AI Summary
✦ ClarthaMulti Commodity Exchange of India is a commodity derivatives exchange facilitating online trading in bullion, base metals, energy, and agricultural contracts. Its revenue platforms include iCOMDEX indices, clearing and settlement, data-feed subscriptions, and membership services. Recent record operating performance, reflected in 106.9% revenue growth and 137.8% profit growth, indicates higher trading activity and operating leverage. Improving margins further support earnings conversion. MCX is net-cash, with debt-to-equity of 0.11, but ROE is unavailable for assessment. Earnings quality currently benefits from rapid growth and margin expansion, though trading volumes remain sensitive to commodity cycles, volatility, and competitive dynamics. At 43.7 times earnings, the stock appears rich and trades at a premium to its recent growth profile. Neutral sentiment reflects an open question over whether exceptional volume growth can persist.
Valuation Metrics
Trading 129.0% above historical median. Valuation is rising — currently in the strongly overvalued zone (z-score: +1.78). Confidence: 50%.
Live forward EPS implies next-12-month EPS of ₹78.30. Applying the stock's normalized valuation corridor produces a fair range of ₹985.01 to ₹2,489.94, with base value near ₹1,576.96 (-43.4% vs current price).
Live forward estimate anchored to the company's historical valuation corridor.
Forward EPS
₹78.30
Forward P/E
35.6x
Base Fair Value
₹1,576.96
Fair Range
₹985.01 - ₹2,489.94
Upside To Base
-43.4%
Estimate Source
Live forward EPS
Growth Estimate
+103.4%
5Y Average
25.24
Current
16.85
Overvalued
27.21
Undervalued
21.06
5Y Average
16.57
Current
46.11
Overvalued
31.80
Undervalued
12.58
5Y Average
9.18
Current
25.55
Overvalued
12.44
Undervalued
2.76
Peers & Comparison
Sector: Financials · Theme: Stock Exchanges & Ratings
| Company | Rev. Growth | Margin | P/E | vs Avg | 52W Perf. |
|---|---|---|---|---|---|
CRISIL LTD CRISILStock Exchanges & Ratings | +27.6% | 21.4% | 38.4x Undervalued | -18% vs avg | -11.8% |
CENTRAL DEPO SER (I) LTD CDSLStock Exchanges & Ratings | +4.2% | 36.9% | 58.6x Premium | +26% vs avg | -13.6% |
BSE LIMITED BSEStock Exchanges & Ratings | +64.0% | 48.9% | 49.6x Fair | +6% vs avg | +50.1% |
BILLIONBRAINS GARAGE VN L GROWWInvestment Banking & Brokerage | +65.2% | 45.4% | 48.3x Fair | +4% vs avg | +47.2% |
NIPPON L I A M LTD NAM-INDIAAsset Management | +24.5% | 52.5% | 46.5x Fair | 0% vs avg | +46.9% |
MOTILAL OSWAL FIN LTD MOTILALOFSDiversified Financials | +23.9% | 23.0% | 27.3x Undervalued | -41% vs avg | -5.3% |
ANAND RATHI WEALTH LTD ANANDRATHIAsset Management | +52.1% | 33.2% | 77.4x Premium | +66% vs avg | +52.5% |
ANGEL ONE LIMITED ANGELONEInvestment Banking & Brokerage | +23.0% | 20.7% | 26.4x Undervalued | -43% vs avg | +17.6% |
MULTI COMMODITY EXCHANGE trades in line with peers (46.1x vs avg 46.6x), reflecting a fair valuation within the Stock Exchanges & Ratings cohort. Peers include CRISIL LTD, CENTRAL DEPO SER (I) LTD, BSE LIMITED — selected based on business model, industry classification, market cap similarity, and business theme alignment.
Financials
Real statement data for revenue, earnings quality, conversion, and balance-sheet coverage. Monetary values are shown in Rs crore.
Latest revenue
₹667 CrJun 2026Latest net profit
₹327 CrJun 2026Latest EPS
₹12.84Jun 2026Net margin
61.0%Jun 2026Performance
Bars show revenue and net profit. The line shows net margin.
- Revenue
- Net income
- Net margin %
Earnings
Revenue is shown in crores. EPS is rupees per share.
- Revenue
- EPS
Revenue to profit conversion
Bridge from operating numbers to profit for the latest reported period.
Latest reported period: Jun 2026
Debt level and coverage
Debt, cash and free cash flow compared on the same crore scale.
- Debt
- Free cash flow
- Cash & equivalents
Results
| Metric | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 128 | 141 | 163 | 160 | 209 | 257 | 278 | 269 | 349 | 352 | 624 | 829 | 667 |
| Expenses + | 114 | 160 | 209 | 83 | 107 | 119 | 123 | 142 | 154 | 153 | 225 | 300 | 260 |
| Operating Profit | 13 | -19 | -46 | 77 | 101 | 137 | 155 | 127 | 195 | 199 | 399 | 529 | 407 |
| OPM % | 11% | -14% | -28% | 48% | 49% | 53% | 56% | 47% | 56% | 57% | 64% | 64% | 61% |
| Other Income + | 20 | 20 | 20 | 18 | 19 | 24 | 23 | 29 | 32 | 27 | 32 | 37 | 50 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 4 | 6 | 11 | 13 | 13 | 14 | 14 | 21 | 17 | 18 | 21 | 19 | 20 |
| Profit before tax | 30 | -5 | -36 | 82 | 108 | 148 | 164 | 135 | 210 | 208 | 409 | 547 | 437 |
| Tax % | 19% | 32% | -25% | 25% | 25% | 25% | 25% | 24% | 25% | 25% | 25% | 25% | 25% |
| Net Profit + | 24 | -7 | -27 | 62 | 80 | 111 | 122 | 102 | 157 | 156 | 307 | 409 | 327 |
| EPS in Rs | 0.94 | -0.27 | -1.06 | 2.43 | 3.15 | 4.33 | 4.79 | 3.99 | 6.15 | 6.13 | 12.04 | 16.03 | 12.84 |
| Raw PDF |
All values in ₹ Crores unless otherwise stated. Source: Screener Master (Standalone).
Events Timeline
Audio Recording Of Conference Call For Investors And Analysts Held On August 05, 2026, For The Quarter Ended June 30, 2026, Uploaded On Company Website