StockWatch
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MULTI COMMODITY EXCHANGE OF INDIA LTD.

BSE: 534091

P/L Snapshot

Q1 FY27 · standalone

vs Q4 FY26·vs Q1 FY26
Revenue
716.81
-17.2%+88.2%
Expenditure
279.80
-12.2%+63.8%
Net Profit
327.32
-19.9%+108.6%
OPM %
61.05%
-2.77pp+5.14pp

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.00242.42484.84727.26969.67Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Price Chart
Reports

Record PAT, Normalized QoQ: The Cyclical Truth Behind the Headline

commodities · derivatives · volatility-dependent

Result verdictFollow-upQ1 FY2712 Aug 20266 minFinancial Services

Strong YoY, normalized QoQ; macro clouds loom, policy shifts pending

revenue +88% YoY · QoQ -21% normalization · RBI regulation uncertainty

TranscriptDeep diveQ1 FY2712 Aug 20266 minFinancial Services

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

commodity exchange · volume growth · margin expansion

ResultsQ1 FY2705 Aug 20263 minFinancial Services
Latest
Board Meeting4 Aug, 8:01 pm

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.

4 Aug 2026, 08:01 pm

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