StrengthTalking point
Profit outpacing revenue
Profit grew 137.8% while revenue grew 106.9%, so the company kept more of each rupee of revenue as profit.
Importance 69 / 95 · growth
Multi Commodity Exchange of India · Research view
Multi Commodity Exchange of India Ltd
NSE: MCXBSE: 534091ISIN INE745G01043Face value ₹2standalone
₹3,203
−2.94% · 2026-10-01 · 52-wk ₹1,600–₹3,442
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹83 to ₹1,332) — one year is a weak guide to the earnings power.
Importance 65 / 95 · growth
StrengthTalking point
Returns at a multi-year high
ROE of 56.3% is the highest in 7 years (prior range 3.9% to 27.7%).
Importance 65 / 95 · profitability
StrengthTalking point
More profitable than peers
ROE of 56.3% is well above the capital markets median of 18.6%.
Importance 63 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Financial Services › Financial Services › Capital Markets › Exchange and Data Platform.
- Market cap
- ₹81,677 cr
- FY2026 revenue
- ₹2,154 cr
- FY2026 net profit
- ₹1,029 cr
- Net worth
- ₹2,816 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹40.36
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 5 capital markets.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 137.8% while revenue grew 106.9%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +32.6%over 7 years
- Revenue growth
- +112.9%vs last year
- Net profit growth
- +148.1%vs last year
- Change in net profit since FY19
- +654%
Profit has swung sharply over 7 years (from ₹83 to ₹1,332) — one year is a weak guide to the earnings power.
Revenue compounded at 33.8% a year over 7 years (₹300 → ₹2,302) — though FY2026 saw a one-off step-change of 107% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 137.8% year on year (FY2025 → FY2026).
Revenue grew 106.9% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹413 cr, up 103.5% from ₹203 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹702 cr, up 88.1% from ₹373 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹523 cr, up 104.0% from ₹256 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 286 | — | 154 | — | 53.8% |
| Q3 FY25 | 301 | +57.4% | 160 | −3091.4% | 53.1% |
| Q4 FY25 | 291 | +60.8% | 135 | +54.1% | 46.5% |
| Q1 FY26 | 373 | +59.2% | 203 | +83.2% | 54.4% |
| Q2 FY26 | 374 | +31.0% | 197 | +28.5% | 52.8% |
| Q3 FY26 | 666 | +120.9% | 401 | +150.6% | 60.3% |
| Q4 FY26 | 889 | +205.1% | 530 | +291.1% | 59.6% |
| Q1 FY27 | 702 | +88.1% | 413 | +103.5% | 58.9% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹2,631 crTTM
- EBITDA
- ₹2,040 crTTM
- EBIT
- ₹1,959 crTTM
- PBT
- ₹1,959 crTTM
- Net profit
- ₹1,542 crTTM
C. Corporate actions
28 Aug 2026DividendFinal Dividend - Rs. - 8.0000 — ₹8.00/share
2 Jan 2026Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
8 Aug 2025DividendDividend - Rs. - 30.0000 — ₹30.00/share
19 Sept 2024DividendFinal Dividend - Rs. - 7.6400 — ₹7.64/share
15 Sept 2023DividendDividend - Rs. - 19.0900 — ₹19.09/share
19 Sept 2022DividendDividend - Rs. - 17.4000 — ₹17.40/share
26 Aug 2021DividendFinal Dividend - Rs. - 27.6000 — ₹27.60/share
21 Aug 2020DividendFinal Dividend - Rs. - 30.0000 — ₹30.00/share
12 Sept 2019DividendFinal Dividend - Rs. - 20.0000 — ₹20.00/share
23 Aug 2018DividendFinal Dividend - Rs. - 17.0000 — ₹17.00/share
14 Aug 2017DividendDividend - Rs. - 15.0000 — ₹15.00/share
9 Sept 2016DividendDividend - Rs. - 6.5000 — ₹6.50/share
16 Sept 2015DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
11 Sept 2014DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
21 Nov 2013DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share
18 Sept 2013DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share
15 Nov 2012DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share
14 Sept 2012DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
26 Apr 2012DividendInterim Dividend - Rs. - 18.0000 — ₹18.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 56.3% is the highest in 7 years (prior range 3.9% to 27.7%).
