MCX shares tumble 7% even as Q2 net profit surges 130% YoY, revenue more than doubles

ETMarkets.com

MCX shares retreat despite triple-digit profit and revenue growth.

MCX shares fell to Rs 3,255 apiece on the NSE on Wednesday morning, a day after touching a fresh 52-week high of Rs 3,538. The stock has more than doubled from its 52-week low of Rs 1,762, recorded a year ago.

Also read | MCX Q2 Results: Profit rockets 130% YoY to Rs 455 crore, revenue jumps 114%

MCX on Tuesday reported a 130% year-on-year (YoY) surge in consolidated net profit to Rs 454.57 crore in the second quarter of FY27, significantly up from Rs 197.47 crore in the corresponding quarter of the previous financial year. Its revenue from operations surged 114% YoY to Rs 799.66 crore from Rs 374.23 crore in the year-ago quarter

The commodity exchange’s total expenses grew over 40% YoY to Rs 211 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) soared 146% YoY to Rs 664 crore. EBITDA margin also expanded to 78% from 72.3% a year earlier.

MCX said its Average Daily Turnover (ADT) of futures increased to Rs 62,819 crore, and for options it increased to Rs 12,00,129 crore. “For over two decades, MCX has played a pivotal role in strengthening India’s commodity markets through transparent price discovery and effective risk management solutions. Our strong performance in Q2 FY27 reflects the continued trust of market participants and the growing relevance of the Exchange in the evolving commodity ecosystem,” said MCX CEO and Managing Director Praveena Rai.

The executive noted that the Q2 performance was driven by sustained growth across product segments, market participation, and ongoing efforts to broaden the product portfolio. “As we look ahead, our focus is on building on this strong foundation by continuing to broaden market participation, expand product portfolio, and invest in technology and innovation. We remain committed to developing a more vibrant and inclusive commodity markets ecosystem while creating sustainable, long-term value for all our stakeholders,” she further said.

Jefferies on MCX

Jefferies, in its first reaction to MCX Q2 results, pointed out that the September quarter EBITDA was largely in line with its estimates. Operating revenue grew 14% QoQ, led by options, whose share in transaction revenues rose to 76% in the September quarter, as against 75% last quarter.

Employee expenses grew slower than estimates, while tech cost growth was a miss. PAT was affected by higher taxes due to MCXCCL's Rs 470 million tax expense for the first half coming in Q2, Jefferies said.

MCX share price

The drop in MCX shares comes after a sharp run-up. The stock has gained 6% in a week and more than 53% in 2026 so far, bucking the headwinds that pushed the overall market down, and the Nifty Midcap 50 index over 2% lower. The stock has gained 81% in one year.

In the longer term, MCX shares have delivered multibagger returns of 562% in three years and 849% in five years. The company has a market capitalisation of around Rs 85,930 crore.

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