The PE is artificially high as in Dec 23, there were significant payments to 53 moons provider of the legacy MCX exchange/trading platform. You should look at forward P/E.
Large of part of MCX costs are fixed so any additional revenues from increase in trading volumes go directly to the bottom line. MCX and most exchanges enjoy huge operating leverage.
A lot of new products are expected to be launched in the coming quarters. Expect volumes to increase post this. These were delayed pending the switch to the new trading platform.
MCX enjoys nearly 98% share in commodity futures.
There is a huge runway, NSE and BSE options volumes are 250 times MCX volumes.
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