Multi Commodity Exchange of India Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Multi Commodity Exchange of India Ltd filed with BSE on 12 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
MCX reported total income up 85% to Rs 752 crore and revenue from operations up 88% to Rs 702 crore for Q1 FY27, with EBITDA more than doubling to Rs 544 crore at a 72% margin and PAT of Rs 413 crore. Management attributed the sequential decline from Q4 FY26 to a normalization after an exceptionally strong quarter driven by geopolitical volatility, while noting year-on-year growth remained strong across turnover, options notional ADT and client participation. The company also discussed new initiatives including the Silver 100 Grams Futures contract, expanded Good Delivery Norms, the MCX Coal Exchange incorporation, and use of MCX bullion price by asset managers for AUM calculations.
Numbers mentioned
Total income: INR752 crores (Q1 FY27)
p. 4
“during the quarter, our total income increased by 85% to INR752 crores and revenue from operations grew to INR702 crores, which is an 88% growth”
Praveena Rai, page 4 of the filed PDF · View the filing
Revenue from operations: INR702 crores (Q1 FY27)
p. 4
“during the quarter, our total income increased by 85% to INR752 crores and revenue from operations grew to INR702 crores, which is an 88% growth”
Praveena Rai, page 4 of the filed PDF · View the filing
EBITDA: INR544 crores (Q1 FY27)
p. 4
“EBITDA more than doubled to INR544 crores, and there is a good EBITDA margin of 72% with a PAT at INR413 crores”
Praveena Rai, page 4 of the filed PDF · View the filing
EBITDA margin: 72% (Q1 FY27)
p. 4
“EBITDA more than doubled to INR544 crores, and there is a good EBITDA margin of 72% with a PAT at INR413 crores”
Praveena Rai, page 4 of the filed PDF · View the filing
PAT: INR413 crores (Q1 FY27)
p. 4
“EBITDA more than doubled to INR544 crores, and there is a good EBITDA margin of 72% with a PAT at INR413 crores”
Praveena Rai, page 4 of the filed PDF · View the filing
Average Daily Turnover (ADT): INR10.5 lakh crores (Q1 FY27)
p. 4
“The quarter witnessed very strong growth across the Average Daily Turnover, the ADT. This grew to INR10.5 lakh crores.”
Praveena Rai, page 4 of the filed PDF · View the filing
Futures ADT growth: 47% year-on-year (Q1 FY27)
p. 4
“Futures ADT grew by 47% year-on-year, and overall ADT showed growth over last quarter.”
Praveena Rai, page 4 of the filed PDF · View the filing
Notional Options ADT growth: 266% (Q1 FY27)
p. 5
“The Notional Options ADT has also grown by 266%.”
Praveena Rai, page 5 of the filed PDF · View the filing
Traded client base: 13.72 lakh clients (Q1 FY27)
p. 5
“Our traded client base doubled from previous year to 13.72 lakh clients this quarter.”
Praveena Rai, page 5 of the filed PDF · View the filing
Electricity futures ADT: INR37 crores (Q1 FY27)
p. 14
“electricity futures Q1 ADT is about INR37 crores”
Praveena Rai, page 14 of the filed PDF · View the filing
Electricity futures market share (ADT): about 55% (Q1 FY27)
p. 14
“We stand at, I think, about 55% or so from a market share standpoint when it comes to ADT.”
Praveena Rai, page 14 of the filed PDF · View the filing
Gold options ADV: about 300 metric tons (Q1 FY27)
p. 12
“we are looking at, for example, in gold, something like ADV - Average Daily Volume, in options of about 300 metric tons, which is a 100% increase over last quarter”
Praveena Rai, page 12 of the filed PDF · View the filing
Silver options ADV: about 9,400 metric tons (Q1 FY27)
p. 12
“we are looking at in silver, about 9,400 metric tons, which is again approximately 2% or more increase over last quarter”
Praveena Rai, page 12 of the filed PDF · View the filing
New members added: 12 (Q1 FY27)
p. 18
“in the last quarter, we've had 12 new members who have joined.”
Praveena Rai, page 18 of the filed PDF · View the filing
New FPIs added: 35 (Q1 FY27)
p. 18
“We've had 35 new FPIs, taking our FPI count to about 220.”
Praveena Rai, page 18 of the filed PDF · View the filing
FPI contribution to turnover: 2.5% (Q1 FY27)
p. 18
“At a higher base of INR10 lakh-plus crores, we have about 2.5% contribution coming from FPIs.”
Praveena Rai, page 18 of the filed PDF · View the filing
Float income: around INR30 crores (Q1 FY27)
p. 17
“That is around INR30 crores for this quarter.”
Chandresh Shah, page 17 of the filed PDF · View the filing
One-time employee cost impact: 8% to 9% (Q1 FY27)
p. 11
“There is a one-time of around 8% to 9% included in this, which will not be there in the coming quarters.”
Chandresh Shah, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Traded UCC — this year
stated as an aspiration by Praveena Rai
p. 8
“Last year, we closed at 20 lakh at a full year number. And we do expect to have higher numbers this year.”
Praveena Rai, page 8 of the filed PDF · View the filing
RBI bank guarantee regulation impact — Q2 and beyond
stated conditionally by Praveena Rai
p. 7
“we are not expecting this to have a very significant detrimental impact. We'll have to wait and watch what the actual impact of this turns out to be.”
Praveena Rai, page 7 of the filed PDF · View the filing
Electricity futures growth — next three to five years
stated as an aspiration by Praveena Rai
p. 15
“We absolutely expect this to be reflective of what we see in global markets. So, we are in the really early phase of this journey.”
