Multi Commodity Exchange of India Ltd.
Banking · NSE
52-week range
₹1,116 – ₹3,136
From 52w high
-1.2%
RSI (14)
73.6
vs SMA 50 / 200
↑ 50 · ↑ 200
MCX is India's largest commodity derivatives exchange, currently trading at ₹3120 — up 158.5% over 12 months and near its 52-week high (0.51% drawdown). The trailing PE of 59.6 reflects a business that reported Q4 net profit growing approximately 4x year-on-year, with a profit margin of 54.8% and ROE of 37.9%.
- ✓Profit margin of 54.8% and ROE of 37.9% place MCX among the highest-quality businesses in its listed peer group, with quality score ranked 1st of 6 in its assigned sector cohort.
- ✓5-year earnings growth of 291.2% and revenue growth of 200% reflect a multi-year business transformation, with FCF positive in 4 of available years and D/E at a low 0.113.
- ✓Q4 FY26 net profit grew approximately 4x year-on-year with revenue more than tripling, accompanied by a dividend declaration — as reported by CNBC TV18 on 8 May 2026.
- ✓SEBI granted MCX approval to set up a coal exchange subsidiary, expanding the addressable market beyond existing commodity derivatives — as reported by Moneycontrol and India TV News in April 2026.
- ✗ROE above 15% is recorded in only 1 of the available historical years (roeYearsAbove15=1), meaning the current 37.9% ROE does not yet have a multi-year track record to confirm structural persistence.
- ✗RSI of 74.53 places the stock in overbought territory; at ₹3120, price sits 17.1% above the 50-DMA (₹2665) and 48.1% above the 200-DMA (₹2107), with nearest support at ₹2756 — 11.7% below current levels.
- ✗Trailing PE of 59.6 is materially above the assigned sector cohort median of approximately 30; even the forward PE of 41.4 remains elevated relative to financial-sector peers, though the peer set is structurally dissimilar.
- ✗Sector peer classification places MCX alongside banking and insurance companies; all peer 1-year price change data is unavailable (null), making relative price performance comparisons unreliable for this stock.
- ·MCX reported Q4 FY26 net profit growth of approximately 4x with revenue more than tripling, and declared a dividend — the stock reached a record high in mid-April 2026 before the current price of ₹3120 (CNBC TV18, 8 May 2026; NDTV Profit, 13 April 2026).
- ·SEBI approved MCX's proposal to invest ₹100 crore in a coal exchange subsidiary, adding a new business line to the existing commodity derivatives platform (Moneycontrol, 19 April 2026).
- ·Mean analyst rating of 1.6 across 11 analysts (1–5 scale, lower = more constructive); Morgan Stanley raised its price target after shares hit a record high, according to NDTV Profit (13 April 2026).
- ?Does the single year of ROE above 15% reflect a genuine inflection in the business model, or is it driven by one-time factors such as the technology platform overhaul completed in prior years?
- ?How does MCX's revenue mix (transaction fees vs. data/membership) respond to a sustained decline in commodity market volumes, and what historical precedent exists from the 2013–2019 period?
- ?With the stock 48% above its 200-DMA and RSI at 74.5, what has been the historical pattern of price behavior following prior extended-run periods for MCX?
- ?Does the coal exchange subsidiary represent a structurally large opportunity relative to MCX's existing commodity business, and what regulatory or competitive risks attach to that initiative?
PE
59.6
Forward PE
41.4
ROE
+37.9%
Profit margin
+54.8%
D/E
0.11
Dividend yield
+0.2%
Quality score
64/100
ROE 5y above 15%
1/5 yrs
FCF 5y positive
4/5 yrs
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.Analysis generated 11 May 2026.