Multi Commodity Exchange of India Limited (MCX) fair value: what the stock is really worth
We calculate from audited financials what Multi Commodity Exchange of India Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Financial Services · IN · Market cap ₹841B (≈ $8.8B) · ISIN INE745G01035
At a glance
MCMulti Commodity Exchange of India LimitedMCX · NSE
Price₹3,300
Fair Value₹820.48
Upside−75.1%
Quality80/100
A strong business, but trading 302% above our fair value of ₹820.48.
As of Aug 28, 2026, the fair value of Multi Commodity Exchange of India Limited is ₹820.48 per share against a price of ₹3,300, so the fair value sits 75% below the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +47.5 %/yr)
✓Highly profitable · 54.8% net margin
✓generates free cash flow
·0.24% dividend yield
!Mixed vs. peers (7/13)
✓Wide moat 91/100
!The models disagree: range ₹510.09 to ₹3,282
!Weak on dividend: 5 out of 100
Evidence: HighRange ₹510.09 to ₹3,282
Fair value as of: Aug 28, 2026
From 12 valuation models · updated 14 days ago
Share price +14.0% over the past month.
This is the short version. In the app for Multi Commodity Exchange of India Limited:
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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 ₹3,300 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.
Multi Commodity Exchange of India Limited (MCX) currently trades at ₹3,300, while our model-based Fair Value estimate is ₹820.48, implying the stock looks roughly 302.3% 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 ₹3,300 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
Scenario range: ₹510.09 (bear) to ₹3,282 (bull), the price of ₹3,300 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 5% below its 52-week high and 126% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −54% fair-value upside, at −75%, MCX screens richer than that median.
Fair Value models
Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (₹20.83 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
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Key figures & financial health
P/E ratio63.1
P/S ratio34.6P/E × margin
EPS (TTM)₹52.27price ÷ EPS = P/E 63.1
Dividend yield0.2%payout 15.3%
Net margin54.8%FY2026
Return on equity37.9%TTM
More key figures
Profitability
Return on assets (EBIT)11.2%avg 5y
Operating margin73.9%TTM
Growth
Revenue (TTM)₹24.3BTTM
Revenue growth (YoY)+200%3y avg +75.7%
EPS growth (YoY)+291%
Balance sheet & cash flow
Free cash flow₹32.4BFY2026
Net cash₹25.3BFY2026
Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality80/100
Of which business quality 80
· Market factors (momentum, volatility) 81
Profitability74
Margins and returns on capital today
Quality Growth83
Are margins and returns improving?
Cashflow100
Earnings quality: real cash, not paper profit
Fin. Strength88
Balance sheet, leverage, solvency risk
Investment32
Disciplined investing over empire-building
Low Volatility69
Calm price path (market factor)
Momentum81
Price trend over the last 3–12 months (market factor)
52W Momentum96
Distance to the 52-week high (market factor)
Net Issuance81
Buybacks instead of dilution
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.
Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹24.3B
Latest YoY
+100.9%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+75.7%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+47.5%
Avg. revenue growth/yr (19Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+42.1%
Value creation/yr (5Y, in INR) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +42.8%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+42.6%
Dividend yield0.2%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 42.6% vs 10Y 26.6%, picking up
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.31.2% (2019) → 5.6% (2024) · falling
Worst earnings drop64% (2020) · in INR
⚠ Final year 2026 sits 792% above trend (one-off), rate approximate
Revenue+64.8%/yr
FY22₹3.3B
FY23₹4.5B
FY24₹5.8B
FY25₹12.1B
FY26₹24.3B
Net income+74.5%/yr
FY22₹1.4B
FY23₹1.5B
FY24₹831M
FY25₹5.6B
FY26₹13.3B
Character of growth · EPS growth decomposed (2015-2026)+20.5 % p.a.
Revenue per share+20.8 %
of which total revenue +20.9 % · buybacks/dilution +0.0 %
EBIT margin+7.3 %
Tax rate+1.1 %
Residual (interest, one-offs)−8.1 %
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).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Multi Commodity Exchange of India Limited Fair Value". https://www.fairvalue-calculator.com/stock/MCX
Peer Group
Financial Data & Stock Exchanges · 54 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
Quality Score80 · Top 25%
Fair Value upside−75% · Bottom 25%
Profitability
Return on equity (TTM)38% · Top 25%
Return on assets18% · Top 25%
Net margin (TTM)55% · Top 25%
Operating margin (TTM)74% · Top 25%
Growth and dividend
Revenue growth200% · Top 25%
Dividend yield (TTM)0.2% · Bottom 25%
Valuation Multiples vs Financial Data & Stock Exchanges median · lower = cheaper
P/E (TTM)63.1× · Priciest 25%
P/B25.96× · Priciest 25%
P/S (TTM)30.44× · Priciest 25%
P/FCF0.2× · Cheapest 25%
EV/EBITDA40.3× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Multi Commodity Exchange of India Limited deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+13.3 % per year
Achieved revenue growth, 5 years+47.5 % p.a.
