Multi Commodity Exchange Of India Ltd.

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mcxindia.comBSE: 534091NSE: MCX

Market Cap₹ 83,510 Cr.

Current Price

High / Low₹ 3,480 / 1,510

Stock P/E54.2

Book Value₹ 182

Price to Book14.46

Dividend Yield0.24 %

ROCE48.1 %

ROE37.9 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 42.7% CAGR over last 5 years
Solid return on assets for a lender - ROA of 25.0%
Company has a healthy return on capital (ROCE) of 27.0%
Company has a good return on equity (ROE) track record: 3 Years ROE 21.4%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 103.5% YoY, showing strong momentum

CONS

Stock is trading at 14.5x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Stock Broking

Part ofNIFTY ALPHA 50 NIFTY500MOMENTM50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100

S.No.	Name
1.	MCX	3275.00	54.16	83509.83	0.24	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1027.05	31.24	61861.61	0.58	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1092.20	35.27	44514.20	1.10	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1735.60	29.56	32012.99	1.60	305.64	15.83	1376.22	22.59	17.52	52.80
5.	ANGELONE	305.00	27.01	27878.11	1.33	2313.98	1921.51	14296.91	1153.53	14.87	33.92
6.	CHOICEIN	758.85	71.12	16905.39	0.00	60.61	26.37	309.79	32.46	19.43	33.83
7.	IIFLCAPS	338.65	18.72	10673.53	0.89	184.16	4.92	631.48	3.13	23.27	35.76
8.	SHAREINDIA	199.05	11.98	4355.72	0.80	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	489.00	23.76	3083.95	1.02	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	373.25	16.34	2960.18	0.27	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	78.34	30.15	2186.64	1.91	19.83	-30.83	160.40	7.46	9.35	20.55
12.	ALGOQUANT	64.67	40.01	1817.85	0.00	164.80	3610.04	778.70	1328.81	33.57	33.64

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	146	165	192	181	234	286	301	291	373	374	666	889	702
	135	194	211	79	102	106	108	131	132	131	170	223	229
Operating Profit	11	-29	-20	102	133	179	193	160	242	244	495	666	473
OPM %	7.33%	-17.38%	-10.29%	56.32%	56.56%	62.83%	64.08%	54.99%	64.75%	65.10%	74.39%	74.94%	67.40%
	20	19	18	18	19	25	23	29	33	27	31	36	50
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	4	7	11	14	13	14	15	22	17	20	22	19	21
Profit before Tax	27	-16	-13	106	138	191	201	168	257	250	505	683	523
Tax %	21.65%	-9.93%	68.27%	19.27%	19.82%	19.61%	20.78%	19.60%	20.72%	20.53%	20.24%	22.25%	20.97%
Net Profit	0	0	0	0	111	154	160	135	203	197	401	530	413
	3.86	-3.74	-1.05	17.23	21.75	30.12	6.28	5.31	39.84	38.72	15.73	20.78	16.21

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	259	260	300	398	391	367	514	684	1,113	2,302	2,631
	180	188	213	219	244	206	364	620	447	655	753
Operating Profit	80	72	87	178	147	161	149	64	665	1,647	1,878
OPM %	30.69%	27.66%	29.09%	44.83%	37.64%	43.92%	29.09%	9.35%	59.79%	71.53%	71.39%
	117	92	81	105	142	47	68	76	96	127	144
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	19	17	15	18	22	23	22	36	64	78	81
Profit before Tax	178	147	154	265	267	184	191	102	699	1,690	1,961
Tax %	28.79%	26.38%	4.85%	10.88%	15.57%	22.06%	21.83%	18.50%	19.93%	21.23%	21.17%
Net Profit	127	108	146	236	225	143	149	83	560	1,332	1,546
EPS	24.89	21.31	28.75	46.48	44.25	28.18	29.27	16.30	109.81	52.22	—
Dividend Payout %	60.43%	80.01%	69.75%	64.69%	62.50%	61.86%	65.39%	46.64%	27.32%	15.32%	—

COMPOUNDED SALES GROWTH

10 Years:: 26%
5 Years:: 43%
3 Years:: 65%

COMPOUNDED PROFIT GROWTH

10 Years:: 28%
5 Years:: 43%
3 Years:: 108%

STOCK PRICE CAGR

10 Years:: 33%
5 Years:: 58%
3 Years:: 112%
1 Year:: 116%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 16%
3 Years:: 21%
Last Year:: 38%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	51	51	51	51	51	51	51	51	51	51
	1,478	1,506	1,528	1,718	1,836	1,893	2,018	2,108	2,764	4,164
	33	3	40	53	55	53	54	55	58	73
Trade Payables	30	42	33	31	20	26	21	62	86	193
	985	1,099	1,166	1,670	1,321	1,540	1,711	1,984	2,342	4,291
Total Liabilities	2,577	2,701	2,818	3,523	3,284	3,564	3,855	4,259	5,301	8,771
	152	156	158	158	159	156	150	379	412	417
Capital Work in Progress	0	2	0	0	1	43	52	8	6	28
	1,198	1,322	1,066	1,256	1,205	1,157	1,047	914	1,401	2,949
	0	0	0	0	0	0	0	62	29	64
Cash & Bank	19	60	535	759	426	975	1,178	966	1,902	2,537
	1,207	1,161	1,060	1,349	1,492	1,231	1,428	1,930	1,551	2,776
Total Assets	2,577	2,701	2,818	3,523	3,284	3,564	3,855	4,259	5,301	8,771

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	19	129	288	501	-137	424	191	442	950	3,035
Cash from Investing	55	36	-93	-27	-39	-142	-8	-346	-751	-2,399
Cash from Financing	-40	-92	-105	-123	-154	-142	-89	-98	-40	-154
	-17	43	61	299	-377	107	44	-2	159	481

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	20.69	22.03	23.08	21.80	21.69	19.00	20.64	26.07	29.85
	57.24	57.45	56.25	58.08	59.07	60.48	59.14	54.34	50.79
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01
	22.07	20.51	20.62	20.12	19.24	20.52	20.23	19.57	19.35

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

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