Multi Commodity Exchange Of India Ltd - Stock Valuation and Financial Performance

BSE: 534091 | NSE: MCX | Finance - Stock Broking | Small Cap

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Multi Commodity Exch Share Price

 ₹6,359.50 -10.65 -0.17%
as on 22-May'25 15:40

DeciZen - make an informed investing decision on Multi Commodity Exch

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Overvalued
Check 10 Yrs Valuation charts

3. Price Trend

Strong
Check Price chart

Multi Commodity Exchange Of India stock performance -

PE Chart Key Ratios
mw4me loader
P/E Ratio (CD):
58.01
Market Cap:
32,486.7 Cr.
52-wk low:
2,917
52-wk high:
7,046.7

Is Multi Commodity Exchange Of India Ltd an attractive stock to invest in?

1. Is Multi Commodity Exchange Of India Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Multi Commodity Exchange Of India Ltd is a good quality company.

2. Is Multi Commodity Exchange Of India Ltd undervalued or overvalued?

The key valuation ratios of Multi Commodity Exchange Of India Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Multi Commodity Exchange Of India Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Multi Commodity Exchange Of India Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Multi Commodity Exch:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Multi Commodity Exchange Of India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ12.7%11.3%11.8%9.5%9.8%15.9%14.6%9.6%9.5%4.8%-
Value Creation
Index ⓘ		-0.1-0.2-0.1-0.3-0.30.20.1-0.3-0.3-0.6-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ2222352592603003983913675146841,113
Sales YoY Gr.-5.6%10.4%0.2%15.5%32.6%-1.8%-6.1%40%33.1%-
Adj EPS ⓘ24.722.524.821.328.746.444.228.129.216.3109.8
YoY Gr.--8.8%10.4%-14.4%34.9%61.7%-4.8%-36.3%3.8%-44.2%-
BVPS (₹) ⓘ272.9290299.8305.2309.7346.9370.1381.1405.7423.3369.5
Adj Net
Profit ⓘ		12511512710814623722514314983.1560
Cash Flow from Ops. ⓘ69.677.5-32.199.3258449-184391141521-
Debt/CF from Ops. ⓘ0000000000-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ13.3%17.9%20.5%33.1%
Adj EPS ⓘ-4.5%-10.7%-28.3%-44.2%
BVPSⓘ5%6.5%4.6%4.4%
Share Price 19.1% 41.3% 70.1% 68.5%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		9.388.479.314.112.37.57.43.927.7
Op. Profit
Mgn % ⓘ		35.932.130.727.731.444.847.44429.19.459.8
Net Profit
Mgn % ⓘ		56.448.848.841.748.759.557.739.12912.250.3
Debt to
Equity ⓘ		00000000000
Working Cap
Days ⓘ		1,1631,1661,3891,6611,3371,0851,3051,317885881417
Cash Conv.
Cycle ⓘ		-49-28-53-75-74-59-44-36-18-6159

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 27.70%

Sales growth is growing at healthy rate in last 3 years 20.51%

Sales growth is good in last 4 quarters at 62.98%

Net Profit has been subdued in last 3 years -28.27%

Latest Financials - Multi Commodity Exchange Of India Ltd.

Standalone Consolidated
TTM EPS (₹) 81.3 109.8
TTM Sales (₹ Cr.) 1,012 1,113
BVPS (₹.) ⓘ 378 369.5
Reserves (₹ Cr.) ⓘ 1,877 1,833
P/BV ⓘ 16.85 17.24
PE ⓘ 78.32 58.01
From the Market
52 Week Low / High (₹) 2917.00 / 7046.70
All Time Low / High (₹) 238.30 / 7046.70
Market Cap (₹ Cr.) 32,487
Equity (₹ Cr.) 51
Face Value (₹) 10
Industry PE ⓘ 29.3

Management X-Ray of Multi Commodity Exch:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Multi Commodity Exch

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Analyst's Notes

MCX Ltd: Stock Pulse - 08 Nov 2023

Stock pulse is a format where we explore the most important questions to understand the company's performance.

  • What are the revenue drivers for the company and the future outlook?

MCX has a 96.3% share in the Indian commodity futures market. The company charges exchange fees on trades placed in commodities like Crude oil, Silver, Gold, and Copper as well as Agro commodities. It is keen on new product launches and small-size contracts of existing commodities which shall help it hold its lion's share in the commodities market. Commodity futures contribute 57% of the revenue whereas commodity options contribute 43% of revenue.

