Multi Commodity Exchange of India Ltd Q2 revenue rises 114%

Multi Commodity Exchange of India Ltd reported Q2 FY27 revenue from operations of ₹799.66 crore, a 113.7% increase from ₹374.23 crore a year earlier, while consolidated net profit rose to ₹454.57 crore. The September-quarter result shows materially higher income and profit alongside increased commodity derivatives trading activity.

What did MCX report for Q2 FY27?

MCX reported consolidated revenue from operations of ₹799.66 crore for the quarter ended September 30, 2026. This was 113.7% higher than ₹374.23 crore in Q2 FY26 and 13.9% above ₹702 crore reported in Q1 FY27.

Consolidated net profit more than doubled year-on-year to ₹454.57 crore from ₹197.47 crore. It was also 10% higher than the ₹413.4 crore reported in the preceding quarter. Total income for Q2 FY27 rose to ₹851.28 crore from ₹400.79 crore in the year-earlier period, while profit before tax increased to ₹639.24 crore from ₹248.88 crore.

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, at its November 3 meeting. Basic earnings per share increased to ₹17.83 from ₹7.74 in Q2 FY26.

How did commodity derivatives activity support the result?

Higher activity across commodity derivative products accompanied MCX's revenue expansion during the quarter. The exchange reported Q2 average daily turnover of ₹62,819 crore in futures and ₹12,00,129 crore in options, indicating the scale of trading handled across its product segments.

The exchange also reported deliveries of 5.68 MT of gold, 199.91 MT of silver and 34,707 MT of base metals during Q2 FY27. These figures provide operating context for the reported financial performance, although the disclosed results do not break down revenue by individual commodity or contract category.

Praveena Rai, Managing Director and Chief Executive Officer, said the Q2 performance reflected continued trust from market participants and the exchange's growing relevance in the commodity ecosystem. She also referred to MCX's role in transparent price discovery and risk-management solutions over more than two decades.

What were MCX's operating margins and half-year figures?

MCX reported EBITDA of ₹611.24 crore in Q2 FY27, compared with ₹243.63 crore in Q2 FY26. Its EBITDA margin expanded to 76.4% from 65.1% in the prior-year quarter, showing that operating earnings grew faster than revenue during the period.

For the first half of FY27, consolidated revenue from operations reached ₹1,502 crore, up 100.8% year-on-year. EBITDA rose 121.3% to ₹1,206 crore, while consolidated net profit increased 116.4% to ₹868.01 crore. Total income for the half year was ₹1,603.07 crore.

H1 average daily turnover was ₹61,280 crore for futures and ₹10,96,529 crore for options. Q1 FY27 had already established a higher base, with revenue from operations of ₹702 crore and EBITDA of ₹544 crore, as reported by MCX in August 2026.

What do the results mean for MCX investors and operations?

The results show that MCX entered the second half of FY27 with quarterly revenue near ₹800 crore and net profit above ₹450 crore. The year-on-year comparison is particularly strong because Q2 FY26 revenue and profit were ₹374.23 crore and ₹197.47 crore respectively.

For investors, the reported margin expansion is an important part of the result. Revenue growth was accompanied by an increase in EBITDA margin of 11.3 percentage points. The figures also show sequential growth, with Q2 revenue exceeding the Q1 level by nearly ₹98 crore and net profit increasing by about ₹41 crore.

MCX shares closed at ₹3,490.10 on November 3, up 7.42%, or ₹241.10, ahead of the earnings announcement. This was the stated market movement for the day and should be viewed separately from the company's reported operating and financial metrics.

What is the position of MCX's settlement fund and balance sheet?

MCX reported a Core Settlement Guarantee Fund balance of ₹1,472.16 crore as of September 30, 2026. Under revised Securities and Exchange Board of India norms, no contribution to the Core SGF was required in Q2 FY27.

Consolidated cash and cash equivalents stood at ₹450.43 crore at September-end, compared with ₹819.76 crore at March 31, 2026. Bank balances other than cash equivalents were ₹2,759.14 crore, while total assets increased to ₹7,787.04 crore. Non-current investments stood at ₹1,715.54 crore.

On a standalone basis, MCX reported Q2 FY27 net profit of ₹405.35 crore and income from operations of ₹765.61 crore. Standalone total expenses were ₹273.38 crore, with higher employee-benefit and technology costs cited in the reported data. The exchange also invested an additional ₹51.50 crore in MCX Coal Exchange of India Ltd, taking its total investment in the subsidiary to ₹52.50 crore.

Conclusion

MCX's Q2 FY27 results combined revenue growth of 113.7%, higher profitability and expanded EBITDA margin. Increased futures and options turnover provided the operating backdrop, while the first-half figures show that the September quarter extended the momentum seen in Q1.

The next disclosed reference point is the exchange's subsequent financial update, which will show whether revenue, margins and trading activity remain at the levels reported for Q2. Investors may also monitor the Core SGF position under revised SEBI norms and the operational progress of MCX Coal Exchange of India Ltd.