Rule ROE_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 67.3%
- 8-year range
- 18.0–72.9%
- ROE FY2026
- 43.4%
- ROCE FY2026
- 58.0%
ROE of 56.3% is well above the capital markets median of 18.6%.
EBITDA margin of 76.8% is the widest in 7 years (prior range 20.4% to 75.8%).
ROE improved from 27.7% to 56.3% year on year.
EBITDA margin improved from 68.6% to 76.8% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 12.5% a year over 7 years (₹1,251 → ₹2,848) — though FY2026 saw a one-off step-change of 51% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 1.42×FY2026
- Free cash flow
- ₹1,397 cr
- Current ratio
- 1.71×
Section 08 · Relative position
How does it compare with peers?
Ranked against 5 capital markets (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
MCX · 1st of 3 · set median 32.4%
EBITDA margin
MCX · 2nd of 5 · set median 64.7%
Return on equity
MCX · 2nd of 5 · set median 21.6%
P/E ratio
MCX · 5th of 5 · set median 46.1×
- P / E
- 53.0×TTM to Jun 26
- P / B
- 28.7×latest book
- P / S
- 31.0×TTM sales
- Earnings yield
- 1.9%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 61.3× · P/S 33.6× · ROE 56.3%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Watch
Over 5 years the stock returned 57.1% a year while profit compounded at 42.7% a year.
Rule STOCK_RAN_AHEAD
- 1-year return
- +100.2%
- 3-year return
- +681.3%
- 5-year return
- +857.9%
- From 52-wk high
- −6.9%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Above₹3,081
- vs 200-day avg
- Above₹2,741
- RSI (14)
- 48.3neutral
- MACD histogram
- -19.8
- From 52-wk high
- −6.9%
- From 52-wk low
- +100.2%
- 30-day volatility
- 35.1%ann.
- 6-month return
- +34.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹83 to ₹1,332) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- WatchStock has run ahead of the businessOver 5 years the stock returned 57.1% a year while profit compounded at 42.7% a year.STOCK_RAN_AHEAD · conviction 56
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 298 | 370 | 345 | 330 | 449 | 586 | 1,012 | 2,154 |
| Total income | 385 | 482 | 455 | 403 | 521 | 671 | 1,107 | 2,282 |
| EBITDA | 179 | 257 | 251 | 202 | 192 | 105 | 616 | 1,450 |
| Profit before tax | 140 | 239 | 229 | 159 | 171 | 71 | 554 | 1,374 |
| Net profit | 137 | 209 | 188 | 118 | 130 | 52 | 415 | 1,029 |
| EPS (₹) | 26.8 | 41.0 | 36.9 | 23.3 | 25.5 | 10.2 | 81.3 | 40.4 |
| Net worth | 1,463 | 1,547 | 1,580 | 1,555 | 1,596 | 1,550 | 1,928 | 2,816 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating cash flow | — | — | 89 | 119 | −64 | 117 | 611 | 1,464 |
| Free cash flow | — | — | 89 | 41 | −133 | −24 | 517 | 1,397 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 24.2 | -6.9 | -4.4 | 36.2 | 30.5 | 72.6 | 112.9 |
| Profit growth YoY | — | 52.8 | -9.9 | -36.9 | 9.6 | -60.0 | 698.3 | 148.1 |
| Profitability | ||||||||
| EBITDA margin % | 60.0 | 69.3 | 72.9 | 61.2 | 42.7 | 18.0 | 60.9 | 67.3 |
| Net margin % | 35.5 | 43.3 | 41.2 | 29.4 | 24.9 | 7.7 | 37.5 | 45.1 |
| Return on equity % | 9.3 | 13.9 | 12.0 | 7.6 | 8.2 | 3.3 | 23.9 | 43.4 |
| Return on capital % | 11.2 | 15.9 | 14.7 | 11.5 | 10.9 | 4.5 | 31.9 | 58.0 |
| Leverage & cash | ||||||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | — | — | 0.47 | 1.01 | -0.49 | 2.25 | 1.47 | 1.42 |
| Current ratio | 5.48 | 4.06 | 4.62 | 4.25 | 1.80 | 2.23 | 2.33 | 1.71 |