After a week when gold hit new highs and retail traders thought they were Warren Buffett with margin, MCX’s Q2 FY26 results dropped — glittering but glitchy. Revenue’s shining, profits are polished, but the exchange spent half the call explaining why the trading screens went dark on October 28. Turns out, the problem wasn’t a cyberattack — just a “parameter threshold” (tech-speak for “we forgot to increase the Excel cell limit”).Still, CEOPraveena Raimanaged to keep the calm, assuring that MCX is thecommodity exchange for India, not an IT troubleshooting hotline. If you thought this was just about bullion, think again — BULLDEX, cardamom, electricity futures, and even Nickel 2.0 made cameos.Read on — because the mix of tech, taxes, and trading tantrums gets juicier.
At a Glance
- Revenue up 29%– When volumes surge, nobody asks what broke the servers.
- EBITDA ₹270 Cr, up 32%– The kind of margin NSE would envy on expiry day.
- PAT ₹197 Cr, up 29%– Even with glitches, profits didn’t short out.
- Average Daily Turnover ₹4.11 Lakh Cr– Traders finally woke up to commodities.
- Bullion drives volumes– Gold and silver now doing heavy lifting while copper finds its shine.
- Tech Glitch?– A “parameter limit” went rogue. Not a hacker, just bad coding. 😏
Management’s Key Commentary
Praveena Rai:“Our systems are robust; the October 28 issue was a one-off.”(Translation: We forgot to debug a line of code — but let’s call it ‘disaster recovery success.’)
Rai:“Revenue grew 29%, EBITDA by 32%.”(Translation: Our spreadsheets still perform better than our servers.)
Rai:“We thank regulators and stakeholders for their support.”(Translation: SEBI didn’t yell too hard this time.)
Rishi Nathany:“BULLDEX options launched; FPIs not allowed yet.”(Translation: Sorry, foreign money — domestic traders want all the drama first.)
Rai:“Consolidation of delivery centres in base metals continues.”(Translation: Fewer warehouses, fewer headaches, fewer excuses.)
Rai:“We’re optimistic about domestic institutional participation.”(Translation: Mutual funds are finally flirting with commodities.)
Chandresh Shah:“Other income from futures ₹114 Cr; options ₹223 Cr.”(Translation: Options, not IT options, are our real cash cows.)
Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | YoY Change | Remark |
|---|---|---|---|---|
| Total Revenue | ₹401 Cr | ₹311 Cr | +29% | Traders went long on everything |
| EBITDA | ₹270 Cr | ₹204 Cr | +32% | Margin expansion via operational calm |
| PAT | ₹197 Cr | ₹153 Cr | +29% | Stable despite “server hiccup” |
| ADT (Turnover) | ₹4.11 L Cr | ₹2.02 L Cr | +103% | Blame gold fever & silver hype |
| Futures Revenue | ₹114 Cr | — | — | Stable volumes in metals |
| Options Revenue | ₹223 Cr | — | — | Bullion options glittered bright |
| Electricity Contract | ₹34 Cr ADT | — | — | Finally, power with power bills |
| Members Added | 17 | — | — | More brokers joining the MCX party |
When your servers glitch but profits still hit all-time highs, that’s peak Indian jugaad.
Analyst Questions
Q:“Will SEBI penalize you for tech issues?”A:“Let’s not speculate.”(Translation: Fingers crossed and PR team on standby.)
Q:“Are FPIs allowed in BULLDEX?”A:“Not yet.”(Translation: We’ll let foreigners in once locals stop breaking the system.)
Q:“Are margins in bullion temporary?”A:“We’ll rationalize soon.”(Translation: As soon as traders stop hyperventilating.)
Q:“Any plans for weekly options?”A:“On the radar.”(Translation: If SEBI’s in a good mood, we’ll pitch it.)
Q:“Co-location update?”A:“Not permitted.”(Translation: We’re all equal—equally slow.)
Guidance & Outlook
MCX expects the trading surge to continue as volatility fuels volume. Management’s tone: cautiously bullish. Tech investments
