Multi Commodity Exchange of India Limited (MCX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Multi Commodity Exchange of India Limited stock ₹1,220, price ₹3,528, that is 65.4% below the price, quality 81 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range ₹211.03 – ₹3,528 · fair‑value band ₹510.09 – ₹2,008 · the ₹3,528 price screens above the ₹1,220 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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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. It offers iCOMDEX, a real-time commodity futures price indices; and trades in bullion, base metals, energy, and agricultural commodities.
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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.
Stock analysis
Multi Commodity Exchange of India Limited (MCX) currently trades at ₹3,528, while our model-based Fair Value estimate is ₹1,220, 65% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of ₹1,922 per share, and 0 of the 13 models we run sit above the ₹3,528 price.
Bear case: the Multiples group reads lowest at ₹413.38, and 13 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹510.09 (bear) to ₹2,008 (bull), the price of ₹3,528 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 81/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap ₹900B (≈ $9.6B) Mid · P/E ratio 60.9 · P/S ratio 28.0 · EPS (TTM) ₹57.97 · Dividend yield 0.2% · Net margin 55.9% · Return on equity 44.4% · Return on assets (EBIT) 11.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 91 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 91% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −34% fair-value upside, at −65%, MCX screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹70.17 to ₹2,481). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear₹510.09Fair Value ₹1,220Bull₹2,008
Price ₹3,528 · Downside -65.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹30.39 per share) are deliberately not added.Bear ⓘ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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+100.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+75.7%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+47.5%
Start year 2021 (pandemic). Over 10 years: +25.0% a year
Revenue growth 19 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+42.1%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
Earnings per share, growth per year+42.6%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years ⓘ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.42.6% vs 26.6%, picking up
2026 sits 792% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+19.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+16.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +14.5% a year for the price and +11.8% for the forecasts.
Compare Multi Commodity Exchange of India Limited with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Financial Data & Stock Exchanges · 48 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score81 · Top 25%
Fair Value upside−65.4% · Bottom 25%
Profitability
Return on equity (12 months)44.4% · Top 25%
Return on assets17.8% · Top 25%
Net margin (12 months)55.9% · Top 25%
Operating margin (12 months)75.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)112.4% · Top 25%
Dividend yield (12 months)0.2% · Bottom 25%
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (12 months)60.9× · Priciest 25%
P/B31.59× · Priciest 25%
P/S (12 months)27.97× · Priciest 25%
Price / free cash flow (fiscal year)27.8× · Pricier than median
EV/EBITDA36.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 68
PAST (return on equity)100· sector 82
HEALTH (low debt)0· sector 94
DIVIDEND (yield)5· sector 34
VALUE 0: the price sits above our fair-value range.
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
Frequently asked questions
Is Multi Commodity Exchange of India Limited (MCX) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ₹1,220 versus a price of ₹3,528, about 65% lower (overvalued).
What is the fair value of MCX?
Our model-based fair value for Multi Commodity Exchange of India Limited is ₹1,220 (as of Nov 6, 2026), built from audited fundamentals. The current price: ₹3,528.
What is the quality score of MCX?
Multi Commodity Exchange of India Limited has a Quality Score of 81/100. 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 ₹1,220 (as of Nov 6, 2026) from 13 valuation models. Cautious scenario ₹510.09, optimistic scenario ₹2,008. 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 ₹1,220, about 65% lower versus a price of ₹3,528 (overvalued). Cautious scenario ₹510.09, optimistic scenario ₹2,008. 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 ₹32.2B (latest available figure, as of Nov 6, 2026).
Does Multi Commodity Exchange of India Limited pay a dividend?
Multi Commodity Exchange of India Limited currently shows a dividend yield of 0.23% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Multi Commodity Exchange of India Limited (MCX) and when is the ex-dividend date?
Multi Commodity Exchange of India Limited pays a dividend of ₹8.00 per share a year, a dividend yield of 0.2%. The last ex-dividend date was Aug 28, 2026. A dividend has been paid every year since at least 2012. The payout ratio is 13.8% of earnings. Free cash flow covers the dividend 15.92 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
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 +19.2 % per year for five years (discount rate 11.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +47.5 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of MCX use?
Our models discount Multi Commodity Exchange of India Limited at 11.4 %: a base by market capitalisation (mid), damped by beta 0.70, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Multi Commodity Exchange of India Limited that is +19.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.4 %) and the same formula as our fair value.
