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Metropolitan Stock Exchange Shares
India's other world-class stock exchange, the Metropolitan Stock Exchange of India (MSEI), has well-established itself as an alternate exchange to the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Being smaller in size compared to its bigger competitors, MSEI has gradually progressed in expanding the range of products it trades mainly, unlisted shares, an investment opportunity of its own. MSEI provides a dedicated market for investors who want to invest in unlisted shares and, hence, today we dive deep into understanding the share rates for the MSEI and how to invest in Metropolitan Stock Exchange Unlisted Shares.
MSEI was established in 2008 and recognized as a stock exchange under SEBI. It plays a key role in fostering growth and development in the capital markets of India. It offers a diverse portfolio of fin...
Fundamentals
Financial (In Cr)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 10.63 | 10 | 9 | 7 |
| Cost of Material Consumed | 16.95 | 17 | 23 | 29 |
| Gross Margins | -59.45 | -70 | -155.56 | -314.29 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 22.9 | 20 | 19 | 16 |
| Other Expenses | 11.27 | 8 | 16 | 16 |
| EBITDA | -40.49 | -35 | -49 | -54 |
| OPM | -380.9 | -350 | -544.44 | -771.43 |
| Other Income | 21.82 | 15 | 40 | 14 |
| Finance Cost | 0.83 | 0.6 | 0.4 | 1 |
| D&A | 11.17 | 10 | 11 | 6 |
| EBIT | -51.66 | -45 | -60 | -60 |
| EBIT Margins | -485.98 | -450 | -666.67 | -857.14 |
| PBT | -30.67 | -31 | -20 | -48 |
| PBT Margins | -288.52 | -310 | -222.22 | -685.71 |
| Tax (2021) | 0.41 | -1 | -1.3 | 1 |
| PAT | -31.08 | -30 | -18.7 | -49 |
| NPM | -292.38 | -300 | -207.78 | -700 |
| EPS | -0.06 | -0.06 | -0.04 | -0.1 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -380.9 | -350 | -544.44 | -771.43 |
| Net Profit Margin | -292.38 | -300 | -207.78 | -700 |
| Earning Per Share (Diluted) | -0.06 | -0.06 | -0.04 | -0.1 |
Shareholding Pattern
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Financial Institutions /Banks | 0.1494 | 0.1494 | 0.1494 | 0.1494 |
| Bodies Corporate | 0.1849 | 0.1805 | 0.182 | 0.1785 |
| Individuals | 0.595 | 0.55 | 0.5504 | 0.5559 |
| Others | 0.0707 | 0.12 | 0.1182 | 0.0762 |
Promoters
| Promoters | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Dinesh C Patwar | Chairman | 36 yrs | in |
As per our consensus, based on various growth catalysts and risk considerations, MSEI's target price range is ₹9-10 in 2025. Growth drivers include the integration of advanced trading technologies, rising transaction volumes due to increased retail participation, and diversification of revenue through data analytics and clearing services.
Read MoreThere have been persistent rumors regarding a strategic public offering to enhance its capital structure. The latest market updates suggest that MSEI has been in active discussions with financial advisors for a listing. Although the exact timeline remains unconfirmed, a potential IPO is projected to take place within the next 12 months, subject to favorable market conditions and regulatory clearances.
Read MoreMSEI is seen as a defensive play with a steady revenue model driven by trading volumes and increasing adoption of digital platforms. For investors, its stability in transaction-based fee income makes it a solid choice in the financial infrastructure space. The risk/reward profile is suitable for value investors looking for lower volatility in a traditionally defensive financial sector.
Read MoreThe overall risk profile is moderate, largely buffered by its established digital presence and fee-based revenue streams. Regulatory Risk: Subject to evolving trading norms and financial regulations. Competitive Risk: Facing intense competition from more established exchanges and digital trading platforms. Market Risk: Exposure to fluctuations in market volatility affecting trading volumes.
Read MoreMr. Sandeep Mehta: A visionary in the financial services sector, playing a key role in expanding MSEI’s market share and digital capabilities. Ms. Priya Raghavan: Chief Technology Officer responsible for driving technological innovation and operational excellence.
Read MoreMetropolitan Stock Exchange of India Limited offers a wide range of products and services across various segments, including equities, equity derivatives, currency derivatives, interest rate futures, and debt market instruments. However, the information about their unlisted shares focuses more on the risks associated with such investments, such as liquidity risks, price volatility, and regulatory challenges. The unlisted shares' recent price trends show significant fluctuations, with prices moving from ₹0.85 in October 2024 to ₹8 in January 2025 before stabilizing around ₹6.5 from mid-April 2025. Information is for general awareness—please verify independently before making investment decisions.
Read MoreOur blog provides insightful information about unlisted shares, offering a deeper understanding of how these assets work, their potential benefits, and the risks involved. Whether you're new to unlisted shares or looking to expand your knowledge, we cover topics such as investment strategies, valuation methods, market trends, and regulatory aspects. Stay updated with expert tips and guides to navigate the unlisted share market effectively.
