MCX

MCX operates India’s largest commodity derivatives exchange. 98% market share in commodity futures trading in India. Dominant segments: Gold Silver Crude Oil Base metals 💡 Exchange business model = “toll booth model” They earn transaction fees per trade, regardless of whether traders profit or lose. Recent growth Revenue growth: 31% YoY (Q2 FY26). EBITDA margin: 65%. H1FY26: Revenue: ₹747 Cr (+44%) PAT: ₹400 Cr (+51%)