Sector median revenue growth+8.2 %
FCF yield on price3.85 %
Discount rate (WACC) in the models11.1 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
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.
This stockSector peers
VALUE0· sector 0
FUTURE100· sector 69
PAST100· sector 77
HEALTH0· sector 94
DIVIDEND5· sector 34
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.
None of the checked exposures detected
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).
Is Multi Commodity Exchange of India Limited (MCX) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of ₹820.48 versus a price of ₹3,300, about −75% upside (overvalued).
What is the fair value of MCX?
Our model-based fair value for Multi Commodity Exchange of India Limited is ₹820.48 (as of Aug 28, 2026), built from audited fundamentals. The current price: ₹3,300.
What is the quality score of MCX?
Multi Commodity Exchange of India Limited has a Quality Score of 80/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Multi Commodity Exchange of India Limited (MCX)?
Our model-based price target is the fair value of ₹820.48 (as of Aug 28, 2026) from 12 valuation models. Cautious scenario ₹510.09, optimistic scenario ₹3,282. It is a calculation from audited fundamentals, not an analyst target.
What is the Multi Commodity Exchange of India Limited stock forecast for 2026?
Our models put fair value at ₹820.48, about −75% upside versus a price of ₹3,300 (overvalued). Cautious scenario ₹510.09, optimistic scenario ₹3,282. The calculation is refreshed regularly with new filings.
What is the revenue of Multi Commodity Exchange of India Limited (MCX)?
Multi Commodity Exchange of India Limited reported trailing-twelve-month revenue of about ₹24.3B (latest available figure, as of Aug 28, 2026).
What is the net profit margin of MCX?
The net profit margin of Multi Commodity Exchange of India Limited is about 54.8%, meaning it keeps roughly 54.8% of revenue as net income. Based on the latest reported figures.
Does Multi Commodity Exchange of India Limited pay a dividend?
Multi Commodity Exchange of India Limited currently shows a dividend yield of about 0.24% relative to its recent price (as of Aug 28, 2026).
What growth is priced into Multi Commodity Exchange of India Limited (MCX)?
For today's price to be fair in a discounted-cash-flow model, Multi Commodity Exchange of India Limited would have to grow free cash flow by +13.3 % per year for ten years (discount rate 11.1 %, then 2 % perpetual growth). Over the last 5 years revenue grew +47.5 % per year. As of Aug 28, 2026.
What discount rate (WACC) does the fair value of MCX use?
Our models discount Multi Commodity Exchange of India Limited at 11.1 %: a base by market capitalisation (mid), damped by beta 0.59, country premium for India. The same rate applies in all 26 models.
What is the intrinsic value of Multi Commodity Exchange of India Limited (MCX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Multi Commodity Exchange of India Limited it is ₹820.48 per share (as of Aug 28, 2026), against a price of ₹3,300. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Multi Commodity Exchange of India Limited stock overvalued or undervalued in 2026?
As of Aug 28, 2026, MCX trades above its calculated fair value: price ₹3,300, fair value ₹820.48, a gap of about −75% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MCX?
No. The price is what the market pays today (₹3,300); the fair value is what the company's own numbers justify (₹820.48). For Multi Commodity Exchange of India Limited the two are ₹2,480 per share apart. That gap is exactly why we show both numbers side by side.
How much is Multi Commodity Exchange of India Limited worth?
The market values Multi Commodity Exchange of India Limited at about ₹841B (market capitalisation, as of Aug 28, 2026). Per share that is ₹3,300; our models calculate a fair value of ₹820.48 per share.
What do the bullish and bearish scenarios say about MCX?
Our models span a range for Multi Commodity Exchange of India Limited: cautious scenario ₹510.09, base ₹820.48, optimistic ₹3,282 per share (as of Aug 28, 2026, price ₹3,300). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MCX?
Multi Commodity Exchange of India Limited trades at a price-to-earnings ratio of 63.1 (as of Aug 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹820.48 is built from several models across several years. Other multiples: P/B 26.0, P/S 30.4, EV/EBITDA 40.3.
How solid is the balance sheet of Multi Commodity Exchange of India Limited (MCX)?
Balance-sheet figures for Multi Commodity Exchange of India Limited (as of Aug 28, 2026): return on equity 37.9%. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
How far is MCX from its 52-week high?
Multi Commodity Exchange of India Limited trades at ₹3,300, about 5% below its 52-week high of ₹3,480 and 126% above the low of ₹1,461 (as of Aug 28, 2026). Distance from the high says nothing about value: that is what the fair value of ₹820.48 is for.
Which stocks are comparable to Multi Commodity Exchange of India Limited?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Moody's Corporation, Intercontinental Exchange, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Multi Commodity Exchange of India Limited stock attractive at the current price?
The data as of Aug 28, 2026: price ₹3,300, calculated fair value ₹820.48 (−75%), Quality Score 80/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MCX calculated?
We run Multi Commodity Exchange of India Limited through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹820.48, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Multi Commodity Exchange of India Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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