Multi Commodity Exchange of India Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹81,312 Cr
- P/E
- 52.73
- ROE
- 56.26%
- PEG
- 0.48
- Price to sales
- 30.91
- Debt to equity
- 0.00
- 52W high / low
- ₹9,838 / ₹1,936
- Sales growth (5Y)
- 42.59%
- EBITDA margin
- 72.01%
- Net profit margin
- 57.83%
- Sales (last year)
- ₹2,631 Cr
The MCX) commenced operation in Nov,03 is India’s first listed, national-level, electronic exchange, and India’s leading commodity derivatives exchange which offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. The Exchange operates under SEBI. [1]
Guidance scorecard · Q1 FY27 call
What Multi Commodity Exchange of India Ltd's management guided
and where it ranks in Capital Markets
Capital Markets
RevenueQ1 FY27 call
10–20%- MCX expects strong growth momentum to continue fundamentally in FY27 despite normalization from an exceptional Q4 FY26.
- Growth drivers include increasing participation, new members, and product innovation, particularly in bullion and energy segments.
- While Q4 FY26 had exceptional geopolitical factors boosting volumes and revenues, Q1 FY27 shows consolidation with strong year-on-year growth.
- The company anticipates a higher number of new traded UCCs and robust ADT levels.
- Growth in electricity futures and coal-related initiatives contribute to energy segment expansion.
- Increasing participation of FPIs and mutual funds leveraging MCX benchmarks and data services signal additional revenue streams.
2 more points from Multi Commodity Exchange of India Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Multi Commodity Exchange of India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- MCX is focused on expanding its product suite and deepening liquidity across contracts, which may involve capital investments in product development.
- There is ongoing work on the MCX Coal Exchange of India, a new segment, pending regulatory approvals and procedural steps, indicating future strategic investment.
- Significant investments in technology and market infrastructure continue, emphasizing smart, efficient investments to support scalability and resilience.
- Recently appointed Executive Director for Critical Operations and Technology, Sanjay Rajpal, highlights a priority on technology platform readiness for scale and resilience with cost management.
2 more points from Multi Commodity Exchange of India Ltd's call on capex
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FundraisingQ1 FY27 call
See what Multi Commodity Exchange of India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- MCX is focused on expanding its product suite and deepening liquidity across contracts.
- The coal exchange subsidiary has been incorporated and is awaiting regulatory approvals and next procedural steps.
- There is continued work to launch newer metal contracts and index products in the pipeline.
2 more points from Multi Commodity Exchange of India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Capital Markets
on management's own guidance
- Nippon Life Ind.Good growth2
- BSEGood growth1
- Motil.Oswal.Fin.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Capital Markets companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | BSE | 20–40% | Flat | ₹1.37L Cr | 48.4 |
| 2 | Nippon Life Ind. | 20–40% | Flat | ₹68,184 Cr | 41.6 |
| 3 | Motil.Oswal.Fin. | 20–40% | Flat | ₹63,771 Cr | 32.2 |
| 4 | 20–40% | Flat | ₹31,481 Cr | 29.1 | |
| 5 | 20–40% | Flat | ₹15,334 Cr | 43.8 | |
| 6 | 20–40% | Flat | ₹12,638 Cr | 51.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Capital Markets rankingFinancials of Multi Commodity Exchange of India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Multi Commodity Exchange of India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 134 | 146 | 165 | 192 | 181 | 234 | 286 | 301 | 291 | 373 | 374 | 666 | 889 |
| Expenses + | 134 | 136 | 195 | 212 | 79 | 102 | 106 | 108 | 131 | 132 | 132 | 172 | 224 |
| Operating Profit | -0 | 9 | -30 | -21 | 102 | 133 | 179 | 193 | 160 | 241 | 242 | 494 | 665 |
| OPM % | -0% | 6% | -18% | -11% | 56% | 57% | 63% | 64% | 55% | 65% | 65% | 74% | 75% |
| Other Income + | 20 | 20 | 19 | 18 | 20 | 19 | 26 | 24 | 30 | 33 | 27 | 31 | 36 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 6 | 4 | 7 | 11 | 14 | 13 | 14 | 15 | 22 | 17 | 20 | 22 | 19 |
