MCX - Multi Commodity Exchange of India Ltd Share Price

Capital Markets

₹6171.00+118.50(+1.96%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Multi Commodity Exchange of India Ltd do?

Exchange and Data Platform•Financial Services•Small Cap

Multi Commodity Exchange of India Limited, a commodity derivatives exchange, provides a platform to facilitate online trading of commodity derivatives in India. It offers iCOMDEX, a real-time commodity futures price indices; and trades in bullion, industrial metals, energy, and agricultural commodities. The company also provides trade clearing and settlement services; and data feed subscription and membership services. It has strategic alliances, and consultancy and collaboration agreements with various exchanges, such as CME Group, Dalian Commodity Exchange, London Metal Exchange, European Energy Exchange AG, Taiwan Futures Exchange, and Zhengzhou Commodity Exchange, Jakarta Futures Exchange, and Chittagong Stock Exchange Limited. The company was incorporated in 2002 and is based in Mumbai, India.

Industry Group:Capital Markets

Employees:355

Website:www.mcxindia.com

Pros

Technicals: Bullish SharesGuru indicator.

Size: Market Cap wise it is among the top 20% companies of india.

Profitability: Very strong Profitability. One year profit margin are 36%.

Growth: Awesome revenue growth! Revenue grew 38.3% over last year and 134.4% in last three years on TTM basis.

Momentum: Stock price has a strong positive momentum. Stock is up 17.7% in last 30 days.

Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.

Balance Sheet: Strong Balance Sheet.

Cons

No major cons observed.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	MCX	Capital
PE	174.41	25.50
PS	35.95	8.38
Growth	38.3 %	21.5 %

Cash Flow for Multi Commodity Exchange of India

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	6.1%	0.23	0.18	0.26
Depreciation	73.7%	34	20	22
Adjustments for interest income	88.9%	52	28	24
Net Cashflows from Operations	2199.2%	166	-6.86	154
Income taxes paid (refund)	-17.9%	47	57	34
Other inflows (outflows) of cash	-	-2.43	0	0
Net Cashflows From Operating Activities	279.1%	117	-63.77	119
Proceeds from sales of PPE	-	0	0	0.22
Purchase of property, plant and equipment	105.9%	141	69	79
Interest received	94.7%	38	20	34
Other inflows (outflows) of cash	-58.8%	83	200	67
Net Cashflows From Investing Activities	-113.5%	-19.22	151	23
Payments of lease liabilities	55.3%	0.79	0.53	0.87
Dividends paid	9.1%	97	89	141
Interest paid	-22%	0	0.18	0.26
Net Cashflows from Financing Activities	-9.6%	-98.15	-89.45	-141.89
Net change in cash and cash eq.	58.9%	-0.25	-2.04	0.04

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	7.6%	0.27	0.21	0.24
Depreciation	66.7%	36	22	23
Adjustments for interest income	88.9%	52	28	25
Net Cashflows from Operations	355.6%	575	127	367
Income taxes paid (refund)	2%	51	50	32
Other inflows (outflows) of cash	-107%	-3.42	64	56
Net Cashflows From Operating Activities	271.4%	521	141	391
Purchase of property, plant and equipment	102.9%	143	71	0
Proceeds from sales of long-term assets	-	0	0	0.22
Purchase of other long-term assets	-	0	0	82
Interest received	-71.4%	13	43	22
Other inflows (outflows) of cash	-1576.6%	-294.32	21	-82.45
Net Cashflows From Investing Activities	-4583.9%	-424.3	-8.08	-142.19
Payments of lease liabilities	53.2%	0.78	0.53	0.76
Dividends paid	9.1%	97	89	141
Interest paid	-26.6%	0	0.21	0.13
Other inflows (outflows) of cash	-	-0.04	0	0
Net Cashflows from Financing Activities	-9.6%	-98.18	-89.48	-141.65
Net change in cash and cash eq.	-106%	-1.57	44	107

Summary of Latest Earnings Report from Multi Commodity Exchange of India

Summary of Multi Commodity Exchange of India's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Jan 25

The management of Multi Commodity Exchange of India Limited (MCX) expressed a positive outlook, emphasizing sustained growth driven by product innovation, operational excellence, and expanding market participation. Key highlights include:

