# Exchanges — company-by-company sector analysis

> Exchanges: BSE Ltd owns the largest revenue base; Multi Commodity Exchange of India Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Exchanges has outperformed NIFTY 500 by 35.3% over 52 weeks and 0.5% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself. BSE Ltd leads with revenue of ₹4,834 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Exchanges sector outperforming NIFTY 500?

Exchanges has outperformed NIFTY 500 by 35.3% over 52 weeks and 0.5% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself.

### Which Exchanges company is largest by revenue?

BSE Ltd leads with revenue of ₹4,834 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Exchanges company is growing fastest?

Multi Commodity Exchange of India Ltd has the fastest current revenue growth at 100%, across 3 of 3 comparable companies.

### Which Exchanges company has the strongest 4-Factor Sector Score?

BSE Ltd ranks first at 78.3/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Exchanges company has the least gross debt?

BSE Ltd has the lowest comparable gross debt at ₹0 crore. Indian Energy Exchange Ltd has the highest at ₹11 crore.

### How much history does this Exchanges comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Exchanges has outperformed NIFTY 500 by 35.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.5%. 2 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Multi Commodity Exchange of India Ltd is the strongest against the sector itself at +5.8%.

13-week sector return versus NIFTY 500: 0.5%
52-week sector return versus NIFTY 500: 35%
Stocks leading NIFTY: 2/3
Stocks leading sector: 2/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹2.3 L Cr

## 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.

1. BSE Ltd (BSE): 78/100 — Favorable setup; evidence 76%
   - Growth & earnings 32.1/35 | Capital efficiency 22.5/25 | Valuation 8.1/20 | Relative strength 15.6/20
   - Exact sum: 32.1 + 22.5 + 8.1 + 15.6 = 78.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Multi Commodity Exchange of India Ltd (MCX): 76/100 — Favorable setup; evidence 76%
   - Growth & earnings 31.3/35 | Capital efficiency 21.6/25 | Valuation 9.0/20 | Relative strength 14.0/20
   - Exact sum: 31.3 + 21.6 + 9 + 14 = 75.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Indian Energy Exchange Ltd (IEX): 57/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 18.3/35 | Capital efficiency 22.4/25 | Valuation 13.5/20 | Relative strength 3.0/20
   - Exact sum: 18.3 + 22.4 + 13.5 + 3 = 57.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

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.

Evidence: BSE Ltd · ₹4,834 crore | 110% versus #2 · Multi Commodity Exchange of India Ltd | 8/8 recent comparable periods | 3/3 companies · 44 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. BSE Ltd (BSE): ₹4.8K Cr
2. Multi Commodity Exchange of India Ltd (MCX): ₹2.3K Cr
3. Indian Energy Exchange Ltd (IEX): ₹632 Cr

### Revenue growth — fastest growers
1. Multi Commodity Exchange of India Ltd (MCX): 100%
2. BSE Ltd (BSE): 60%
3. Indian Energy Exchange Ltd (IEX): 14%

### 20-quarter Revenue history
- BSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹208 Cr | Dec 2022 ₹239 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹362 Cr | Dec 2023 ₹426 Cr | Mar 2024 ₹539 Cr | Jun 2024 ₹602 Cr | Sep 2024 ₹813 Cr | Dec 2024 ₹768 Cr | Mar 2025 ₹847 Cr | Jun 2025 ₹958 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- MCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹144 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹234 Cr | Sep 2024 ₹286 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹291 Cr | Jun 2025 ₹373 Cr | Sep 2025 ₹374 Cr | Dec 2025 ₹666 Cr | Mar 2026 ₹889 Cr | Jun 2026 —
- IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹100 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹174 Cr | Jun 2026 ₹158 Cr

### 20-quarter Revenue growth history
- BSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 74% | Dec 2023 78% | Mar 2024 108% | Jun 2024 132% | Sep 2024 125% | Dec 2024 80% | Mar 2025 57% | Jun 2025 59% | Sep 2025 31% | Dec 2025 62% | Mar 2026 85% | Jun 2026 —
- MCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 35% | Jun 2024 60% | Sep 2024 73% | Dec 2024 57% | Mar 2025 61% | Jun 2025 59% | Sep 2025 31% | Dec 2025 121% | Mar 2026 206% | Jun 2026 —
- IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 13% | Jun 2024 19% | Sep 2024 28% | Dec 2024 15% | Mar 2025 17% | Jun 2025 15% | Sep 2025 11% | Dec 2025 11% | Mar 2026 23% | Jun 2026 11%

## Operating Economics & Margin Trend

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.

