Total Income: Increased by 85% year-on-year to ₹752 crores
Revenue from Operations: Grew by 88% to ₹702 crores
EBITDA: More than doubled to ₹544 crores with 72% EBITDA margin
PAT: Stands at ₹413 crores
Float Income: Approximately ₹30 crores for the quarter
Operational Metrics
Average Daily Turnover (ADT): Reached ₹10.5 lakh crores
Futures ADT: Grew by 47% year-on-year
Options Notional ADT: Grew by 266% year-on-year
Traded Client Base: Doubled from previous year to 13.72 lakh clients
Technology Capacity: Handled over 3 billion transactions per day with capacity for more than double that
Product Development and Launches
Silver 100 Grams Futures: Successfully launched in response to market demand, becoming more accessible for hedging and investment
Electricity Futures: Q1 ADT of approximately ₹37 crores with 55% market share in ADT and 70%+ market share in open interest
BULLDEX: Index product being reworked for both Futures and Options
Coal Exchange: Incorporated MCX Coal Exchange of India after regulatory approval
Market Development Initiatives
Good Delivery Norms Expansion: Included silver and empanelled country's first domestic silver refiner. Three more domestic gold refiners empanelled, with framework extended across all contracts
MCX Price Benchmarking: 50+ AMCs using MCX bullion price as reference for AUM calculations following regulatory directive
Global Position: MCX is world's largest Commodity Options Exchange and fourth largest Commodity Derivatives Exchange by number of contracts traded (FY2025 statistics)
Risk Management and Technology
Strong focus on risk management in volatile environments
Technology investments focused on scalability and efficiency, handling significant transaction volume growth
Capacity to handle more than double the current 3 billion+ daily transactions
Regulatory and Competitive Environment
RBI Bank Guarantee Regulation: Implemented after 90-day absorption period. Management does not expect significant detrimental impact, though may affect cost of funds for some members
FPI Participation: 35 new FPIs added in quarter, taking total to 220. Currently 2.5% contribution to turnover. Awaiting SEBI decision on expanding FPI participation to non-cash contracts
Competition: 12 new members joined. Monitoring competitive actions including expiry date changes. Maintaining market share through product innovation and technology moat
SEBI Structure: Independent teams within MRD now working on commodity segment at reasonably senior levels
Management Commentary and Outlook
Q1 performance described as "consolidation" after exceptionally strong Q4 FY26
Growth momentum expected to continue at fundamental level despite normalization from Q4 peaks
Focus remains on expanding participation, product suite, deepening liquidity, enhancing technology, and creating sustainable long-term value
Strong foundation across energy basket including crude, gas, power, and coal initiatives
Participant Questions and Management Responses
Bank Guarantee Impact: No significant detrimental effect expected, though may be optimal in nature
Volume Mix Shift: Energy contracts contributing significantly; bullion volumes healthy with normalization of premium ratios due to volatility changes
Employee Costs: Increased due to new hires, increments, and higher variable pay in subsidiary (8-9% one-time component)
UCC Growth: Traded client base doubled YoY to 13.72 lakh, expecting higher numbers than last year's 20 lakh closing
Technology Adequacy: Well positioned for scale with continued investments in resiliency and efficiency
Additional Metrics
Gold Options ADV: Approximately 300 metric tons (100% increase over previous quarter)
Silver Options ADV: Approximately 9,400 metric tons (2%+ increase over previous quarter)
Gold Open Interest: 17.3 tonnes (vs 16.9 tonnes previous quarter)
Silver Open Interest: 583 tonnes (vs 522 tonnes previous quarter)
SGF Contribution: Varies monthly based on SEBI-prescribed methodology and buffer requirements
