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Multi Commodity Exchange of India Ltd.
NSE: MCXFinancial ServicesFinancial Data & Stock Exchanges
- Last close
- ₹3,020.30
- Day change
- −₹93.40 (−3.00%)vs
- Market cap
- ₹86,280 crIndian rupees
- Research updated
- 1 report
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About Multi Commodity Exchange of India
Multi Commodity Exchange of India Ltd. is a commodity exchange based in India, providing a platform for trading various commodity derivatives. Launched in 2003, its primary function is to enable the trading of commodities futures, which are contracts to buy or sell specific quantities of a commodity at a predetermined price on a future date. The exchange facilitates price discovery and risk management for investors, businesses, and traders involved in sectors like agriculture, metals, and energy. MCX is notable for its extensive commodity offering, including precious metals like gold and silver, base metals such as copper and aluminum, and energy products like crude oil and natural gas. These contracts play a crucial role in hedging against price volatility, providing market participants with tools to manage financial risks associated with commodity price fluctuations. Regulated by the Securities and Exchange Board of India (SEBI), MCX stands as a pivotal component in the Indian financial markets, contributing to the country’s economic stability and growth by fostering transparency and efficient trading in commodities. It also supports the economic well-being of sectors dependent on commodity supply chains, ensuring they can effectively plan and budget their operations around stable pricing structures.
- Sector
- Financial Services
- Industry
- Financial Data & Stock Exchanges
- Listing
- NSE: MCX
- Next results
- Chief executive
- Ms. Praveena Rai
- Employees
- 436
- Headquarters
- Mumbai, India
- ISIN
- INE745G01043
- Website
- mcxindia.com
Public research · Report of
Business model & financial foundation
MCX (NSE: MCX), Commodity derivatives exchange and clearing infrastructure: revenue of ₹2,302 crore in FY26 (+106.9% on FY25), an EBITDA margin of 75.5% and net profit of ₹1,332 crore.
- Revenue, FY26 (₹ crore)
- 2,302
- consolidated
- Revenue growth, FY26
- +106.9%
- on FY25
- EBITDA margin, FY26
- 75.5%
- EBITDA (vendor classification) / revenue
- Net profit, FY26 (₹ crore)
- 1,332
- to owners
- Return on equity, FY26
- 56.3%
- on average equity
- Market capitalisation (₹ crore)
- 83,038
- at the close of 13 Oct 2026
Company profile
MCX operates India's leading non-agricultural commodity derivatives exchange, with futures and options in bullion, energy and base metals. Revenue is driven by chargeable turnover, especially options premium rather than options notional value, and by income earned on clearing-margin balances. MCXCCL clears trades; member margins and the Core Settlement Guarantee Fund are not distributable shareholder cash.
| Item | Value |
|---|---|
| Legal name | Multi Commodity Exchange of India Limited |
| Exchange and ticker | NSE: MCX; BSE: 534091 |
| ISIN | INE745G01043 |
| CIN | L51909MH2002PLC135594 |
| Sector | Financial Services |
| Industry | Commodity derivatives exchange and clearing infrastructure |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | V. Sankar Aiyar & Co. |
| Market capitalisation | ₹83,038 crore (13 Oct 2026) |
| Shares outstanding | 25.50 crore shares (FY26) |
| Price | ₹3,390 (close, 13 Oct 2026) |
| 52-week range | ₹1,740 - ₹3,481 (to 13 Oct 2026) |
| Website | https://www.mcxindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Multi Commodity Exchange Clearing Corporation Limited | 100% | Clearing and settlement of commodity derivatives |
| MCX Coal Exchange of India Limited | 100% | Proposed coal exchange, incorporated 11 June 2026; not operating within the information cutoff |
| Countrywide Commodity Repository Limited | 24% | Associate providing commodity repository services |
| India International Bullion Holding IFSC Limited | 20% | Associate holding bullion exchange infrastructure in IFSC |
CCRL and IIBH are associates, not subsidiaries. Coal subsidiary was incorporated after FY26 year end.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 20.64% | 26.07% | 29.84% | |
| Domestic institutions | 59.16% | 54.35% | 50.80% | |
| of which mutual funds | 36.85% | 33.98% | 30.07% | |
| Retail | 15.83% | 15.52% | 15.83% | |
| Other | 3.53% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
MCX is a liquidity network for commodity derivatives, with MCXCCL clearing. Futures notional and options PREMIUM pay transaction fees, not headline options notional. Market share over99% in bullion/energy/metals does not remove the volatility exposure. Margin-interest income is in operations revenue, distinct from other income; neither margin principal nor SGF belongs freely to shareholders. Single audited operating segment; commodity activity buckets are not profit segments.
