MCX · Financial Services · filed 3 Nov 2026
Multi Commodity Exchange of India Ltd. reported revenue of ₹766 cr for July to September 2026, +117.7% on the year and +14.9% on the quarter.
Operating profit (EBITDA) was ₹514 cr, a margin of 67.2%, +1,063 bps on the year and +611 bps on the quarter. Operating costs grew +64.5% against revenue growth of +117.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹405 cr, +159.1% on the year and +23.8% on the quarter, with earnings per share of ₹15.90. Profit before other income, one-offs and tax grew faster, at +172.8%; other income, one-offs or tax held the headline back.
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 +1,063 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.
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, Cash behind the profit, 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 | ₹13.0 cr | ₹17.8 cr | ▼ 26.9% |
| Cash | ₹0.5 cr | ₹0.4 cr | ▲ 45.9% |
| Bank balances | ₹79.9 cr | ₹22.8 cr | ▲ 251.2% |
| Trade payables | ₹177 cr | ₹192 cr | ▼ 7.8% |
| Net block | ₹295 cr | ₹232 cr | ▲ 27.2% |
| Capital work in progress | ₹21.6 cr | ₹28.0 cr | ▼ 23.0% |
| Equity | ₹3,344 cr | ₹2,816 cr | ▲ 18.7% |
| Total assets | ₹4,266 cr | ₹3,730 cr | ▲ 14.4% |
Receivables at 2 days of sales (−1 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹352 cr | ₹667 cr | ₹766 cr |
| YoY | — | — | +118% |
| EBITDA margin | 56.5% | 61.0% | 67.2% |
| Other income, % of PBT | 13% | 11% | 9% |
| Exceptional items | — | — | — |
| Tax rate | 25% | 25% | 25% |
| Net profit | ₹156 cr | ₹327 cr | ₹405 cr |
| YoY | — | — | +159% |
| Core profit YoY | — | — | +173% |
| EPS | ₹6.13 | ₹12.84 | ₹15.90 |
| Flags | · | · | ✓ |
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 ₹766 cr (+117.7% on the year) and net profit of ₹405 cr (+159.1% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +172.8% on the year, against +159.1% for reported profit.
None of the 11 checks that could run raised a question.
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