Multi Commodity Exchange of India Limited (MCX) Fair Value & Analysis
Financial Services · IN · Market cap ₹739B (≈ $7.8B) · ISIN INE745G01035
What is Multi Commodity Exchange of India Limited really worth?
A strong business, but trading 299% above our fair value of ₹820.48.
Strengths
Risks
For context
Fair value as of: Aug 28, 2026
From 12 valuation models · updated 8 days ago
Share price +26.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 80/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The model range is unusually wide (₹510.09 to ₹3,282). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.
How to read this chart
60‑month range ₹211.03 – ₹3,441 · fair‑value band ₹510.09 – ₹3,282 · the ₹3,275 price screens above the ₹820.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.
Analysis
Multi Commodity Exchange of India Limited (MCX) currently trades at ₹3,275, while our model-based Fair Value estimate is ₹820.48, implying the stock looks roughly 299.2% overvalued today. The Quality Score stands at 80/100 (high quality), in the Financial Services sector. Bull case: the Growth DCF group reads highest at a median of ₹4,566 per share, and 1 of the 12 models we run sit above the ₹3,275 price. Bear case: the Dividend Discount group reads lowest at ₹103.41, and 11 of the 12 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Multi Commodity Exchange of India Limited generated revenue of ₹24.3B at a net margin of 54.8%. Revenue grew 200.0% year over year. It earns a return on equity of 37.9%. The balance sheet holds a net cash position of ₹25.3B. Fundamentals as of Aug 28, 2026
Our scenario range runs from ₹510.09 (bear case) to ₹3,282 (bull case); at ₹3,275, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 124% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −55% fair-value upside, at −75%, MCX screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹19.94 per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 12 models by family
Widest divergence: Growth DCF (₹4,566) versus Asset-Based (₹74.97). Highest evidence: Growth DCF (69).
Notify me when MCX reaches fair value
Put MCX on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 80 · Market factors (momentum, volatility) 82
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Multi Commodity Exchange of India Limited, a commodity derivatives exchange, provides a platform to facilitate online trading of commodity derivatives in India. It offers iCOMDEX, a real-time commodity futures price indices; and trades in bullion, base metals, energy, and agricultural commodities.
Full company description
Multi Commodity Exchange of India Limited, a commodity derivatives exchange, provides a platform to facilitate online trading of commodity derivatives in India. It offers iCOMDEX, a real-time commodity futures price indices; and trades in bullion, base metals, energy, and agricultural commodities. The company also provides clearing and settlement services; and data feed subscription and membership services. It has strategic alliances, consultancy, and collaboration agreements with various exchanges, such as CME Group, Dalian Commodity Exchange, London Metal Exchange, European Energy Exchange AG, Taiwan Futures Exchange, and Zhengzhou Commodity Exchange, Jakarta Futures Exchange, and Chittagong Stock Exchange Limited. The company was incorporated in 2002 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Multi Commodity Exchange of India Limited reported revenue of ₹24.3B in FY2026 versus ₹3.3B in FY2022, a compound +64.8%/yr. Reported net income was ₹13.3B in FY2026, compounding +74.5%/yr from FY2022.
of which total revenue +20.9 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
MCX screens 299% overvalued. Compare with S&P Global Inc →
Peer Group
Financial Data & Stock Exchanges · 53 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Financial Data & Stock Exchanges median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 35/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $435.39 | $196.36 | −55% |
| CME Group CME | $285.80 | $145.51 | −49% |
| Moody's Corporation MCO | $514.95 | $192.63 | −63% |
| Intercontinental Exchange, Inc ICE | $162.33 | $75.95 | −53% |
| Hong Kong Exchanges and Clearing Limited 80388 | HK$360.20 | HK$280.07 | −22% |
| Deutsche Börse AG DB1 | €291.20 | €142.42 | −51% |
| Nasdaq, Inc NDAQ | $99.35 | $41.12 | −59% |
| MSCI Inc MSCI | $570.76 | $214.91 | −62% |
| Coinbase Global, Inc COIN | $190.72 | $73.66 | −61% |
| Cboe Global Markets, Inc CBOE | $310.45 | $136.64 | −56% |
Compare Multi Commodity Exchange of India Limited with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Financial Services stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Multi Commodity Exchange of India Limited (MCX) overvalued or undervalued?
What is the fair value of MCX?
What is the quality score of MCX?
What is the revenue of Multi Commodity Exchange of India Limited (MCX)?
What is the net profit margin of MCX?
Does Multi Commodity Exchange of India Limited pay a dividend?
Watch Multi Commodity Exchange of India Limited in the live analysis
One click puts Multi Commodity Exchange of India Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.