Evidence: Indian Energy Exchange Ltd · 83% | 10.7% versus #2 · Multi Commodity Exchange of India Ltd | 5/8 recent comparable periods | 3/3 companies · 58 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Indian Energy Exchange Ltd (IEX): 83%
2. Multi Commodity Exchange of India Ltd (MCX): 75%
3. BSE Ltd (BSE): 67%

### Margin change — fastest expanders
1. Multi Commodity Exchange of India Ltd (MCX): +20.0 pp
2. BSE Ltd (BSE): +10.0 pp
3. Indian Energy Exchange Ltd (IEX): +2.0 pp

### 20-quarter OPM history
- BSE: Sep 2021 38% | Dec 2021 37% | Mar 2022 37% | Jun 2022 29% | Sep 2022 39% | Dec 2022 31% | Mar 2023 49% | Jun 2023 44% | Sep 2023 52% | Dec 2023 34% | Mar 2024 28% | Jun 2024 47% | Sep 2024 56% | Dec 2024 31% | Mar 2025 57% | Jun 2025 65% | Sep 2025 64% | Dec 2025 59% | Mar 2026 67% | Jun 2026 —
- MCX: Sep 2021 40% | Dec 2021 42% | Mar 2022 50% | Jun 2022 45% | Sep 2022 50% | Dec 2022 22% | Mar 2023 0.0% | Jun 2023 6.0% | Sep 2023 -18% | Dec 2023 -11% | Mar 2024 56% | Jun 2024 57% | Sep 2024 63% | Dec 2024 64% | Mar 2025 55% | Jun 2025 65% | Sep 2025 65% | Dec 2025 74% | Mar 2026 75% | Jun 2026 —
- IEX: Sep 2021 86% | Dec 2021 84% | Mar 2022 85% | Jun 2022 82% | Sep 2022 83% | Dec 2022 83% | Mar 2023 87% | Jun 2023 78% | Sep 2023 85% | Dec 2023 86% | Mar 2024 86% | Jun 2024 80% | Sep 2024 86% | Dec 2024 86% | Mar 2025 85% | Jun 2025 81% | Sep 2025 87% | Dec 2025 84% | Mar 2026 86% | Jun 2026 83%

### 20-quarter Margin change history
- BSE: Sep 2021 +13.1 pp | Dec 2021 +11.7 pp | Mar 2022 +6.6 pp | Jun 2022 −6.8 pp | Sep 2022 +0.8 pp | Dec 2022 −5.6 pp | Mar 2023 +11.9 pp | Jun 2023 +15.1 pp | Sep 2023 +13.0 pp | Dec 2023 +3.0 pp | Mar 2024 −21.0 pp | Jun 2024 +3.0 pp | Sep 2024 +4.0 pp | Dec 2024 −3.0 pp | Mar 2025 +29.0 pp | Jun 2025 +18.0 pp | Sep 2025 +8.0 pp | Dec 2025 +28.0 pp | Mar 2026 +10.0 pp | Jun 2026 —
- MCX: Sep 2021 −14.9 pp | Dec 2021 −6.1 pp | Mar 2022 +4.3 pp | Jun 2022 +2.7 pp | Sep 2022 +10.5 pp | Dec 2022 −20.1 pp | Mar 2023 −49.9 pp | Jun 2023 −38.7 pp | Sep 2023 −68.4 pp | Dec 2023 −33.0 pp | Mar 2024 +56.0 pp | Jun 2024 +51.0 pp | Sep 2024 +81.0 pp | Dec 2024 +75.0 pp | Mar 2025 −1.0 pp | Jun 2025 +8.0 pp | Sep 2025 +2.0 pp | Dec 2025 +10.0 pp | Mar 2026 +20.0 pp | Jun 2026 —
- IEX: Sep 2021 +7.9 pp | Dec 2021 +2.4 pp | Mar 2022 +2.2 pp | Jun 2022 +0.1 pp | Sep 2022 −3.2 pp | Dec 2022 −1.1 pp | Mar 2023 +2.3 pp | Jun 2023 −4.4 pp | Sep 2023 +2.1 pp | Dec 2023 +3.0 pp | Mar 2024 −1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp | Jun 2026 +2.0 pp

## Profit Scale & Acceleration

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.