| Peer | Why the dossier compares them |
|---|---|
| BSE (BSE) | Listed exchange, derivatives liquidity network and regulatory risk |
| Central Depository Services (India) (CDSL) | Capital-market infrastructure with participation-driven operating leverage |
| Computer Age Management Services (CAMS) | Asset-light financial-market processing infrastructure |
| KFin Technologies (KFINTECH) | Financial-market processing and client-volume sensitivity |
| Indian Energy Exchange (IEX) | Transaction-fee exchange franchise with regulatory concentration risk |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Income from operations | 329.3 | 447.7 | 683.6 | 1,113 | 2,302 |
| Cost of revenue (vendor classification) * | 153.1 | 308.6 | 530.3 | 309.5 | 380.6 |
| Other operating costs (vendor classification) * | 32.7 | 34.5 | 67.8 | 107.8 | 243.7 |
| EBITDA (vendor classification) * | 196.1 | 182.3 | 123.8 | 741.6 | 1,738 |
| EBIT * | 184.3 | 190.8 | 102.3 | 699.9 | 1,691 |
| Finance costs | 0.24 | 0.21 | 0.27 | 0.45 | 0.36 |
| Profit before tax and share of associates | 184.1 | 190.6 | 103.5 | 697.3 | 1,695 |
| Tax expense | 40.6 | 41.6 | 18.9 | 139.4 | 358.8 |
| Profit after tax | 143.5 | 149.0 | 83.1 | 560.0 | 1,332 |
| EPS (INR; post 1:5 split) | 28.18 | 29.27 | 3.26 | 21.96 | 52.22 |
| Other income | 75.4 | 96.2 | 127.1 | ||
| Employee benefits expense | 112.3 | 144.3 | 180.1 | ||
| Product license fees | 39.6 | 69.4 | 108.0 | ||
| Information technology and related expenses | 385.1 | 92.7 | 104.7 | ||
| Contribution to statutory funds and regulatory fees | 37.3 | 79.5 | 163.7 | ||
| Other expenses | 44.9 | 61.5 | 98.9 | ||
| Depreciation and amortisation | 35.9 | 63.8 | 78.0 | ||
| Share of profit/(loss) of associates | -1.52 | 2.09 | -4.90 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholder equity excluding Core SGF | 1,418 | 1,479 | 1,378 | 1,884 | 2,848 |
| Borrowings excluding leases | 0.86 | 1.55 | 0.00 | 0.00 | 0.00 |
| Reported cash equivalents including clearing subsidiary cash | 137.2 | 181.1 | 179.5 | 338.6 | 819.8 |
| Trade receivables net | 11.5 | 14.6 | 67.9 | 28.8 | 64.0 |
| Trade payables including accrued expense | 37.2 | 28.2 | 61.6 | 85.6 | 192.9 |
| Net PPE excluding separately disclosed ROU assets | 0.34 | 0.34 | 184.0 | 223.8 | 232.7 |
| Capital work in progress excluding intangible development | 46.0 | 54.1 | 7.94 | 6.12 | 28.0 |
| Total assets including clearing collateral backing | 2,801 | 3,023 | 3,409 | 4,325 | 7,501 |
| Current and noncurrent lease liabilities | 1.66 | 1.01 | 4.76 | ||
| Net debt after freely deployable shareholder treasury only | n.d. | n.d. | n.d. | ||
| Inventory not separately disclosed | n.d. | n.d. | n.d. | ||
| Current investments including restricted and strategic positions | 311.4 | 527.2 | 1,380 | ||
| Noncurrent financial investments excluding associates | 565.4 | 813.8 | 1,509 | ||
| Associate investments carrying value | 37.1 | 60.2 | 60.0 | ||
| Current bank balances other than cash equivalents | 786.1 | 1,563 | 1,717 | ||
| Bank deposits over twelve months maturity | 820.0 | 329.9 | 1,298 | ||
| Core settlement guarantee fund excluded from owner equity | 780.6 | 930.1 | 1,367 | ||