How much growth has Multi Commodity Exchange of India Limited (MCX) delivered so far?
Over the past 5 years revenue at Multi Commodity Exchange of India Limited grew +47.5 % a year. The price currently implies free-cash-flow growth of +19.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Multi Commodity Exchange of India Limited (MCX) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Multi Commodity Exchange of India Limited (+19.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Multi Commodity Exchange of India Limited (MCX)?
The free-cash-flow yield on the price is 3.60 %: that much free cash flow Multi Commodity Exchange of India Limited produces per unit of market value. When it exceeds the discount rate of our models (11.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 ₹1,220 per share (as of Nov 6, 2026), against a price of ₹3,528. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Multi Commodity Exchange of India Limited stock overvalued or undervalued in 2026?
As of Nov 6, 2026, MCX trades above its calculated fair value: price ₹3,528, fair value ₹1,220, a gap of about −65% (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 (₹3,528); the fair value is what the company's own numbers justify (₹1,220). For Multi Commodity Exchange of India Limited the two are ₹2,308 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 ₹900B (market capitalisation, as of Nov 6, 2026). Per share that is ₹3,528; our models calculate a fair value of ₹1,220 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 ₹1,220, optimistic ₹2,008 per share (as of Nov 6, 2026, price ₹3,528). 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 60.9 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,220 is built from several models across several years. Other multiples: P/B 31.6, P/S 28.0, EV/EBITDA 36.5.
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 Nov 6, 2026): return on equity 44.4%. They feed the Quality Score of 81/100, 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 ₹3,528, at its 52-week high of ₹3,528 and 91% above the low of ₹1,847 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,220 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, Intercontinental Exchange, Inc, Moody's Corporation, 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 Nov 6, 2026: price ₹3,528, calculated fair value ₹1,220 (−65%), Quality Score 81/100, from 13 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 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of ₹1,220 builds on their evidence-weighted average, 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 13.0% 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 is it worth investing now.
What is the share price of Multi Commodity Exchange of India Limited (MCX)?
The closing price on Nov 6, 2026 was ₹3,528. Our model-based fair value is ₹1,220, about 65% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Multi Commodity Exchange of India Limited right now?
A high-quality business (quality 81/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (₹2,008). The favourable scenario is already priced in. The model range is unusually wide (₹510.09 to ₹2,008). 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.
Where does the earnings growth of Multi Commodity Exchange of India Limited (MCX) come from?
Earnings per share at Multi Commodity Exchange of India Limited grew +20.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share +20.8 %, EBIT margin +7.3 %, tax rate +1.1 %, residual (interest, one-offs) −8.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Multi Commodity Exchange of India Limited
How large is the market capitalisation of Multi Commodity Exchange of India Limited (MCX)?
The market capitalisation of Multi Commodity Exchange of India Limited is ₹900B (≈ $9.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Multi Commodity Exchange of India Limited (MCX)?
The price-to-sales ratio of Multi Commodity Exchange of India Limited is 28.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Multi Commodity Exchange of India Limited (MCX)?
Earnings per share at Multi Commodity Exchange of India Limited are ₹57.97 (price ÷ EPS = P/E 60.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Multi Commodity Exchange of India Limited (MCX)?
The dividend yield of Multi Commodity Exchange of India Limited is 0.2% (payout 13.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Multi Commodity Exchange of India Limited (MCX)?
The net margin of Multi Commodity Exchange of India Limited is 55.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Multi Commodity Exchange of India Limited (MCX)?
The return on equity (ROE) of Multi Commodity Exchange of India Limited is 44.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Multi Commodity Exchange of India Limited (MCX)?
On an EBIT basis the return on assets of Multi Commodity Exchange of India Limited is 11.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Multi Commodity Exchange of India Limited (MCX)?
The operating margin of Multi Commodity Exchange of India Limited is 75.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Multi Commodity Exchange of India Limited (MCX)?
Revenue at Multi Commodity Exchange of India Limited is growing +112% versus a year earlier (3y avg +75.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Multi Commodity Exchange of India Limited (MCX)?
Earnings per share at Multi Commodity Exchange of India Limited are growing +130% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Multi Commodity Exchange of India Limited (MCX) hold?
Multi Commodity Exchange of India Limited holds more cash than debt, ₹25.3B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026