MCX

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Multi Commodity Exchange of India Limited

Financial ServicesExchange and Data PlatformMid capWide, well-protected edge

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The storyRetail derivatives boom

The surging retail UCCs and options premium ADT keep driving this franchise, even as revenue yield per unit of turnover normalizes and the latest print cooled.

Overall read

6.5/10

Priced ahead of it

The three reads · this quarter

The standing reads · change less often

Moat

Wide, well-protected edge

Liquidity network effect in non-agri commodity derivatives, tested and held when NSE and BSE entered in 2018.

Key variables

4 tracked

lead: Traded Clients (UCCs)

Retained

Walk the talk

Not enough data

as of Q3 FY26

0 of 0 guidance items delivered on time

MCX

Track this name

Multi Commodity Exchange of India Limited

Financial ServicesExchange and Data PlatformMid cap

Track this name

The storyRetail derivatives boom

The surging retail UCCs and options premium ADT keep driving this franchise, even as revenue yield per unit of turnover normalizes and the latest print cooled.

Overall read

6.5/10

Priced ahead of it

The three reads · this quarter

MCX

Track this name

Multi Commodity Exchange of India Limited

Financial ServicesExchange and Data PlatformMid capWide, well-protected edge

Track this name

The storyRetail derivatives boom

The surging retail UCCs and options premium ADT keep driving this franchise, even as revenue yield per unit of turnover normalizes and the latest print cooled.

Overall read

6.5/10

Priced ahead of it

Where it sits

#53/146TOP 36%

Where it sits

The three reads · this quarter

Moat

Wide, well-protected edge

Liquidity network effect in non-agri commodity derivatives, tested and held when NSE and BSE entered in 2018.

Key variables

4 tracked

lead: Traded Clients (UCCs)

Retained

Walk the talk

Not enough data

as of Q3 FY26

0 of 0 guidance items delivered on time

Growth readSolidbase 25-30% · Rank 33/100

Electricity futures gaining traction with 55% market share, poised for significant growth.

bear <15%base 25-30%bull >35%

3.2PRICEY

Valuation readExpensivepriced 2 days ago

In line with its own history — but the price banks on growth above anything it has delivered.

P/E vs own history · in-lineEV/EBITDA vs own history · in-line