By Dalal Street Investment Journal (DSIJ)
MCX reported FY26 operating revenue of ₹2,302 crore and PAT of ₹1,332 crore as commodity derivatives trading expanded. The growth momentum continued in H1 FY27, with operating revenue rising 100.8% YoY to ₹1,502 crore and PAT increasing 116.4% to ₹868 crore. Futures average daily turnover increased 49.2% to ₹61,280 crore, while notional options turnover surged 242.4% to ₹10.97 lakh crore. This review examines market valuation, options versus futures, technology expenditure and shareholder ownership as of 5 November 2026.
Multi Commodity Exchange of India (MCX) operates a commodity derivatives marketplace in India. Its share closed at ₹3,390 on 12 October 2026. The company’s stock market value reflects expectations of trading activity and exchange profitability, not the direction of gold or crude prices alone.
| Key Metrics | MCX |
|---|---|
| NSE closing price (12 Oct 2026) | ₹3,390 |
| Market capitalisation | ₹86,315 crore |
| P/E | 56.0x |
| P/B | 18.6x |
| FY26 operating revenue | ₹2,302 crore |
| FY26 consolidated PAT | ₹1,332 crore |
| Dividend yield (approx.) | 0.2% |
| Face value | ₹2 |
The displayed price and valuation ratios are point-in-time measures; a live quote shows the current price. The stock’s price history is split and adjusted.
(Sources: Value Research, Screener and MCX.)
Established in 2003, MCX provides an electronic market in commodity futures and options across bullion, energy, base metals, selected agricultural commodities and indices. The exchange earns transaction fees and related exchange services income. Clearing, settlement and risk management are supported by subsidiary MCX Clearing Corporation (MCXCCL). Unlike a commodity producer, MCX does not depend on extracting or selling physical gold, silver or crude oil.
Liquidity concentrates in MCX contracts, as traders generally prefer contracts with order depth, narrow spreads, reliable settlement and active participation.
| Business Component | What Drives Activity |
|---|---|
| Commodity futures | Contracts and turnover |
| Commodity options | Premium turnover and fees |
| Clearing and settlement | CCL / risk infrastructure |
| Market services | Membership, data and services |
| Core markets | Bullion and energy |
(Source: DSIJ)
The company reported 613 members, 28,913 authorised persons and 5.37 crore unique client codes as of September 2026, according to MCX's latest investor presentation. These figures reflect the exchange's network reach rather than active participation. During Q2 FY27, approximately 15 lakh clients traded across futures and options, providing a clearer picture of actual trading activity.
| FY26 Operating Metric | Reported Value |
|---|---|
| Futures average daily turnover. | ₹61,280 crore |
| Options notional average daily turnover | ₹3,69,512 crore |
(Sources: Screener, MCX investor disclosures.)
Futures turnover and options notional turnover are different bases and cannot be treated as comparable revenue figures. Options premiums, fee schedules and product mix are more directly linked to revenue.
MCX’s profitability changed over three financial years. The FY24 profit base was lower partly due to technology transition costs. FY25 reflected business growth and lower extraordinary operating costs. In FY26, higher derivative activity increased transaction income, and operating costs grew more slowly than sales.
| Financials | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating revenue (₹ crore) | 684 | 1,113 | 2,302 |
| Revenue growth | 33% | 63% | 107% |
| Operating profit (₹ crore) | 63 | 665 | 1,642 |
| Operating margin | 9% | 60% | 71% |
| PAT (₹ crore) | 83 | 560 | 1,332 |
These are rounded consolidated figures from Screener’s published financial series. Operating margin rose from 9% to 71% over the period, and profit growth at this rate does not by itself indicate future growth. Expenses for technology, regulation and infrastructure continue even if incremental volumes soften.
At the verified 12 October 2026 closing price, MCX reported a P/E of 56x and P/B of 18.6x. The return on equity is 56.3% and the return on capital employed is 71.4%. Exchange and clearing corporation funds are not automatically distributable shareholder cash.
| Key Ratio (FY26 / 12 Oct Quote) | MCX |
|---|---|
| P/E | 56.0x |
| P/B | 18.6x |
| ROE | 56.3% |
| ROCE | 71.4% |
| Dividend yield | 0.2% |
(Source: Screener)
A single Financial Services sector average does not represent exchanges. Banks and lenders use customer deposits and credit books; exchanges derive earnings from trading activity and platform economics. BSE is a listed exchange comparison, while depositories and energy market platforms provide adjacent context. Ratios need consistent reporting dates and business model adjustments.
In the short term, the stock has been trading in a consolidation pattern on the daily chart since August 31. It is currently trading above its 10 day, 30 day and 100 day moving averages.
On a weekly basis, the stock is also trading above its 10 week, 30 week and 100 week moving averages. A support level has been noted at ₹3,142 and a resistance level at ₹3,401.
MCX has no promoter holding. Institutional ownership was 80.65% in June 2026 (FIIs 29.85% and DIIs 50.80%), and its composition has shifted. The following historical percentages include mutual funds within total DII holdings, avoiding double counting them as a separate institutional category.
| Holder Category | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|
| Promoters | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| FIIs | 19.00% | 20.64% | 26.07% | 29.85% | 27.06% |
| DIIs | 60.50% | 59.16% | 54.35% | 50.80% | 55.16% |
| Others | 20.50% | 20.20% | 19.58% | 19.35% | 17.77% |
(Sources: ET Money, Value Research and Screener.)
