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Multi Commodity Exchange of India

NSEI:MCX
Snowflake Description

Flawless balance sheet with reasonable growth potential and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MCX
NSEI
₹39B
Market Cap
  1. Home
  2. IN
  3. Diversified Financials
Company description

Multi Commodity Exchange of India Limited operates as a commodity derivatives exchange in India. The last earnings update was 99 days ago. More info.


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MCX Share Price and Events
7 Day Returns
-3%
NSEI:MCX
-3.7%
IN Capital Markets
-1.9%
IN Market
1 Year Returns
2%
NSEI:MCX
-30.7%
IN Capital Markets
-2.8%
IN Market
MCX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Multi Commodity Exchange of India (MCX) -3% -1.1% 9.2% 2% -12% 46.9%
IN Capital Markets -3.7% -0.9% -1.1% -30.7% 53.4% 116.4%
IN Market -1.9% 1.2% 5.1% -2.8% 38.3% 71%
1 Year Return vs Industry and Market
  • MCX outperformed the Capital Markets industry which returned -30.7% over the past year.
  • MCX outperformed the Market in India which returned -2.8% over the past year.
Price Volatility
MCX
Industry
5yr Volatility vs Market

MCX Value

 Is Multi Commodity Exchange of India undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Multi Commodity Exchange of India to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Multi Commodity Exchange of India.

NSEI:MCX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= ₹284.59 * 12%
₹34.19
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. ₹284.59
Discount Rate (Cost of Equity) See below 14.6%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NSEI:MCX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 8.6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.735 (1 + (1- 35%) (0%))
0.822
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (0.822 * 8.6%)
14.62%

Discounted Cash Flow Calculation for NSEI:MCX using Excess Returns Model Model

The calculations below outline how an intrinsic value for Multi Commodity Exchange of India is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NSEI:MCX Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12% – 14.62%) * ₹284.59)
₹-7.42
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ₹-7.42 / (14.62% - 7.55%)
₹-104.88
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ₹284.59 + ₹-104.88
₹179.71
NSEI:MCX Discount to Share Price
Calculation Result
Value per share (INR) From above. ₹179.71
Current discount Discount to share price of ₹784.45
= -1 x (₹784.45 - ₹179.71) / ₹179.71
-336.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Multi Commodity Exchange of India is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Multi Commodity Exchange of India's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Multi Commodity Exchange of India's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NSEI:MCX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in INR ₹23.48
NSEI:MCX Share Price ** NSEI (2019-04-24) in INR ₹784.45
India Capital Markets Industry PE Ratio Median Figure of 172 Publicly-Listed Capital Markets Companies 14.62x
India Market PE Ratio Median Figure of 2,739 Publicly-Listed Companies 16.02x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Multi Commodity Exchange of India.

NSEI:MCX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NSEI:MCX Share Price ÷ EPS (both in INR)

= 784.45 ÷ 23.48

33.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Multi Commodity Exchange of India is overvalued based on earnings compared to the IN Capital Markets industry average.
  • Multi Commodity Exchange of India is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does Multi Commodity Exchange of India's expected growth come at a high price?
Raw Data
NSEI:MCX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 33.42x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
25.7%per year
India Capital Markets Industry PEG Ratio Median Figure of 12 Publicly-Listed Capital Markets Companies 1.56x
India Market PEG Ratio Median Figure of 586 Publicly-Listed Companies 1.32x

*Line of best fit is calculated by linear regression .

NSEI:MCX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 33.42x ÷ 25.7%

1.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Multi Commodity Exchange of India is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Multi Commodity Exchange of India's assets?
Raw Data
NSEI:MCX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in INR ₹288.20
NSEI:MCX Share Price * NSEI (2019-04-24) in INR ₹784.45
India Capital Markets Industry PB Ratio Median Figure of 268 Publicly-Listed Capital Markets Companies 0.68x
India Market PB Ratio Median Figure of 3,630 Publicly-Listed Companies 1.09x
NSEI:MCX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NSEI:MCX Share Price ÷ Book Value per Share (both in INR)

