MCX
Multi Commodity Exchange of India share price & financials
- Price
- ₹2,803.8
- Market cap
- ₹76.0k Cr
- Sector
- Financial Services
- Calls analysed
- 6
Multi Commodity Exchange of India Limited Q1 FY27
What went well
- Total income increased by 85% year-on-year to INR752 crores, demonstrating strong financial performance.
- Revenue from operations grew by 88% to INR702 crores, reflecting robust operational growth.
- EBITDA more than doubled to INR544 crores, achieving an impressive 72% margin, highlighting business model scalability and efficiency.
What to watch
- A normalization of the premium ratio for gold and silver options was observed, primarily due to reduced market volatility post-Q4 FY26.
- A slight quarter-on-quarter decline in traded Unique Client Codes (UCCs) was noted, though management views the underlying trend of new member additions as positive.
What Multi Commodity Exchange of India Limited does
Multi Commodity Exchange of India Limited is India's first listed and largest commodity derivatives exchange, running an electronic trading platform for futures and options contracts on bullion, base metals, energy and agricultural commodities. It earns by charging trading/transaction fees to its member-brokers and by licensing its proprietary indices and derivative products. Its wholly-owned subsidiary, MCX Clearing Corporation Limited (MCXCCL), acts as the central counterparty that clears and settles every trade executed on the exchange, backed by empanelled clearing banks and a network of designated delivery warehouses. MCX has progressively converted base-metal contracts into compulsory-delivery contracts and keeps widening its product suite with new indices and derivative categories such as electricity futures.
Segments
- Bullion
- Energy
- Base Metals
- Agri Commodities
- Index (Indices)
- Trading members on the exchange
- 583
- Authorized participants
- 32,044
- Registered client base (Unique Client Codes, UCC)
- 4.65 crore
- Clearing members (via subsidiary MCXCCL)
- 239
- Clearing banks empanelled for funds settlement
- 10
- Designated delivery warehouse locations
- Thane, Raipur, Chennai, Kolkata, Palwal (NCR)
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 2 delivered 2 missed 7 open- System Volume Capacity on track said Q3 FY26 Promised: well placed for at least 3x to 4x kind of a volume... intention to be ready for a 10x volume Q1 FY27: Management confirms system has handled more than 3 billion transactions a day (up from <1bn a year ago) and has capacity for more than double that, validating the 3x-4x capacity claim.
- Expense Ratios delivered said Q4 FY25 Promised: expect our ratios to stay flat Q4 FY26: Full year FY26 results confirm massive operating leverage. Revenue more than doubled while EBITDA margin for the year was 77.1%, far exceeding the 'flat' expense ratio guidance.
- Tech Cost went quiet said Q4 FY25 Promised: INR 90-110 crores Q4 FY26: No specific figure for FY26 technology cost was provided to verify against the INR 90-110 crores guidance. The fiscal year has concluded without a final number being reported.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 88.2%, net profit up 103.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 286 | 301 | 291 | 373 | 374 +31% | 666 +121% | 889 +205% | 702 +88% |
| EBITDA | 179 | 193 | 160 | 241 | 242 +35% | 494 +156% | 665 +316% | 494 +105% |
| Net profit | 154 | 160 | 135 | 203 | 197 +28% | 401 +151% | 530 +293% | 413 +103% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −57.0% 1Y
1Y: ₹7,619 on 10 Sept 2025 → ₹3,276. High ₹11,052 (26 Dec 2025), low ₹2,177.8 (30 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- −3.0%
- 5 Aug
- Q4 FY26
- +3.3%
- 11 May
- Q3 FY26
- +6.0%
- 27 Jan
- Q2 FY26
- +1.9%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 64.8% a year over 3 years, FY23 to FY26. Operating margin widened to 71.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹514 Cr | ₹684 Cr | ₹1.1k Cr | ₹2.3k Cr |
| Operating profit | ₹145 Cr | ₹60 Cr | ₹665 Cr | ₹1.6k Cr |
| Operating margin | 28.2% | 8.8% | 59.8% | 71.3% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹22 Cr | ₹36 Cr | ₹64 Cr | ₹78 Cr |
| Net profit | ₹148 Cr | ₹84 Cr | ₹560 Cr | ₹1.3k Cr |
| Net margin | 28.8% | 12.3% | 50.4% | 57.8% |
| Cash from operations | ₹141 Cr | ₹442 Cr | ₹950 Cr | ₹3.0k Cr |
| Free cash flow | ₹70 Cr | ₹299 Cr | ₹854 Cr | ₹3.0k Cr |
| ROCE | 13.0% | 7.0% | 43.0% | 71.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr |
| Reserves | ₹1.4k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹1.3k Cr | ₹2.0k Cr | ₹2.8k Cr |
| Borrowings | ₹2 Cr | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹1 Cr | ₹5 Cr |
| Other liabilities | ₹1.1k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹3.2k Cr | ₹4.6k Cr |
| Total liabilities | ₹2.5k Cr | ₹2.8k Cr | ₹3.0k Cr | ₹3.4k Cr | ₹5.3k Cr | ₹7.5k Cr |
| Fixed assets | ₹159 Cr | ₹156 Cr | ₹150 Cr | ₹379 Cr | ₹430 Cr | ₹419 Cr |
| Capital work in progress | ₹26 Cr | ₹95 Cr | ₹169 Cr | ₹16 Cr | ₹0 Cr | ₹28 Cr |
| Investments | ₹1.2k Cr | ₹1.2k Cr | ₹1.0k Cr | ₹914 Cr | ₹1.8k Cr | ₹2.9k Cr |
| Other assets | ₹1.1k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹2.1k Cr | ₹3.0k Cr | ₹4.1k Cr |
| Total assets | ₹2.5k Cr | ₹2.8k Cr | ₹3.0k Cr | ₹3.4k Cr | ₹5.3k Cr | ₹7.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −8.29 pp while FIIs added +8.16 pp. The shareholder count grew 84% to 4,32,684.
