1. Opening Hook
Just when equity markets were busy arguing about valuations, MCX quietly turned volatility into a profit festival.
Gold, silver, crude—everything moved, and MCX charged tolls like a well-run highway.
Options exploded, futures followed, and suddenly earnings started compounding faster than market narratives.
This wasn’t a one-off spike or a lucky quarter—it looked suspiciously like operating leverage on steroids.
Margins widened, profits ballooned, and volumes did the heavy lifting without any marketing drama.
Stick around. The real fun starts once you decode how much of this party is cyclical, structural, and regulator-approved.
2. At a Glance
- Total Income up 115%: Turns out volatility is MCX’s favorite employee—never asks for bonuses.
- EBITDA jumped 144%: Fixed costs waved the white flag.
- PAT surged 151%: Operating leverage finally clocked in on time.
- Options ADT up 227%: Retail and pros both discovered leverage again.
- EBITDA margin at 76%: Monopoly vibes, but SEBI-compliant.
3. Management’s Key Commentary
“Strong volume growth drove earnings
expansion.”
(Translation: Volumes did all the work; we just collected rent 😏)
“Options-led growth is expanding the overall market.”
(Options are the new caffeine—everyone wants more)
“MCX continues to command over 99% market share.”
(Competition exists mostly in PowerPoint decks)
“Bullion remains the dominant contributor.”
(Gold and silver still run the household)
“Regulatory reforms are enabling wider participation.”
(SEBI opened doors; traders ran in)
“Technology investments ensure scalability.”
(The platform won’t crash when volumes go crazy—hopefully)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY |
|---|---|---|
| Total Income | ₹697 Cr | +115% |
| EBITDA | ₹527 Cr | +144% |
| PAT | ₹401 Cr | +151% |
| EBITDA Margin | 76% | +900 bps |
| Futures ADT | ₹84,471 Cr | +202% |
| Options ADT | ₹6.65 lakh Cr | +227% |
Read-through: This is what a high fixed-cost, volume-driven model looks