= 784.45 ÷ 288.20

2.72x

* Primary Listing of Multi Commodity Exchange of India.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Multi Commodity Exchange of India is overvalued based on assets compared to the IN Capital Markets industry average.
X
Value checks
We assess Multi Commodity Exchange of India's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Multi Commodity Exchange of India has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MCX Future Performance

 How is Multi Commodity Exchange of India expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
25.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Multi Commodity Exchange of India expected to grow at an attractive rate?
  • Multi Commodity Exchange of India's earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
  • Multi Commodity Exchange of India's earnings growth is expected to exceed the India market average.
  • Multi Commodity Exchange of India's revenue growth is expected to exceed the India market average.
Annual Growth Rates Comparison
Raw Data
NSEI:MCX Future Growth Rates Data Sources
Data Point Source Value (per year)
NSEI:MCX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 25.7%
NSEI:MCX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 12.1%
India Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 15.1%
India Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 14.7%
India Market Earnings Growth Rate Market Cap Weighted Average 18.3%
India Market Revenue Growth Rate Market Cap Weighted Average 11.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NSEI:MCX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:MCX Future Estimates Data
Date (Data in INR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 4,282 2,722 2,010 2
2020-03-31 3,729 1,907 1,694 2
2019-03-31 2,992 1,660 1,209 2
NSEI:MCX Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2018-12-31 3,842 1,194
2018-09-30 3,516 962
2018-06-30 3,499 894
2018-03-31 3,517 993 1,084
2017-12-31 3,405 960
2017-09-30 3,639 1,113
2017-06-30 3,697 1,200
2017-03-31 3,746 -321 1,266
2016-03-31 3,483 775 1,146

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Multi Commodity Exchange of India's earnings are expected to grow significantly at over 20% yearly.
  • Multi Commodity Exchange of India's revenue is expected to grow by 12.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:MCX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Multi Commodity Exchange of India Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:MCX Future Estimates Data
Date (Data in INR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 39.44 47.42 35.30 3.00
2020-03-31 33.26 40.19 28.30 3.00
2019-03-31 24.49 26.60 22.38 2.00
NSEI:MCX Past Financials Data
Date (Data in INR Millions) EPS *
2018-12-31 23.48
2018-09-30 18.90
2018-06-30 17.57
2018-03-31 21.31
2017-12-31 18.88
2017-09-30 21.89
2017-06-30 23.61
2017-03-31 24.90
2016-03-31 22.56

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Multi Commodity Exchange of India is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Multi Commodity Exchange of India's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Multi Commodity Exchange of India has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MCX Past Performance

  How has Multi Commodity Exchange of India performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Multi Commodity Exchange of India's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Multi Commodity Exchange of India's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Multi Commodity Exchange of India's 1-year earnings growth exceeds its 5-year average (24.3% vs -8.1%)
  • Multi Commodity Exchange of India's earnings growth has exceeded the IN Capital Markets industry average in the past year (24.3% vs 12.6%).
Earnings and Revenue History
Multi Commodity Exchange of India's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Multi Commodity Exchange of India Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:MCX Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,841.70 1,193.80 1,566.20
2018-09-30 3,515.90 961.70 1,515.60
2018-06-30 3,498.60 893.90 1,505.50
2018-03-31 3,516.70 1,083.60 1,488.30
2017-12-31 3,405.18 960.49 756.16
2017-09-30 3,638.88 1,113.19 787.66
2017-06-30 3,696.73 1,199.89 1,162.51
2017-03-31 3,746.10 1,265.90 1,432.80
2016-03-31 3,483.18 1,146.25 631.82
2015-03-31 3,254.16 1,257.68 371.50
2014-03-31 4,352.98 1,531.63 1,559.78
2013-03-31 6,400.90 2,991.52 1,729.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Multi Commodity Exchange of India has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Multi Commodity Exchange of India used its assets more efficiently than the IN Capital Markets industry average last year based on Return on Assets.
  • Multi Commodity Exchange of India's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Multi Commodity Exchange of India's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Multi Commodity Exchange of India has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MCX Health

 How is Multi Commodity Exchange of India's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Multi Commodity Exchange of India's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Multi Commodity Exchange of India is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Multi Commodity Exchange of India's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Multi Commodity Exchange of India's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Multi Commodity Exchange of India has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Multi Commodity Exchange of India Company Filings, last reported 3 months ago.

