Multi Commodity Exchange of India Ltd

Multi Commodity Exchange of India Ltd

₹ 3,943 3.97%
22 Apr 11:55 a.m.
About

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]

Key Points

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]

  • Market Cap 20,108 Cr.
  • Current Price 3,943
  • High / Low 4,073 / 1,285
  • Stock P/E 29,141
  • 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 15.1 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
100.90 96.97 87.60 83.19 89.55 106.46 108.79 127.40 143.57 133.75 145.77 165.11 191.53
52.22 52.80 50.82 49.93 51.82 53.35 60.17 63.14 111.53 133.95 136.34 194.83 212.37
Operating Profit 48.68 44.17 36.78 33.26 37.73 53.11 48.62 64.26 32.04 -0.20 9.43 -29.72 -20.84
OPM % 48.25% 45.55% 41.99% 39.98% 42.13% 49.89% 44.69% 50.44% 22.32% -0.15% 6.47% -18.00% -10.88%
24.84 11.49 21.34 16.07 14.51 -5.85 9.26 18.24 20.08 20.08 20.44 18.91 17.73
Interest 0.05 0.05 0.05 0.04 0.08 0.06 0.05 0.00 0.09 0.08 0.10 0.06 0.05
Depreciation 5.88 6.14 6.67 6.59 6.69 2.73 5.77 5.77 4.25 5.79 4.33 6.57 11.25
Profit before tax 67.59 49.47 51.40 42.70 45.47 44.47 52.06 76.73 47.78 14.01 25.44 -17.44 -14.41
Tax % -6.23% 22.30% 22.57% 23.51% 24.21% 17.85% 20.36% 17.54% 18.82% 61.10% 22.72% -9.35% 62.87%
71.80 38.44 39.80 32.66 34.46 36.53 41.46 63.27 38.79 5.45 19.66 -19.07 -5.35
EPS in Rs 14.08 7.54 7.80 6.40 6.76 7.16 8.13 12.41 7.61 1.07 3.86 -3.74 -1.05
Raw PDF
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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: 37%
3 Years: 37%
1 Year: 160%
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%

Shareholding Pattern

Numbers in percentages

4 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
35.49% 32.49% 31.35% 26.52% 26.84% 23.45% 25.77% 26.95% 24.84% 25.31% 26.61% 23.22%
40.47% 45.41% 46.42% 48.33% 48.60% 50.61% 52.82% 52.70% 55.05% 56.43% 53.01% 56.86%
23.86% 21.91% 22.05% 24.96% 24.37% 25.75% 21.23% 20.16% 19.91% 18.09% 20.19% 19.73%
0.19% 0.19% 0.19% 0.19% 0.19% 0.19% 0.19% 0.19% 0.19% 0.19% 0.19% 0.19%
No. of Shareholders 1,44,8091,62,3202,04,1242,37,5922,35,6872,38,8911,97,6161,88,8681,79,9751,65,4461,73,6821,76,305

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Concalls