- FIIs
- 29.9%
- DIIs
- 50.8%
- Government
- 0.0%
- Public
- 19.1%
- Others
- 0.2%
Since Jun 2025
- DIIs −8.29 pp
- FIIs +8.16 pp
- Public +0.12 pp
How it drifted, 12 quarters
Over this window DIIs fell from 56.4% to 50.8% — −5.6 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 25.3%, DIIs 56.4%, Public 18.1%, Others 0.2%.Dec '23: FIIs 26.6%, DIIs 53.0%, Public 20.2%, Others 0.2%.Mar '24: FIIs 23.2%, DIIs 56.9%, Public 19.7%, Others 0.2%.Jun '24: FIIs 20.7%, DIIs 57.2%, Public 21.9%, Others 0.2%.Sep '24: FIIs 22.1%, DIIs 57.5%, Public 20.3%, Others 0.2%.Dec '24: FIIs 23.1%, DIIs 56.3%, Public 20.4%, Others 0.2%.Mar '25: FIIs 21.8%, DIIs 58.1%, Public 19.9%, Others 0.2%.Jun '25: FIIs 21.7%, DIIs 59.1%, Public 19.0%, Others 0.2%.Sep '25: FIIs 19.0%, DIIs 60.5%, Public 20.3%, Others 0.2%.Dec '25: FIIs 20.6%, DIIs 59.2%, Public 20.0%, Others 0.2%.Mar '26: FIIs 26.1%, DIIs 54.4%, Government 0.0%, Public 19.4%, Others 0.2%.Jun '26: FIIs 29.9%, DIIs 50.8%, Government 0.0%, Public 19.1%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal Services Fund Mutual fund newly disclosed 4.48% held
- ICICI Prudential Mutual Fund - ICICI Prudential Ni Mutual fund newly disclosed 2.72% held
- SBI Arbitrage Opportunities Fund Mutual fund newly disclosed 1.79% held
- Edelweiss Business Cycle Fund Mutual fund newly disclosed 1.65% held
- HSBC Mutual Fund - HSBC Aggressive Hybrid Fund Mutual fund newly disclosed 1.59% held
- SBI Life Insurance Co. Ltd Insurer newly disclosed 1.45% held
- Axis Max Life Insurance Limited A/C Nifty Momentum Insurer newly disclosed 1.39% held
- New World Fund Inc Global fund house newly disclosed 1.37% held
The same filing shows 4 holders trimming and 11 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Multi Commodity Exchange of India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kotak Mahindra Bank Limited Bank | 15.00% | unchanged |
| Motilal Oswal Services Fund Mutual fund | 4.48% | newly disclosed |
| Government Pension Fund Global Sovereign | 3.30% | −0.36 pp |
| Nippon India Trustee Ltd-A/C Nippon India Val Mutual fund | 3.00% | −0.16 pp |
| ICICI Prudential Mutual Fund - ICICI Prudential Ni Mutual fund | 2.72% | newly disclosed |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund | 2.13% | −1.24 pp |
| Mirae Asset Banking And Financial Services Fund Mutual fund | 2.02% | +0.22 pp |
| Canara Robeco Mutual Fund A/C Canara Robeco Multi Mutual fund | 1.86% | −0.10 pp |
| SBI Arbitrage Opportunities Fund Mutual fund | 1.79% | newly disclosed |
| Edelweiss Business Cycle Fund Mutual fund | 1.65% | newly disclosed |
| HSBC Mutual Fund - HSBC Aggressive Hybrid Fund Mutual fund | 1.59% | newly disclosed |
| SBI Life Insurance Co. Ltd Insurer | 1.45% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MCX
Filings to Aug 2026
4 new, 8 added, 5 trimmed, 1 sold out — net −11.26 L shares (−7.1%).
- Held by funds
- ₹5.0k Cr
- 24 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹1.5k Cr · 2.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹1.5k Cr | held | Mar '26 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹952 Cr | held | Feb '21 |
| SBI Midcap Fund SBI Mutual Fund | ₹748 Cr | held | Mar '26 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹539 Cr | new | Aug '26 |
| SBI Flexicap Fund SBI Mutual Fund | ₹326 Cr | held | Feb '26 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹187 Cr | held | Apr '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹115 Cr | +0.24 L | Dec '23 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹109 Cr | new | Aug '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
8 added, 5 trimmed — net −11.26 L shares (−7.1%)
- Funds are sitting on
- +25%
- vs est. average cost
- Held by funds
- ₹5.0k Cr
- 24 schemes · ≈ 5.5% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹1.5k Cr · 2.8% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 5y 7m · since Feb '21
Shares held by these funds −33%
Aug '23 1.58 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Multi Commodity Exchange of India Limited
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