years
No borrowings on the balance sheet
lower than 72% of its 30 Capital Markets peers
Over 5 years it reported ₹2,267 Cr of profit and ₹5,038 Cr of operating cash — 2.22×
Profit is converting into cash
Negative working-capital cycle — the business is funded by its suppliers
Concerns
EPS grew slower than profit — the share count rose (bonus or dilution)

Charts

How has the market priced it — with filings on the timeline?

MCX · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Peers

How does it stack up on valuation, returns and growth?

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Financials

Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.

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Ownership

Who owns it — and is the promoter stake clean?

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Common questions

Answered from MULTI COMMODITY EXCHANGE's filed financials and exchange disclosures

What does MULTI COMMODITY EXCHANGE do?

MULTI COMMODITY EXCHANGE is a Capital Markets company listed on NSE and BSE, trading under the symbol MCX.

Is MULTI COMMODITY EXCHANGE profitable?

Yes. Over the trailing twelve months MULTI COMMODITY EXCHANGE reported a net profit of ₹1,332 Cr on revenue of ₹2,302 Cr.

Does MULTI COMMODITY EXCHANGE pay a dividend?

Yes. The dividend yield is 0.19% at the current price. It paid out 12% of its profit as dividend in FY26.

Is MULTI COMMODITY EXCHANGE debt-free?

Yes. It reported no borrowings on its 31 Mar 2026 balance sheet, and ₹820 Cr of cash.

Is MULTI COMMODITY EXCHANGE expensive compared with its peers?

On trailing P/E, MULTI COMMODITY EXCHANGE ranks 41 of 58 in Capital Markets — cheaper than 30% of them, against an industry median of 19.6×. This is a position, not a valuation judgement.

How much does the MULTI COMMODITY EXCHANGE share price move in a day?

On a typical session MULTI COMMODITY EXCHANGE moves 1.70% — that is the median absolute close-to-close move across its last 267 trading days. MarketPing measures each filing's price reaction against it.

When are MULTI COMMODITY EXCHANGE's next results?

Financial Results on Tue, 3 Nov. MarketPing alerts you on WhatsApp the moment the filing lands.

Where can I track MULTI COMMODITY EXCHANGE's announcements?

Every NSE and BSE filing by MULTI COMMODITY EXCHANGE appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.

Figures are as last reported and may lag the latest filing. Not investment advice.