Financial Performance: Q3 FY25 consolidated income rose 57% YoY to Rs.301 crores, with PAT improving to Rs.160 crores. Average daily turnover (ADT) for futures and options surged 106% YoY, led by options (124% growth).
Product Expansion: Launched Gold (1kg) options, Cottonseed wash oil, Crude oil, and NG mini contracts. Plans to revive indices (METLDEX, BULLDEX) and introduce options on indices. Exploring electricity derivatives and coal exchange opportunities.
Technology & Compliance: Prioritized operational excellence, compliance, and tech resilience post-migration. Confirmed readiness for new products (e.g., weekly options) with no immediate tech constraints.
Client Growth: Traded clients grew 49% YoY to 11 lakhs. Focus on expanding retail and institutional participation, including FPIs (active in Crude/NG derivatives).
Strategic Initiatives: Aim to simplify contract structures (e.g., reduced tender periods for base metals), enhance awareness campaigns, and leverage mobile trading (24% turnover via mobile).
Awards & Recognition: Received Red Hat APAC Innovation Award and CPAI's "Leading Commodity Exchange" accolade.

Management remains confident in sustaining momentum through diversified products, deeper market penetration, and compliance focus, while exploring new commodities (e.g., electricity) and indices. No specific timelines were provided for upcoming launches, but innovation and client-centric initiatives are central to future growth.

Q&A Session

Last updated: Jan 25

Question 1:
"My first question is to Praveena ma'am. So, ma'am, it's been three months you have joined as the MD and CEO of MCX. So, what has been the top three priorities in terms of the changes required in the Exchange and what are the areas you want to focus to scale the Exchange volumes and also to improve participation? And secondly, as you all know that the technology transition is behind us and the focus has shifted to innovation of products and launching new products. So, you have explained where we have been in the journey, but we are very curious to know about where we are in terms of timelines, in terms of launching of the weekly options and the index weekly options contract?"

Answer:
Praveena Rai outlined three priorities: operational excellence (including technology improvements), compliance, and innovation (new products/contracts). For product launches, MCX is internally ready and plans to revive indices like METLDEX and introduce options on BULLDEX in the next few months. No specific regulatory or technological hurdles were highlighted.

Question 2:
"Sir, would we be able to quantify what was the savings in this premium services cost? Quarter on quarter?"

Answer:
CFO Chandresh Shah stated that cost reduction was due to discontinuing some premium services but declined to quantify savings, citing intertwined expenses. He emphasized efforts to maintain cost stability.

Question 3:
"Ma'am, secondly, on the Base Metal contracts, rightly that you mentioned that you would want to revive the METALDEX and then bring in the index options on both BULLDEX as well as METALDEX. But, you know, as Base Metals volumes have not kind of picked up the way we would have liked it to be. So, what were the reasons for that and what could be the further driving factors for this, that you could revive these volumes?"

Answer:
Base Metals futures saw doubled YoY growth, attributed to simplified contract execution and warehouse rationalization. MCX plans to focus on METALDEX and BULLDEX indices to drive volumes.

Question 4:
"Could you please say what was the transaction fees during the quarter and if possible, if you could break it up into options and futures?"

Answer:
Transaction fees for Q3 were INR 265 crores, with 72% from options and 28% from futures. In Q2, fees were INR 245 crores (70% options, 30% futures).

Question 5:
"My question was on the new client addition. You mentioned in your opening remarks about INR11 lakhs traded clients, which used to be INR9 lakhs. So, what has driven that increase in growth during the year?"

Answer:
Growth in traded clients (49% YoY) resulted from awareness campaigns, member collaborations, and products like mini contracts (Crude, NG) and Gold Guinea. Retail participation via mobile trading contributes ~24% of turnover.

Question 6:
"If you look at the Crude contract for the last couple of months, starting from September, it has started to, you know, soften a little bit month-on-month. Any reason, which participations are kind of leading to lower volumes or lower transaction in the Crude contract?"

Answer:
Lower Q3 volumes for Crude align with historical seasonal trends (festive periods). FPIs hold 17% (long) and 32% (short) open interest in Crude, indicating sustained institutional activity.

Question 7:
"In terms of actually adding clients, you mentioned briefly just now that you're doing awareness campaigns. But is it possible to understand this more? Like, what were we doing before? What are we doing now?"

Answer:
Initiatives include product diversification (e.g., Gold monthly contracts, mini derivatives), branding partnerships, and streamlining delivery mechanisms (e.g., Base Metals tender period reduction).