NSEI:MCX Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 14,667.30 0.00 9,788.90
2018-09-30 14,667.30 0.00 9,788.90
2018-06-30 15,610.80 0.00 8,282.40
2018-03-31 15,610.80 0.00 8,282.40
2017-12-31 14,960.90 0.00 11,963.80
2017-09-30 14,960.90 0.00 11,963.80
2017-06-30 15,328.79 0.00 11,546.27
2017-03-31 15,328.80 0.00 6,666.60
2016-03-31 14,816.48 0.00 12,269.08
2015-03-31 13,918.68 0.00 13,619.54
2014-03-31 13,179.53 0.00 14,262.26
2013-03-31 11,581.98 0.00 12,743.84
  • Multi Commodity Exchange of India has no debt.
  • Multi Commodity Exchange of India has not taken on any debt in the past 5 years.
  • Multi Commodity Exchange of India has no debt, it does not need to be covered by operating cash flow.
  • Multi Commodity Exchange of India has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Multi Commodity Exchange of India's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Multi Commodity Exchange of India has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MCX Dividends

 What is Multi Commodity Exchange of India's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.17%
Current annual income from Multi Commodity Exchange of India dividends. Estimated to be 3.68% next year.
If you bought ₹2,000 of Multi Commodity Exchange of India shares you are expected to receive ₹43 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Multi Commodity Exchange of India's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.51%).
  • Multi Commodity Exchange of India's dividend is above the markets top 25% of dividend payers in India (1.95%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NSEI:MCX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
India Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 61 Stocks 1.5%
India Market Average Dividend Yield Market Cap Weighted Average of 1400 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.5%
India Top 25% Dividend Yield 75th Percentile 2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NSEI:MCX Future Dividends Estimate Data
Date (Data in ₹) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 31.53 4.00
2020-03-31 26.13 4.00
2019-03-31 21.10 4.00
NSEI:MCX Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2018-07-20 17.000 2.273
2018-04-30 17.000 2.176
2017-07-28 15.000 1.658
2017-05-19 15.000 1.412
2017-05-04 15.000 1.378
2016-08-10 6.500 0.555
2016-05-05 6.500 0.664
2015-08-26 10.000 1.157
2015-05-15 10.000 0.937
2014-08-18 6.000 0.661
2014-05-30 6.000 0.880
2013-11-11 19.000 3.782
2013-08-29 24.000 5.412
2013-05-29 24.000 4.486
2012-09-26 12.000 1.022
2012-07-26 24.000 2.069
2012-03-09 36.000 3.296

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Multi Commodity Exchange of India has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Multi Commodity Exchange of India has only been paying a dividend for 7 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Multi Commodity Exchange of India's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Multi Commodity Exchange of India's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Multi Commodity Exchange of India afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Multi Commodity Exchange of India has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MCX Management

 What is the CEO of Multi Commodity Exchange of India's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mrugank Paranjape
COMPENSATION ₹25,339,600
AGE 52
TENURE AS CEO 2.9 years
CEO Bio

Mr. Mrugank Madhukar Paranjape has been the Chief Executive Officer and Managing Director of Multi Commodity Exchange of India Limited since May 9, 2016. Mr. Paranjape has over 25 years of diverse experience in Corporate Banking, Securities Markets, Technology, Asset Management and Custodial Services. Mr. Paranjape served as the Asia Pacific Head of Trust & Securities Services/Cash Management for Financial Institutions and Regional Head of Securities for The Global Network Banking Division at Deutsche Bank (Malaysia) Berhad. He served as Managing Director of Deutsche Bank A.G. He held senior management roles in international organisations including Prudential ICICI AMC and Citibank. Mr. Paranjape has been a Director at Multi Commodity Exchange of India Limited since February 29, 2016.

