MCX · Financial Services
Multi Commodity Exchange of India Ltd. reported revenue of ₹374 cr for July to September 2025, +30.8% on the year and +0.3% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹1,339 cr, +50.0% on the four before.
Operating profit (EBITDA) was ₹244 cr, a margin of 65.1%, +251 bps on the year and +49 bps on the quarter. It is the widest margin of the last 8 quarters (range −10.9% to 65.1%). Operating costs grew +22.1% against revenue growth of +30.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹197 cr, +28.2% on the year and −2.7% on the quarter, with earnings per share of ₹7.74. Profit before other income, one-offs and tax grew faster, at +34.7%; other income, one-offs or tax held the headline back. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹695 cr, +99.8% on the four before.
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. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹27.30 over the last four quarters, the stock at ₹3,545.00 trades at 129.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Income from Operations (₹ crore) | 374.23 |
| Total Income (₹ crore) | 400.79 |
| C&S Charges and Product License Fees (₹ crore) | 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.
| 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 ₹374 cr (+30.8% on the year) and net profit of ₹197 cr (+28.2% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +34.7% on the year, against +28.2% for reported profit.
None of the 6 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.