| Trading margin from members not owner capital | 917.7 | 1,055 | 2,301 | ||
| Net intangible assets | 194.0 | 187.2 | 179.7 | ||
| Intangible assets under development | 7.93 | 12.2 | 2.61 | ||
| Capital advances | 0.00 | 0.51 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Reported CFO including collateral and Core SGF flows | 348.5 | 135.0 | 520.9 | 950.1 | 3,035 |
| Cash capex outflow shown positive including capital advances | 0.22 | 0.00 | 143.2 | 95.9 | 72.3 |
| Free cash flow (vendor definition) * | 309.3 | 70.2 | 377.7 | 854.2 | 2,962 |
| Dividends paid signed cash outflow | -140.8 | -88.7 | -97.4 | -39.0 | -153.0 |
| Operating cash before working capital | 68.9 | 586.0 | 1,500 | ||
| Net working capital change including clearing collateral | 397.4 | 272.0 | 1,604 | ||
| Change in other current financial liabilities incl member margins | 299.1 | 153.0 | 1,261 | ||
| Change in other noncurrent financial liabilities | 1.23 | 4.60 | 10.7 | ||
| Reported CFO adjustment for increase in Core SGF | 105.7 | 132.2 | 204.8 | ||
| Income tax cash paid net of refunds signed outflow | -51.1 | -40.1 | -274.6 | ||
| Cash flow from investing including collateral bank deposits | -424.3 | -750.8 | -2,399 | ||
| Fixed deposit payments signed outflow including clearing funds | -3,690 | -3,789 | -13,106 | ||
| Other bank balance movements and fixed deposit proceeds | 3,238 | 3,502 | 11,984 | ||
| Interest received in investing cash flow | 13.3 | 78.9 | 278.2 | ||
| Cash flow from financing | -98.2 | -40.2 | -154.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual year-end issued paid-up shares not split-restated | 5.09 | 5.10 | 5.10 | 5.10 | 25.50 |
| SGF contribution expensed in consolidated PL | 24.5 | 48.1 | 104.6 | ||
| MCXCCL gross SGF reserve contribution | 85.1 | 14.2 | 234.0 | ||
| Consolidated equity transfer to SGF positive cost magnitude | 85.1 | 17.4 | 232.4 | ||
| Expensed investor protection fund contribution | 5.60 | 9.62 | 20.9 | ||
| Expensed investor services fund contribution | 5.60 | 9.62 | 20.9 | ||
| Applicable statutory Indian income tax rate (%) | 25.2% | 25.2% | 25.2% | ||
| Normalized recurring effective tax rate not disclosed (%) | n.d. | n.d. | n.d. | ||
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | ||
| Exceptional items explicit board summary confirmation | 0.00 | 0.00 | 0.00 | ||
| Contingent income tax demands including order-date interest | 137.9 | 137.4 | 153.3 | ||
| Contingent GST demands excluding interest | 0.00 | 6.28 | 13.4 | ||
| Other legal and regulatory contingent claims | 0.13 | 0.11 | 45.8 | ||
| Unexecuted capital commitments net of advances | 65.1 | 18.7 | 70.9 | ||
| Restricted noncurrent bank deposits | 320.0 | 138.4 | 672.9 | ||
| Current SGF earmarked bank deposits | 435.3 | 748.7 | 675.9 | ||
| Other restricted current bank deposits | 11.9 | 15.7 | 15.9 | ||
| Other deposits under lien for overdraft or bank guarantees | 75.0 | 196.3 | 149.3 | ||
| Current mutual fund investments earmarked ISF or Core SGF | 0.00 | 2.36 | 1.09 | ||
