MCX Q2 profit rises 131% as options turnover jumps 225%

Multi Commodity Exchange of India Limited reported consolidated profit after tax of Rs 455 crore in Q2 FY27, up 130.8% year-on-year from Rs 197 crore, as options average daily turnover rose 224.8% to Rs 12,00,129 crore. Revenue from operations increased 113.9% to Rs 800 crore and EBITDA margin reached 78.0%.

How did MCX's Q2 FY27 profit and revenue change?

MCX's consolidated profit after tax, or PAT, increased to Rs 455 crore in Q2 FY27 from Rs 197 crore in Q2 FY26, a 130.8% year-on-year rise. PAT was also 10.1% above Rs 413 crore in Q1 FY27. The board approved the unaudited results for the quarter and half year ended September 30, 2026, on November 3, 2026.

Revenue from operations reached Rs 800 crore, compared with Rs 374 crore in Q2 FY26 and Rs 702 crore in Q1 FY27. This represented 113.9% year-on-year growth and 14.0% sequential growth. Total income rose to Rs 851 crore from Rs 401 crore a year earlier and Rs 752 crore in the preceding quarter.

MCX reported profit before tax of Rs 640 crore, up 158.0% from Rs 248 crore in Q2 FY26 and 22.3% from Rs 523 crore in Q1 FY27. Tax expense was Rs 185 crore, compared with Rs 51 crore a year earlier and Rs 110 crore in the previous quarter. For H1 FY27, PAT rose 116.4% to Rs 868 crore from Rs 401 crore in H1 FY26.

What changed in MCX's operating margins during Q2 FY27?

MCX's earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 145.9% year-on-year to Rs 664 crore in Q2 FY27 from Rs 270 crore. EBITDA was 22.1% higher than Rs 544 crore in Q1 FY27, while revenue from operations increased 14.0% over the same sequential comparison.

EBITDA margin reached 78.0% in Q2 FY27, versus 67.3% in Q2 FY26 and 72.3% in Q1 FY27. Total expenses were Rs 211 crore, 38.1% above Rs 153 crore a year earlier but 7.7% below Rs 229 crore in Q1 FY27. The filing therefore showed revenue growing faster than expenses year-on-year.

MCX's PAT margin was 53.4% in Q2 FY27, up from 49.1% in Q2 FY26 but below 54.9% in Q1 FY27. In H1 FY27, EBITDA margin was 75.2%, compared with 67.5% in H1 FY26, while PAT margin increased to 54.1% from 49.7%.

How much did MCX options trading grow in Q2 FY27?

MCX's options average daily turnover, or ADT, rose 224.8% year-on-year to Rs 12,00,129 crore in Q2 FY27 from Rs 3,69,512 crore. Options ADT also increased 21.3% from Rs 9,89,691 crore in Q1 FY27 and was substantially larger than the Rs 62,819 crore futures ADT in Q2 FY27.

Futures ADT increased 50.6% year-on-year from Rs 41,725 crore and 5.3% sequentially from Rs 59,674 crore. Combined futures and options, or F&O, ADT reached Rs 12,62,948 crore, rising 207.1% from Rs 4,11,237 crore in Q2 FY26 and 20.4% from Rs 10,49,365 crore in Q1 FY27.

For H1 FY27, options ADT was Rs 10,96,529 crore, 242.4% above Rs 3,20,255 crore in H1 FY26. Futures ADT rose 49.2% to Rs 61,280 crore, producing F&O ADT of Rs 11,57,809 crore, up 220.4% year-on-year. The half-year options growth rate exceeded the 224.8% rate reported for Q2 FY27 alone.

Did MCX add more traded clients and report deliveries?

MCX reported 14.98 lakh total F&O traded clients in Q2 FY27, up 89.8% from 7.90 lakh in Q2 FY26 and 9.2% from 13.72 lakh in Q1 FY27. The increase in reported clients accompanied the 207.1% year-on-year rise in combined F&O ADT during the quarter.

Options traded clients more than doubled to 13.03 lakh from 6.40 lakh a year earlier, an increase of 103.7%, and rose from 11.66 lakh in Q1 FY27. Futures traded clients were 4.00 lakh, up 46.3% from 2.73 lakh in Q2 FY26 but 3.0% lower than 4.12 lakh in Q1 FY27. H1 FY27 total F&O traded clients were 19.75 lakh, compared with 10.33 lakh in H1 FY26.

MCX disclosed Q2 FY27 deliveries of 5.68 metric tonnes in gold, 199.91 metric tonnes in silver and 34,707 metric tonnes in base metals. The release did not provide comparable delivery volumes for Q1 FY27 or Q2 FY26, so it does not show whether deliveries increased or decreased across those periods.

What did MCX management disclose about its plans?

MCX Managing Director and Chief Executive Officer Praveena Rai said Q2 FY27 performance reflected sustained growth across product segments and market participation. Her comments followed H1 FY27 revenue from operations of Rs 1,502 crore, up 100.8% from Rs 748 crore, and EBITDA of Rs 1,206 crore, up 121.3% from Rs 545 crore.

Management said its focus is to broaden market participation, expand the product portfolio and invest in technology and innovation. The November 3, 2026 release did not provide revenue, profit, margin, turnover or client-growth targets for the remainder of FY27. It said MCX had more than 98% market share by value of commodity futures contracts traded in H1 FY27.

Conclusion

MCX's Q2 FY27 results paired a 224.8% increase in options ADT with 113.9% revenue growth and a 130.8% rise in PAT. EBITDA margin increased to 78.0% from 67.3% a year earlier, while the reported F&O traded-client base rose 89.8% to 14.98 lakh.

The next disclosures will show progress against management's plan to broaden participation, expand products and invest in technology and innovation. Investors can also monitor whether options ADT, which rose 21.3% sequentially in Q2 FY27, and the F&O client count continue to increase in subsequent results.