MCX.NS
Strong BuyPremium GrowerAI pickMulti Commodity Exchange of India Limited · Financial Services · India · $9.0B
INR 3,318.20 +1.9% · close 9 Oct · scored 10 Oct
StockRank up 1.4 since 9 Oct.
Premium Grower: Strong business with the market behind it, priced at a premium.
As of 10 Oct 2026, MoatMap's StockRank for Multi Commodity Exchange of India Limited (MCX.NS) is 89/100, ranked against 24,000+ stocks in 35 markets (Quality 89, Value 13, Momentum 85, each scored against its sector).
Does StockRank work? Each month we publish how every decile did, whichever way it went. See the record →
Multi Commodity Exchange is India's dominant commodity derivatives exchange, with a near-monopoly share in bullion, energy and base metal futures and options. It is a classic asset-light toll road: trading volume flows through a fixed technology platform, so incremental revenue converts to profit at very high margins, and it carries no credit or inventory risk. Its quality score (89) and momentum (82) are both top-tier. The current environment is close to ideal for its volumes: volatile crude after the Iran war, record gold and silver prices, and swinging agricultural prices all drive hedging and trading activity, and growth in options participation continues to broaden the base. The main question is price, since the valuation score is low (13), but earnings are compounding quickly enough that the multiple is supported by growth rather than hope.
ABOUT MULTI COMMODITY EXCHANGE OF INDIA LIMITED
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Multi Commodity Exchange of India Limited, a commodity derivatives exchange, provides a platform to facilitate online trading of commodity derivatives in India.
FINANCIAL SUMMARY (INR)
| Year | 2023 | 2024 | 2025 | 2026 | CAGR | TTM | 2027E | 2028E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4.5B | 5.8B | 9.9B | 21.2B | 67.9% | 27.8B | 27.1B | 32.2B | 23.3% |
| EPS (INR) | 5.85 | 3.26 | 21.96 | 52.22 | 107.4% | 47.88 | 67.76 | 80.94 | 24.5% |
| Shares | 254.5M | 254.5M | 254.5M | 254.5M | 0.0% | — | — | — | — |
| Debt | 15.5M | 16.6M | 10.1M | 47.6M | 45.4% | 47.6M | — | — | — |
| Equity | 14.8B | 13.8B | 18.8B | 28.5B | 24.4% | — | — | — | — |
| Op CF | 1.4B | 4.4B | 9.5B | 30.3B | 177.9% | 30.9B | — | — | — |
| Inv CF | -80.8M | -3.5B | -7.5B | -24.0B | — | — | — | — | — |
| Fin CF | -894.8M | -981.8M | -402.0M | -1.5B | — | — | — | — | — |
Above its 200-day average and 5% below its 52-week high.
Calmer than 55% of stocks we rank over the past year (39% a year).
How this is worked out
StockRank judges the business. The price check reads only the chart: it is the price side of the Momentum score, in words.
The rules: Still falling is a new 52-week low in the last two weeks, at least 25% below the high. Finding a floor is no new low since. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average and within 15% of the high.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn like this one cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: day-to-day price moves over the past year, as a yearly figure, ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Financial Services, ranked by industry match, size, and score similarity. Cross-listings of MCX.NS are excluded.
| Ticker | Company | Mkt Cap | StockRank | Signal |
|---|---|---|---|---|
| MCX.NS | Multi Commodity Exchange of India Limited(you) | $9.0B | 89 | Strong Buy |
| BSE.NS | BSE Limited | $13.5B | 61 | Hold |
| CRISIL.NS | CRISIL Limited | $3.4B | 62 | Hold |
| CARERATING.NS | CARE Ratings Limited | $507M | 59 | Hold |
| ICRA.NS | ICRA Limited | $446M | 44 | Hold |
| PNB.NS | Punjab National Bank | $14.0B | 90 | Strong Buy |
| MAHABANK.NS | Bank of Maharashtra | $6.6B | 82 | Strong Buy |
| BANKINDIA.NS | Bank of India | $6.5B | 76 | Buy |
| UNIONBANK.NS | Union Bank of India | $14.3B | 79 | Buy |
| NAM-INDIA.NS | Nippon Life India Asset Management Limited | $7.6B | 72 | Buy |
Peer medians: ROE 11.6% · P/E 17.2x · Gross margin 97.2%
Company Deep Dive
Business segments breakdown, earnings transcript analysis, management credibility scoring, competitive landscape, and scenario modelling.