NSE: MCX · BSE: 534091
MULTI COMMODITY EXCHANGE
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading fees on commodity futures and options, Bullion contracts, Energy contracts, Base metals and agri contracts, Coal Exchange subsidiary. Cyclical, asset-light exchange with high operating leverage
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 367 | 514 | 684 | 1,113 | 2,302 |
| EBITDA (ex other income) | 142 | 150 | 64 | 667 | 1,642 |
| margin % | 38.6 | 29.2 | 9.4 | 60.0 | 71.3 |
| Owners' profit | 143 | 149 | 83 | 560 | 1,332 |
| EPS, as reported (₹) | 28.18 | 29.27 | 16.30 | 109.82 | 52.22 |
| ROE % · ROCE % | 7.4 · 9.2 | 7.2 · 9.2 | 3.8 · 4.7 | 29.7 · 24.1 | 46.8 · 39.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 391 | 141 | 521 | 950 | 3,035 |
| Capex | 0 | (71) | (143) | (96) | (6,810) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 234 | 286 | 301 | 291 | 373 | 374 | 666 | 889 |
| Profit before tax | 138 | 191 | 201 | 168 | 256 | 249 | 505 | 682 |
| Net profit | 111 | 154 | 160 | 135 | 203 | 197 | 401 | 530 |
| EPS (₹) | 21.75 | 30.12 | 31.38 | 26.56 | 39.84 | 38.72 | 15.73 | 20.78 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BSE LIMITED | 1,42,153 | 50.7 | 20.92 | 41.4 | 36.6 | 40.0 | 57.3 | 75.8 |
| MULTI COMMODITY EXCHANGE ◆ | 81,105 | 27.6 | 28.48 | 45.4 | 46.8 | 39.0 | 42.6 | 78.9 |
| INDIAN ENERGY EXC LTD | 9,150 | 18.0 | 6.71 | 14.0 | 36.1 | 44.2 | 14.1 | 111.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.6 | 19.6 | 41 of 58 | 30% |
| P/B | 28.5 | 2.8 | 62 of 65 | 5% |
| ROCE | 39.0 | 16.0 | 5 of 33 | 88% |
| ROE | 46.8 | 11.4 | 2 of 65 | 98% |
| Debt / Equity | 0.0 | 0.0 | 1 of 30 | 72% |
| EBITDA margin | 78.9 | 45.7 | 10 of 64 | 86% |
| Revenue growth | 205.1 | 23.1 | 2 of 58 | 98% |
| Profit growth | 291.1 | 17.6 | 6 of 61 | 92% |
| Market cap | 81105 | 940 | 5 of 69 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · MCX schedules Q2 FY27 earnings call for November 4, 2026 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · MCX incorporates wholly owned subsidiary for mineral exchange | strategic transactions | medium | — | — |
| 13 Oct 2026 · MCX board meeting on Nov 3 to consider Q2 FY26 results | results | low | — | — |
| 9 Oct 2026 · MCX KMP shifts from Head-Metals to Head-Strategic Corporates and Research | management changes | medium | — | — |
| 9 Oct 2026 · MCX: KMP role change for Shivanshu Mehta | management changes | medium | — | — |
| 30 Sept 2026 · GST show cause notice to MCX over alleged tax issues for FY23 | regulatory legal | high | — | — |
| 29 Sept 2026 · MCX appoints Ramesh Varakhedkar as Chief Business Officer | management changes | medium | — | — |
| 25 Sept 2026 · MCX appoints Nishant Pradhan as Chief of Innovation | management changes | medium | — | — |
| 25 Sept 2026 · MCX Trading Window Closed from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 18 Sept 2026 · MCX 24th AGM: All 3 resolutions passed, Rs 8 dividend approved | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.