In Week of Mar 28, 2026, Multi Commodity Exchange of India Ltd (Exchanges) is outperforming Nifty 500 with +20.1% relative strength. Fundamentals: Strong. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 (ended December 31, 2025) earnings • Updated Feb 22, 2026
What: Continued expansion of user base with headroom for growth as per CEO
Impact: +₹100 Cr revenue
“Growth in UCCs driven by aligning user experience and adding new members with headroom for growth - Praveena Rai, CEO”
What: Gold and silver derivatives accounting for 69% of average daily turnover
Impact: +₹457.5 Cr revenue
“Bullion accounted for 69% of the average daily turnover of INR7.5 lakh crores”
What: Gold Mini, Gold 10 Futures, and silver monthly options gaining traction
Impact: +₹50 Cr revenue
“Successful product launches contributed to increased market participation”
Earnings deceleration risks from management commentary
Trigger: Increased trading volumes
Impact: -300 bps margin impact
Management view: Continuous investment in technology is necessary to ensure high resilience, availability, and scalability.
Monitor: Capex to revenue ratio
Trigger: Slow product adoption
Impact: -100 bps margin impact
Management view: Index options have not gained the expected traction, indicating challenges in product adoption.
Monitor: New product revenue contribution
Trigger: Regulatory changes
Impact: -200 bps margin impact
Management view: Regulatory environment poses challenges such as restrictions on co-location facilities, which could limit growth in certain segments.
Monitor: Regulatory announcements
Key quotes from recent conference calls
“We expect this momentum to continue for some time, as there is still headroom for growth. — Praveena Rai”
“Continuous investment in technology is necessary to ensure high resilience, availability, and scalability. We are in investment mode to support growth and manage volatility. — Praveena Rai”
“EBITDA increased by 144% to INR527 crores, showcasing strong operational efficiency. — Management”
“Average daily turnover in futures and options rose to INR7.5 lakh crores, a significant year-on-year growth of about 220%. — Management”
Forward-looking targets from management for next 2-4 quarters
Key Milestones
• Stabilizing recent product launches
• Continued user base expansion
• Technology infrastructure scaling
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +121% | +45% | Stable |
| PAT (Net Profit) | +151% | +58% | Stable |
| OPM | 74.0% | +1000 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Feb 22, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Multi Commodity Exchange of India Ltd's latest quarterly results (Dec 2025) 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 undervalued based on our fair value analysis.
Multi Commodity Exchange of India Ltd's current PE ratio is 65.2x.
Multi Commodity Exchange of India Ltd's current PE is 65.2x.
Multi Commodity Exchange of India Ltd's price-to-book ratio is 29.3x.
Multi Commodity Exchange of India Ltd is rated Strong with a fundamental score of 70/100. 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 (FY2025).
Multi Commodity Exchange of India Ltd's current dividend yield is 0.25%.
Multi Commodity Exchange of India Ltd's shareholding pattern (Dec 2025)
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 3 key growth catalysts identified from recent earnings analysis
Multi Commodity Exchange of India Ltd has 3 key risks worth monitoring
In Q3 FY26 (ended December 31, 2025), Multi Commodity Exchange of India Ltd's management highlighted
Multi Commodity Exchange of India Ltd's management has provided the following forward guidance for next 2-4 quarters
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.