Question 8:
"So, in the past, we guided that our tax rate will be around 22-odd percentage. And for the 9 months, that number seems to be lower than that. So, is it fair to assume that the tax rate will be closer to the current levels?"

Answer:
CFO clarified the tax rate is ~25% for standalone financials. Q3's 20.8% rate reflected consolidated results, not standalone.

Question 9:
"Is it fair to tell that your SGF cost will be closer to 7% of transaction income?"

Answer:
SGF contributions (~7% of transaction income) are reviewed quarterly. MCX aims to maintain a healthy corpus aligned with open interest growth and regulatory requirements.

Question 10:
"If you can give the float income on margin money in the current quarter, that will be useful as a data keeping point."

Answer:
CFO declined to disclose margin float income details, citing confidentiality.

Share Holdings

Understand Multi Commodity Exchange of India ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
KOTAK MAHINDRA BANK LIMITED	15%
TATA AIA LIFE INSURANCE CO LTD-SUPER 110PCT CAPITA	4.32%
HSBC FLEXI CAP FUND	4.09%
NIPPON LIFE INDIA TRUSTEE LTD- A/C NIPPON INDIA BA	4.07%
MIRAE ASSET NIFTY TOTAL MARKET INDEX FUND	3.46%
WF ASIAN SMALLER COMPANIES FUND LIMITED	3.07%
GOVERNMENT PENSION FUND GLOBAL	3.03%
INVESCO INDIA TECHNOLOGY FUND	2.68%
CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO CONSER	2.5%
AXIS MUTUAL FUND TRUSTEE LTD. A/C AXIS MUTUAL FUND	2.41%
EDELWEISS TRUSTEESHIP CO LTD AC- EDELWEISS MF AC-E	1.97%
MOTILAL OSWAL NIFTY 500 MOMENTUM 50 INDEX FUND	1.9%
ICICI PRUDENTIAL TECHNOLOGY FUND	1.68%
PARAG PARIKH FLEXI CAP FUND	1.63%
HDFC MUTUAL FUND - HDFC S&P BSE 500 ETF	1.63%
PGIM INDIA TRUSTEES PRIVATE LIMITED A/C PGIM INDIA	1.14%
HSBC GLOBAL INVESTMENT FUNDS - INDIAN EQUITY	1.03%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Income Statement for Multi Commodity Exchange of India

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	30.6%	586	449	330	345	370	298
Other Income	18.3%	85	72	73	111	111	86
Total Income	28.8%	671	521	403	455	482	385
Employee Expense	18.9%	89	75	65	62	66	65
Finance costs	6.1%	0.23	0.18	0.26	0.22	0.2	0.03
Depreciation and Amortization	73.7%	34	20	22	22	18	15
Other expenses	87.4%	477	255	136	142	159	141
Total Expenses	71.9%	601	350	224	226	243	221
Profit Before exceptional items and Tax	-58.8%	71	171	179	229	239	164
Exceptional items before tax	-	0	0	-20.43	0	0	-23.8
Total profit before tax	-58.8%	71	171	159	229	239	140
Current tax	-85.6%	8.34	52	29	38	35	2.43
Deferred tax	180.9%	10	-10.13	12	3.36	-4.98	0.92
Total tax	-56.1%	19	42	41	42	30	3.35
Total profit (loss) for period	-60.5%	52	130	118	188	209	136
Other comp. income net of taxes	34.3%	-0.11	-0.69	-2.76	-0.97	-1.87	-1.86
Total Comprehensive Income	-60.2%	52	129	116	187	207	135
Earnings Per Share, Basic	-62.5%	10.19	25.51	23.27	36.9	40.98	26.83
Earnings Per Share, Diluted	-62.5%	10.19	25.51	23.27	36.9	40.98	26.83

