MCX Revenue Jumps 205% in Q4; Bullion, Metals, or Energy – Who Led the Growth

Synopsis: India’s top commodity exchange posted its strongest annual performance on record in FY26, with profits more than doubling and trading volumes surging across key segments.

When a commodity exchange built on metals and energy trade starts firing on all cylinders, the numbers tend to speak loudly. FY26 turned out to be exactly that kind of year for India’s dominant commodity derivatives platform – one where surging participation, new products, and stronger volumes came together to deliver a performance few would have anticipated just a year ago.

Q4 FY26 Revenue Surge Led by Bullion and Energy Strength

Multi Commodity Exchange of India Limited reported a sharp jump in consolidated revenue from operations for Q4 FY26, rising to Rs. 889 crores – a growth of approximately 205% over Rs. 291 crores in Q4 FY25. On a sequential basis, revenue grew 34% from Rs. 666 crores in Q3 FY26. For the full year FY26, revenue from operations stood at Rs. 2,302 crores, up 107% from Rs. 1,113 crores in FY25.

The primary growth engine behind these numbers was the bullion segment, where average daily turnover in futures and options surged 496% year-on-year. Metals followed with 116% ADT growth, and energy grew 29% over the same period. Combined, these three segments drove the exchange’s average daily turnover to Rs. 5.4 lakh crores for FY26 – a 145% jump over FY25. The exchange also reported a well-balanced split between futures and options, with futures revenue rising 136% to Rs. 693 crores and options revenue climbing 109% to Rs. 1,398 crores.

Profits More Than Doubled; EBITDA Margins Remain Healthy

On the profitability front, MCX posted a consolidated profit after tax of Rs. 530 crores for Q4 FY26, up approximately 291% from Rs. 135 crores in Q4 FY25. For the full year FY26, PAT came in at Rs. 1,332 crores – a 138% rise from Rs. 560 crores in FY25. EBITDA for the quarter stood at Rs. 703 crores, reflecting a 271% jump over Q4 FY25, with a margin of 76%. For FY26, EBITDA was Rs. 1,774 crores at a margin of 73%, compared to 63% in FY25. Total income for FY26 reached Rs. 2,429 crores, up 101% year-on-year. The board recommended a final dividend of Rs. 8 per share for FY26.

Participation and Product Expansion Broadened the Base

Beyond the financials, MCX saw significant expansion in market participation during FY26. The number of traded clients grew to 20.90 lakh from 13 lakh in FY25, supported by healthy addition of new members and financial and corporate institutions. The exchange also expanded its product line during the year, launching Electricity Futures, BULLDEX Options, Cardamom Futures, Nickel Futures, Gold Ten Futures, Gold Monthly Options, and Silver Monthly Options. 

Physical delivery volumes remained robust, with 21 MT in gold, 401 MT in silver, and 95,781 MT in base metals delivered during the year. MCX now ranks as the world’s largest commodity options exchange and the fourth largest commodity exchange globally, as per FIA data for 2025.

About the Company

Multi Commodity Exchange of India Ltd. (MCX) is India’s leading commodity derivatives exchange, operational since 2003. It holds over 98% market share in commodity futures trading by value in FY26. The exchange offers trading across bullion, energy, metals, and agri commodities, as well as sectoral indices, and has forged alliances with several international exchanges and trade associations.

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