Multi Commodity Exchange of India (MCX) Q1 25/26 earnings summary

Executive summary

• Consolidated income for FY 2024-25 reached INR 1,208 crore, a 59% year-on-year increase, with Q4 income up 61% year-on-year.

• Q1 FY25-26 saw robust growth across all key financial and operational metrics, with significant increases in revenue, profit, and trading volumes compared to Q1 FY24-25.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, and a 1:5 stock split, subject to approvals.

• Market share in commodity futures remains dominant at 98.8%, with strong leadership in bullion and energy segments.

• MCX recognized as the world's largest commodity options exchange, with top FIA rankings for Crude Oil and Natural Gas options.

Financial highlights

• Operating revenue rose 59% year-over-year to Rs 373.21 Cr; total revenue up 60% to Rs 405.82 Cr.

• EBITDA increased 81% year-over-year to Rs 274.27 Cr, with EBITDA margin at 68%.

• Profit after tax surged 83% year-over-year to Rs 203.19 Cr; net profit margin at 50%.

• Q4 option revenue was INR 179 crore; futures revenue was INR 75 crore.

• Book value per share rose to Rs 370 from Rs 270 a year ago.

Outlook and guidance

• Expense ratios are expected to remain flat in FY 2026, with continued CapEx and depreciation at current levels due to ongoing tech refresh and regulatory requirements.

• Continued focus on expanding product offerings, including electricity derivatives and index options.

• Stock split expected to be completed within statutory timelines, pending regulatory and shareholder approvals.