MSEI Unlisted Shares
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About MSEI
Investors in India’s unlisted market often explore high-potential opportunities beyond the listed universe. Among such names, MSEI unlisted share — the Metropolitan Stock Exchange of India — has captured growing attention. With recent capital infusions and renewed speculation, MSEI unlisted share price has seen dramatic swings, sparking curiosity among both retail and institutional investors.
The last few months have seen investors actively trying to understand the Metropolitan Stock Exchange of India Limited (MSEI) as the exchange continues to improve its operations and strengthen its market position. As MSEI unlisted shares gain traction, market participants continue to monitor MSEI’s updates, corporate announcements, updates related to the governing frameworks and rules, and trading reports.
Market participants believe MSEI updates and, consequently, the overall sentiment regarding the company, will improve as the company enhances its governance, continues to innovate, and improves its trading volumes. With regard to operational performance, management commentary, and the overall sentiment and outlook of the exchange, MSEI unlisted shares are going to gain momentum in the future. Investors’ who want to monitor MSEI news can follow Delisted Stocks for regular insights and follow the latest trends.
✓Pros
- ▸Value proposition supported by a limited number of Indian national exchange licenses, creating high barriers to entry.
- ▸Post-Private Placement (PP) balance sheet reflects a net worth of ₹1,369 crore versus the regulatory minimum requirement of ₹100 crore, providing a substantial capital buffer.
- ▸Participation of Peak XV Partners (formerly Sequoia) in the August 2025 PP serves as institutional validation and may support future fundraising efforts.
- ▸Potential participation by Zerodha and Billionbrains could provide access to a large retail investor and trader ecosystem, enhancing distribution opportunities.
- ▸National stock exchange license and established technology infrastructure have high replacement costs, while the PP valuation remains at a modest premium to book value.
- ▸Pending ₹856.99 crore anti-competitive damages claim against NSE before CCI represents a potential contingent asset.
!Cons
- ▸Revenue from operations declined 21% YoY to ₹3.38 lakh in FY26 from ₹4.31 lakh in FY25; trading fee income remained below ₹56 lakh in FY25.
- ▸Significant cash burn of ₹68.44 crore in FY25 and ₹149.01 crore in FY26 indicates continued dependence on external equity funding.
- ▸Sustainability depends on liquidation of investments, with cash and cash equivalents reported at only ₹12.72 crore.
- ▸Massive share dilution under DYAMO increased the share count from 481 crore to 600 crore and then to 1,099 crore shares between FY24 and FY26, reducing economic ownership.
- ▸Annual SEBI license renewals create regulatory uncertainty, particularly for a loss-making exchange.
- ▸Absence of a majority shareholder due to 100% public float may result in slower consensus-based decision-making and governance challenges.
Key Details
| Particulars | Value |
|---|---|
| METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED | 5.5 |
| Shares Price | Per Equity Share |
| Minimum Lot Size | Shares Worth Rs. 20000 |
| Depository | NSDL & CDSL |
| PAN Number | AAFCM6942F |
| ISIN Number | INE312K01010 |
| CIN | U65999MH2008PLC185856 |
Fundamentals
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 6545.13 |
| P/E Ratio | -253.69 |
| P/B Ratio | 4.8 |
| Debt to Equity | 0 |
| ROE (%) | -1.88 |
| Book Value | 1.15 |
| EPS | -0.02 |
| Face Value | - |
| Total Shares | 11900234790.25 |
Financials
| P&L Statement | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | 3.4 | 4.31 | 7.36 | 9.21 |
| Cost of Material Consumed | 32 | 21.4 | 28.98 | 0 |
| Gross Profit Margins | -841.18% | -396.52% | -293.75% | 100.00% |
| EBITDA | -67.6 | -42.56 | -54.24 | -49.12 |
| EBITDA Margins | -1988.24% | -987.47% | -736.96% | -533.33% |
| EBIT | -80.1 | -34.59 | -46.62 | -14.33 |
| EBIT Margins | -2355.88% | -802.55% | -633.42% | -155.59% |
| PBT | -25.8 | -34.85 | -47.6 | -19.93 |
| PAT | -25.8 | -34.22 | -48.75 | -18.66 |
| NPM | -758.82% | -793.97% | -662.36% | -202.61% |
| EPS | -0.02 | - | - | - |
| Cash Flow Statement | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash from Operating Activity | -149 | -68.43 | -56.79 | -172.1 |
| Cash from Investing Activity | -882 | -133.45 | 9.39 | 223.96 |
| Cash from Financing Activity | 996 | 235.68 | -2.31 | -3.28 |
| Net Cash Flow | -35 | 33.8 | -49.71 | 48.58 |
| Assets | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Fixed Assets | 176.4 | 11.21 | 5.55 | 17.02 |
| CWIP | - | - | - | - |
| Investments | 746 | 172.42 | 49.53 | 73.46 |
| Trade Receivables | 1.86 | 0.85 | 2.61 | 1.3 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 509.74 | 259.38 | 191.5 | 207.63 |
| Total Assets | 1434 | 443.86 | 249.19 | 299.41 |
| Liabilities | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Share Capital | 1099.5 | 599.52 | 480.52 | 480.52 |
| Reserves | 268 | -202.8 | -287.69 | -239.06 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | - | - | - | - |
| Other Liabilities | 66.5 | 47.14 | 56.36 | 57.95 |
| Total Liabilities | 1434 | 443.86 | 249.19 | 299.41 |
Peer Comparison
| Company | Market Cap (cr.) | Revenue (cr.) | P/E | P/B | ROE (%) |
|---|---|---|---|---|---|
| METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED | 6545.13 | 3.4 | -253.69 | 4.8 | -2% |
| NATIONAL STOCK EXCHANGE OF INDIA LTD. | 514800 | 16601 | 48.99 | 15.53 | 32% |
| ORBIS FINANCIAL CORPORATION LIMITED | 4819.78 | 556.16 | 23.88 | 5.38 | 23% |
| NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED | 3175.2 | 90.4 | -69.03 | 2.12 | -3% |
| POWER EXCHANGE INDIA LIMITED | 3128.15 | 86.4 | 92.08 | 24.54 | 26% |
| HINDUSTAN POWER EXCHANGE LIMITED | 1491.75 | 31.44 | 144.74 | 22.18 | 16% |
Promoters or Management
| Name | Designation |
|---|---|
| Dinesh C Patwar | Chairman |
| Mr. Rakesh Kumar Srivastava | Public Interest Director |
| Ms. Latika S. Kundu | MD & CEO |
| Ms. Trishna Guha | Public Interest Director |
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