  • How is the transition to the new software platform working out?

MCX has been under the spotlight for a long time about its transition to a new commodity trading platform from the one developed by its erstwhile promoter Financial Technologies India Ltd, now known as 63 Moons. It had recently extended its contract with 63 Moons till December 2023 at a higher cost which resulted in a fall of 12% in the stock price on the date of this announcement. The contract with 63 Moons was very expensive and thus was putting a major dent in the company’s profitability. Even though MCX was keen on getting the new platform launched as soon as possible, there were a lot of hurdles concerning all the necessary tests done and getting approvals from SEBI. All these software platform issues that MCX had with launching the new platform with TCS have finally ended and the company has now successfully shifted to the new platform. There were glitches seen in the starting days of the launch, but now the platform seems to be running fine.

  • How is the Commodity Options segment shaping up?

Commodity Options segment is gaining significant traction. Single-side Average Daily Notional Turnover (ADTO) has spiked 7x/3x in 2022/2023 and further doubled to ~Rs.62,000 Cr in Q1 FY24. The lower margin requirement in options makes it a preferred instrument for hedgers/speculators to trade. Trader’s interest seems to drop in the futures segment as visible from the ADTO in futures. 

  • Will the company improve its margin profile?

The major investment for the new platform is capital in nature. The company won’t be paying any charges for the first year. Post that, maintenance costs are negligible and depreciation will be a major cost. Just like we see in other exchange platforms like IEX, operating margins post the shift have taken a big upswing and shall go to about ~60%. This shall mean a significant jump in its profitability.

  • Does the change in segment mix impact revenues?

Commodity futures revenue has been declining at the rate of 14% yearly since FY21 whereas commodity options revenue has been growing at a rapid pace (4.4x in FY23). MCX revenue (fees) as a percentage of the premium in Options is about 15 times that in Futures contracts. Thus the loss of revenue in the futures segment is more than compensated by the growth in the Options segment. Going ahead we expect options revenues to grow at a healthy pace of 51% CAGR over FY23-26F. 

  • What are the concern areas?

As MCX was maneuvering the regulatory concerns over its new trading platform, its better-known rivals NSE and BSE, despite their relatively minuscule market share have come up with commodity options.  BSE is playing a low-cost strategy to lure traders, which is why it is gaining market share. However, the segment itself is growing at a fast pace and thus more than one player can co-exist. It is to be seen if MCX can hold the market share in this segment as it has in the Futures segment.

Key Ratios of Multi Commodity Exch

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Income341352376352406503533433576758
Interest Income222235259260300398391367514684
Other Income ⓘ 11811711792106105142666374
Expenditure ⓘ 170185199205228238266229386656
Interest Expense ⓘ 1000000000
Operating Expenses ⓘ 161177192196208221214216371614
Provisions 7878201652121541
Exceptional Items ⓘ 0-600-2400-2000
Profit Before Tax ⓘ 170162178147154265267184191102
Taxes ⓘ 4547513972942414219
Profit After Tax 12511512710814623722514314983
Adjusted EPS (₹)24.722.524.821.328.746.444.228.129.216.3
Dividend Payout Ratio (%)41%29%60%80%70%65%63%62%65%47%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Equity Capital1,3921,4821,5331,5611,5811,7691,8871,9442,0692,159
Share Capital ⓘ 51515151515151515151
Reserves ⓘ 1,3411,4311,4821,5101,5301,7181,8361,8932,0182,108
Minority Interest0000000000
Long Term Borrowings606639712735781814809802847921
Current Liabilities 4424013324054569395878189381,184
Trade Payables10193042333120262162
Short term borrowings0000000000
Other Liabilities-10-19-30-42-33-31-20-26-21-62
Total Liabilities ⓘ 2,4402,5222,5772,7012,8183,5233,2843,5643,8554,264

Assets

Non Current Asset 7621,0441,6671,6241,5981,9922,1261,7142,1882,814
Loan Asset 0000000000
Other Non Current Asset ⓘ 7621,0441,6671,6241,5981,9922,1261,7142,1882,814
Current Asset 1,6771,4799101,0761,2201,5311,1571,8501,6671,450
Current Investment1,288864763900582662598713202311
Other Current Asset3896151471776388695591,1361,4641,139
Total Assets ⓘ 2,4402,5222,5772,7012,8183,5233,2843,5643,8554,264