Evidence: BSE Ltd · ₹2,487 crore | 86.9% versus #2 · Multi Commodity Exchange of India Ltd | 7/8 recent comparable periods | 3/3 companies · 44 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. BSE Ltd (BSE): ₹2.5K Cr
2. Multi Commodity Exchange of India Ltd (MCX): ₹1.3K Cr
3. Indian Energy Exchange Ltd (IEX): ₹507 Cr

### Profit growth — fastest growers
1. Multi Commodity Exchange of India Ltd (MCX): 100%
2. BSE Ltd (BSE): 88%
3. Indian Energy Exchange Ltd (IEX): 12%

### 20-quarter Net profit history
- BSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹56 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹440 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹264 Cr | Sep 2024 ₹346 Cr | Dec 2024 ₹219 Cr | Mar 2025 ₹494 Cr | Jun 2025 ₹538 Cr | Sep 2025 ₹557 Cr | Dec 2025 ₹597 Cr | Mar 2026 ₹795 Cr | Jun 2026 —
- MCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹39 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹197 Cr | Dec 2025 ₹401 Cr | Mar 2026 ₹530 Cr | Jun 2026 —
- IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹77 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹130 Cr | Jun 2026 ₹135 Cr

### 20-quarter Profit growth history
- BSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 111% | Dec 2023 121% | Mar 2024 20% | Jun 2024 -40% | Sep 2024 193% | Dec 2024 107% | Mar 2025 362% | Jun 2025 104% | Sep 2025 61% | Dec 2025 173% | Mar 2026 61% | Jun 2026 —
- MCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -113% | Mar 2024 1,660% | Jun 2024 455% | Sep 2024 — | Dec 2024 — | Mar 2025 53% | Jun 2025 83% | Sep 2025 28% | Dec 2025 151% | Mar 2026 293% | Jun 2026 —
- IEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 10% | Jun 2024 26% | Sep 2024 26% | Dec 2024 16% | Mar 2025 21% | Jun 2025 26% | Sep 2025 14% | Dec 2025 11% | Mar 2026 11% | Jun 2026 12%

## Capacity Spending & Returns On It

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

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

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.

Evidence: BSE Ltd · ₹0 crore | 100% versus #2 · Multi Commodity Exchange of India Ltd | Not enough history | 3/3 companies · 18 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. BSE Ltd (BSE): ₹0 Cr
2. Multi Commodity Exchange of India Ltd (MCX): ₹5 Cr
3. Indian Energy Exchange Ltd (IEX): ₹11 Cr

### Net debt — lowest net debt

### 20-quarter Gross debt history
- BSE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- MCX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹5 Cr | Jun 2026 —
- IEX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹10 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹14 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹10 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 ₹11 Cr | Jun 2026 —

### 20-quarter Net debt history

## Return On Capital Employed

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.

Evidence: Multi Commodity Exchange of India Ltd · 71.4% | 23.1% versus #2 · BSE Ltd | Not enough history | 3/3 companies · 0 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Multi Commodity Exchange of India Ltd (MCX): 71%
2. BSE Ltd (BSE): 58%
3. Indian Energy Exchange Ltd (IEX): 51%

### ROCE change — fastest improvers
1. Multi Commodity Exchange of India Ltd (MCX): +28.0 pp
2. BSE Ltd (BSE): +11.0 pp
3. Indian Energy Exchange Ltd (IEX): −2.0 pp

### 20-quarter ROCE history

### 20-quarter ROCE change history

## Valuation Against Growth & Quality

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.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG

### P/E — lowest P/E
1. Indian Energy Exchange Ltd (IEX): 21.8
2. Multi Commodity Exchange of India Ltd (MCX): 52.3
3. BSE Ltd (BSE): 58.2