| Profit before tax | 14 | 25 | -17 | -14 | 108 | 138 | 191 | 202 | 168 | 256 | 249 | 503 | 682 |
| Tax % | 61% | 23% | 9% | -63% | 19% | 20% | 20% | 21% | 20% | 21% | 21% | 20% | 22% |
| Net Profit + | 5 | 20 | -19 | -5 | 88 | 111 | 154 | 160 | 135 | 203 | 197 | 401 | 530 |
| EPS in Rs | 0.21 | 0.77 | -0.75 | -0.21 | 3.45 | 4.35 | 6.02 | 6.28 | 5.31 | 7.97 | 7.74 | 15.73 | 20.78 |
Financials of Multi Commodity Exchange of India Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 222 | 235 | 259 | 260 | 300 | 398 | 391 | 367 | 514 | 684 | 1,113 | 2,302 |
| Expenses + | 135 | 160 | 180 | 184 | 206 | 219 | 205 | 206 | 369 | 621 | 447 | 660 |
| Operating Profit | 88 | 75 | 80 | 76 | 94 | 178 | 185 | 161 | 145 | 63 | 665 | 1,642 |
| OPM % | 39% | 32% | 31% | 29% | 31% | 45% | 47% | 44% | 28% | 9% | 60% | 71% |
| Other Income + | 110 | 111 | 117 | 88 | 75 | 105 | 104 | 46 | 68 | 75 | 98 | 127 |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 26 | 25 | 19 | 17 | 15 | 18 | 22 | 23 | 22 | 36 | 64 | 78 |
| Profit before tax | 170 | 162 | 178 | 147 | 154 | 265 | 267 | 184 | 191 | 102 | 699 | 1,690 |
| Tax % | 26% | 29% | 29% | 26% | 5% | 11% | 16% | 22% | 22% | 18% | 20% | 21% |
| Net Profit + | 126 | 115 | 127 | 108 | 146 | 236 | 225 | 143 | 149 | 83 | 560 | 1,332 |
| EPS in Rs | 4.93 | 4.50 | 4.96 | 4.25 | 5.73 | 9.27 | 8.83 | 5.63 | 5.84 | 3.26 | 21.96 | 52.22 |
| Dividend Payout % | 41% | 29% | 60% | 80% | 70% | 65% | 62% | 62% | 65% | 47% | 27% | 15% |
Financials of Multi Commodity Exchange of India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | 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 | 51 | 51 |
| Reserves | 1,154 | 1,242 | 1,311 | 1,329 | 1,200 | 1,308 | 1,367 | 1,367 | 1,428 | 1,327 | 1,833 | 2,797 |
| Borrowings + | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 2 | 2 | 1 | 5 |
| Other Liabilities + | 622 | 568 | 507 | 586 | 825 | 1,375 | 1,083 | 1,382 | 1,542 | 2,029 | 2,440 | 4,648 |
| Total Liabilities | 1,827 | 1,862 | 1,869 | 1,966 | 2,075 | 2,735 | 2,503 | 2,801 | 3,023 | 3,409 | 4,325 | 7,501 |
| Fixed Assets + | 143 | 137 | 152 | 156 | 158 | 158 | 159 | 156 | 150 | 379 | 412 | 419 |
| CWIP | 2 | 3 | 0 | 6 | 19 | 24 | 26 | 95 | 169 | 16 | 18 | 28 |
| Investments | 1,295 | 1,114 | 1,198 | 1,322 | 1,066 | 1,256 | 1,205 | 1,157 | 1,047 | 914 | 1,401 | 2,949 |
| Other Assets + | 387 | 607 | 519 | 482 | 832 | 1,296 | 1,112 | 1,392 | 1,658 | 2,100 | 2,494 | 4,104 |
| Total Assets | 1,827 | 1,862 | 1,869 | 1,966 | 2,075 | 2,735 | 2,503 | 2,801 | 3,023 | 3,409 | 4,325 | 7,501 |
Financials of Multi Commodity Exchange of India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 70 | 78 | -32 | 99 | 258 | 449 | -184 | 391 | 141 | 442 | 950 | 3,035 |
| Cash from Investing Activity + | -68 | -30 | 55 | 36 | -93 | -27 | -39 | -142 | -8 | -346 | -751 | -2,399 |
| Cash from Financing Activity + | -19 | -61 | -40 | -92 | -105 | -123 | -154 | -142 | -89 | -98 | -40 | -154 |
| Net Cash Flow | -18 | -14 | -17 | 43 | 61 | 299 | -377 | 107 | 44 | -2 | 159 | 481 |
| Free Cash Flow | 62 | 57 | -59 | 73 | 231 | 422 | -206 | 310 | 70 | 299 | 854 | 2,962 |
| CFO/OP | 126% | 177% | 24% | 170% | 306% | 281% | -74% | 263% | 132% | 786% | 149% | 202% |
Financials of Multi Commodity Exchange of India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 17 | 7 | 4 | 9 | 7 | 6 | 8 | 11 | 10 | 33 | 9 | 10 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 17 | 7 | 4 | 9 | 7 | 6 | 8 | 11 | 10 | 33 | 9 | 10 |
| Working Capital Days | -522 | -446 | -287 | -404 | -429 | -761 | -424 | -654 | -463 | -540 | -390 | -247 |
| ROCE % | 10% | 10% | 11% | 8% | 13% | 15% | 16% | 14% | 13% | 7% | 43% | 71% |
Guidance history
How Multi Commodity Exchange of India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
81 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +69.4% | 90% |
| Last 6 months | +10.7% | 69% |
| Last 3 months | +15.1% | 86% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Multi Commodity Exchange of India Ltd: 0.4 × 90 + 0.4 × 69 + 0.2 × 86 = 81.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Multi Commodity Exchange of India Ltd's management said in earlier quarters
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