Financial Performance Overview
The Multi Commodity Exchange of India (MCX) witnessed remarkable financial growth during Q3FY26. Revenue from operations soared by 121% year-on-year, reaching
Rs 666 crore, a significant jump from Rs 301 crore in Q3FY25. The company's EBITDA also exhibited strong performance, increasing by 144% year-on-year, amounting to Rs 527 crore for the quarter. This robust performance underscores the company's margin expansion and operational efficiency. Furthermore, MCX's bottom line experienced a substantial sequential increase, rising by 103% from Rs 197 crore in Q2FY26. This financial momentum was also reflected in the company's net profit, which jumped 151% year-on-year, reaching Rs 401 crore for the quarter ended December 31, 2026, compared to Rs 160 crore in the same period a year earlier. The profit after tax (PAT) is attributable to the owners of the company.
Trading Activity and Volumes
The exchange also saw a considerable expansion in trading activity. The Average Daily Turnover (ADT) for futures and options surged by 224% year-on-year, reaching an impressive Rs 7,50,136 crore in Q3FY26, compared to Rs 2,31,821 crore in the corresponding quarter of the previous year. The bullion segment's contribution to ADT increased to 69% quarter-on-quarter, boosted by the introduction of new variants such as Gold Mini and Gold Ten Futures. In a specific instance during the period, MCX Gold futures due February 5, 2026, rose by Rs 4,800, or 3%, to Rs 1,62,429 per 10 grams. Meanwhile, silver futures for March 5, 2026, delivery surged by Rs 21,400, or 6%, reaching Rs 3,77,655 per kg. These figures highlight a period of increased market participation and trading volume.
Factors Driving Growth
The growth in MCX's share price and financial performance was largely fueled by soaring gold and silver prices. The surge in precious metal prices typically leads to increased volatility, attracting hedgers, traders, and speculators. This heightened activity translates into increased trading volumes for futures and options, directly benefiting MCX through higher transaction fees and, consequently, revenues. Furthermore, the company expanded its product offerings within the bullion segment, launching monthly options contracts on the MCX iCOMDEX Bullion Index – MCX BULLDEX. This covered both gold and silver, which further enhanced its appeal to market participants. Motilal Oswal, a domestic brokerage firm, maintained a Neutral rating on MCX, setting a one-year target price of Rs 2,750, predicated on a valuation of 38x FY28E EPS.
Future Outlook and Strategy
MCX's management expressed optimism regarding the company's continued momentum. The Managing Director & CEO, Praveena Rai, emphasized the company's focus on enhancing product breadth and operational readiness. This commitment is intended to deliver value to hedgers, investors, and members while shaping the future of commodity derivatives. The brokerage expects commodity volumes to normalize, assuming flat volumes in January 2026, which is followed by a 20% decline in February 2026. A gradual recovery is anticipated, with about 3% month-on-month growth in March 2026, and about 1% month-on-month growth thereafter. The company's strategic focus is on maintaining high governance and compliance standards, as the exchange aims to navigate future market conditions and sustain its growth trajectory.
