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

Executive summary

• Q3 FY26 saw consolidated revenue from operations rise 121% YoY to ₹666 crore, with PAT up 151% to ₹401 crore, driven by strong volume growth in futures and options trading.

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

• The board approved unaudited standalone and consolidated financial results, reviewed by the Audit Committee and independent auditors with no material misstatements.

• New members, FPIs, and domestic institutions contributed to higher volumes, with a focus on governance, compliance, and market integrity.

Financial highlights

• Nine-month revenue from operations rose 72% YoY to ₹1,413 crore, and PAT increased 89% to ₹802 crore.

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

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

• Basic and diluted EPS (consolidated) for Q3 FY26 was ₹15.73, up from ₹6.28 in Q3 FY25.

• Core Settlement Guarantee Fund rose to ₹1,293 crore as of December 31, 2025.

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 a dominant share across bullion, base metals, and energy.

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

• Expense normalization and proactive planning for sustained growth are underway, with a focus on efficiency and bottom-line contribution.

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