### 20-quarter Guarded PEG history

### 20-quarter P/E history
- BSE: Sep 2021 29.4 | Dec 2021 47.1 | Mar 2022 56.4 | Jun 2022 31.6 | Sep 2022 33.4 | Dec 2022 34.5 | Mar 2023 28.6 | Jun 2023 37.4 | Sep 2023 64.5 | Dec 2023 83.8 | Mar 2024 81.9 | Jun 2024 65.5 | Sep 2024 82.5 | Dec 2024 86.7 | Mar 2025 79.4 | Jun 2025 85.3 | Sep 2025 52.3 | Dec 2025 59.9 | Mar 2026 51.8 | Jun 2026 —
- MCX: Sep 2021 40.6 | Dec 2021 44.2 | Mar 2022 50.6 | Jun 2022 40.7 | Sep 2022 38.5 | Dec 2022 41.2 | Mar 2023 39.3 | Jun 2023 51.4 | Sep 2023 82.2 | Dec 2023 102.0 | Mar 2024 — | Jun 2024 240.7 | Sep 2024 166.8 | Dec 2024 93.2 | Mar 2025 52.9 | Jun 2025 80.7 | Sep 2025 61.9 | Dec 2025 81.0 | Mar 2026 65.3 | Jun 2026 —
- IEX: Sep 2021 78.2 | Dec 2021 87.2 | Mar 2022 72.9 | Jun 2022 51.4 | Sep 2022 41.0 | Dec 2022 41.3 | Mar 2023 38.2 | Jun 2023 37.3 | Sep 2023 37.9 | Dec 2023 45.8 | Mar 2024 35.0 | Jun 2024 45.9 | Sep 2024 49.5 | Dec 2024 41.0 | Mar 2025 38.4 | Jun 2025 39.4 | Sep 2025 27.1 | Dec 2025 25.8 | Mar 2026 22.1 | Jun 2026 22.6

## Enterprise Value & Book Value

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.

Evidence: Indian Energy Exchange Ltd · 16.5× | 53.9% versus #2 · BSE Ltd | 0/8 recent comparable periods | 3/3 companies · 58 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Indian Energy Exchange Ltd (IEX): 16.5
2. BSE Ltd (BSE): 35.8
3. Multi Commodity Exchange of India Ltd (MCX): 47.3

### P/BV — lowest P/BV
1. Indian Energy Exchange Ltd (IEX): 8.1
2. BSE Ltd (BSE): 21.6
3. Multi Commodity Exchange of India Ltd (MCX): 24.4

### 20-quarter EV/EBITDA history
- BSE: Sep 2021 12.7 | Dec 2021 18.6 | Mar 2022 25.6 | Jun 2022 15.4 | Sep 2022 13.4 | Dec 2022 12.5 | Mar 2023 6.8 | Jun 2023 12.3 | Sep 2023 32.2 | Dec 2023 43.0 | Mar 2024 44.2 | Jun 2024 37.6 | Sep 2024 48.2 | Dec 2024 55.0 | Mar 2025 51.0 | Jun 2025 58.1 | Sep 2025 35.1 | Dec 2025 41.2 | Mar 2026 35.8 | Jun 2026 —
- MCX: Sep 2021 29.7 | Dec 2021 31.0 | Mar 2022 30.8 | Jun 2022 26.8 | Sep 2022 20.6 | Dec 2022 24.6 | Mar 2023 26.0 | Jun 2023 31.4 | Sep 2023 50.3 | Dec 2023 152.3 | Mar 2024 153.5 | Jun 2024 136.3 | Sep 2024 108.1 | Dec 2024 63.8 | Mar 2025 36.1 | Jun 2025 57.9 | Sep 2025 43.5 | Dec 2025 57.6 | Mar 2026 47.3 | Jun 2026 —
- IEX: Sep 2021 56.1 | Dec 2021 62.9 | Mar 2022 52.3 | Jun 2022 37.2 | Sep 2022 29.6 | Dec 2022 29.8 | Mar 2023 27.0 | Jun 2023 26.3 | Sep 2023 27.1 | Dec 2023 32.7 | Mar 2024 24.9 | Jun 2024 32.8 | Sep 2024 35.2 | Dec 2024 29.3 | Mar 2025 27.6 | Jun 2025 28.4 | Sep 2025 19.7 | Dec 2025 18.9 | Mar 2026 16.1 | Jun 2026 16.5