Meanwhile, the share of other investors decreased to 17.77% from 19.35%. The latest quarter indicates increased domestic institutional participation alongside reduced foreign institutional ownership. The following historical percentages include mutual funds within total DII holdings, avoiding double counting them as a separate institutional category.
Listed comparisons include other exchanges and transaction infrastructure firms, rather than conventional NBFCs. MCX focuses on commodities; BSE runs equity and derivatives markets; CDSL operates a securities depository; and Indian Energy Exchange (IEX) facilitates electricity market trading. The comparison relates to whether MCX’s valuation is linked to network effects, transaction growth or near-term margins.
| Company | Business Focus | Revenue Driver | Key Comparison |
|---|---|---|---|
| MCX | Commodity exchange | Derivatives fees | Options premium mix |
| BSE | Multi-asset exchange | Trading and listing | Derivatives scale |
| CDSL | Depository | Account/transaction fees | Investor participation |
The businesses have different fee structures, costs and regulatory risks. P/E ratios are compared after checking the same date and adjusting for unusually high or low earnings. A high ROE may reflect capital efficiency rather than absence of downside risk.
Bullion and energy account for most activity, and a weaker options cycle could reduce fee income disproportionately. More clients or higher notional turnover do not always translate into equal revenue growth.
SEBI may alter eligibility, contract specifications, margins, expiry schedules or participation rules. Tougher collateral requirements could affect speculative turnover even if they improve market resilience. New competing products might gradually redirect liquidity.
Exchanges must operate reliably through sharp volatility. System outages, cyber incidents, clearing errors, changes in technology contracts and unexpected compliance spending would affect costs and reputation.
Valuation compression is also a risk factor; the P/E is 56x, and the operating margin was 71%.
MCX reported FY26 operating revenue of ₹2,302 crore, an operating margin of 71% and a PAT of ₹1,332 crore, with an average daily notional turnover of ₹4,71,641 crore. The P/E was around 56x at the 12 October quote.
Options premium turnover, quarterly fee income, clearing costs, market share, capital allocation and margins are factors linked to future results.
The reported FY26 futures average daily turnover rose to ₹64,407 crore from ₹27,153 crore in FY25, an increase of about 137%. The growth momentum continued in Q2 FY27, with futures average daily turnover reaching ₹62,819 crore compared with ₹41,725 crore in Q2 FY26, an increase of 50.6%. Meanwhile, options' notional average daily turnover surged to ₹12,00,129 crore in Q2 FY27 from ₹3,69,512 crore in the corresponding quarter last year, registering growth of approximately 225%. Options premium average daily turnover also increased to ₹10,291 crore from ₹4,096 crore, reflecting higher trading activity. Notional value represents the underlying exposure referenced by an option contract, rather than the actual premium paid by the buyer.
This distinction is relevant. Exchange transaction charges on options may be linked to premium rather than full notional exposure, and fee schedules vary by product and period. Comparing options and futures using a common ₹ crore turnover number can therefore overstate the revenue significance of options. Premium turnover and transaction income disclosures are the related revenue measures.
Bullion and energy contributed approximately 98.4% of MCX's futures and options average daily turnover in Q2 FY27, compared with 97.6% in Q4 FY26. Bullion accounted for 66.9% of total turnover, while energy contributed 31.5%, highlighting the exchange's continued dependence on these two segments. Increased volatility in gold and silver may support trading and hedging activity, although a strong quarter does not necessarily indicate a sustained increase in trading volumes.
MCX moved to a new trading and clearing technology architecture developed with Tata Consultancy Services, replacing its earlier dependence on an extended incumbent vendor arrangement. TCS described the system as incorporating Deutsche Börse T7 trading technology and TCS BaNCS for clearing, settlement and risk management.
The migration and subsequent normalisation of technology arrangements help explain why FY24 costs were higher and why profitability later changed. However, software platforms are not costless after deployment: upgrades, licence fees, cybersecurity, resilience testing and capacity investment remain ongoing obligations.
Transition expenditure is separate from the recurring cost of operating an exchange. Volume-driven operating leverage may reverse when transaction activity cools; FY26 margins are linked to volumes and cost control, not only to the absence of another platform transition.
MCX has a liquidity advantage in its core commodity contracts. The advantage comes from multiple participants quoting prices in the same contract, creating narrower bid-ask spreads and making it easier for users to enter or exit positions. Brokers, hedgers and traders have incentives to stay where counterparties are available.
Such a scenario is better described as a market position built on liquidity than as a legal monopoly. Exchanges remain regulated, and other trading venues may offer competing instruments. A shift in market design, tax treatment or rules could weaken historical liquidity patterns. Market share also does not mean the exchange is free to increase fees without competitive or regulatory constraints.
Active clients, open interest, premium turnover and contract-wise trading concentration are data points for the network. A market position can lead to a valuation premium, but the size of that premium depends on earnings and growth.
Source: Dalal Street Investment Journal (DSIJ), Opstra, BSE
Higher trading activity and operating leverage increased profit. The earlier technology cost burden also affects comparisons with FY24.
It has liquidity in major commodity derivatives segments, but it operates in a regulated market and does not hold a legal monopoly over all trading.
Options premium turnover, futures activity, transaction fee growth, technology costs, regulatory decisions, market share and valuation are indicators that MCX may track.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
