MCX
Mid CapMulti Commodity Exchange of India Limited
Financial Services
Multi Commodity Exchange of India Limited (MCX) is India's first listed exchange, operating a commodity derivatives market. It facilitates trading in various commodity derivatives, including bullion, energy, and base metals, and provides clearing and settlement services through its subsidiary MCXCCL.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +206% YoY · PAT +293% YoY · margin expansion · +33% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹889 Cr | +205.5% | +33.5% |
| EBITDA | ₹665 Cr | +315.6% | +34.6% |
| Operating margin | 75.0% | +2000 bps | +100 bps |
| PAT | ₹530 Cr | +292.6% | +32.2% |
| PAT margin | 59.6% | +1323 bps | -59 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
MCX reports strong FY26 and Q4FY26 performance with operating revenue more than doubling YoY and PAT crossing Rs. 1,300 Cr for FY26, driven by robust ADT growth in Options and Futures across Bullion and Energy.
MCX delivered exceptional growth in FY26 and Q4FY26, significantly outperforming previous periods. Operating revenue and PAT saw triple-digit YoY growth, supported by expanding ADT in both futures and options. EBITDA and Net Profit margins also improved substantially, indicating strong operational leverage. The market share remains dominant.
MCX Commodities Futures Turnover % Q4 FY26
Latest issuer-disclosed distribution across 8 reported categories.
Expanded Participation & Distribution
Banks sponsored broking entities are allowed to provide services; fungibility enabled at members level; 583 Members, 32044 Authorized participants and 4.65 crore UCC as on 31st March 2026.
Institutional Participation
Mutual Funds, Portfolio Managers, and Registered Foreign Portfolio Investors are allowed to participate in exchange-traded commodity derivatives; SEBI allowed DMA facility to FPIs.
New Products & Indices
Launch of Commodity Index Options, Cardamom Futures, Nickel Futures, Gold and Silver monthly Options, BULLDEX Options, and Electricity Derivatives.
Strategic Initiatives
Empanelment of domestic brands for MCX good delivery; MCX joined other MIIs to set up IIBX at GIFT City; signed consultancy agreement with CSE to establish Bangladesh’s first Commodity Exchange.
Settlement Guarantee Fund
MCXCCL's Settlement Guarantee Fund corpus increased to Rs. 1,367.29 Cr (from PY 930 Cr).
Designated Warehouses
Has designated warehouses in Thane, Raipur, Chennai, Kolkata and Palwal (NCR) for deliverable metal contracts.
Expanding Indian Commodities Derivatives Market
The Indian commodities market is expanding rapidly, with Avg. Daily Turnover (F&O) growth in Bullion and Energy driving the overall market.
Supportive Regulatory Environment
Regulatory changes allowing broader participation from banks, MFs, PMS, and FPIs, along with enabling DMA facility for FPIs.
New Product Pipeline
Continuous introduction of new products like Cardamom Futures, Nickel Futures, Gold and Silver monthly Options, BULLDEX Options, and Electricity Derivatives.
Regulatory Changes
The company's actual performance could materially differ due to changes in government regulations.
Competition
The company's actual performance could materially differ due to competition.
Technological Change
The company's actual performance could materially differ due to technological change.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both full-year (FY26 vs FY25) and quarterly (Q4 FY26 vs Q4 FY25, and Q4 FY26 vs Q3 FY26) comparisons. YoY is crucial for assessing annual growth and market expansion, while QoQ provides insight into sequential momentum and recent performance trends, especially for a dynamic market like commodity derivatives.
Operating Revenue (FY26)
Operating Revenue more than doubled to Rs. 2,302 Cr, up by ~107% YoY (PY 1,113 Cr).
PAT (FY26)
PAT crossed Rs. 1,300 Cr, reaching 1,332 Cr, up by +138% YoY (PY 560 Cr).
Options ADT (FY26)
Options ADT was 471,641 Cr, up by +146% YoY (PY 191,910 Cr).
Futures ADT (FY26)
Futures ADT was 64,407 Cr, up by +137% YoY (PY 27,153 Cr).
Market Expansion
Management states that Avg. Daily Turnover (F&O) growth of Bullion and Energy is expanding the overall market.
Dominant Market Share
MCX continues to command over 99% share across bullion, base metals and energy.
Strategic Partnerships
Product licensing agreements with NYMEX (CME Group) and IEX, and a consultancy agreement with CSE to establish Bangladesh’s first Commodity Exchange.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Options ADT (Notional) | 575,387 Cr (Q4 FY26) | Sustained growth and recovery from the QoQ dip, indicating continued market depth and participant interest. |
| Futures ADT | 90,199 Cr (Q4 FY26) | Continued momentum, especially in key segments like Bullion and Energy, to drive overall revenue growth. |
| EBITDA Margin | 76% (Q4 FY26) | Maintenance or further improvement in margins, signaling effective cost management and operational leverage. |
| Regulatory Environment | Supportive | Any adverse policy changes that could impact market participation, product launches, or operational flexibility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -36.1% / mo · near 52W low
Technical chart
MCXdaily · 6M-71.4%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 38.
- SMA20 rising (~6.5% over last month) — short-term momentum positive.
- RSI(14) at 38 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 75% off 52W high · 33% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Quality contributes 20/20 to the score.
Main drags
- Fair-value margin of safety is negative at -63.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 99th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 20%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 99th pctile, median 62 · Mid: 88th pctile, median 76
279 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸OPM spread across recent quarters is 20%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 54.10
- P/B
- 25.21
- EV/EBITDA
- 41.87
- Market Cap
- 72005.00Cr
Profitability
- ROE
- 56.30%
- ROCE
- 71.40%
- ROA
- 17.76%
- Dividend Y
- 0.21%
Growth (CAGR)
- Revenue 5Y
- 43.00%
- EPS 5Y
- 49.00%
- Revenue 3Y
- 65.00%
- EPS 3Y
- 108.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 7.69
- Book Value
- 112.00
Cash Flow
- FCF Yield
- 0.88%
- FCF Positive Y
- 11/5
- OCF
- 3035.00 Cr
- EPS TTM
- 52.22
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.