In , Multi Commodity Exchange of India Ltd (Exchanges) is outperforming Nifty 500 with +31.5% relative strength. Fundamentals: Average. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: EBITDA growth vs Revenue growth: 144% vs 121%
“revenue from operations grew by 121% year-on-year... while EBITDA grew by 144%... reflects the momentum we have built for our business.”
What: Bullion turnover contribution: 69%
“And with bullion now contributing 69% of the average daily turnover, and including in its portfolio, many successful product launches.”
What: Traded UCCs: Significant jump
“aligned the experience to be a common experience, be it equity investing or commodity derivatives investing... that's one of the drivers of the uptick.”
What: ADT growth to INR 7.5 lakh crores
“Our average daily turnover in futures and options rose to INR 7.5 lakh crores... this is a year-on-year growth of about 220%.”
What: Lagging growth → Looking to normalize over time
“So, we will be looking to normalize this over time... we will have expenses and spends commensurate with revenues.”
Earnings deceleration risks from management commentary
Trigger: The regulator has not yet permitted co-location or full bank participation in certain segments.
Management view: Maintaining ongoing conversations with regulators; focusing on organic growth in the meantime.
Monitor: regulatory
Trigger: Rapid volume growth puts pressure on existing technology infrastructure.
Management view: Continuous investment in technology upgrades and oversight.
Monitor: cyber
Trigger: High volatility leads to higher VAR-based margins, which can constrain industry participation.
Management view: Using EWMA models to automatically adjust margins as volatility cools.
Monitor: commodity
Key quotes from recent conference calls
“We have a healthy pipeline of commodities, which we believe meets requirements of scale, volatility, need for the Indian market. [Previous Product Pipeline guidance]”
“In fact, market is telling us to be ready for a 10x volume... that's the kind of readiness that over time in an efficient manner that we will build up. [Initiative: Technology Infrastructure Upgrade]”
“Anything on the co-location facilities, which currently are not being allowed for us... It is under regulatory purview, yes. [Risk (regulatory): MEDIUM]”
“with the expectation of growth is the continuous need to keep our technology up to date, ready for high resilience, high availability. [Risk (cyber): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
INR 666 crores
Why: Growth was driven by a 220% year-on-year increase in average daily turnover and deepening participation across segments, particularly in bullion.
Revenue growth significantly outpaced the first half of the year, reflecting a sharp acceleration in market activity.
EBITDA
INR 527 crores
Why: EBITDA growth was supported by robust revenue from operations and supported efforts around products and participation to scale the operating model.
The EBITDA margin expanded as revenue growth outpaced the normalization of operating and technology expenses.
PAT
INR 401 crores
Why: Profit growth was driven by increased macroeconomic activity at global and country levels along with successful new product launches in the bullion sector.
PAT growth exceeded revenue growth, indicating strong operational efficiency during the volume surge.
Other Highlights
• Average daily turnover (ADT) rose to INR 7.5 lakh crores, a 220% year-on-year growth.
• Bullion segment contributed 69% of the average daily turnover during the quarter.
• Added 17 new members during the year, contributing to a significant jump in traded UCCs.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Average Daily Turnover (ADT)
INR 7.5 lakh crores
Why: Driven by increased macroeconomic activity and successful new product launches in bullion.
Bullion Share of ADT
69%
Why: Deepening participation and successful launches of smaller denomination contracts.
Options Revenue
INR 380 crores
Why: Increased retail and HNI participation in bullion and energy options.
Futures Revenue
INR 227 crores
Why: Strong performance in base metals and bullion futures.
New Members Added (YTD)
17
Why: Ongoing outreach and conversion of equity-focused brokers to the commodity segment.
Float Income
INR 45 crores
Why: Income derived from margin money and warehousing subsidiary operations.
Base Metal Volume Growth (YoY)
77%
Why: Consolidation of warehouses for copper and increased industrial demand.
Silver Initial Margin
25%
Why: High volatility in silver prices during the quarter.
Forward-looking targets from management
Expect momentum to continue
Guidance Changes
Operating Expenses: Lagging growth → Looking to normalize over time
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +206% | +65% | Stable |
| PAT (Net Profit) | +293% | +80% | Stable |
| OPM | 75.0% | +2000 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Multi Commodity Exchange of India Ltd's latest quarterly results (Mar 2026) show
Multi Commodity Exchange of India Ltd's profit is growing with an stable trend.
Multi Commodity Exchange of India Ltd's revenue growth trend is stable.
Multi Commodity Exchange of India Ltd's operating margin is volatile.
Multi Commodity Exchange of India Ltd's long-term compounding rates
Multi Commodity Exchange of India Ltd's earnings growth is stable with mixed signals on a sequential basis.
Multi Commodity Exchange of India Ltd's trailing twelve month (TTM) performance
Multi Commodity Exchange of India Ltd appears fairly valued based on our fair value analysis.
Multi Commodity Exchange of India Ltd's current PE ratio is 59.3x.
Multi Commodity Exchange of India Ltd's current PE is 59.3x.
Multi Commodity Exchange of India Ltd's price-to-book ratio is 27.7x.
Multi Commodity Exchange of India Ltd is rated Average with a fundamental score of 53/100. This score is calculated from objective financial metrics
Multi Commodity Exchange of India Ltd has a debt-to-equity ratio of N/A.
Multi Commodity Exchange of India Ltd's return ratios over recent years
Multi Commodity Exchange of India Ltd's operating cash flow is positive (FY2026).
Multi Commodity Exchange of India Ltd's current dividend yield is 0.19%.
Multi Commodity Exchange of India Ltd's shareholding pattern (Mar 2026)
Multi Commodity Exchange of India Ltd's promoter holding is 0.0%.
Multi Commodity Exchange of India Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Multi Commodity Exchange of India Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
Multi Commodity Exchange of India Ltd has 5 key growth catalysts identified from recent earnings analysis
Multi Commodity Exchange of India Ltd has 3 key risks worth monitoring
In Q3 FY26, Multi Commodity Exchange of India Ltd's management highlighted
Multi Commodity Exchange of India Ltd's management has provided the following forward guidance
Multi Commodity Exchange of India Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Multi Commodity Exchange of India Ltd may be worth studying
Multi Commodity Exchange of India Ltd investment thesis summary:
Multi Commodity Exchange of India Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