| Payable for purchase of fixed assets | 17.0 | 19.8 | 37.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Income from operations | 285.6 | 301.4 | 291.3 | 373.2 | 374.2 | 665.6 | 888.9 | 702.0 |
| Cost of revenue (vendor classification) * | 70.9 | 72.9 | 97.8 | 90.7 | 98.8 | 116.7 | 125.3 | |
| Other operating costs (vendor classification) * | 35.2 | 35.4 | -12.1 | 40.8 | 71.7 | 106.1 | 82.8 | |
| EBITDA (vendor classification) * | 205.1 | 216.6 | 190.1 | 273.8 | 525.2 | 701.1 | 544.0 | |
| EBIT * | 191.1 | 202.0 | 168.4 | 256.5 | 503.3 | 682.0 | 523.3 | |
| Finance costs | 0.10 | 0.17 | 0.13 | 0.06 | 0.06 | 0.03 | 0.21 | 0.16 |
| Profit before tax and share of associates | 190.6 | 201.3 | 167.5 | 256.9 | 250.4 | 504.7 | 683.2 | 522.9 |
| Tax expense | 37.4 | 41.8 | 32.8 | 53.2 | 51.4 | 102.1 | 152.0 | 109.7 |
| Profit after tax | 153.6 | 160.0 | 135.5 | 203.2 | 197.5 | 401.1 | 529.8 | 413.4 |
| EPS (INR, not annualised; post 1:5 split) | 6.02 | 6.28 | 5.31 | 7.97 | 7.74 | 15.73 | 20.78 | 16.21 |
| Other income | 25.2 | 23.0 | 29.2 | 32.6 | 26.6 | 31.5 | 36.4 | 49.8 |
| Employee benefits expense | 32.7 | 33.2 | 46.3 | 44.8 | 44.8 | 44.4 | 46.1 | 57.5 |
| Product license fees | 17.4 | 20.1 | 18.7 | 22.0 | 18.8 | 24.7 | 42.5 | 39.7 |
| Information technology and related expenses | 20.9 | 19.5 | 30.0 | 23.9 | 23.1 | 29.7 | 28.1 | 28.1 |
| Contribution to statutory funds and regulatory fees | 18.8 | 20.4 | 19.7 | 26.8 | 26.8 | 48.3 | 61.9 | 54.2 |
| Other expenses | 16.4 | 15.1 | 16.5 | 14.0 | 17.2 | 23.4 | 44.2 | 28.6 |
| Depreciation and amortisation | 14.0 | 14.6 | 21.7 | 17.3 | 19.8 | 21.9 | 19.1 | 20.7 |
| Share of profit/(loss) of associates | 0.44 | 0.54 | 0.76 | -0.50 | -1.50 | -1.46 | -1.44 | 0.22 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -5.5% | 36.0% | 52.7% | 62.8% | 106.9% |
| EBITDA margin | 59.5% | 40.7% | 18.1% | 66.6% | 75.5% |
| Net margin | 43.6% | 33.3% | 12.2% | 50.3% | 57.8% |
| Return on equity | 10.1% | 10.3% | 5.8% | 34.3% | 56.3% |
| Return on capital employed | 13.0% | 13.2% | 7.2% | 42.9% | 71.5% |
| Return on assets | 5.4% | 5.1% | 2.6% | 14.5% | 22.5% |
| Borrowings less cash (₹ crore) | -136.3 | -179.5 | -179.5 | -338.6 | -819.8 |
| Borrowings less cash / EBITDA | -0.70x | -0.98x | -1.45x | -0.46x | -0.47x |
| Interest cover | 767.9x | 908.5x | 378.7x | 1,555.2x | 4,696.4x |
| Asset turnover | 0.12x | 0.15x | 0.21x | 0.29x | 0.39x |
| Receivable days | 13 | 12 | 36 | 9 | 10 |
| Payable days (on revenue) | 41 | 23 | 33 | 28 | 31 |
| Cash conversion | 2.43x | 0.91x | 6.27x | 1.70x | 2.28x |
| Capex intensity | 0.1% | 0.0% | 21.0% | 8.6% | 3.1% |
| Free cash flow (₹ crore) | 348.3 | 135.0 | 377.7 | 854.2 | 2,962 |
| Dividend payout | 98.1% | 59.6% | 117.1% | 7.0% | 11.5% |
| EPS, diluted (₹) | 28.18 | 29.27 | 3.26 | 21.96 | 52.22 |
| Book value per share (₹) | 278.6 | 290.1 | 270.3 | 369.5 | 111.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (vendor classification) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (vendor classification).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (EPS (INR; post 1:5 split)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Multi Commodity Exchange of India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.