MCX Q3 Profit Soars 151% to ₹4.01 Billion in FY26

MCX Reports Record Q3 FY26 Results

Multi Commodity Exchange of India Ltd. (MCX) announced exceptional financial results for the third quarter ending December 31, 2025. The company reported a consolidated net profit of 4.01 billion INR, a significant 151% increase compared to the same period last year. This performance highlights a period of strong operational momentum and increased market participation on India's largest commodity derivatives exchange.

A Deeper Look at the Financials

The exchange's revenue from operations for Q3 FY26 surged by 121% year-on-year, reaching 6.66 billion INR, up from 3.01 billion INR in Q3 FY25. The growth was not just annual but also sequential. On a quarter-on-quarter basis, net profit grew by 103% from 1.97 billion INR, while revenue jumped 78% from 3.74 billion INR in the preceding quarter.

The company's operational efficiency also saw a marked improvement. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) for the quarter stood at 5.27 billion INR, a 144% increase year-on-year. The EBITDA margin expanded to 74.4%, a substantial rise from 65.1% in the previous quarter, indicating strong operating leverage as revenue growth significantly outpaced the increase in expenses.

Surge in Trading Volumes Fuels Growth

The primary driver behind this record-breaking performance was a massive increase in trading activity. The Average Daily Turnover (ADT) of futures and options contracts on the exchange grew by an impressive 224% year-on-year during the quarter. This surge reflects heightened interest and participation in commodity derivatives, which are essential tools for price discovery and risk management in the Indian economy. The bullion segment, in particular, showed strong growth, supported by the launch of new product variants like Gold Mini and Gold Ten Futures.

Management's Perspective on Performance

Praveena Rai, the Managing Director & CEO of MCX, commented on the results, stating that the performance underscores the company's continued momentum and the deepening participation across various segments. She emphasized that MCX is focused on enhancing its product breadth and operational readiness for future growth. This strategy aims to deliver sustained value to all market participants, including hedgers, investors, and members, while solidifying the exchange's role in shaping the future of commodity derivatives in India.

Sustained Momentum in Nine-Month Performance

The strong results in the third quarter are part of a larger trend of robust performance throughout the fiscal year. For the nine months ending December 31, 2025, MCX's consolidated revenue from operations grew by 72% to 14.13 billion INR. The profit after tax for the same period increased by 89% year-on-year to 8.02 billion INR, demonstrating sustained growth and profitability.

Corporate Actions and Regulatory Compliance

During the quarter, the company completed a share subdivision, where each equity share with a face value of ₹10 was split into five shares with a face value of ₹2. This corporate action, effective from January 2, 2026, is aimed at increasing liquidity and making the stock more accessible to retail investors. All earnings per share figures have been adjusted to reflect this split.

In line with regulatory requirements, MCX also made a provision of 15 million INR towards a financial disincentive mandated by the Securities and Exchange Board of India (SEBI) related to a business disruption incident in October 2025.

Stock Performance and Market Outlook

MCX's stock has been a strong performer over the past year, delivering a return of over 106% to its shareholders. The company's robust financial performance and strategic initiatives, including technological upgrades and new product launches, have been well-received by the market. Management has indicated that the exchange is operationally prepared to handle significantly higher trading volumes, with readiness plans for volumes that are three to four times the current levels, and an objective to be ready for a tenfold increase. This forward-looking approach positions MCX to capitalize on the growing relevance of commodity derivatives in India's financial landscape.

Conclusion

The third-quarter results of FY26 mark a significant milestone for MCX, with record-breaking revenue, profit, and margins. The performance was driven by a substantial increase in trading volumes, reflecting the exchange's critical role in the market. With a clear focus on expanding its product offerings and enhancing its technological platform, MCX appears well-positioned to continue its growth trajectory and create further value for its stakeholders.