Multi Commodity Exchange of India (MCX) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 marked a strong quarter with consolidated revenue from operations up 121% year-on-year to INR 666 crore (₹665.62 crore), EBITDA up 144% to INR 527 crore, and PAT up 151% to INR 401 crore, driven by robust volume growth in futures and options trading.

• Growth was fueled by increased macroeconomic activity, product launches, and deepening market participation, especially in bullion and base metals.

• Bullion contributed 69% of average daily turnover, supported by successful launches like Gold Mini, Gold Ten Futures, and Silver Monthly Options.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, in compliance with SEBI regulations.

• Financials reviewed by the Audit Committee and limited review conducted by independent auditors, with no material misstatements identified.

Financial highlights

• Average daily turnover in futures and options rose to INR 750,000 crore, up from INR 400,000 crore in H1 and INR 200,000 crore last year, a 220% year-on-year increase.

• Q3 FY26 EBITDA reached ₹527 crore, up 144% YoY, with an EBITDA margin of 76%.

• Q3 revenue split: INR 227 crore from futures and INR 380 crore from options.

• Basic and diluted EPS (consolidated) for Q3 FY26 was ₹15.73, up from ₹6.28 in Q3 FY25; nine-month EPS was ₹31.45, up from ₹16.65 year-over-year.

• Core Settlement Guarantee Fund rose to ₹1,293 crore from ₹896 crore YoY.

Outlook and guidance

• Management expects continued momentum in UCC growth and market participation, with headroom for further expansion.

• Options-led growth is expanding the overall market, with MCX maintaining over 99% share across bullion, base metals, and energy.

• Institutional participation and new product launches are expected to further drive growth.

• Ongoing investments in technology and operational capacity to support higher volumes and resilience.

• Expense normalization and proactive planning for sustained growth are underway.