### 20-quarter P/BV history
- BSE: Sep 2021 2.1 | Dec 2021 3.4 | Mar 2022 4.8 | Jun 2022 3.2 | Sep 2022 3.2 | Dec 2022 2.9 | Mar 2023 2.2 | Jun 2023 3.1 | Sep 2023 6.5 | Dec 2023 9.7 | Mar 2024 11.0 | Jun 2024 10.6 | Sep 2024 14.9 | Dec 2024 19.3 | Mar 2025 20.0 | Jun 2025 34.1 | Sep 2025 18.8 | Dec 2025 20.7 | Mar 2026 21.7 | Jun 2026 —
- MCX: Sep 2021 6.0 | Dec 2021 6.0 | Mar 2022 5.5 | Jun 2022 4.6 | Sep 2022 4.3 | Dec 2022 5.5 | Mar 2023 5.5 | Jun 2023 5.4 | Sep 2023 7.1 | Dec 2023 12.3 | Mar 2024 12.8 | Jun 2024 13.5 | Sep 2024 21.1 | Dec 2024 20.4 | Mar 2025 17.1 | Jun 2025 32.8 | Sep 2025 21.4 | Dec 2025 27.0 | Mar 2026 29.3 | Jun 2026 —
- IEX: Sep 2021 33.7 | Dec 2021 36.5 | Mar 2022 33.0 | Jun 2022 26.7 | Sep 2022 16.9 | Dec 2022 16.7 | Mar 2023 16.4 | Jun 2023 16.2 | Sep 2023 14.8 | Dec 2023 17.2 | Mar 2024 13.7 | Jun 2024 20.1 | Sep 2024 18.9 | Dec 2024 15.4 | Mar 2025 15.0 | Jun 2025 17.4 | Sep 2025 10.8 | Dec 2025 9.7 | Mar 2026 8.5 | Jun 2026 8.2

## Market action

Multi Commodity Exchange of India Ltd has the strongest one-year price move in Exchanges at +65.8%. BSE Ltd leads on Mansfield relative strength against NIFTY at +20.5%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Multi Commodity Exchange of India Ltd (MCX): 66%
2. BSE Ltd (BSE): 45%
3. Indian Energy Exchange Ltd (IEX): -39%

### Strongest relative strength versus NIFTY 500
1. BSE Ltd (BSE): 21%
2. Multi Commodity Exchange of India Ltd (MCX): 20%
3. Indian Energy Exchange Ltd (IEX): -5.2%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- BSE Ltd (BSE) — market value ₹1.4 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Multi Commodity Exchange of India Ltd (MCX) — market value ₹69.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Indian Energy Exchange Ltd (IEX) — market value ₹11.1K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 0. Unverified: 0. Withheld: 3. Graded companies: 3.

3 of 3 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: 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.

- WITHHELD | BSE | BSE Ltd | diff_gt_2pct | disagreement up to 38.73% over 14 comparable periods
- WITHHELD | MCX | Multi Commodity Exchange of India Ltd | diff_gt_2pct | disagreement up to 13.5% over 14 comparable periods
- WITHHELD | IEX | Indian Energy Exchange Ltd | diff_gt_2pct | disagreement up to 29.35% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Exchanges index?

The Nifty Exchanges index tracks India's listed Exchanges companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Exchanges sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Exchanges stocks in India?

Ranked by this page's four-factor score, BSE Ltd places first among 3 listed Exchanges companies, followed by Multi Commodity Exchange of India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Exchanges stocks are listed in India?

This comparison covers 3 listed Exchanges companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Exchanges company is the biggest?

BSE Ltd is the largest, with trailing-twelve-month revenue of ₹4,834 crore, ahead of Multi Commodity Exchange of India Ltd at ₹2,302 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Exchanges company is growing fastest?

Multi Commodity Exchange of India Ltd has the fastest revenue growth at 100% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Exchanges company has the best profit margins?

Indian Energy Exchange Ltd has the highest operating margin at 83%, from 3 of 3 comparable companies. Multi Commodity Exchange of India Ltd shows the biggest recent improvement, at +20 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Exchanges company makes the most profit?

BSE Ltd earns the most, at ₹2,487 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Multi Commodity Exchange of India Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Exchanges company earns the highest return on capital?

Multi Commodity Exchange of India Ltd leads on return on capital employed at 71.4%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Exchanges company has the strongest balance sheet?

BSE Ltd carries the lowest comparable gross debt at ₹0 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Exchanges sector beating the market?

Exchanges has outperformed NIFTY 500 by 35.3% over the last 52 weeks and 0.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Exchanges stock has the strongest price momentum?

BSE Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Exchanges company scores highest for research priority?

BSE Ltd scores 78.3 out of 100 with 76% evidence confidence, from 32.1 points on growth and earnings, 22.5 on capital efficiency, 8.1 on valuation and 15.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Exchanges companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Exchanges sector?

The 3 Exchanges companies on this page carry ₹2,25,272 crore of combined market value. BSE Ltd is the largest at ₹1,44,579 crore, about 64% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Exchanges sector performing?

2 of the 3 covered Exchanges companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 35.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/exchanges