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 7078-3299258449-184391141521
Cash Flow From Investing Activity ⓘ -68-305536-93-27-39-142-8-424
Cash Flow From Financing Activity ⓘ -19-61-40-92-105-123-154-142-89-98
Net Cash Flow ⓘ -18-14-174361299-37710744-2

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Operational & Financial Ratios
EPS (₹)25222521294644282916
DPS (₹)107151720302817198
BVPS (₹)273290300305310347370381406423

Performance Ratios

ROA (%)5.34.65.04.15.37.56.64.24.02.1
ROE (%)9.38.08.47.09.314.112.37.57.43.9
ROCE (%)12.711.311.89.59.815.914.69.69.54.8

Valuation Parameters

Price/Book(x)4.12.94.02.22.63.34.13.73.77.9

Multi Commodity Exchange Of India Ltd Stock News

Multi Commodity Exchange Of India Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Multi Commodity Exch on 22-May-2025 15:40 is ₹6,359.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-May-2025 15:40 the market cap of Multi Commodity Exch stood at ₹32,486.7.
The latest P/E ratio of Multi Commodity Exch as of 22-May-2025 15:40 is 78.32.
The latest P/B ratio of Multi Commodity Exch as of 22-May-2025 15:40 is 16.85.
The 52-week high of Multi Commodity Exch is ₹7,046.7 and the 52-week low is ₹2,917.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Multi Commodity Exch is ₹1,012 ( Cr.) .

About Multi Commodity Exchange Of India Ltd

The Multi Commodity Exchange of India Limited (MCX), India’s first listed exchange, is a state-of-the-art, commodity derivatives exchange that facilitates online trading of commodity derivatives transactions, thereby providing a platform for price discovery and risk management. The Exchange, which started operations in November 2003, operates under the regulatory framework of Securities and Exchange Board of India (SEBI).

Business area of the company

MCX offers trading in commodity derivative contracts across varied segments including bullion, industrial metals, energy and agricultural commodities, as also on indices constituted from these contracts. It is India’s first Exchange to offer commodity options contracts, bullion index futures and base metals index futures contracts. The Exchange focuses on providing commodity value chain participants with neutral, secure and transparent trade mechanisms, and formulates quality parameters and trade regulations, in conformity with the regulatory framework.

Products

MCX provides exposure to the performance of a basket of commodities

MCX iCOMDEX

  • MCX BULLDEX
  • MCX METLDEX

Bullion

  • Gold
  • Gold Mini 
  • Gold Guinea 
  • Gold Petal 
  • Silver 
  • Silver Mini 
  • Silver Micro

Base Metals

  • Aluminium
  • Copper 
  • Lead 
  • Nickel
  • Zinc

Energy

  • Crude Oil
  • Natural Gas

Agri Commodities

  • Black Pepper
  • Cardamom 
  • Castor Seed 
  • Cotton 
  • Crude Palm Oil 
  • Kapas 
  • Mentha Oil 
  • Rubber

Awards

2008:

  • Received the “Best Bullion Exchange of the Year” award from the Bombay Bullion Association.
  • Recognised as “India’s First Green Exchange” by Priyadarshini Academy.
  • Awarded the “Golden Peacock Eco-innovation award 2008” by the Institute of Directors.

2009:

  • Received the “Sankalp Award” for Agriculture and Rural Innovation.

2010:

  • Received the “Best Commodity Exchange of the Year” award from the Bombay Bullion Association.
  • Conferred with the FICCI Socio Economic Development Foundation (SEDF) Corporate Social Responsibility Award 2009-10.
  • Received the NASSCOM Foundation Social Innovation Honours 2010.

2011:

  • Conferred with the Best Commodity Exchange of the year award by the Bombay Bullion Association at the 8th India International Gold Conventions, held at Kochi.
  • Won the Indy’s award under the category ‘Best in Corporate Social Responsibility practices’.
  • Conferred with the “Financial Inclusion Award 2011” from the SKOCH Foundation.

