Multi Commodity Exchange of India (MCX) Q4 24/25 earnings summary

Executive summary

• Consolidated income for FY24-25 reached ₹1,208.86 Cr, a 59% year-on-year increase, with Q4 income up 61% year-on-year.

• EBITDA for the year was ₹761.51 Cr, up 445%, and profit after tax stood at ₹560.04 Cr with a 46% margin.

• PAT surged 574% year-over-year to ₹560.04 Cr, and Q4 PAT was ₹135.46 Cr, up 54%.

• MCX was recognized as the world's largest commodity options exchange in 2024, with leading positions in crude oil, natural gas, gold, and silver options.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved, with auditors issuing an unmodified opinion.

Financial highlights

• FY2025 operating revenue: ₹1,112.66 Cr (up 63% year-over-year); total revenue: ₹1,208.86 Cr (up 59%).

• Q4 option revenue was ₹179 Cr; futures revenue was ₹75 Cr.

• Full-year tech cost was ₹93 Cr; employee cost was ₹144 Cr.

• Basic EPS for FY2025: ₹109.82 (vs ₹16.30 in FY2024).

• Networth as of March 31, 2025: ₹1,884 Cr (excluding SGF).

Outlook and guidance

• Expense ratios are expected to remain flat in FY26, with tech and employee costs projected at similar levels to FY25.

• CapEx and depreciation will continue at current levels due to ongoing tech refresh, regulatory changes, and capacity expansion.

• New product launches, including index options, weekly expiry options, electricity futures, and silver micro options, are planned pending regulatory approval.

• Dividend of ₹30 per share proposed for FY25, reflecting strong performance and positive outlook.