MCX Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 666 Crs., 120.86% growth YoY, Total Income is Rs. 697 Crs., 115% growth YoY, EBITDA is Rs. 527 Crs., 144% growth YoY, EBITDA Margin is 76% Improved by 892 Basis points YoY, PBT Rs. 503 Crs, 149% growth YoY, PAT Rs. 401 Crs, 150% growth YoY. On QoQ basis Op. Revenue is up by 77.86%, Total Income is up by 73.93%, EBITDA is up by 94.9%, PBT is up by 102.21%, PAT is also up by 103.13%. Options-led growth is expanding the overall market MCX continues to command over 99% share across bullion, base metals and energy. ADTV (futures + options): INR 7.5 lakh cr, vs INR 4 lakh cr in H1FY26 and INR 2 lakh cr in FY25 (management described this as 220% YoY growth). Revenue mix (Q3): Futures INR 227 cr, Options INR 380 cr (options now the larger revenue contributor). Bullion contributed 69% of ADTV in the quarter, aided by multiple product interventions: • “Gold Mini, Gold Ten Futures, silver monthly options expiry and smaller denomination contracts” • “monthly options on the MCX iCOMDEX Bullion Index” MCX highlighted sharp base metals growth: “quarter-on-quarter growth of 156% with a year-on-year of 77%.”