CEO Compensation
  • Mrugank's compensation has been consistent with company performance over the past year.
  • Mrugank's remuneration is about average for companies of similar size in India.
Management Team Tenure

Average tenure and age of the Multi Commodity Exchange of India management team in years:

2.2
Average Tenure
49.5
Average Age
  • The tenure for the Multi Commodity Exchange of India management team is about average.
Management Team

Mrugank Paranjape

TITLE
MD, CEO & Executive Director
COMPENSATION
₹25M
AGE
52
TENURE
2.9 yrs

Sanjay Wadhwa

TITLE
Chief Financial Officer
COMPENSATION
₹7M
AGE
45
TENURE
2.2 yrs

Ajay Puri

TITLE
Company Secretary & Compliance Officer
COMPENSATION
₹8M
AGE
61
TENURE
0.3 yrs

Pareshnath Paul

TITLE
Chief Information Officer
AGE
50
TENURE
0.3 yrs

Rajendra Gogate

TITLE
Head of Human Resources & Admin
AGE
58
TENURE
2.3 yrs

Rishi Nathany

TITLE
Head of Business Development & Marketing
TENURE
0.8 yrs

Venkatachalam Shunmugam

TITLE
Head of Research
AGE
49
TENURE
2.3 yrs

Chittaranjan Rege

TITLE
Head of Base Metals
AGE
45
TENURE
2.5 yrs

Deepak Mehta

TITLE
Head of Energy & Agri
COMPENSATION
₹5M
AGE
45

D. Praveen

TITLE
Head of Corporate Office & Projects and Risk Officer
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the Multi Commodity Exchange of India board of directors in years:

3.2
Average Tenure
61
Average Age
  • The tenure for the Multi Commodity Exchange of India board of directors is about average.
Board of Directors

Saurabh Chandra

TITLE
Chairman of the Board
COMPENSATION
₹3M
AGE
63
TENURE
2.4 yrs

Mrugank Paranjape

TITLE
MD, CEO & Executive Director
COMPENSATION
₹25M
AGE
52
TENURE
3.2 yrs

Madhu Jayakumar

TITLE
Shareholder Director
COMPENSATION
₹1M
AGE
55
TENURE
3.2 yrs

Chengalath Jayaram

TITLE
Shareholder Director
COMPENSATION
₹3M
AGE
62
TENURE
2.4 yrs

Lawrence Leibowtiz

TITLE
Member of Advisory Board
TENURE
10.1 yrs

Anup Banerjee

TITLE
Member of the Advisory Board

Hemang Raja

TITLE
Shareholder Director
COMPENSATION
₹2M
AGE
60
TENURE
2.8 yrs

Amit Goela

TITLE
Shareholder Director
COMPENSATION
₹2M
TENURE
3.2 yrs

Padma Raghunathan

TITLE
Shareholder Director
COMPENSATION
₹870K
TENURE
3.2 yrs

Prithvi Haldea

TITLE
Public Interest Director
COMPENSATION
₹3M
AGE
67
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
X
Management checks
We assess Multi Commodity Exchange of India's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Multi Commodity Exchange of India has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MCX News

Simply Wall St News

Is Multi Commodity Exchange of India Limited (NSE:MCX) Potentially Underrated?

Multi Commodity Exchange of India Limited (NSE:MCX) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of MCX, it

Simply Wall St -

Could Multi Commodity Exchange of India Limited's (NSE:MCX) Investor Composition Influence The Stock Price?

Every investor in Multi Commodity Exchange of India Limited (NSE:MCX) should be aware of the most powerful shareholder groups. … Multi Commodity Exchange of India is not a large company by global standards. … institutional investors have bought into the company.

Simply Wall St -

What To Know Before Buying Multi Commodity Exchange of India Limited (NSE:MCX) For Its Dividend

Historically, Multi Commodity Exchange of India Limited (NSE:MCX) has paid a dividend to shareholders. … Let's dig deeper into whether Multi Commodity Exchange of India should have a place in your portfolio. … View our latest analysis for Multi Commodity Exchange of India

Simply Wall St -

Is Multi Commodity Exchange of India Limited's (NSE:MCX) CEO Paid At A Competitive Rate?

