Multi Commodity Exchange of India Ltd
The Multi Commodity Exchange of India Limited is India’s second listed exchange. It is a commodity derivatives exchange that facilitates online trading of commodity derivatives transactions, thereby providing a platform for price discovery and risk management. The Exchange, which started operations in November 2003, operates under the regulatory framework of Securities and Exchange Board of India (SEBI). [1]
- Market Cap ₹ 19,863 Cr.
- Current Price ₹ 3,893
- High / Low ₹ 4,073 / 1,285
- Stock P/E 28,786
- Book Value ₹ 261
- Dividend Yield 0.49 %
- ROCE 13.2 %
- ROE 10.3 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 63.2%
Cons
- Stock is trading at 14.9 times its book value
- Company has a low return on equity of 11.6% over last 3 years.
- Earnings include an other income of Rs.77.2 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Financial Services Industry: Miscellaneous
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
545 | 524 | 341 | 222 | 235 | 259 | 260 | 300 | 398 | 391 | 367 | 514 | 636 | |
193 | 209 | 194 | 135 | 160 | 180 | 184 | 206 | 219 | 205 | 206 | 369 | 677 | |
Operating Profit | 352 | 315 | 146 | 88 | 75 | 80 | 76 | 94 | 178 | 185 | 161 | 145 | -41 |
OPM % | 65% | 60% | 43% | 39% | 32% | 31% | 29% | 31% | 45% | 47% | 44% | 28% | -6% |
72 | 121 | 99 | 110 | 111 | 117 | 88 | 75 | 105 | 104 | 46 | 68 | 77 | |
Interest | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 27 | 31 | 34 | 26 | 25 | 19 | 17 | 15 | 18 | 22 | 23 | 22 | 28 |
Profit before tax | 396 | 406 | 210 | 170 | 162 | 178 | 147 | 154 | 265 | 267 | 184 | 191 | 8 |
Tax % | 28% | 26% | 27% | 26% | 29% | 29% | 26% | 5% | 11% | 16% | 22% | 22% | |
287 | 299 | 153 | 126 | 115 | 127 | 108 | 146 | 236 | 225 | 143 | 149 | 1 | |
EPS in Rs | 56.22 | 58.66 | 30.03 | 24.66 | 22.48 | 24.82 | 21.25 | 28.68 | 46.37 | 44.16 | 28.13 | 29.21 | 0.14 |
Dividend Payout % | 42% | 41% | 33% | 41% | 29% | 60% | 80% | 70% | 65% | 62% | 62% | 65% |
Compounded Sales Growth | |
---|---|
10 Years: | 0% |
5 Years: | 15% |
3 Years: | 9% |
TTM: | 31% |
Compounded Profit Growth | |
---|---|
10 Years: | -6% |
5 Years: | 14% |
3 Years: | -6% |
TTM: | -100% |
Stock Price CAGR | |
---|---|
10 Years: | 21% |
5 Years: | 38% |
3 Years: | 38% |
1 Year: | 170% |
Return on Equity | |
---|---|
10 Years: | 10% |
5 Years: | 12% |
3 Years: | 12% |
Last Year: | 10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 |
Reserves | 947 | 1,105 | 1,095 | 1,154 | 1,242 | 1,311 | 1,329 | 1,200 | 1,308 | 1,367 | 1,367 | 1,428 | 1,280 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 2 | 2 | |
877 | 631 | 598 | 622 | 568 | 507 | 586 | 825 | 1,375 | 1,083 | 1,382 | 1,542 | 3,498 | |
Total Liabilities | 1,875 | 1,787 | 1,743 | 1,827 | 1,862 | 1,869 | 1,966 | 2,075 | 2,735 | 2,503 | 2,801 | 3,023 | 4,831 |
188 | 203 | 173 | 143 | 137 | 152 | 156 | 158 | 158 | 159 | 156 | 150 | 310 | |
CWIP | 0 | 1 | 0 | 2 | 3 | 0 | 6 | 19 | 24 | 26 | 95 | 169 | 60 |
Investments | 1,151 | 1,070 | 1,092 | 1,295 | 1,114 | 1,198 | 1,322 | 1,066 | 1,256 | 1,205 | 1,157 | 1,047 | 967 |
536 | 513 | 478 | 387 | 607 | 519 | 482 | 832 | 1,296 | 1,112 | 1,392 | 1,658 | 3,494 | |
Total Assets | 1,875 | 1,787 | 1,743 | 1,827 | 1,862 | 1,869 | 1,966 | 2,075 | 2,735 | 2,503 | 2,801 | 3,023 | 4,831 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
355 | 53 | 38 | 70 | 78 | -32 | 99 | 258 | 449 | -184 | 391 | 141 | |
-297 | 145 | 53 | -68 | -30 | 55 | 36 | -93 | -27 | -39 | -142 | -8 | |
-30 | -213 | -113 | -19 | -61 | -40 | -92 | -105 | -123 | -154 | -142 | -89 | |
Net Cash Flow | 28 | -16 | -22 | -18 | -14 | -17 | 43 | 61 | 299 | -377 | 107 | 44 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 33 | 5 | 10 | 17 | 7 | 4 | 9 | 7 | 6 | 8 | 11 | 10 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 33 | 5 | 10 | 17 | 7 | 4 | 9 | 7 | 6 | 8 | 11 | 10 |
Working Capital Days | -504 | -320 | -290 | -522 | -446 | -287 | -404 | -429 | -761 | -424 | -654 | -463 |
ROCE % | 42% | 33% | 14% | 10% | 10% | 11% | 8% | 13% | 15% | 16% | 14% | 13% |
Documents
Announcements
- Compliance Certificate For Year Ended March 31, 2024. 2d
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
10 Apr - Of Schedule of a Conference Call for Investors and Analysts
- Board Meeting Intimation for Considering The Audited Financial Results And Recommend Dividend, If Any. 9 Apr
- Process For Appointment Of MD & CEO 27 Mar
- Closure of Trading Window 27 Mar
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Concalls
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Monopoly[1][2]
Company has a 96.8% share in the commodity derivatives market as of Dec 2022. It controls a 100% share of Precious metals & stones, Energy & base metals with the exception of agri-commodities where it commands a share of 22.2%. Co. is the 7th largest by the number of Commodity Futures traded and the 6th largest by the number of Commodity Options.
The 2nd largest player NCDEX in the commodity exchange market controls the rest 3.1% market share.[3][1]