MCX Q1FY27 net profit surges 103% to ₹413 crore on options boom
MCX posted a 103% YoY net profit surge to ₹413.44 crore in Q1FY27, driven by an 88% rise in operating income and a 266% jump in options ADT. Bullion and Energy segments led the volume growth, with EBITDA margin expanding to 72%.

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Multi Commodity Exchange of India Limited reported a consolidated net profit after tax of ₹413.44 crore for the quarter ended June 30, 2026, marking a 103% year-on-year increase from ₹203.19 crore in Q1FY26. The robust bottom-line performance was primarily driven by an 88% surge in income from operations to ₹702.00 crore, fueled by a massive 266% year-on-year rise in options average daily turnover (ADT). This growth underscores the deepening liquidity in commodity derivatives, particularly in bullion and energy segments, significantly boosting the exchange's revenue despite a seasonal moderation compared to the previous quarter.
The Board of Directors approved the unaudited standalone and consolidated financial results at its meeting held on August 04, 2026. Concurrently, the Board fixed August 28, 2026, as the record date to determine shareholders eligible to receive the final dividend, subject to shareholder approval at the upcoming Annual General Meeting. Payment of the dividend is scheduled on or before October 15, 2026. The 24th Annual General Meeting is scheduled for September 17, 2026.
Financial Performance
Consolidated income from operations reached ₹702.00 crore, compared to ₹373.21 crore in Q1FY26. Other income contributed ₹49.79 crore, bringing total income to ₹751.79 crore. Total expenses rose to ₹228.88 crore from ₹148.91 crore in the previous year's quarter, primarily due to higher employee benefits expense (₹57.45 crore vs ₹44.84 crore) and product license fees (₹39.68 crore vs ₹22.01 crore). Contribution to statutory funds and regulatory fees amounted to ₹54.19 crore.
The following table summarises the key consolidated financial metrics across periods:
| Particulars: | Q1FY27 (₹ cr) | Q4FY26 (₹ cr) | Q1FY26 (₹ cr) | FY26 (₹ cr) |
|---|---|---|---|---|
| Income from operations | 702.00 | 888.94 | 373.21 | 2,302.00 |
| Other income | 49.79 | 36.39 | 32.61 | 127.05 |
| Total income | 751.79 | 925.33 | 405.82 | 2,429.05 |
| Total expenses | 228.88 | 242.10 | 148.91 | 733.82 |
| Profit before tax | 523.13 | 681.79 | 256.41 | 1,690.33 |
| Tax expenses | 109.69 | 152.02 | 53.22 | 358.78 |
| Net profit after tax | 413.44 | 529.77 | 203.19 | 1,331.55 |
Standalone net profit after tax was ₹327.32 crore, up from ₹156.88 crore in Q1FY26. Standalone income from operations was ₹666.59 crore, while total expenses were ₹279.80 crore. Earnings per share (basic and diluted) were ₹16.21 on a consolidated basis and ₹12.84 on a standalone basis for the quarter.
Operational Highlights
Trading volumes saw significant expansion, with Futures ADT growing 47% to ₹59,674 crore from ₹40,547 crore in Q1FY26. Options (Notional) ADT surged by 266% to ₹9.90 lakh crore against ₹2.70 lakh crore in the prior year period. Total traded clients increased to 13.72 lakhs from 7.03 lakhs. Physical deliveries remained robust, with Gold deliveries at 6.3 MT, Silver at 122 MT, and Base Metals at 20,700 MT.
Bullion and Energy segments dominated turnover, accounting for the majority of the ADT growth. Bullion Futures ADT rose 27% year-on-year to ₹38,350 crore, while Energy Futures ADT doubled to ₹15,175 crore. In the options segment, Bullion Options Notional ADT jumped 541% to ₹681,609 crore, and Energy Options Notional ADT grew 82% to ₹297,913 crore.
MCX successfully launched the Silver 100gm Futures contract on June 1, 2026. The exchange expanded its Good Delivery (GD) Norms to include silver, empanelling its first domestic silver refiner in July 2026. Additionally, three more domestic refiners were added for gold contracts in July 2026.
What the Numbers Show
The significant year-on-year jump in net profit reflects strong operational momentum, with income from operations nearly doubling. The expansion in EBITDA margin to 72% from 68% year-on-year underscores improved operating efficiency alongside revenue growth. However, the quarter-on-quarter decline in net profit from ₹529.77 crore in Q4FY26 to ₹413.44 crore indicates seasonal variability in trading volumes or transaction fees. The rise in employee benefits and license fees suggests ongoing investment in infrastructure and compliance, which absorbed part of the revenue growth but still allowed margins to expand significantly compared to the prior year.
Corporate Developments
During the quarter, the Holding Company incorporated a wholly owned subsidiary, MCX Coal Exchange of India Limited, on June 11, 2026, infusing an initial capital of ₹1.00 crore comprising 10 lakh shares of ₹10 each. The Core Settlement Guarantee Fund (SGF) stood at ₹1,443.73 crore as of June 30, 2026, comprising contributions from MCXCCL (₹772.87 crore), MCX (₹331.03 crore), and penalties/interest (₹339.83 crore).
As of June 30, 2026, Mutual Funds held 30.07% of the company’s shares, followed by Foreign Portfolio Investors at 29.84%. Resident Individuals held 15.83%, while Banks held 15.00%. Kotak Mahindra Bank Ltd remained the largest single shareholder with a 14.99% stake.
Historical Stock Returns for MCX
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.61% | +12.24% | +16.66% | +36.38% | +106.13% | +1,005.02% |
How might the 266% surge in options ADT influence MCX's pricing power and competitive positioning against rival exchanges like NCDEX in upcoming quarters?
What is the expected revenue contribution from the newly incorporated MCX Coal Exchange subsidiary, and how will it impact consolidated margins in FY27?
Will the seasonal moderation observed in Q1FY27 compared to Q4FY26 persist, or do analysts expect a rebound in trading volumes driven by the new Silver 100gm Futures contract?


































