MCX Q2 Results: Net Profit Surges 130.2% YoY to ₹455 Crore as Revenues Hit ₹800 Crore

Key numbers

Market Cap	₹88,994.69 CrCapital Markets
P/E TTM	57.72Industry: 40.42
1Yr Price Change	88.79%High: 3538
RSI	52.77Neutral Zone

Key highlights

• Consolidated revenue from operations rose 113.9% year-on-year to ₹800 crore
• Net profit grew 130.2% YoY to ₹455 crore, up from ₹198 crore in Q2-26
• Operating margin expanded to 75.1% from 62.1% in the same quarter last year
• Company infused ₹51.50 crore additional capital into its wholly-owned subsidiary MCX Coal Exchange
• Total Core Settlement Guarantee Fund (SGF) stood at ₹1,472.16 crore as of September 30, 2026

Operational Revenue and Profit Growth

MCX recorded a strong quarter with revenue from operations reaching ₹800 crore, a 14% sequential increase from the ₹702 crore reported in Q1-27. This growth in revenue translated effectively to the bottom line, with net profit rising 10.0% quarter-on-quarter to ₹455 crore. The performance marks a sharp recovery from the previous year, when Q2-26 net profit stood at ₹198 crore.

The increase in profitability is reflected in the basic earnings per share, which rose to ₹17.83 for the quarter compared to ₹7.74 in the corresponding period last year.

Margin Expansion and Settlement Fund Norms

• Operating margins climbed to 75.1% in Q2-27, up from 69.6% in the previous quarter and 62.1% in Q2-26.
• Total expenses for the consolidated entity stood at ₹211.36 crore for the quarter.
• Expenditure on technology and information related services was ₹34.63 crore during the period.
• Other income contributed ₹51.6 crore to the total income of ₹851 crore in Q2-27.
• Following SEBI circulars in August 2026, the Group was not required to make additional contributions to the Core SGF this quarter.

Capital Infusion for Coal Exchange Initiatives

During the quarter ended September 30, 2026, MCX infused additional capital of ₹51.50 crore into its wholly-owned subsidiary, MCX Coal Exchange of India Limited. This strategic allocation brings the total capital infused into the subsidiary to ₹52.50 crore, as the exchange progresses toward diversifying its product offerings into the energy market. This aligns with management's earlier guidance on product expansion initiatives.

The company continues to maintain a strong liquidity position, with consolidated cash and cash equivalents reported at ₹450.43 crore at the end of the period.

Market Valuation and Ownership Structure

MCX is currently trading with a TTM P/E of 57.72, which is higher than the industry median of 40.42 but significantly lower than its five-year average PE of 121.81. The stock has demonstrated strong performance with an 88.79% return over the past year and is currently trading near its 52-week high of 3538. Ownership remains dominated by institutions, who hold an 82.23% stake.

Mutual funds have increased their holding by 3.88% over the last quarter to reach a 33.95% stake, while Foreign Institutional Investors (FIIs) hold a 27.06% share in the company.

What to watch next

• Post-earnings analyst and investor conference call scheduled for November 04, 2026
• Trading window for designated persons to re-open on November 06, 2026
• Launch and volume traction for Silver 100g futures and updated BULLDEX contracts
• Operational milestones for the newly capitalized MCX Coal Exchange subsidiary

Multi Commodity Exchange of India · financial snapshot

Share price	₹3490.1
Market capitalisation	₹88,994.69 Cr
Revenue (annual)	₹2,302.00 Cr
Net profit (annual)	₹1,331.55 Cr
Revenue (latest quarter)	₹702.00 Cr-21.03% vs previous quarter
Net profit (latest quarter)	₹413.44 Cr-21.96% vs previous quarter
P/E (TTM)	57.72×Sector 19.07×
Promoter holding	0%0.00% QoQ
FII holding	27.06%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.