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Multi Commodity Exchange Of India Ltd
NSE: MCX BSE: 534091 INE745G01043 Financial Services Cap Markets 🔎 Screen
NIFTY 200 NIFTY 500 Midcap 50 Midcap 100 Midcap 150
₹83,379 Cr
Market Cap
29.81
P/B
71.4%
ROCE
56.3%
ROE
0.00
D/E
71.0%
Fin. Margin
-5.6%
% from 52W High
61
α RS
🔍 MCX is showing a high-conviction setup because it matches 15 of 37 tracked screener presets, RS Rating is 61, an ECS of 66.8 last quarter (real cash backing the earnings), and it has maintained a 35-day Stage 2 momentum persistence. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS Momentum Streaks
Sources
Conviction 15/37 · RS Rating 61 · ECS 66.8 · Stage 2 streak: 35d
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
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 29.3 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 YoY beat — total income +85% and PAT +103% — but sharp QoQ declines (~20%) and a halving in options premium-to-notional ratio show momentum cooled from Q4 FY26. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹752 Cr
+85% YoY; operating revenue ₹702 Cr, +88% YoY
EBITDA Margin
72%
+400 bps YoY (68% in Q1 FY26); down from 76% QoQ
PAT
₹413 Cr
+103% YoY; -22% QoQ; EPS ₹16.21
Key Metric
Options notional ADT ₹9,89,691 Cr
+266% YoY; premium ADT ₹9,086 Cr +114% YoY but -15% QoQ
What Went Right
  • Total income rose 85% YoY to ₹752 Cr; operating revenue grew 88% YoY to ₹702 Cr.
  • PAT grew 103% YoY to ₹413 Cr (EPS ₹16.21), with EBITDA up 98% YoY to ₹544 Cr.
  • Total F&O ADT hit ₹10,49,365 Cr, +238% YoY, driven by options notional ADT of ₹9,89,691 Cr (+266% YoY).
  • Bullion + Energy contributed ~97% of turnover; bullion ADT was ₹7,19,959 Cr (+427% YoY) and base metals total ADT jumped 445% YoY.
  • Reach expanded to 646 cities, 29,474 authorised persons and 4.05 crore unique client codes.
What to Watch
  • QoQ reversal: total income fell 19%, EBITDA 23% and PAT 22% versus Q4 FY26; futures ADT dropped 34% QoQ to ₹59,674 Cr.
  • Options premium ADT declined 15% QoQ to ₹9,086 Cr even as notional ADT rose 72% QoQ — premium-to-notional compressed from ~1.8% to ~0.9%, weakening revenue quality.
  • Bullion futures ADT fell 45% QoQ to ₹38,350 Cr, exposing reliance on options-driven notional growth.
  • Client share of options turnover fell to 39.25% from 41.68% QoQ; traded futures clients dropped to 4.12 lakh from 4.7 lakh QoQ.
  • Costs are not standing still: employee benefits +25% QoQ/+28% YoY, statutory funds/regulatory fees +102% YoY, and other expenses +104% YoY.
Investor Lens
The structural thesis is intact — MCX holds >99% share in bullion, base metals and energy, and F&O ADT grew 238% YoY. But Q1 FY27 was a clear step-down from Q4 FY26: revenue fell 19% QoQ, futures ADT fell 34% QoQ, and options premium intensity roughly halved, so headline notional growth overstates the earnings trajectory. Costs are rising sequentially (employee benefits +25% QoQ) even with lower revenue, dragging EBITDA margin from 76% to 72%. Next quarter, watch whether futures ADT recovers, whether premium-to-notional stabilises, and whether client participation reverses its QoQ decline. Any regulatory or institutional participation updates will also matter more than broad notional growth.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG MCX Q1 PAT jumps 103% YoY to ₹413 Cr; revenue dips 21% QoQ
Revenue
Revenue for Jun 2026 quarter stood at ₹702 Cr, up 88.2% YoY from ₹373 Cr in Jun 2025, driven by strong market activity. However, revenue declined 21% sequentially from Mar 2026 quarter, indicating some cooling after a robust period.
Profitability
Net profit rose 103.4% YoY to ₹413 Cr from ₹203 Cr, with EPS at ₹16.21 vs ₹7.97. PBT was ₹523 Cr, aided by other income of ₹50 Cr, and the effective tax rate was 21%.
Margins
Operating profit margin came in at 70%, improved from 65% in the year-ago quarter but down from 75% in the preceding quarter. The sequential margin dip aligns with the revenue decline, while YoY expansion reflects operating leverage.
Cash Flow
No direct cash flow data provided in the results. However, given zero debt and high profitability, cash generation is likely strong, though not quantifiable from the given metrics.
Balance Sheet
The company has zero debt (D/E: 0), indicating a clean balance sheet. ROE and ROCE are extremely healthy at 56.3% and 71.4% respectively, reflecting strong capital efficiency.
Key Risks
Sequential revenue and profit dropped over 21%, highlighting volatility in exchange volumes. The high PE of 51.31 leaves little room for earnings disappointment. Any slowdown in commodity market activity could impact future performance.
Outlook
The strong YoY growth suggests sustained momentum in commodity trading, but the sharp QoQ decline signals caution. Continued volume growth and margin discipline will be key to maintaining profitability in coming quarters.
Generated by AI · Jun 2026 results · Not investment advice
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