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Does MCX justify its premium?
Mint Mumbai
|June 27, 2025
High Concentration
Exchange stocks are in focus after Sebi chairman Tuhin Kanta Pandey said over the weekend there were no obstacles for the National Stock Exchange of India's initial public offering. The two prominent listed exchange stocks are the Multi Commodity Exchange of India Ltd (MCX) and BSE Ltd.
Exchanges are a lucrative business with either a duopoly or triopoly and a healthy EBITDA margin at over 50% in most cases. The margin can keep expanding as it is a highly scalable model with low incremental capital expenditure and operating expenses. As a result, the return on average equity (RoAE) remains strong.
UBS in its 24 June report set a target price of ₹10,000 for MCX. The stock jumped over 5% following the report, touching a 52-week high of ₹18,808. As per Bloomberg consensus estimates, BSE trades at 39x its FY27 earnings versus 49x for MCX. Both are likely to have a RoAE of 37% for FY27, going by Bloomberg estimates.
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