Multi Commodity Exchange of India (MCX) Q2 26/27 earnings summary

Executive summary

• H1 FY27 total income rose 98.6% YoY to ₹1,603 crore and PAT increased 116.4% to ₹868 crore; Q2 consolidated PAT was ₹454.57 crore.

• Q2 combined futures and options ADT reached ₹1,262,948 crore, up 20.4% QoQ and 207.1% YoY, with options activity driving much of the growth.

Financial highlights

• H1 operating revenue was ₹1,501.66 crore; consolidated EBITDA was ₹1,206 crore, up 121.3% YoY, and PBT was ₹1,162 crore.

• Q2 operating income was ₹799.66 crore and total income ₹851.28 crore; consolidated EBITDA was ₹664 crore, up 145.9% YoY.

• H1 consolidated PAT was ₹868.01 crore versus ₹401 crore in H1 FY26; standalone PAT was ₹732.67 crore.

• Q2 consolidated EPS was ₹17.83 and H1 EPS was ₹34.04; standalone EPS was ₹15.90 and ₹28.73, respectively.

• Product license costs are linked to CME crude pricing data and rise largely with business volumes; higher technology costs reflect ongoing maintenance and expanded capacity.

Outlook and guidance

• Management expects a higher participation baseline to sustain; H2 outcomes depend partly on platform use for hedging amid commodity volatility, with no EBITDA margin projection.

• Growth levers include bank-sponsored broking and clearing, mutual fund access to ETCDs, portfolio managers, and FPI participation with DMA.

• Product expansion includes commodity index options and new bullion, energy and metals products; launches will be paced to allow participants and related industries time to prepare.