MCX Gets a Rs 98 Crore GST Demand for FY23, but the Stock Still Trades Near Its 52-Week High
- October 1, 2026
- Posted by: Lakshit Sharma
- Category: News
MCX Rs 3,300, flat (1 Oct, 9:13 AM). GST Show Cause Notice: Rs 54.08 crore tax demand plus Rs 43.82 crore interest for FY23, alleging short-paid tax or wrong input credit. P/E 54.58.
Quick Answer
The MCX share price was Rs 3,300 at 9:13 AM on 1 October 2026, little changed, after the Multi Commodity Exchange of India disclosed it has received a Show Cause Notice from the GST Department demanding tax of Rs 54.08 crore along with interest of Rs 43.82 crore for financial year 2023. The GST department has alleged that tax was not paid or was short-paid, or that input tax credit was wrongly availed or utilised, during that period. A Show Cause Notice is a preliminary step in tax proceedings that gives the company an opportunity to respond before any final demand is confirmed, so this is not yet a settled liability. MCX trades at a P/E of 54.58, close to the exchange industry average of 52.33, with the stock near its 52-week high.
Multi Commodity Exchange of India Limited disclosed that it has received a Show Cause Notice from the GST Department, demanding tax of Rs 54.08 crore along with interest of Rs 43.82 crore, relating to financial year 2023. The department has alleged that tax was not paid, was short-paid, or that input tax credit was wrongly availed or utilised during that period.
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The MCX share price showed little reaction to the notice, trading flat near Rs 3,300. This article covers what the notice means, the stock’s current levels, and the risks for investors.
What the GST Show Cause Notice Against MCX Covers
| Item | Detail |
|---|---|
| Issuing authority | GST Department |
| Period covered | Financial year 2023 (FY23) |
| Tax demanded | Rs 54.08 crore |
| Interest demanded | Rs 43.82 crore |
| Total exposure | About Rs 97.90 crore |
| Allegation | Tax not paid, short-paid, or input tax credit wrongly availed or utilised |
A Show Cause Notice is not a final tax demand; it requires the company to respond and present its case before the GST authorities decide whether to confirm, reduce or drop the demand. Companies commonly contest such notices, and outcomes can take months or years to resolve through departmental appeals or, if necessary, the courts.
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MCX Share Price Today: Numbers and Technical Levels
| Metric | Value (1 Oct, 9:13 AM) |
|---|---|
| MCX share price | Rs 3,300.00 (flat) |
| Previous close | Rs 3,300.40 |
| 52-week high / low | Rs 3,481.40 / Rs 1,545.10 |
| RSI (14-day) | 50.0 |
| SuperTrend | Bullish, support at Rs 3,066.44 |
| 20-day average | Rs 3,282.39 |
| Market cap | Rs 84,147 crore |
| P/E vs industry P/E | 54.58 vs 52.33 |
| Return on equity | 46.75% |
The MCX share price is just 5.2 percent below its 52-week high of Rs 3,481.40, trading close to its 20-day average of Rs 3,282.39 with a neutral RSI of 50.0. The SuperTrend indicator remains bullish with support at Rs 3,066.44.
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Valuation Behind the MCX Share Price
MCX trades at a P/E of 54.58, close to the exchange industry average of 52.33, so the stock is neither at a significant premium nor discount to peers. Return on equity of 46.75 percent and zero debt remain among the strongest metrics in Indian market infrastructure.
Risks for the MCX Share Price
Tax and regulatory disputes, even at the Show Cause Notice stage, carry the risk of an eventual confirmed liability if the company’s response does not satisfy the authorities, though the roughly Rs 98 crore exposure is modest relative to MCX’s scale. Commodity trading volumes, which drive the exchange’s transaction revenue, are the larger ongoing business risk, tied to broader market activity and regulatory changes in derivatives trading. Competitive and regulatory developments across India’s exchanges, including recent listings and self-listing discussions elsewhere in the sector, are a further factor to watch.
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Conclusion
MCX’s share price was little moved after the exchange disclosed a Rs 98 crore GST Show Cause Notice for FY23, an amount modest relative to its overall scale and still at a preliminary, contestable stage. Strong return on equity and zero debt remain supports, while the tax dispute and broader commodity trading volume trends are the factors to track. Investors deciding whether to buy MCX shares should watch the Rs 3,282.39 average as support, follow stop-loss levels and consult a SEBI-registered adviser.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the MCX share price today?
Ans. The MCX share price was Rs 3,300 at 9:13 AM on 1 October 2026, little changed from the previous close of Rs 3,300.40.
What GST demand has MCX received?
Ans. MCX received a Show Cause Notice demanding tax of Rs 54.08 crore plus interest of Rs 43.82 crore for financial year 2023, alleging tax was not paid, short-paid, or input tax credit was wrongly availed.
Is the GST demand against MCX final?
Ans. No. A Show Cause Notice is a preliminary step that allows the company to respond before any demand is confirmed.
How big is the GST demand relative to MCX’s size?
Ans. The combined tax and interest demand of about Rs 98 crore is modest relative to MCX’s market capitalisation of Rs 84,147 crore.
Is the MCX share price expensive?
Ans. The P/E of 54.58 is close to the exchange industry average of 52.33, so the stock is fairly valued relative to peers.
What are the key technical levels for the MCX share price?
Ans. The key levels are SuperTrend support at Rs 3,066.44 and the 20-day average of Rs 3,282.39. The RSI is 50.0.
How strong are MCX’s financials?
Ans. Return on equity is 46.75 percent and the company carries zero debt, among the strongest metrics in Indian market infrastructure.
Should I buy MCX shares after the GST notice?
Ans. The notice is modest relative to the company’s scale and still contestable. Use a stop-loss and consult a SEBI-registered adviser before acting.