Multi Commodity Exchange of India Ltd(MCX)

NSE: MCXBSE: 534091

₹ 3,116+3.28%refreshed 26 Oct, 03:50 pm ISTMarket cap: ₹ 79,455 crNext results: 3 Nov 2026Website: www.mcxindia.comUpdated: 27 Oct 2026

About

Multi Commodity Exchange of India (MCX) is India's leading commodity derivatives exchange, operating futures and options contracts across bullion, energy, base metals and agricultural commodities. In FY26, MCX reported consolidated revenue from operations of ₹2,302 crores (+107% YoY), with an average daily turnover of ₹5,36,048 crores. MCX held approximately 99.07% market share in commodity futures turnover and 98.83% in options turnover in India during FY26, and was ranked the world's fourth largest commodity derivatives exchange by contracts traded in 2025.^[1][2]

Business segments

MCX operates a single reportable segment: facilitating trading in commodity derivatives and incidental activities thereto. Transaction fees constituted approximately 97% of exchange revenue from operations in FY26, growing 117% YoY to ₹2,090.96 crores.^[1]

Product portfolio

Bullion: Gold (1 kg, 10-gram mini), Silver (30 kg, 5 kg Mini, 1 kg Micro, and Silver 100 launched June 1, 2026 at 100-gram lot size). Gold and silver together were 77% of futures turnover mix in Q4 FY26.^[1][3]
Energy: Crude Oil, Crude Oil Mini, Natural Gas, Natural Gas Mini futures and options. MCX was ranked the world's most-traded venue for crude oil and natural gas options per FIA 2025 data.^[1]
Base metals: Copper, Aluminium, Nickel and Zinc futures; delivery centers consolidated (Copper and Nickel each to 1 warehouse, Aluminium to 3 centers) to concentrate liquidity.^[4][5]
Index products: BULLDEX (bullion index) futures and options, and METALDEX (metals index) futures launched. Index futures gaining traction as of Q3 FY26; index options yet to reach expected traction.^[4][5]
Electricity futures: MCX became India's first exchange to launch electricity futures; MCX Electricity monthly base load Futures commenced trading on July 10, 2025, with ~50 commercial participants and ~80 members as of Q4 FY26.^[1][3][4]
Agricultural commodities: Cardamom Futures launched July 29, 2025, recording average daily turnover of ₹1.00 crore; Cotton Seed Wash Oil Futures launched October 2024.^[1][6]

Key operating numbers

Average daily turnover (ADT) across futures and options reached a record ₹5,36,048 crores in FY26, up 144.7% YoY. Q4 FY26 ADT: Bullion futures ₹69,402 crores/day (+305% YoY); Energy F&O ₹2,64,866 crores/day (notional, +53% YoY).^[1][3]
Q3 FY26 futures and options ADT rose to ₹7.5 lakh crores; Q2 FY26 overall ADT was ₹4.11 lakh crores, up from ₹2.02 lakh crores in Q2 FY25.^[5][4]
Highest ever single-day turnover of ₹29.92 lakh crores recorded on April 30, 2026.^[1]
Base metals deliveries via exchange settlement were 95,781 MT in FY26; cumulative since 2019 exceeded 5,59,317 MT. Base metals volumes grew 156% QoQ and 77% YoY in Q3 FY26.^[1][5]
Physical delivery of gold through the exchange mechanism: 21 tons in FY26; silver deliveries: 401+ tons in FY26. India Good Delivery route: 7,783 kg of Indian refined gold (₹10,171 crores) in FY26.^[1]

Market position

MCX held ~99.07% market share in commodity futures turnover and ~98.83% in commodity options turnover (notional) in India in FY26.^[1]
Ranked world's fourth largest commodity derivatives exchange by contracts traded in 2025 (up from sixth in 2024) per FIA data; world's largest commodity options exchange by contracts traded in 2025.^[1]
FIA 2025 data ranked MCX as world's most-traded venue for gold, crude oil and natural gas options, and second for silver options.^[1]

Customers and participation

Participants include commodity value-chain hedgers, financial institutions, foreign portfolio investors (FPIs), proprietary traders, investors, Farmer Producer Organizations and farmers.^[1]
Total unique client codes (UCC) reached 4.65 crore as of March 31, 2026, up ~64% for FY26. Total traded clients grew 61.26% to 20.90 lakhs in FY26.^[3][1]
FPIs contributed ~2-3% of overall ADT in Q4 FY26 and a double-digit share within the energy segment specifically.^[3]
Retail share in trading volume was 52.37% in Q1 FY26, up from 51.79% in Q4 FY25. 17 new broker members added in FY26; total members 583 with 32,044 authorised participants as of March 31, 2026.^[7][4][3]
MCX operates across 28 states and 8 union territories in India with no international operations. Over 2,600 investor awareness programmes conducted in FY26, including 210+ SEBI joint seminars.^[1]

Infrastructure and settlement

Wholly-owned subsidiary MCXCCL handles clearing, settlement and risk management for all MCX trades; SEBI renewed its recognition for three years from July 31, 2025 to July 30, 2028.^[1]
MCXCCL operates 24 accredited warehouses (10 WDRA-registered) for base metals and agreements with 4 Vault Service Providers across 10 accredited vaults for bullion delivery as of March 31, 2026.^[1]
Core Settlement Guarantee Fund (Core SGF) stood at ₹1,367.29 crores as of March 31, 2026 (MCX contribution: ₹285.58 crores; MCXCCL: ₹760.40 crores; penalties/accruals: ₹321.31 crores).^[1]
MCX holds ISO 9001:2015, ISO 14001:2015, ISO 22301:2019 and ISO/IEC 27001:2022 certifications as of FY26.^[1]

Expansion and new subsidiaries

MCX incorporated MCX Coal Exchange of India Limited as a wholly-owned subsidiary on June 11, 2026, following SEBI approval on April 17, 2026, to facilitate trading of coal as a commodity.^[1]
Coal Exchange is in early establishment phase; operational steps and sector regulator approval remain pending. It will operate as an independent subsidiary, not part of the MCX entity.^[3][1]
MCX contributed ₹3,000 lakh for a 20% stake and an additional ₹2,000 lakh via rights issue (September 2024) in India International Bullion Holding IFSC Limited (IIBH) for GIFT City bullion exchange infrastructure.^[6]
Colocation services are ready to activate at short notice, subject to SEBI permitting colocation in commodity derivatives.^[3]

Recent developments

Silver 100 futures (100-gram lot size) launched June 1, 2026, offering an accessible entry point complementing existing Silver (30 kg), Silver Mini (5 kg) and Silver Micro (1 kg) contracts.^[1]
Good Delivery Norms for Primary Aluminium, Refined Copper, and Refined Zinc introduced via circular MCX/PMT/329/2026 on June 2, 2026, standardising empanelment of metal producing plants.^[1]
New statutory auditor V Sankar Aiyar & Co. (FRN: 109208W) approved for a 5-year term from the 23rd AGM, subject to shareholder approval.^[6]

Market Cap

₹79,455 Cr

High / Low

₹3,480 / 1,761

Stock P/E

49.9

Price / Book

27.0

Book Value

₹112

EPS

₹52.2

No. of Shares

25.5 Cr

ROE

56.3%

Sales

₹2,302 Cr

Net Profit

₹1,332 Cr

Promoter holding

0.0%

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