MCX Posts Robust Year-on-Year Growth in Q2 FY26
The commodity exchange reported strong annual growth in revenue and profit, though sequential performance softened slightly.
MCX's Q2 FY26 results show healthy year-on-year growth, with revenue up 28.9% and profit up 28.5%. The net profit margin remained stable near 49%.
Multi Commodity Exchange of India (MCX) delivered a solid performance for the quarter ended September 2025, with both revenue and profit showing strong growth compared to the same period last year. While the sequential figures show a slight dip, the underlying annual momentum for India's leading commodity derivatives exchange remains healthy.
Revenue for Q2 FY26 stood at ₹400.79 crore, a significant 28.9% increase from ₹310.82 crore in Q2 FY25. Profit followed a similar trajectory, rising 28.5% year-on-year to ₹197.47 crore. The net profit margin was virtually unchanged at 49.3%, indicating the company maintained its profitability efficiency despite the revenue surge. However, compared to the preceding June quarter, both revenue and profit saw modest declines of 1.2% and 2.8%, respectively.
A look at the recent quarterly trajectory provides useful context:
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ2 FY26 | PreviousQ1 FY26 | Same quarter LYQ2 FY25 |
|---|---|---|---|
| Period Ended | September 2025 | June 2025 | September 2024 |
| Revenue (₹ Cr) | 400.79YoY +29% | 405.82 | 310.82 |
| Profit (₹ Cr) | 197.47YoY +29% | 203.19 | 153.62 |
| Net Profit Margin (%) | 49.3YoY -0.2% | 50.1 | 49.4 |
The table shows that the latest quarter's performance continues a trend of robust earnings, comfortably above the levels seen in the first half of the previous fiscal year. The trailing twelve-month (TTM) net profit margin stands at 48.0%, slightly below the latest quarter's figure, reflecting the impact of a lower-margin Q4 FY25.
Key Points
- The company maintains a pristine balance sheet with zero debt.
- Return on Equity (RoE) remains exceptionally strong at 33.35%.
- The stock has delivered remarkable returns, gaining 62.4% over the past year and 538.1% over three years.
These strong fundamentals are reflected in the stock's valuation, which trades at a premium to its industry peers. The focus now shifts to whether MCX can reignite sequential growth in the coming quarters while sustaining its high profitability.
Live Chart
· MCX
(BSE)
ISIN: INE745G01035
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