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

Executive summary

• Consolidated income for FY24-25 reached INR 1,208 crores, a 59% year-on-year increase, with Q4 income up 61% year-on-year.

• EBITDA for the year was INR 761.5 crores, up 63%, and profit after tax stood at INR 560 crores with a 46% margin.

• PAT for FY2025 surged 574% to ₹560.04 Cr; EBITDA up 445% to ₹761.51 Cr year-over-year.

• 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 quarter and year ended March 31, 2025, were approved, with auditors issuing an unmodified opinion.

Financial highlights

• FY2025 operating revenue rose 63% to ₹1,112.66 Cr; total revenue up 59% to ₹1,208.86 Cr compared to FY2024.

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

• Full-year tech cost was INR 93 crore; employee cost was INR 144 crore.

• Consolidated net profit after tax for FY25 was ₹56,004 lakhs, compared to ₹8,311 lakhs in FY24.

• Basic EPS for FY2025 was ₹109.82, up from ₹16.30 in FY2024.

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.

• Forward-looking statements indicate expectations of continued growth, but highlight exposure to economic, political, and regulatory risks.