Description	(%) Q/Q	Dec-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023	Jun-2023
Revenue From Operations	33.2%	278	209	156	163	140	127
Other Income	22.2%	23	19	22	20	21	21
Total Income	31.7%	300	228	179	184	161	148
Employee Expense	0%	26	26	25	22	22	21
Finance costs	-1.1%	0.04	0.05	0.05	0.06	0.06	0.06
Depreciation and Amortization	8.3%	14	13	13	11	6.21	3.98
Other expenses	18.8%	96	81	58	187	138	94
Total Expenses	13.4%	136	120	96	220	166	119
Profit Before exceptional items and Tax	52.3%	164	108	82	-36.2	-5.15	30
Total profit before tax	52.3%	164	108	82	-36.2	-5.15	30
Current tax	80%	37	21	7.12	-2.78	0.42	3.58
Deferred tax	-26.3%	4.58	5.86	13	-6.28	1.21	2.2
Total tax	57.7%	42	27	20	-9.06	1.63	5.78
Total profit (loss) for period	53.2%	122	80	62	-27.14	-6.78	24
Other comp. income net of taxes	26.6%	0.06	-0.28	2.49	-0.3	-2.51	0.21
Total Comprehensive Income	53.2%	122	80	64	-27.44	-9.29	24
Earnings Per Share, Basic	55.6%	23.96	15.76	12.15	-5.32	-1.33	4.7
Earnings Per Share, Diluted	55.6%	23.96	15.76	12.15	-5.32	-1.33	4.7

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	33.1%	684	514	367	391	374	300
Other Income	10.4%	75	68	66	104	129	99
Total Income	30.7%	759	581	433	494	503	399
Employee Expense	22%	112	92	80	75	77	72
Finance costs	7.6%	0.27	0.21	0.24	0.19	0.16	0.01
Depreciation and Amortization	66.7%	36	22	23	22	18	15
Other expenses	86.7%	507	272	125	130	142	134
Total Expenses	69.9%	655	386	228	228	238	222
Profit Before exceptional items and Tax	-47.2%	104	196	206	267	265	177
Exceptional items before tax	-	0	0	-20.43	0	0	-23.8
Total profit before tax	-47.2%	104	196	185	267	265	153
Current tax	-85.2%	8.56	52	29	38	34	6.69
Deferred tax	180.9%	10	-10.13	12	3.33	-4.99	0.76
Total tax	-56.1%	19	42	41	42	29	7.45
Total profit (loss) for period	-44.6%	83	149	143	225	236	146
Other comp. income net of taxes	-6175%	-1.51	0.96	-2.83	-0.94	-1.99	-1.71
Total Comprehensive Income	-45.6%	82	150	141	224	235	145
Earnings Per Share, Basic	-45.9%	16.3	29.27	28.18	44.25	46.48	28.75
Earnings Per Share, Diluted	-45.9%	16.3	29.27	28.18	44.25	46.48	28.75

Description	(%) Q/Q	Dec-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023	Jun-2023
Revenue From Operations	28.8%	301	234	181	192	165	146
Other Income	22.2%	23	19	18	18	19	20
Total Income	28.2%	324	253	199	209	184	166
Employee Expense	3.2%	33	32	31	29	27	25
Finance costs	12.6%	0.17	0.05	0.06	0.05	0.06	0.1
Depreciation and Amortization	16.7%	15	13	14	11	6.57	4.33
Other expenses	7.2%	75	70	48	182	166	110
Total Expenses	7%	123	115	93	223	200	140
Profit Before exceptional items and Tax	46%	201	138	106	-13.27	-16.42	27
Total profit before tax	46%	201	138	106	-13.27	-16.42	27
Current tax	80%	37	21	7.34	-2.78	0.42	3.58
Deferred tax	-26.3%	4.58	5.86	13	-6.28	1.21	2.2
Total tax	57.7%	42	27	21	-9.06	1.63	5.78
Total profit (loss) for period	44.5%	160	111	88	-5.35	-19.07	20
Other comp. income net of taxes	81%	0.74	-0.37	0.99	-0.26	-1.97	0.16
Total Comprehensive Income	45.5%	161	111	89	-5.61	-21.04	20
Earnings Per Share, Basic	46.4%	31.38	21.75	17.23	-1.05	-3.74	3.86
Earnings Per Share, Diluted	46.4%	31.38	21.75	17.23	-1.05	-3.74	3.86

Investor Care
Dividend Yield	0.15%
Dividend/Share (TTM)	7.64
Diluted EPS (TTM)	69.31

Financial Health
Current Ratio	1.22
Debt/Equity	0.00
Debt/Cashflow	0.00

Valuation
Market Cap	30.41 kCr
Price/Earnings (Trailing)	174.41
Price/Sales (Trailing)	35.95
EV/EBITDA	116.99
Price/Free Cashflow	80.33
MarketCap/EBT	141.65