Praveena Rai, page 15 of the filed PDF · View the filing
Data services revenue streams — next couple of quarters
stated as an aspiration by Praveena Rai
p. 17
“We do have some plans around data services over and above what we have today, which over the next couple of quarters, I think we'll be able to share more.”
Praveena Rai, page 17 of the filed PDF · View the filing
Overall growth momentum for FY27 — FY27
stated as an aspiration by Praveena Rai
p. 20
“we are expecting the growth momentum at the fundamental level to continue to be good.”
Praveena Rai, page 20 of the filed PDF · View the filing
Technology transaction capacity — more than double current handled volume
stated firmly by Praveena Rai
p. 13
“we've already handled more than 3 billion transactions a day with the capacity to handle more than double that.”
Praveena Rai, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the regulation is now in force but they do not expect a significant detrimental impact yet, and will need to wait and watch.
Answered by Praveena Rai
Asked by Amit Chandra: What is the impact of the RBI bank guarantee regulation on volumes, and is the impact gradual?
p. 7
“we are not expecting this to have a very significant detrimental impact. We'll have to wait and watch what the actual impact of this turns out to be.”
Praveena Rai, page 7 of the filed PDF · View the filing
Management said the quarter was flat versus a high base last quarter, with underlying growth trend still positive.
Answered by Praveena Rai
Asked by Devesh Agarwal: What led to the decline in traded UCC this quarter and what is the outlook for new UCC additions?
p. 8
“I think we see this as sort of a UCC-wise flat quarter where some of the participants would have come in and are not probably participating this quarter.”
Praveena Rai, page 8 of the filed PDF · View the filing
Management said they could not quantify the bank guarantee proportion and are awaiting regulatory progress on FPI participation expansion.
Answered by Praveena Rai
Asked by Supratim: What proportion of trades is backed by bank guarantees, and what is the update on FPI participation expansion?
p. 9
“FPI is something that we'll, of course, wait for. We are keen, no doubt about it. We are awaiting sort of progress on this count.”
Praveena Rai, page 9 of the filed PDF · View the filing
Management and the risk team attributed the decline mainly to lower volatility rather than participation or contract mix shifts.
Answered by Praveen DG
Asked by Shrenik Mehta: What is driving the 68% compression in the premium-to-notional yield for bullion options?
p. 12
“it is like predominantly, it is a market factor because you can really could see that from a heightened volatility, it is now more has lowered the volatility has come down significantly in both gold as well as in silver”
Praveen DG, page 12 of the filed PDF · View the filing
Management gave the ADT and market share figures and said they expect the derivatives-to-spot ratio to grow toward global levels over time.
Answered by Praveena Rai
Asked by Parikshit Gupta: What is the Q1 traded volume and market share for electricity futures, and how is derivative-to-spot ratio expected to evolve?
p. 14
“electricity futures Q1 ADT is about INR37 crores. We stand at, I think, about 55% or so from a market share standpoint when it comes to ADT.”
Praveena Rai, page 14 of the filed PDF · View the filing
Management said the focus this quarter was on establishing the service rather than revenue, and gave the float income figure.
Answered by Praveena Rai
Asked by Sanketh Godha: How much revenue did the AMC AUM pricing benchmark contribute this quarter, and what is the float income?
p. 17
“we are focused on getting this service oriented suitably to the needs of the market. And we do believe that both implicit and explicit streams of revenue will follow.”
Praveena Rai, page 17 of the filed PDF · View the filing
Management explained Q4 was an exceptionally strong quarter driven by geopolitical factors, and Q1 reflects normalization while still showing year-on-year growth.
Answered by Praveena Rai
Asked by Saket Saraogi: What led to the sequential decline in revenue this quarter?
p. 17
“what we are seeing this quarter, it's a normalization of that without some of those sort of very strong geopolitical factors playing in at that same extent”
Praveena Rai, page 17 of the filed PDF · View the filing
Management said they are watching competitive actions closely, noting some competitors' expiry date changes had limited impact on MCX volumes.
Answered by Praveena Rai
Asked by Aditya Chheda: Are there leading indicators of rising competitive intensity from challenger exchanges?
p. 18
“we are watching competitive activity closely. At this stage, I think all our main contracts with head-on competition have held strong.”
Praveena Rai, page 18 of the filed PDF · View the filing
Management confirmed bullion numbers were softer this quarter but pointed to strong reception of new contracts like Silver 100 Grams and Gold 10-gram futures.
Answered by Praveena Rai
Asked by Shravan Kumar: Was there softness in bullion volumes in June and July due to lower volatility?
p. 21
“The numbers on bullion are softer. We spoke a lot about it in the previous questions also.”
Praveena Rai, page 21 of the filed PDF · View the filing
Risks flagged
RBI bank guarantee regulation could raise cost of funds for members
p. 7
“It will have an implication on the cost of funds of some part of the flows associated with our members.”
Praveena Rai, page 7 of the filed PDF · View the filing
Normalization of bullion premium ratio due to declining volatility
p. 12
“There is that sort of price impact kicking in. Volatility is certainly a determining factor.”
Praveena Rai, page 12 of the filed PDF · View the filing
Increasing competitive intensity from challenger exchanges
p. 18
“competition is stepping in, and we are taking it seriously because these are big competitors in the adjacent spaces in the equity side.”
Praveena Rai, page 18 of the filed PDF · View the filing
Lower bullion volatility this quarter compared to previous quarter
p. 21
“many of these things are playing out even though the larger essence of the market has lower volatility this quarter as compared to the previous quarter.”
Praveena Rai, page 21 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.