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Commodity exchange Historical case study · data as of 17 Jul 2026 · published 20 Oct 2026 (95 days later)

Multi Commodity Exchange of India — 100-point case study

How Multi Commodity Exchange of India looked on 50 technical and 50 fundamental measures on 17 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: MCX · BSE: 534091
Close on 17 Jul 2026	₹2,747.50
Market cap then	₹70,070 crore
Valuation	P/E 52.6× · P/B 24.60×
Momentum	RSI (14) 44 · 1-year return +66.3%
Next 3 months	+15.9% vs Nifty 50 -5.9% (to 19 Oct 2026)

Scorecard

Technical — 50 points

8 bullish · 27 neutral · 0 caution · 14 bearish — the picture leaned negative.

Fundamental — 50 points

19 bullish · 25 neutral · 4 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: MCX split its shares 1:5 (face value ₹10 to ₹2) with ex-date 2 January 2026. All prices and per-share figures on this page are on the post-split basis. MCX has no promoter group, so promoter-holding points show n/a.

Technical analysis — 50 points

Calculated by code from daily prices up to 17 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.12%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.12% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -4.0%	Bullish	The 100-session trend line was up (+0.19%/day) and the stock was -4.0% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +66.3%	Bullish	Compared with a year earlier the price was +66.3%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 2,923.11 / 30W 2,643.63	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 2,909.90→3,038.00; lows 2,761.80→2,577.50	Neutral	The two most recent swing points showed a higher high but a lower low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	15.8	Neutral	ADX at 15.8 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 22.0 / –DI 29.8	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	2,821.09 (-2.6%)	Bearish	Close of 2,747.50 was 2.6% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	2,962.88 (-7.3%)	Bearish	Close of 2,747.50 was 7.3% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	2,420.06 (+13.5%)	Bullish	Close of 2,747.50 was 13.5% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 2,806.85 / 21E 2,827.99	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 02 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 22.4% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+0.1% in 20 sessions	Neutral	The 50-day average rose 0.1% over the past month — flattening. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	2,821 / 2,963 / 2,787 / 2,420	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	2,804.48 (-2.0%)	Bearish	Anchored to the start of July, the volume-weighted average price was 2,804.48; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	43.8	Bearish	RSI at 43.8 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bullish divergence	Bullish	Comparing the last 20 sessions with the 20 before: bullish divergence: price made a lower low but RSI made a higher low — selling momentum was fading. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -28.26 / signal -34.19	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-1.99 → 5.93	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-28.26	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 52.3 / %D 58.5	Bearish	Slow stochastic at 52.3 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-63.1	Neutral	%R of -63.1 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-68	Neutral	CCI at -68 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-2.4%	Bearish	Price changed -2.4% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.26 (bands 2,668.25–2,973.93)	Neutral	%B of 0.26 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 10.8% (15th pct of 6M)	Neutral	Band width was at the 15th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹102.29 (3.7% of price)	Neutral	A typical day's range was about ₹102.29, or 3.7% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	36.9% vs 1Y 37.9%	Neutral	Annualised 30-day volatility was 36.9%, close to the one-year level of 37.9%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	2,624.70–3,026.82	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.11	Neutral	A beta of 1.11 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.61× / 5-day 0.61×	Neutral	The final session traded 0.61× its 20-day average volume and the last five sessions averaged 0.61× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.14	Neutral	Average volume on up days was 1.14× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.03	Neutral	CMF at -0.03 indicated roughly balanced money flow. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	50.4	Neutral	MFI, a volume-weighted RSI, was 50.4. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹928 cr/day	Neutral	About ₹928 crore changed hands per day on average over 20 sessions — highly liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	2,707.00 / 2,577.50 / 2,440.80	Neutral	Nearest support (prior swing lows) sat at 2,707.00, 1.5% below the close, then 2,577.50, 2,440.80. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	2,914.93 / 3,038.00 / 3,480.00	Neutral	Nearest resistance (prior swing highs) sat at 2,914.93, 6.1% above the close, then 3,038.00, 3,480.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 2,787.67 \| R1 2,997.83 \| S1 2,537.33	Neutral	Classic pivots from July's high/low/close gave a pivot of 2,787.67; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 3,160 \| 38.2% 2,963 \| 50.0% 2,803 \| 61.8% 2,643	Neutral	Measuring the 6-month rise from 2,125.50 to 3,480.00, the close was nearest the 50.0% retracement at 2,802.75. How to read: Information only.
42	52-week high / low	H 3,480.00 / L 1,460.80	Neutral	The close was 21.0% below the 52-week high and 88.1% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 08 Apr at 2,559.70	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 2,559.70 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 2,577.50–3,038.00	Neutral	The close was inside the prior 20-day range of 2,577.50–3,038.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 17 Jul the candle opened 2,810.00, ranged 2,729.00–2,819.00 and closed 2,747.50: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 2,870.00–3,017.75; Tenkan 2,759.80 / Kijun 2,807.75	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -4.9% / 3M -4.6%	Bearish	The stock underperformed the Nifty 50 by 4.6 points over three months and underperformed by 4.9 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +29.1%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 29.1 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	8 bullish · 14 bearish · 27 neutral · 0 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 2,707.00, resistance 2,914.93. This is a description of the chart on 17 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 17 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 17 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	52.6×	Neutral	At ₹2,747.50 the market valued the company at about ₹70,070 crore, or 52.6× the ₹1,331 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	24.60×	Neutral	Market cap was 24.60× the Mar 2026 book value (equity + reserves) of ₹2,848 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	30.44×	Neutral	The company was valued at 30.44× its trailing-12-month sales of ₹2,302 crore. How to read: Information only.
