MCX · Financial Services · filed 3 Nov 2026
Multi Commodity Exchange of India Ltd. reported revenue of ₹800 cr for July to September 2026, +113.7% on the year and +13.9% on the quarter. That is faster than this quarter has grown in recent years (+52.1% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹3,057 cr, +128.2% on the four before.
Operating profit (EBITDA) was ₹611 cr, a margin of 76.4%, +1,134 bps on the year and +607 bps on the quarter. It is the widest margin of the last 8 quarters (range 55.0% to 76.4%). Operating costs grew +44.3% against revenue growth of +113.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹455 cr, +130.2% on the year and +9.9% on the quarter, with earnings per share of ₹17.83. Profit before other income, one-offs and tax grew faster, at +164.3%; other income, one-offs or tax held the headline back. The tax rate was 29% against an average of 21% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹1,799 cr, +158.7% on the four before.
Of the 8 companies in AMCs and capital market intermediaries that have reported Q2 FY27 so far, Multi Commodity Exchange of India Ltd. ranks 1st on revenue growth; the sector median is +32.2%. Its margin moved +1,134 bps on the year against a sector median of +222 bps.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter.
On earnings per share of ₹70.55 over the last four quarters, the stock at ₹3,545.00 trades at 50.2 times trailing earnings.
Less than half the profit turned into operating cash. Working capital, or something else?
Source: Cash flow statement
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Inventory against sales, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹65.1 cr | ₹64.0 cr | ▲ 1.8% |
| Cash | ₹450 cr | ₹820 cr | ▼ 45.1% |
| Bank balances | ₹2,759 cr | ₹1,717 cr | ▲ 60.7% |
| Trade payables | ₹200 cr | ₹193 cr | ▲ 3.7% |
| Net block | ₹297 cr | ₹233 cr | ▲ 27.8% |
| Capital work in progress | ₹22.7 cr | ₹28.0 cr | ▼ 18.8% |
| Equity | ₹3,512 cr | ₹2,848 cr | ▲ 23.3% |
| Total assets | ₹7,787 cr | ₹7,501 cr | ▲ 3.8% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹306 cr | ₹1,016 cr |
| Capital expenditure | −₹113 cr | −₹39.5 cr |
| Investing cash flow | −₹470 cr | −₹607 cr |
| Financing cash flow | −₹205 cr | −₹153 cr |
| Dividends paid | −₹204 cr | −₹153 cr |
Operating cash flow was 0.35× profit. Receivables at 8 days of sales (−2 days against the last year end).
Other matter 1: “We did not review the interim financial results of 1 wholly owned subsidiary company in India included in consolidated unaudited financial results, whose interim financial results reflects, total asset of Rs. 7,787.04 crore as at September 30,2026, total revenues of… Read in full
We did not review the interim financial results of 1 wholly owned subsidiary company in India included in consolidated unaudited financial results, whose interim financial results reflects, total asset of Rs. 7,787.04 crore as at September 30,2026, total revenues of Rs. 851.27 crore and 1603.07 crore for the quarter and half year ended September 30, 2026, total net profit/ (loss) after tax of Rs. 454.55 crore and 868.01 crore for the quarter and half year ended September 30, 2026 and total comprehensive income of Rs. 455.97 crore and 867.96 crore for the quarter and half year ended September 30, 2026 as considered in the consolidated unaudited interim financial statements/financial information/financial results of the entities included in the Group. These interim financial results have been reviewed by other auditor whose report have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based on the reports of the other auditor and the procedure performed by us as stated in paragraph 3 above.
Other matter 2: “The Statement includes results of 2 associates, which have not been reviewed by us, whose interim financial results reflect share in profit/ (loss) of Rs. (0.68) crore and (0.46) crore for the quarter and half year ended September 30, 2026… Read in full
The Statement includes results of 2 associates, which have not been reviewed by us, whose interim financial results reflect share in profit/ (loss) of Rs. (0.68) crore and (0.46) crore for the quarter and half year ended September 30, 2026 and share of other comprehensive income of Rs. 0.91 crore and 0.77 crore for the quarter and half year ended September 30, 2026 These financial results have been reviewed by other auditors whose reports have been furnished to us by Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these associates is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Filing p. limited review report p.1-2
Holding Company infused an additional capital of ₹51.50 crores in its wholly owned subsidiary MCX Coal Exchange of India Limited during Q2 FY27. (p. consolidated note 4)
SEBI Circular dated August 12, 2026 prescribed revised norms for Core SGF balance; Group is not required to make any contribution during Q2 FY27. (p. consolidated note 3)
Tax: Consolidated tax expense of ₹184.67 crore (current tax ₹181.16 crore, deferred tax ₹3.51 crore) on Profit before tax of ₹639.24 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Income from Operations (₹ crore) | 799.66 | 702 | 374.23 |
| Total Income (₹ crore) | 851.28 | 751.79 | 400.79 |
| Total Core SGF Balance (₹ crore) | 1,472 | — | — |
| MCX Core SGF Contribution (₹ crore) | 336.56 | — | — |
| MCXCCL Core SGF Contribution (₹ crore) | 785.77 | — | — |
| C&S Charges and Product License Fees (₹ crore) | 44.42 | 39.68 | 18.78 |
Read using the AMCs and capital market intermediaries framework (named in the filing read). Primary valuation lens: P/E against AUM growth and yield.
Read more closely in this sector: Treasury and float income inside profit · F&O share of revenue against regulatory change.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Commodity Exchange | ₹800 cr | ▲ 113.7% | ₹640 cr | ▲ 155.6% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹192 cr | ₹181 cr | ₹234 cr | ₹286 cr | ₹301 cr | ₹291 cr | ₹373 cr | ₹374 cr | ₹666 cr | ₹889 cr | ₹702 cr | ₹800 cr |
| YoY | — | — | +60% | +73% | +57% | +61% | +59% | +31% | +121% | +205% | +88% | +114% |
| EBITDA margin | −10.9% | 56.4% | 56.8% | 62.6% | 64.1% | 55.0% | 64.6% | 65.1% | 74.2% | 74.8% | 70.4% | 76.4% |
| Other income, % of PBT | — | 19% | 14% | 14% | 12% | 18% | 13% | 11% | 6% | 5% | 10% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 19% | 20% | 20% | 21% | 20% | 21% | 21% | 20% | 22% | 21% | 29% |
| Net profit | −₹5.0 cr | ₹88.0 cr | ₹111 cr | ₹154 cr | ₹160 cr | ₹135 cr | ₹203 cr | ₹197 cr | ₹401 cr | ₹530 cr | ₹413 cr | ₹455 cr |
| YoY | — | — | +455% | — | — | +53% | +83% | +28% | +151% | +293% | +104% | +130% |
| Core profit YoY | — | — | +2,280% | — | — | +57% | +87% | +35% | +165% | +368% | +112% | +164% |
| EPS | −₹0.21 | ₹3.45 | ₹4.35 | ₹6.02 | ₹6.28 | ₹5.31 | ₹7.97 | ₹7.74 | ₹15.73 | ₹20.78 | ₹16.21 | ₹17.83 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Multi Commodity Exchange of India Ltd. reported revenue of ₹800 cr (+113.7% on the year) and net profit of ₹455 cr (+130.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +164.3% on the year, against +130.2% for reported profit.
1 check raised a question: Less than half the profit turned into operating cash. Working capital, or something else?
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