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Swing Capital

Multi Commodity Exchange of India Ltd

NSE: MCX BSE: 534091

The MCX) commenced operation in Nov,03 is India’s first listed, national-level, electronic exchange, and India’s leading commodity derivatives exchange which offers the benefits of fair price discovery and price risk management to the Indian commodity market ecosystem. The Exchange operates under SEBI. [1]

₹3,344
52W: ₹1250 — ₹3423
PE 82.9 · Book ₹110 · +2940% vs book
Market Cap₹85,259 Cr
Stock P/E82.9Price to Earnings
ROCE57.9%Return on Capital
ROE43.4%Return on Equity
Div. Yield0.18%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 47.6% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 26.3%
  • +Company has been maintaining a healthy dividend payout of 43.9%
  • +Company's median sales growth is 19.5% of last 10 years

Weaknesses

  • −Stock is trading at 30.3 times its book value
  • −Working capital days have increased from -2.93 days to 92.8 days

Shareholding Pattern

Promoters0%
FIIs26.07%
DIIs54.35%
Public19.38%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs20.69%22.07%▲1.423.13%▲1.121.8%▼1.321.69%▼0.119%▼2.720.64%▲1.626.07%▲5.4
DIIs57.24%57.45%▲0.256.27%▼1.258.1%▲1.859.09%▲1.060.5%▲1.459.16%▼1.354.35%▼4.8
Public21.9%20.32%▼1.620.41%▲0.119.9%▼0.519.03%▼0.920.31%▲1.320.03%▼0.319.38%▼0.7

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales163160209257278269349352624829
Expenses20983107119123142154153225300
Operating Profit-4677101137155127195199399529
OPM %-28%48%49%53%56%47%56%57%64%64%
Net Profit-276280111122102157156307409
EPS ₹-1.062.433.154.334.793.996.156.1312.0416.03

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,154Cr, up 112.8% YoY. OPM at 61%.

Debt Position

Borrowings at ₹5Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹28Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 54.35% (-0.70pp change). FIIs: 26.07% (+1.23pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 10% (Mar 2015) to 58% (Mar 2026). Working capital days: 93.

Valuation

PE 82.9x with 57.9% ROCE. Price is 2940% above book value of ₹110. Dividend yield: 0.18%.

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