Mrugank Paranjape has been the CEO of Multi Commodity Exchange of India Limited (NSE:MCX) since 2016. … View our latest analysis for Multi Commodity Exchange of India … How Does Mrugank Paranjape's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Is Multi Commodity Exchange of India Limited's (NSE:MCX) High P/E Ratio A Problem For Investors?

We'll show how you can use Multi Commodity Exchange of India Limited's (NSE:MCX) P/E ratio to inform your assessment of the investment opportunity. … Multi Commodity Exchange of India has a P/E ratio of 29.74, based on the last twelve months. … How Do I Calculate Multi Commodity Exchange of India's Price To Earnings Ratio

Simply Wall St -

Did Multi Commodity Exchange of India Limited's (NSE:MCX) Recent Earnings Growth Beat The Trend?

In this commentary, I will examine Multi Commodity Exchange of India Limited's (NSE:MCX) latest earnings update (31 December 2018) and compare these figures against its performance over the past couple of years, as well as how the rest of the capital markets industry performed. … View our latest analysis for Multi Commodity Exchange of India? … MCX's trailing twelve-month earnings (from 31 December 2018) of ₹1.2b has.

Simply Wall St -

Multi Commodity Exchange of India Limited (NSE:MCX): Commentary On Fundamentals

Attractive stocks have exceptional fundamentals. … In the case of Multi Commodity Exchange of India Limited (NSE:MCX), there's

Simply Wall St -

Is Multi Commodity Exchange of India Limited (NSE:MCX) A Great Dividend Stock?

Historically, Multi Commodity Exchange of India Limited (NSE:MCX) has been paying a dividend to shareholders. … Let's dig deeper into whether Multi Commodity Exchange of India should have a place in your portfolio. … Check out our latest analysis for Multi Commodity Exchange of India

Simply Wall St -

Does Multi Commodity Exchange of India Limited's (NSE:MCX) PE Ratio Warrant A Sell?

Multi Commodity Exchange of India Limited (NSE:MCX) trades with a trailing P/E of 42.4, which is higher than the industry average of 16.2. … While this might not seem positive, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … See our latest analysis for Multi Commodity Exchange of India

Simply Wall St -

Interested In Financials? Take A Look At Multi Commodity Exchange of India Limited (NSE:MCX)

operates in the capital markets industry, … Many banks and capital markets firms, particularly the large, complex institutions, have been simplifying their business and operating models over the last few years, both for economic reasons and to reduce organizational complexity … Financial services analysts are forecasting for the entire industry,

Simply Wall St -

MCX Company Info

Description

Multi Commodity Exchange of India Limited operates as a commodity derivatives exchange in India. It offers online trading services, and clearing and settlement of commodity derivative transactions, as well as a platform for risk management services. The company also provides trading service in various commodity derivative contracts across segments, including bullion, industrial metals, energy, and agricultural commodities, as well as data feeds. In addition, it offers iCOMDEX, a real-time commodity futures price index, which gives information on market movements in key commodities, as well as MCXCOMDEX, MCXAgri, MCXEnergy, MCXMetal, and Rainfall Indices. The company has strategic alliances with various exchanges, such as Mozambique Commodities Exchange, Singapore Diamond Investment Exchange, CME Group, London Metal Exchange, Dalian Commodity Exchange, and Taiwan Futures Exchange. Multi Commodity Exchange of India Limited was incorporated in 2002 and is based in Mumbai, India.

Details
Name: Multi Commodity Exchange of India Limited
MCX
Exchange: NSEI
Founded: 2002
₹39,408,989,644
50,998,369
Website: http://www.mcxindia.com
Address: Multi Commodity Exchange of India Limited
Exchange Square,
Suren Road,
Mumbai,
Maharashtra, 400093,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NSEI MCX Equity Shares National Stock Exchange of India IN INR 09. Mar 2012
BSE 534091 Equity Shares Mumbai Stock Exchange IN INR 09. Mar 2012
Number of employees
Current staff
Staff numbers
0
Multi Commodity Exchange of India employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 12:54
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/04/10
Last earnings filing: 2019/01/15
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.