2012:

  • FinanceAsia awards MCX IPO as the ‘Best Mid-cap Equity Deal’ in the entire Asia-Pacific for 2012; 1st exchange in the Asia Pacific to receive this recognition.
  • MCX’s Gold Petal contract received the FOW award for ‘the most innovative contract launch by an exchange’ under the metals category.
  • Conferred with the Best Commodity Exchange of the year award by the Bombay Bullion Association at the 9th India International Gold Conventions, held at Hyderabad.
  • Conferred with the Business Superbrand award.

2013:

  • The ‘Best Commodity Exchange of the year’ award by Global Cotton Conference.

2015:

  • Honoured with the ‘Best Commodity Exchange Award’ at the India International Bullion Summit organised by IBJA.
  • Recognised as the ‘Exchange of the year for Investor Education and Awareness’ by Commodity Participants Association of India (CPAI).

2016:

  • Awarded as the ‘Best Bullion Exchange 2016’ by Assocham, September, 2016.
  • Honoured with the ‘Best Commodity Exchange’ Award 2016 at the Bullion Federation Global Convention.
  • Won the ‘Best Commodity Exchange’ Award at the 14th Commodity Futures Market Summit & Excellence Awards, organized by Assocham.

2017:

  • Recognized by Assocham, for being ‘India’s Leading Commodity Exchange and introducing new products in the Commodity Derivatives Market’, December 2017
  • Awarded the ‘Best Commodity Exchange of India’, 2017 by the PHD Chamber of Commerce and Industry
  • Awarded the ‘Best Commodity Exchange of the Year 2016-17’ at the India International Gold Convention 2017, August 2017
  • Honoured with ‘Best Bullion Exchange of the Year 2017’ award by the Bullion Federation of India, August 2017
  • Awarded the ‘Best Commodity Exchange of the Year’ 2016-17 by CPAI
  • Recognized as the ‘Best Promising Commodity Exchange 2017’ by IBJA, March, 2017
  • Honoured with ‘Exchange of the Year’ award by Assocham, March, 2017

2018:

  • Awarded the ‘Best Exchange in Bullion’ 2018, at the Assocham - 11th International Gold Summit, September 2018
  • Honoured as the ‘Best Commodity Exchange’ 2018, by PHD Chamber of Commerce and Industry, September 2018
  • Awarded the ‘Best Commodity Exchange’ at the India International Gold Convention, August 2018
  • Awarded the ‘Best Commodity Exchange’ at the Bullion Federation Global Convention (BFGC), July 2018
  • Honoured with the ‘Best Commodity Exchange’ Award, by Assocham, July 2018
  • Honoured with the ‘Best Commodity Exchange’ Award by the Commodity Participants Association of India (CPAI), June 2018
  • Honoured with the ‘Best Commodity Exchange’ Award by Indian Bullion & Jewellers Association (IBJA), March 2018

2019:

  • Awarded the ‘Best Commodity Exchange’ at the India International Gold Convention, August 2019
  • Awarded the ‘Best Exchange For Bullion, Metals and Energy’ by Commodity Participants Association of India (CPAI), July 2019
  • Honoured with the ‘Best Commodity Exchange’ Award at the India International Bullion Summit, March 2019

Milestones

  • 2002: Incorporated
  • 2003: Commenced operations on November 10
  • 2005: Licensing agreement with LME
  • 2006: Product licensing agreement with NYMEX (CME Group)
  • 2008: Became a member of the International Organisation of Securities Commissions (IOSCO)
  • 2012: Became India’s first listed exchange
  • 2013: Changes in top management and Board
  • 2015: Sign MoU with CME Group
  • 2017: Launched first-ever Gold Options contract on futures in India
  • 2018: Launched first-ever Brass futures contract in the world
  • 2018: Launched Options contract in Crude Oil, Silver, Copper & Zinc
  • 2019: Introduced real time MCX iCOMDEX Excess Return index series including composite, sectoral (bullion & metal) and single commodity ER indices.
  • 2019: Conversion of all MCX Base Metals futures contracts to delivery-based settlement mode from Both-options settlement mode from March 2019 and onwards.
  • 2019: Successfully introduced 1 gram delivery based Gold Petal Contract.
  • 2019: Signed MoU with Zhengzhou Commodity Exchange.
  • 2019: Launch of Kapas Contract.
  • 2020: Conversion of Silver Mini (5 kg) & Micro (1 kg) into delivery based contracts.
  • 2020: Launching of deliverable 'Option in goods' with Gold 100 grams and Silver 5 kg as underlying.
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