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 FY26 consolidated operating revenue rose 59% year-over-year, with profit after tax up 83% to Rs 203.19 crore and EBITDA up 81% to Rs 274.27 crore.

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

• Maintained a dominant 98.8% market share in Indian commodity futures, with significant growth in both futures and options turnover.

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

Financial highlights

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

• Consolidated income from operations for Q1 FY26 was ₹373.21 crore, up from ₹234.37 crore year-over-year.

• EBITDA margin improved to 68% from 60% year-over-year; net profit margin reached 50%.

• Book value per share rose to Rs 370 from Rs 270 year-over-year; EPS increased to Rs 39.84 from Rs 21.75.

• FPI participation contributed about 7% of total turnover in Q4, with INR 16,500 crore in options and INR 600 crore in futures.

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 institutional participation and product innovation, including new index and electricity derivatives.

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