Multi Commodity Exchange of India Ltd.
NSE: MCXMulti Commodity Exchange of India Ltd.: A 30-second snapshot
MCX, India's leading commodity exchange, reported a record 1,332 crore rupee profit in Q4 FY26 driven by gold volatility and rising retail participation, with a trailing PE of 55.28 and ROE of 37.88% as of the latest period. The stock is up 123.9% over 12 months and trades at 2890.5, above both the 50-DMA (2866.83) and 200-DMA (2215.77), though it has pulled back 16.94% from its 52-week high with RSI at 39.27. Quality score of 64 and a mean analyst rating of 1.83 across 12 analysts (1-5 scale, lower = more constructive) reflect the current market view.
P/E
55.3
Forward P/E
34.5
ROE
+37.9%
Debt / Equity
0.11
Profit Margin
+54.8%
Div. Yield
+0.2%
5Y ROE > 15%
2/5
5Y FCF > 0
4/5
Quality
68/100
News
5 headlines · 2 positive · 1 negative
MCX posts record ₹1,332 crore profit as gold volatility & surging retail participation drive platform to n - The Economic Times
The Economic Times
Multi Commodity Exchange of India : MCX Q4 FY26 results - marketscreener.com
marketscreener.com
If EPS Growth Is Important To You, Multi Commodity Exchange of India (NSE:MCX) Presents An Opportunity - simplywall.st
simplywall.st
Multi Commodity Exchange of India : Caution for Investors wealthresearch.in - marketscreener.com
marketscreener.com
Multi Commodity Exchange of India : Update of 6th May - marketscreener.com
marketscreener.com
Recent context
- ·MCX reported record quarterly profit of 1,332 crore rupees in Q4 FY26, with gold volatility and surging retail participation cited as the primary drivers of platform volume growth.
- ·A marketscreener note dated 15 May 2026 flagged caution for investors, coinciding with the stock trading 16.94% below its 52-week high despite strong annual price appreciation of 123.9%.
- ·The stock has delivered a 20.65% gain over the past 3 months, with current price (2890.5) sitting just below the nearest resistance level of 2903 and 4.6% above the first support at 2756.
Strengths
- +ROE of 37.88% is the highest in the reported peer group (ranked 1st of 6), and profit margin stands at 54.82%, reflecting the asset-light, fee-based exchange model.
- +FCF was positive in 4 of the available fiscal years, and D/E of 0.113 indicates a largely debt-free balance sheet with a rising-but-contained debt trend.
- +Price is up 123.9% over 12 months and 20.65% over 3 months, and the stock remains above both the 50-DMA and the 200-DMA (2215.77) with 271 bars of technical data available.
- +Q4 FY26 results showed record profit of 1,332 crore rupees, attributed to elevated gold price volatility and accelerating retail participation on the platform — both structural tailwinds for an exchange business.
Weaknesses
- −ROE above 15% is recorded in only 2 of the available historical years; the current 37.88% ROE and 291.2% five-year earnings growth appear to reflect a recovery from a low base rather than a persistent long-run profitability profile.
- −Trailing PE of 55.28 is the most expensive in the reported peer group (ranked 5th of 6), and the forward PE of 34.46 embeds a material earnings-growth assumption — any miss could compress this premium meaningfully.
- −Sector classification places MCX alongside banks and insurance companies; peer PE, ROE, and quality comparisons have limited interpretive value given the structural differences between an exchange and a lending or insurance business.
- −One news item flagged investor caution, and overall news sentiment is neutral despite record profits — suggesting the market may be weighing regulatory or competitive risks not fully captured in the 5-article sample.
Open questions
- ?Does the 291.2% five-year earnings growth reflect a structural improvement in MCX's competitive position, or is it primarily a recovery from the 2019-2021 period when the exchange faced platform disruptions and regulatory scrutiny?
- ?How sensitive is MCX's fee revenue to a sustained reduction in gold or base-metal price volatility — and what historical periods illustrate this revenue cyclicality?
- ?The forward PE of 34.46 implies continued earnings expansion; what assumptions about market volume growth and fee-rate stability underpin that expectation?
- ?Given that MCX is classified alongside banking peers but operates as a commodity exchange, what is the more appropriate peer set, and how does MCX rank on PE and ROE within that universe?
Peer comparison: Banking
Ranks 1 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| MCX | Multi Commodity Exchange of India Ltd.You're viewing | 55.3 | +37.9% | 64 |
| Industry avg | across 5 peers | 31.2 | +14.2% | 39 |
| BAJFINANCE | Bajaj Finance Ltd. | 29.1 | +17.9% | 53 |
| AXISBANK | Axis Bank Ltd. | 15.1 | +13.2% | 50 |
| HDFCBANK | HDFC Bank Ltd. | 16.6 | +13.8% | 50 |
| BAJAJFINSV | Bajaj Finserv Ltd. | 28.8 | +14.6% | 23 |
| HDFCLIFE | HDFC Life Insurance Company Ltd. | 66.2 | +11.3% | 20 |
Technical state
Current price
₹2,890.50
SMA 50
₹2,866.83
SMA 200
₹2,215.77
RSI (14)
39.3 (neutral)
From 52w high
-16.9%
1Y return
+123.9%
3M return
+20.6%
50-DMA
Above
200-DMA
Above
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- mediumROE of 37.88% is above the peer group but roeYearsAbove15 stands at only 2 of the available years, and FCF-positive years are 4 — the profitability profile appears to have improved recently from a low base (5y earnings growth 291.2%, 5y revenue growth 200%) rather than reflecting a verified multi-year track record.
- mediumMCX is classified in the Banking sector peer group alongside HDFCBANK, AXISBANK, BAJFINANCE, BAJAJFINSV, and HDFCLIFE — all banks and insurance firms. PE and ROE comparisons carry limited economic relevance across this mismatched group; all peer priceChange1Y values are null, making 1-year relative price performance ranking unavailable.
- mediumTrailing PE of 55.28 is the highest in the reported peer group (ranked 5th of 6 on PE, where lower rank = more expensive). Forward PE of 34.46 implies the market is pricing in substantial earnings growth; any shortfall in earnings delivery would compress this premium.
- lowRSI at 39.27 is in neutral territory but approaching the oversold threshold; price has pulled back 16.94% from the 52-week high while remaining above both the 50-DMA (2866.83) and 200-DMA (2215.77). Nearest support is 2756 (4.6% below current price), with deeper support at 2260.
- lowNews sample covers only 5 articles with an overall neutral sentiment (2 positive, 2 neutral, 1 negative); the sparse base limits sentiment confidence and may not capture all recent regulatory or competitive developments.
Cross-section contradictions
- 5-year earnings growth of 291.2% and current ROE of 37.88% contrast with roeYearsAbove15 of only 2 years, suggesting the profitability surge is recent rather than a long-established track record.
- RSI has compressed to 39.27 and the stock is 16.94% below its 52-week high, yet price is still up 123.9% over 12 months — short-term momentum has reversed sharply while the annual gain remains very large.
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.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 1 Jun 2026 · rotates through NIFTY 500 every ~5 days