Fundamentals
Revenue (TTM)	986.26 Cr
Rev. Growth (Yr)	55%
Rev. Growth (Qtr)	28.11%
Earnings (TTM)	353.48 Cr
Earnings Growth (Yr)	3.09%
Earnings Growth (Qtr)	44.28%

Profitability
Operating Margin	43.85%
EBT Margin	43.85%
Return on Equity	8.08%
Return on Assets	5.12%
Free Cashflow Yield	1.24%

Balance Sheet for Multi Commodity Exchange of India

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022	Sep-2021
Cash and cash equivalents	-95.3%	0.16	0.57	0.41	11	3.56	4.52
Current investments	325.4%	286	68	128	452	713	763
Loans, current	-	0	0	0	0	0	0.06
Total current financial assets	25.2%	389	311	241	552	794	856
Total current assets	-11%	438	492	373	642	817	885
Property, plant and equipment	46.4%	184	126	130	134	136	133
Capital work-in-progress	-88.2%	7.94	60	52	49	43	12
Non-current investments	-9.5%	851	940	1,088	901	684	592
Total non-current financial assets	-9.5%	895	989	1,112	919	699	605
Total non-current assets	-2.7%	1,373	1,411	1,484	1,246	995	876
Total assets	-4.8%	1,811	1,903	1,857	1,888	1,811	1,761
Total non-current financial liabilities	0%	52	52	52	52	52	60
Provisions, non-current	17.9%	2.25	2.06	1.98	2.21	2.22	4.46
Total non-current liabilities	14.5%	64	56	54	59	64	65
Total current financial liabilities	-52.4%	111	232	106	162	92	96
Provisions, current	-111.5%	0.63	4.23	2.37	3.43	2.03	3.24
Current tax liabilities	-	0	0	4.68	11	1.13	14
Total current liabilities	-41%	197	333	208	279	192	200
Total liabilities	-33.2%	261	390	262	338	256	265
Equity share capital	0%	51	51	51	51	51	51
Total equity	2.4%	1,550	1,513	1,596	1,549	1,555	1,497
Total equity and liabilities	-4.8%	1,811	1,903	1,857	1,888	1,811	1,761

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022	Sep-2021
Cash and cash equivalents	-81.6%	180	973	181	404	138	151
Current investments	14%	311	273	202	572	713	763
Loans, current	-	0	0	0	0	0	0.06
Total current financial assets	-50.8%	1,396	2,835	1,493	2,216	1,800	1,602
Total current assets	-52%	1,450	3,022	1,626	2,307	1,822	1,632
Property, plant and equipment	46.4%	184	126	130	134	137	133
Capital work-in-progress	-88.2%	7.94	60	52	49	43	12
Non-current investments	-14.2%	565	658	806	619	432	351
Total non-current financial assets	6.6%	1,427	1,339	974	786	651	692
Total non-current assets	8.2%	1,958	1,809	1,397	1,174	978	980
Total assets	-29.4%	3,409	4,831	3,023	3,481	2,801	2,613
Total non-current financial liabilities	1.9%	55	54	54	54	53	61
Provisions, non-current	11.2%	2.78	2.6	2.46	2.73	0	4.93
Total non-current liabilities	12.1%	66	59	56	60	66	67
Total current financial liabilities	-58.9%	1,088	2,643	780	1,297	670	587
Provisions, current	-106.5%	0.73	5.16	2.83	3.93	2.39	4.32
Current tax liabilities	-	0	0	4.68	11	1.13	14
Total current liabilities	-57%	1,184	2,755	898	1,429	791	705
Total liabilities	-55.6%	1,250	2,814	954	1,489	857	771
Equity share capital	0%	51	51	51	51	51	51
Total equity	7%	2,159	2,017	2,069	1,991	1,944	1,841
Total equity and liabilities	-29.4%	3,409	4,831	3,023	3,481	2,801	2,613

MCX - Multi Commodity Exchange of India Ltd Share Price

What does Multi Commodity Exchange of India Ltd do?

Sector Comparison: MCX vs Capital Markets

Comparative Metrics

Performance Comparison

Cash Flow for Multi Commodity Exchange of India

Summary of Latest Earnings Report from Multi Commodity Exchange of India

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Income Statement for Multi Commodity Exchange of India

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Balance Sheet for Multi Commodity Exchange of India

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)