Meridian Exchange
Meridian Exchange Holdings Limited
- CIN
- L67120MH1994PLC089321
- ISIN
- INE0MER01019
- Incorporated
- 27 Nov 1994
- Registered state
- Maharashtra
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Meridian Exchange Holdings Limited operates a national electronic trading venue for equities, currency derivatives and debt instruments, with a primary data centre in Mumbai and a disaster-recovery site in Chennai, clearing roughly 42 million trades on a typical session across 1,900 member firms. Revenue is dominated by transaction charges, which scale with market turnover and carry very little incremental cost, giving the business an operating margin well above the rest of the financial-infrastructure cohort. The company is currently in the pre-IPO stage, with a listing under active consideration, and shares change hands only through negotiated off-market transfers.
Business model
Exchange infrastructure monetised through transaction charges, listing fees, market-data subscriptions and co-location rentals.
Key highlights
- Transaction charges contribute close to 62% of consolidated revenue
- Zero long-term borrowings; treasury surplus invested in sovereign instruments
- Co-location and data-feed businesses growing faster than the core venue
- Regulatory settlement from FY2023 fully provided for and closed
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹4,820.00 Cr
- EBITDA
- ₹3,210.00 Cr
- PAT
- ₹2,190.00 Cr
- Net worth
- ₹9,340.00 Cr
- Total debt
- ₹0.00 Cr
- Cash & equivalents
- ₹4,120.00 Cr
- Operating cash flow
- ₹2,460.00 Cr
- EPS
- ₹44.24
Management & board
- RISince 2020
Rakesh Iyer
Managing Director & CEO
Has led Meridian Exchange since 2020 and previously held senior operating roles in the same sector.
- RASince 2011
Rohit Agarwal
Chief Financial Officer
- NPSince 2021
Nilesh Pillai
Executive Director — Operations
- SMSince 2010
Sanjana Malhotra
Company Secretary & Compliance Officer
- RMSince 2015
Rakesh Menon
Independent Director
- NDSince 2017
Neha Deshpande
Independent Director
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹4,820 Cr | ₹3,960 Cr | ₹3,140 Cr | +21.7% |
| EBITDA | ₹3,210 Cr | ₹2,540 Cr | ₹1,920 Cr | +26.4% |
| Profit after tax | ₹2,190 Cr | ₹1,705 Cr | ₹1,288 Cr | +28.4% |
| Earnings per share | ₹44.24 | ₹34.44 | ₹26.02 | — |
| Balance sheet | ||||
| Net worth | ₹9,340 Cr | ₹7,620 Cr | ₹6,180 Cr | +22.6% |
| Total debt | ₹0 Cr | ₹0 Cr | ₹0 Cr | — |
| Cash & equivalents | ₹4,120 Cr | ₹3,180 Cr | ₹2,410 Cr | — |
| Total assets | ₹12,850 Cr | ₹10,420 Cr | ₹8,460 Cr | — |
| Book value per share | ₹189 | ₹154 | ₹125 | — |
| Cash flow | ||||
| Operating cash flow | ₹2,460 Cr | ₹1,980 Cr | ₹1,520 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 19 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹1.08 L Cr
- Enterprise value
- ₹1.04 L Cr
- Indicative price
- ₹2,185
- Shares outstanding
- 49,50,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 49.4x
- P/B
- 11.6x
- EV / EBITDA
- 32.4x
- EPS
- ₹44.24
- Book value / share
- ₹189
- Debt / equity
- 0.0x
On FY2026 PAT
Returns & margins
- ROE
- 23.4%
- ROCE (EBITDA basis)
- 34.4%
- EBITDA margin
- 66.6%
- PAT margin
- 45.4%
- Revenue growth
- 21.7%
- Cash / market cap
- 3.8%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹2,185 | +3.71% | Dealer desk average, 4 quotes |
| 20 Aug 2026 | ₹2,107 | +2.03% | Dealer desk average |
| 20 Jul 2026 | ₹2,065 | +3.57% | Dealer desk average |
| 20 Jun 2026 | ₹1,994 | +0.18% | Dealer desk average |
| 20 May 2026 | ₹1,990 | +0.69% | Dealer desk average |
| 20 Apr 2026 | ₹1,977 | +1.67% | Dealer desk average |
| 20 Mar 2026 | ₹1,944 | +5.89% | Dealer desk average |
| 20 Feb 2026 | ₹1,836 | +0.18% | Dealer desk average |
| 20 Jan 2026 | ₹1,833 | +4.27% | Dealer desk average |
| 20 Dec 2025 | ₹1,758 | +2.47% | Dealer desk average |
| 20 Nov 2025 | ₹1,715 | +1.72% | Dealer desk average |
| 20 Oct 2025 | ₹1,686 | +0.31% | Dealer desk average |
| 20 Sep 2025 | ₹1,681 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Board24 Aug 2025
Appointment of an independent director
Board strengthened with an additional independent director following a nomination-committee review.
Company filing / RoC
- Filing12 Aug 2025
Annual return filed with the registrar
Statutory filing completed within the prescribed timeline.
Company filing / RoC
- Split25 Jun 2025
Sub-division of equity shares
Face value sub-divided to improve tradability ahead of a listing.
Company filing / RoC
- Bonus15 May 2025
Bonus issue in the ratio 1:2
Board approved a bonus issue; record date notified to shareholders on file.
Company filing / RoC
IPO / listing status
- Current stage
- Pre-IPO
- DRHP filed
- —
- RHP filed
- —
- Expected window
- Not announced — under evaluation
- Registrar
- —
- Book-running managers
- —
Listing timelines are indicative and subject to regulatory approval and market conditions. A filing is not a guarantee of listing.
Lock-in applies after listing
Shares acquired before a public issue are typically subject to a statutory lock-in of six months from the date of listing. Confirm the applicable period before transacting.
Read the lock-in explainerResearch
1 published on this company
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Regulatory concentration
HighA single regulator sets the fee caps that determine most of the revenue line.
Turnover linkage
MediumEarnings fall with market volumes in a sustained downturn.
Listing timing
MediumThe IPO has slipped twice; a further delay would extend the holding period.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.