4	EV / EBITDA (approx.)	42.7×	Neutral	Enterprise value (market cap + ₹5 cr borrowings; cash not netted) was 42.7× trailing operating profit of ₹1,642 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.9%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.9 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	0.49	Caution	P/E of 52.6 divided by 3-year profit growth of 107.5% a year gives a PEG of 0.49. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: revenue jumped more than 40% in Mar 2023, Mar 2025, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.22%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹6 a share, a 0.22% yield on the ₹2,747.50 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹70,070 cr	Neutral	At about ₹0.70 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹362.12 vs ₹2,747.50	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹362.12; the price was 659% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+106.8%	Bullish	Revenue for FY26 was ₹2,302 crore, +106.8% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+205.5%	Bullish	The Jan–Mar 2026 quarter brought ₹889 crore of revenue, +205.5% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+137.9%	Bullish	FY26 net profit was ₹1,332 crore, +137.9% on FY25's ₹560 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+292.6%	Bullish	Quarterly profit was ₹530 crore versus ₹135 crore a year earlier (+292.6%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	64.8%	Caution	Revenue compounded at 64.8% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, Mar 2025, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	107.5%	Caution	Net profit compounded at 107.5% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, Mar 2025, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	42.6%	Caution	Over five years (FY21–FY26) revenue compounded at 42.6% a year. Note: revenue jumped more than 40% in Mar 2023, Mar 2025, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+137.8%	Bullish	Reported EPS went from ₹21.96 to ₹52.22 (+137.8%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	71%	Neutral	Operating profit (EBITDA) was 71% of sales in FY26 versus 60% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	65% → 65% → 74% → 75%	Bullish	Quarterly margins moved from 65% to 75% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	57.9%	Neutral	₹57.9 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	56.3%	Bullish	FY26 profit was 56.3% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	71%	Bullish	Return on capital employed (debt + equity) was 71% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	17.76%	Neutral	Net profit was 17.76% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	21%	Neutral	The company paid about 21% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	8%	Neutral	Non-operating 'other income' of ₹127 crore made up 8% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.00	Bullish	Borrowings of ₹5 crore were 0.00× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.00×	Bullish	Debt equalled 0.00 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	n/m	Neutral	Interest cost negligible — coverage not meaningful. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+51.2%	Bullish	Shareholders' equity grew +51.2% from ₹1,884 crore to ₹2,848 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹31 cr (7% of fixed assets)	Neutral	Projects under construction (CWIP) were 7% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-465 days	Neutral	Working capital tied up equalled -465 days of sales (FY25: -391). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	10 days	Neutral	It took 10 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	10 (FY25 9)	Neutral	Customers took 10 days on average to pay, versus 9 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹3,035 cr	Bullish	The business generated ₹3,035 crore of operating cash in FY26 versus ₹950 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹2,962 cr	Bullish	After capital spending, free cash flow was ₹2,962 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	2.28×	Bullish	Operating cash flow was 2.28× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	4.2%	Bullish	FY26 free cash flow was 4.2% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹4,115 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹4,115 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹73 cr	Neutral	Implied capital expenditure was about ₹73 crore, 3.2% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	15%	Neutral	The company paid out about 15% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	47% / 27% / 15%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹51 cr → ₹51 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	No promoter (widely held)	Neutral	The company has no identified promoter group — ownership is spread among institutions and the public. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	26.07% (+4.27 pts YoY)	Bullish	FIIs held 26.07% at Mar 2026, up from 21.80% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	54.35% (-3.75 pts YoY)	Bearish	Mutual funds, insurers and other DIIs held 54.35%, down from 58.10%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	3.6 lakh (+47.9% YoY)	Neutral	The shareholder count moved from 2.4 lakh to 3.6 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Not applicable — no promoter group. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	7/8	Bullish	Passed: positive profit, positive operating cash flow, CFO > net profit, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Failed: leverage fell. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	6 strength(s) · 1 weakness(es)	Neutral	Strengths: Company is almost debt free; Company is expected to give good quarter; Company has delivered good profit growth of 48.7% CAGR over last 5 years; Company has a good return on equity (ROE) track record: 3 Years ROE 36.4%; Company has been maintaining a healthy dividend payout of 29.8%; Company's median sales growth is 24.0% of last 10 years. Weaknesses: Stock is trading at 28.5 times its book value. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	19 bullish · 1 bearish · 25 neutral · 4 caution	Bullish	On the numbers published by 17 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 52.6×, P/B 24.60×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 17 Apr 2026 – 17 Jul 2026 that an investor could have known on the snapshot date.

