Multi Commodity Exchange of India Limited — Cyborg Score 8/10
Strong
Financial Data & Stock Exchanges / Commodity Derivatives Exchange
Strategic Profile
MCX has a 95.9% share in the commodity future market in FY24, controlling 100% of precious metals & stones, 99.61% in energy, and 99.80% in base metals. The company forms strategic alliances with leading international exchanges like CME Group and London Metal Exchange (LME).
Cyborg Score Rationale
The company is almost debt free with a strong balance sheet. MCX dominates the Indian commodity derivatives market with overwhelming market share and has established itself as a globally significant player with strategic partnerships across major exchanges.
Top Insights
Q2 FY26 showed 29% rise in consolidated net profit to Rs 197.47 crore on a 31% increase in revenue to Rs 374.23 crore
SEBI's proposal to ease SGF regulations may boost MCX EBITDA margins by 4-6%
MCX is the world's 3rd largest commodity options exchange globally
MCX announced a stock split plan to divide each equity share into five shares to improve liquidity and retail participation
Named Competitors
NCDEX — Second largest commodity futures exchange in India with 3.9% market share
CME Group — Global commodity and derivatives exchange partner
London Metal Exchange — Global metals trading partner and strategic alliance
Recent Developments
(February 2026) Analyst/Investor Meet scheduled with Kotak Mahindra Bank on February 17, 2026
(February 2026) CBO Rishi Nathany resigns effective March 31, 2026; to join MCXCCL as MD & CEO from April 1, 2026
(February 2026) SEBI proposes to ease SGF regulations that could boost EBITDA margins by 4-6%
(January 2026) MCX reached all-time high of INR 2,705 on January 29, 2026
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