Transcript of the Earnings Conference Call with investors/analysts on Q4 FY 2025 results.
MCX · price
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MCX reported a strong FY25 with consolidated income of INR 1,208 crores, up 59% YoY, and Q4 revenue growing 61% YoY. EBITDA reached INR 761.5 crores (63% margin) and PAT was INR 560 crores (46% margin). Average daily throughput nearly doubled to INR 2.2 trillion with options premium ADT up 85%. The company highlighted record turnover of INR 71,500 crores post the US tariff announcement, ~7 metric tonnes of gold, 663 metric tonnes of silver, and ~70,000 metric tonnes of base metals delivered. New launches include Gold Ten (10-gram) which saw strong initial response. Management indicated FY26 tech costs around INR 90-110 crores and employee costs around INR 150-160 crores, with cost ratios expected to stay flat. Multiple new products (silver monthly micro options, index options, electricity futures) await regulatory approval.
Strong volume growth and healthy margins should support investor confidence, though cost increases (partly one-time performance payouts and IT renewals) may temper near-term earnings. The dependence on regulatory approvals for new product launches (index options, electricity futures) remains a key overhang. Premium-to-notional ratio could gradually decline as gold options gain share in the mix.