20 Apr 2026 MCX receives SEBI approval to invest up to Rs 100 crore in a coal exchange — SEBI approved (letter dated Apr 17, disclosed Apr 18) MCX's plan to invest up to Rs 100 crore in a wholly owned coal exchange subsidiary, subject to MCA incorporation and a Coal Controller licence. source
08 May 2026 MCX FY26 consolidated profit rises to Rs 1,331.55 crore; Rs 8 final dividend recommended — Board approved Q4/FY26 results on May 8, 2026: FY26 consolidated net profit Rs 1,331.55 crore vs Rs 560.04 crore; total income Rs 2,429.05 crore; final dividend of Rs 8 per Rs 2 share recommended. source
01 Jun 2026 MCX launches Silver 100 (100-gram) futures — MCX introduced a 100-gram silver futures contract on June 1, 2026 to broaden its bullion offerings for jewellers and smaller participants. source
12 Jun 2026 MCX incorporates wholly owned subsidiary MCX Coal Exchange of India Ltd — MCX Coal Exchange of India Limited was incorporated on June 11, 2026 as a wholly owned subsidiary to operate a coal trading platform. source
30 Jun 2026 MCX appoints Sanjay Rajpal as Executive Director (Critical Operations) — Sanjay Rajpal appointed Executive Director (Critical Operations) and KMP for five years from June 30, 2026. source
07 Jul 2026 Bombay High Court dismisses MCX's 2017 writ petition, imposes Rs 5 lakh cost — MCX disclosed that the Bombay High Court (order dated June 29, 2026) dismissed its 2017 criminal writ petition related to an audit covering 2003-2013 and imposed costs of Rs 5 lakh; MCX said the cost is the only expected financial impact. source

What happened next (17 Jul 2026 → 19 Oct 2026)

Price went from ₹2,747.50 to ₹3,184.50 by 19 Oct 2026 (+15.9%) while the Nifty 50 moved -5.9% — outperforming by 21.8 points.
Highest ₹3,481.40 on 25 Sep 2026; lowest ₹2,565.50 on 05 Aug 2026.
S1 2,707.00: broken on a closing basis on 30 Jul 2026.
S2 2,577.50: held on a closing basis.
R1 2,914.93: cleared on a closing basis on 12 Aug 2026.
R2 3,038.00: cleared on a closing basis on 18 Aug 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 04 Aug 2026): revenue ₹702 crore (+88.2% YoY), net profit ₹413 crore (+103.4% YoY), operating margin 70% vs 65% a year earlier (Screener consolidated figures).

Later news

20 Jul 2026 MCX schedules board meeting on August 4 for Q1 FY27 results — MCX informed exchanges that its board would meet on August 4, 2026 to approve results for the quarter ended June 30, 2026. source
04 Aug 2026 MCX Q1 FY27 consolidated net profit rises 103% YoY to Rs 413 crore — Board approved Q1 FY27 results on Aug 4, 2026: consolidated PAT Rs 413.44 crore vs Rs 203.19 crore; income from operations Rs 702 crore vs Rs 373.21 crore; AGM set for Sep 17 and dividend record date Aug 28. source
12 Aug 2026 SEBI clears MCX to invest up to Rs 100 crore in proposed Mineral Spot Exchange subsidiary — MCX plans Rs 200 crore commitment to coal and mineral trading ventures; SEBI approved up to Rs 100 crore investment in a proposed mineral spot exchange subsidiary, subject to an Indian Bureau of Mines licence. source
17 Sep 2026 MCX 24th AGM approves Rs 8 final dividend — Shareholders at the Sep 17, 2026 AGM approved a Rs 8 per share FY26 final dividend and re-appointed Mohan Shenoi as non-independent director (subject to SEBI approval). source
17 Oct 2026 MCX incorporates MCX Mineral Exchange of India Ltd — MCX set up MCX Mineral Exchange of India Limited as a wholly owned subsidiary effective Oct 16, 2026. source

Educational summary. On 17 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved +15.9% against -5.9% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Multi Commodity Exchange of India today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 20 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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