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RBI lending norms impact on prop traders
View Risks →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.
bullish
high
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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.
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Read Transcript →Quarter Snapshot
Average Daily Turnover (ADT) growth
2.5x
+150% YoY
Average daily turnover across futures and options increased nearly 2.5 times year-over-year.
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.
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Guidance and risk preview
Management expects FY27 to be a strong year, though quarterly volatility may occur.
New RBI norms on lending to prop traders could reduce credit lines and impact volumes.
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