Exchanges Stocks in India

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

Revenue Scale & Growth Durability

BSE Ltd has the highest Revenue among the 3 Exchanges companies compared here, at ₹4,834 crore. Multi Commodity Exchange of India Ltd is next at ₹2,302 crore. Multi Commodity Exchange of India Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: BSE Ltd is the scale leader at ₹4,834 crore, 110% ahead of Multi Commodity Exchange of India Ltd. Multi Commodity Exchange of India Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 107% from a ₹2,302 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: BSE Ltd is the scale benchmark; Multi Commodity Exchange of India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: BSE Ltd's growth falls below Multi Commodity Exchange of India Ltd's for two consecutive comparable reports while operating margin also compresses.

Operating Economics & Margin Trend

Indian Energy Exchange Ltd has the highest OPM among the 3 Exchanges companies compared here, at 83%. Multi Commodity Exchange of India Ltd is next at 75%. Multi Commodity Exchange of India Ltd has the highest Margin change at +20 percentage points, so level and change sit with different companies.

What the numbers say: Indian Energy Exchange Ltd leads opm at 83%; Multi Commodity Exchange of India Ltd leads margin change at +20 percentage points.

Investor read: Indian Energy Exchange Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Profit Scale & Acceleration

BSE Ltd has the highest Net profit among the 3 Exchanges companies compared here, at ₹2,487 crore. Multi Commodity Exchange of India Ltd is next at ₹1,331 crore. Multi Commodity Exchange of India Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: BSE Ltd leads with ₹2,487 crore of TTM profit, 86.9% above Multi Commodity Exchange of India Ltd. Multi Commodity Exchange of India Ltd shows ≥100% on the scoring scale (137.7% uncapped) growth from a ₹1,331 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: BSE Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Capacity Spending & Returns On It

No company in this Exchanges comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 3 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.

Withheld from this comparison: BSE Ltd (BSE) — its two data sources disagree by up to 39% on reported income across 14 comparable periods, so its derived ratios are withheld; Multi Commodity Exchange of India Ltd (MCX) — its two data sources disagree by up to 14% on reported income across 14 comparable periods, so its derived ratios are withheld; Indian Energy Exchange Ltd (IEX) — its two data sources disagree by up to 29% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Load & Balance-Sheet Headroom

BSE Ltd has the lowest Gross debt among the 3 Exchanges companies compared here, at ₹0 crore. Multi Commodity Exchange of India Ltd is next at ₹5 crore. 3 of 3 companies report a comparable reading, the latest through Mar 2026. Its Gross debt series carries 6 reported observations across the 20-quarter window.

What the numbers say: BSE Ltd leads gross debt at ₹0 crore; the second comparison lacks enough current evidence.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Return On Capital Employed

Multi Commodity Exchange of India Ltd has the highest ROCE among the 3 Exchanges companies compared here, at 71.4%. BSE Ltd is next at 58%. The same company also holds the highest ROCE change, at +28 percentage points. 3 of 3 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Multi Commodity Exchange of India Ltd leads ROCE at 71.4%, 13.4 percentage points above BSE Ltd. Multi Commodity Exchange of India Ltd has the strongest latest improvement at +28 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Multi Commodity Exchange of India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Valuation Against Growth & Quality

No company in this Exchanges comparison has a valuation figure that passes this section's guard, so the Guarded PEG rank is empty. On P/E, Indian Energy Exchange Ltd is lowest at 21.8×, across 3 of 3 companies with a usable reading. PEG asks what price is being paid for growth; P/E keeps that answer anchored to the actual earnings multiple.

What the numbers say: There is not enough comparable evidence to name a reliable guarded peg leader.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Enterprise Value & Book Value

Indian Energy Exchange Ltd has the lowest EV/EBITDA among the 3 Exchanges companies compared here, at 16.5×. BSE Ltd is next at 35.8×. The same company also holds the lowest P/BV, at 8.1×. 3 of 3 companies report a comparable reading, the latest through Jun 2026. Its EV/EBITDA series carries 20 reported observations across the 20-quarter window.

What the numbers say: Indian Energy Exchange Ltd leads both ev/ebitda at 16.5× and p/bv at 8.1×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Market action

Multi Commodity Exchange of India Ltd has the strongest one-year price move in Exchanges at +66.8%. BSE Ltd leads on Mansfield relative strength against NIFTY at +20.3%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

What can make this comparison misleading?

This Exchanges comparison names 6 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 3 have second-feed figures withheld because the two sources disagree. 2 of the 8 ranked sections have fewer than three usable current readings.

Which companies are included?

All 3 companies in the canonical Exchanges membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

How was this comparison built?

This comparison is built from the reported filings of 3 Exchanges companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Exchanges company comparison FAQs

These 16 answers restate the Exchanges comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.