Multi Commodity Exchange of India Limited (MCX.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-7.9%

₹3,228.48

vs ₹3,505.90 price

Levered DCF

₹10,451.59

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	45.76×	47.6×	218.54×	51.81×	50.23×	34.19×	24.19×	28.01×
P/B	21.39×	14.15×	13.18×	5.22×	5.08×	5.43×	4.21×	3.27×
P/S	25.08×	22.05×	31.13×	17.24×	21.88×	22.1×	14.96×	13.56×
EV / EBITDA	33.02×	32.51×	124.47×	36.35×	34.15×	26.55×	18.74×	24.24×
Gross margin	93.6%	94.3%	9.2%	31.1%	53.5%	55.5%	58.3%	49.3%
Operating margin	76.5%	74.7%	5.6%	29.9%	43.8%	46.8%	47.0%	31.2%
Net margin	54.8%	46.3%	14.2%	33.3%	43.6%	64.6%	61.8%	48.4%
Current ratio	4,280.91×	1.87×	1.22×	1.81×	2.3×	2.02×	1.65×	2.69×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0.09×
Interest coverage	0×	2,005.53×	121.59×	637.33×	601.38×	859×	1,123.19×	9,414×
Dividend yield	0.3%	0.1%	0.5%	1.1%	2.0%	2.0%	2.1%	2.6%
Payout ratio	11.5%	7.0%	117.1%	59.6%	98.1%	67.9%	52.0%	71.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	46.8%	29.7%	6.0%	10.1%	10.1%	15.9%	17.4%	11.7%
Return on invested capital	19.5%	24.9%	1.2%	4.7%	5.6%	7.1%	8.8%	5.5%
Return on assets	17.8%	12.9%	2.4%	4.9%	5.1%	9.0%	8.6%	7.0%
Free cash flow yield	5.3%	3.2%	2.1%	0.9%	4.3%	-2.7%	7.4%	5.6%
Earnings yield	2.2%	2.1%	0.5%	1.9%	2.0%	2.9%	4.1%	3.6%
Enterprise value	₹583.9B	₹247.6B	₹172B	₹77.2B	₹70.7B	₹76.7B	₹53.2B	₹41B
Net debt / EBITDA	-1.43×	-2.5×	-6.98×	0.01×	-0.66×	-0.1×	-1.43×	0.03×
Cash conversion cycle (days)	-440	-442	17	-10	1,410	58	-95	122