Shares of Multi Commodity Exchange (MCX), India’s leading commodity derivatives platform, surged 7.7% in early trade on Wednesday, January 28, to reach a fresh all-time high of ₹2,605 apiece, extending its winning run to a second session following the company’s impressive performance in Q3FY26.
The company reported a strong beat across all parameters, led by robust volume growth, which was largely driven by strong turnover in both gold and silver trading.
MCX posted a 115% YoY jump in revenue to ₹697 crore, while EBITDA surged 144% YoY to ₹527 crores. The net profit improved 151% YoY to ₹401 crore. In the same period last year, the company had reported a net profit of ₹160 crores.
Its average daily turnover (ADT) during the quarter rose 3.3x YoY to ₹7.9 trillion, largely driven by 221% and 207% YoY growth in options notional ADT and futures ADT, respectively, to ₹6.7 trillion and ₹886 billion, as per the company’s earnings’ filing.
While bullion contributed a meaningful share of incremental volumes in the third quarter, base metals in futures and natural gas in options have also seen a meaningful jump over the past few months.
Options notional ADT surged 221% YoY to ₹6.7 trillion, largely supported by 987% YoY and 30% YoY growth in bullion and energy contracts, respectively, while options premium ADT rose 97% YoY to around ₹71 billion, with a 959% and 23% YoY rise in bullion and energy contracts.
Meanwhile, futures ADT rose 207% YoY to ₹886 billion, fueled by 297%, 45%, and 62% YoY growth in bullion, energy, and base metal contracts, respectively.
According to the company’s earnings report, India’s commodity market is valued at ₹850 trillion, with MCX continuing to command over 99% share across bullion, base metals and energy.
Motilal Oswal flags near-term volume pressure despite strong Q3 show
Domestic brokerage firm Motilal Oswal said that following the recent spurt in price volatility, it expects commodity volumes to normalise, assuming flat volumes in January 2026, followed by a 20% decline in February 2026.
Thereafter, it projects a gradual recovery, with around 3% month-on-month growth in March 2026 and about 1% month-on-month growth thereafter. The brokerage does not assume any material contribution from electricity or index contracts.
Following the robust performance in the December quarter, the brokerage raised its EPS estimates for FY26, FY27, and FY28 by 9%, 22%, and 24%, respectively, to factor in strong volume growth, and reiterated a ‘Neutral’ rating on MCX stock with a one-year target price of ₹2,750.
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