Transcript of Earnings Conference Call
MCX · price
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MCX reported an exceptional Q3 FY26, with consolidated revenue from operations up 121% year-on-year to ₹666 crore, EBITDA up 144% to ₹527 crore, and profit after tax up 151% to ₹401 crore. Average daily turnover (ADT) in futures and options surged to ₹7.5 lakh crore, a 220% jump from ₹2 lakh crore a year ago, driven largely by bullion (69% of ADT) and supported by base metals (copper, zinc, nickel). The company launched several new products including Gold Mini, Gold Ten Futures, silver monthly options, and options on the MCX iCOMDEX Bullion Index. On a 9-month basis, revenue grew 72% to ₹1,413 crore and PAT rose 89% to ₹802 crore. Revenue split for the quarter stood at ₹227 crore from futures and ₹380 crore from options, with float income of around ₹45 crore.
The strong volume growth and product diversification suggest continued momentum in MCX's earnings, though management indicated expenses will 'catch up' with growth and that tech and operational investments will scale further. Management acknowledged competition risk from other exchanges and evaded specific forward-looking questions on dividend policy, SGF requirements, and ADT projections for new index options, leaving investors with limited forward visibility despite the strong print.