MCX consolidated PAT more than doubles YoY to ₹413 Cr as NPM expands to 55%, beating Street

MCX's consolidated PAT rose 103.5% YoY to ₹413.44 Cr on revenue (income from operations) of ₹702.00 Cr, up 85.3% total-income and 88.1% revenue-from-operations YoY, comfortably clearing Street estimates of ₹478-538 Cr revenue and ₹247-315 Cr PAT (Uniresearch/Univest preview) — a beat of roughly 30-70% on PAT depending on the estimate used. Sequentially both revenue (-21.0%) and PAT (-22.0%) pulled back from Q4 FY26's record ₹888.94 Cr/₹529.77 Cr base; this reads as normalization off an unusually strong volatility-driven quarter rather than a deterioration, and Q4's 57.3% NPM was itself flagged pre-results as a tough bar to repeat. Net profit margin expanded to 55.0% from 50.1% a year ago even as Contribution to Statutory Funds & Regulatory Fees nearly doubled YoY to ₹54.19 Cr (including ₹32.32 Cr toward the Core Settlement Guarantee Fund, per note 4) from ₹26.81 Cr — that cost scales with traded volumes and was outpaced by the 88.1% revenue growth. Total expenses grew 53.7% YoY (₹148.91 Cr to ₹228.88 Cr) against 85.3% total-income growth, the source of the operating leverage. The effective tax rate held steady at ~21.0% versus ~20.8% a year ago. Standalone PAT was ₹327.32 Cr (+108.6% YoY, EPS ₹12.84), below the consolidated ₹413.44 Cr (EPS ₹16.21) as Group results fold in subsidiary MCXCCL and two associates; the two bases tell a consistent growth story with no material divergence. During the quarter the company incorporated wholly-owned subsidiary MCX Coal Exchange of India (₹1 Cr initial capital, June 11, 2026) and the Board approved a final dividend (record date August 28, 2026, payment by October 15, 2026). Management's press release framed the quarter around "growing volumes across our markets" and the "increasing relevance of commodity derivatives as an effective tool for both hedging and investment" — a claim the revenue growth directly substantiates. Management's prior (Q4 FY26) commentary carried no specific margin or revenue targets, instead citing "continued momentum" alongside investment in new products and market depth while flagging potential quarterly cyclicity; this quarter's volume-led beat is consistent with that qualitative guidance being on track, and the sequential pullback from Q4's peak is the cyclicity management itself pointed to.