Average Daily Turnover (ADT) growth
2.5x
+150% YoY
Average daily turnover across futures and options increased nearly 2.5 times year-over-year.
MULTICOMMODITYEXCHANGEOF
Other
15 May 2026
Multi Commodity Exchange of India Limited — Q4 FY26
MCX reported a stellar FY26 with consolidated revenue more than doubling to ₹232 crore, driven by a 2.5x increase in average daily turnover across futures and options.
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
MCX reported a stellar FY26 with consolidated revenue more than doubling to ₹232 crore, driven by a 2.5x increase in average daily turnover across futures and options. PAT crossed ₹1,300 crore and EBITDA reached ₹1,774 crore, reflecting scale benefits and cost discipline. Growth was led by bullion (up 4x) and energy, with structural tailwinds from rising retail participation, digital broker onboarding, and product innovation. Management expects a strong FY27 but flagged potential headwinds from RBI lending norms impacting prop traders and competitive threats from equity exchanges entering commodities. Key risks include operational risk from high volatility and regulatory changes.
Key Numbers
Bullion volume growth
4x
+300% YoY
Bullion segment volumes grew more than four times year-over-year, a key driver.
UCC (Unique Client Code) growth
64%
+64% YoY
Unique client codes increased by 64% for the full year, indicating retail expansion.
FPI contribution to ADT
2-3%
flat
FPI contribution to overall ADT is 2-3%, primarily in energy segment where it is double-digit.
Management Guidance
Strong year expected for FY27
Management expects FY27 to be a strong year, though quarterly volatility may occur.
Management guidance growthNew product launches in metals and indices
MCX plans to launch new metal contracts and deepen index futures and options portfolio.
Management guidance expansionCoal exchange subsidiary to be established
MCX won license to set up a coal exchange as a subsidiary, targeting spot market consolidation.
Management guidance expansionKey Risks
RBI lending norms impact on prop traders
New RBI norms on lending to prop traders could reduce credit lines and impact volumes.
medium · analyst_questionCompetition from equity exchanges
Equity exchanges entering commodities could erode market share if they offer better user experience or products.
high · analyst_questionOperational risk from high volatility
High market volatility challenges platform, surveillance, and risk management systems.
high · management_commentaryRegulatory changes in commodity derivatives
Potential regulatory actions could curtail business scope or impose new compliance costs.
medium · management_commentaryNotable Quotes
The growth we are witnessing is structural along with taking advantage of cyclical tailwinds.
We don't want to be reacting and making any moves which are not cognizant with the way commodity products should operate.
Operating risk is number one... the ability to operate and deliver to that opportunity is really not something one takes for granted.
Frequently Asked Questions
What was Multi Commodity Exchange's revenue in Q4 FY26?
Multi Commodity Exchange reported revenue of ₹889 Cr in Q4 FY26, representing a +100% change compared to the same quarter last year.
What guidance did Multi Commodity Exchange management give for FY27?
Strong year expected for FY27: Management expects FY27 to be a strong year, though quarterly volatility may occur. New product launches in metals and indices: MCX plans to launch new metal contracts and deepen index futures and options portfolio. Coal exchange subsidiary to be established: MCX won license to set up a coal exchange as a subsidiary, targeting spot market consolidation.
What are the key risks for Multi Commodity Exchange in FY27?
Key risks include RBI lending norms impact on prop traders — New RBI norms on lending to prop traders could reduce credit lines and impact volumes.; Competition from equity exchanges — Equity exchanges entering commodities could erode market share if they offer better user experience or products.; Operational risk from high volatility — High market volatility challenges platform, surveillance, and risk management systems.; Regulatory changes in commodity derivatives — Potential regulatory actions could curtail business scope or impose new compliance costs..
Did Multi Commodity Exchange meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Multi Commodity Exchange Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.