Multi Commodity Exchange of India Ltd (MCX) runs India's largest commodity derivatives exchange, hosting futures and options in bullion, energy, metals and agri contracts. The Q2 FY27 print will speak to whether record notional turnover converts into fees — with bullion options premium-to-notional compressed to 0.35% in Q1 — and whether the one-time 8-9% employee-cost component exits the P&L as management guided.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 751.79 Cr (consolidated total income, Q1 FY27) |
| Previous quarter PAT | Rs. 413.44 Cr |
| Previous quarter EBITDA margin | 72% |
| Market cap | Rs. 82,403.41 Cr |
| CMP | Rs. 3,231.0 |
The board of Multi Commodity Exchange of India Ltd will meet on November 3, 2026 to approve the Q2 and H1 FY27 financial results. The trading window reopens on November 6, 2026.
MCX has scheduled its Q2 FY27 earnings call on November 4, 2026, from 4:00 to 5:00 PM IST. Speakers include MD & CEO Praveena Rai, CFO Chandresh Shah, EDs Manoj Jain and Sanjay Rajpal, CCO Praveen DG and CBO Ramesh Varakhedkar.
The quarter's central question is whether the volume surge of Q1 — F&O ADT of Rs. 10,49,365 Cr, up 238% YoY — continued through July-September 2026, and how much of the notional record converts into transaction fees after bullion options premium-to-notional compressed from 1.03% to 0.35%. The tape ran hot through the quarter: Brent rose roughly 14% in September alone, touching $109.97 at the monthly high, while MCX gold moved from about Rs. 1.41-1.47 lakh to Rs. 1.55-1.58 lakh per 10g over the window, and the exchange logged its highest-ever daily turnover of Rs. 69,52,475 Cr on September 25, 2026. On costs, management pre-guided that the one-time 8-9% employee-cost component in Q1's Rs. 57.45 Cr employee benefits expense 'will not be there in the coming quarters', which should support margins back toward the 76% EBITDA level of H2 FY26 from Q1's 72%. Management's FY27 framing — UCC additions higher than FY26's 20 lakh full-year number, further development of METALDEX 'this year', and readiness for 3x-4x current volume momentum — remains intact, with the caveat that sequential growth 'may not always be linear'. The GST show cause notice dated September 29, 2026 for FY 2022-23 aggregating about Rs. 103.31 Cr, which MCX states has no material impact, is a first P&L-visible checkpoint on this call. The earnings call on November 4 will also cover the new Mineral Spot Exchange subsidiary, capitalised against SEBI approval of up to Rs. 100 Cr, and the coal exchange venture.
Guidance scorecard: Management's stated goals from the Q1 FY27 call and where each stands.
GST show cause notice of ~Rs. 103.31 Cr
Bullion options premium-to-notional dynamics
Mineral and coal exchange ventures
Sequential momentum and competition
Product license fees were 4.1% of transaction income in Q3 FY26, versus a 6-7% range in the prior 5-6 quarters. Management has not given a fixed ratio, and the fees vary with the transaction mix.
No. CFO Chandresh Shah said Q1 FY27 employee costs included 'a one-time of around 8% to 9%', which 'will not be there in the coming quarters'. The increase also reflected new employee additions, increments and higher variable pay in the subsidiary.
Management declined to quantify a fixed contribution, saying SGF requirements are SEBI-prescribed and dynamic, depending on volumes, volatility, margins and open interest. The Core SGF stood at Rs. 1,443.73 Cr as of June 30, 2026, and the exchange maintains 'a comfortable cushion'.
Options on non-agri contracts can be applied for only once the underlying futures achieves an average daily turnover of Rs. 1,000 crores over a complete one-year cycle. The timeline is therefore contract-specific and tied to that regulatory condition.
Yes — Q1 FY27 consolidated total income of Rs. 751.79 Cr was up 85% YoY, with PAT up 103% YoY at Rs. 413.44 Cr. Growth was driven by F&O ADT of Rs. 10,49,365 Cr, up 238% YoY, led by bullion (Rs. 7,19,959 Cr ADT, +427% YoY) and energy (Rs. 313,088 Cr, +83% YoY).