Q2 FY27 results analysis · November 03, 2026
MCX Q2 FY27 Results Analysis: Revenue Surges 114%, EBITDA Margin Expands 1,046 bps
+130.2%PAT year on year, Rs. 454.57 Cr
Source: Quarterly results filing (BSE)
Quick summary
Multi Commodity Exchange of India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 851.28 Cr (+113.66% YoY) and PAT growth of +130.20% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 851.28 Cr (+113.66% YoY) |
| PAT (Q2) | Rs. 454.57 Cr (+130.20% YoY) |
| EBITDA margin | 77.87% (+1046 bps YoY) |
| EPS (Q2) | Rs. 17.83 (+130.36% YoY) |
Quarter Snapshot
MCX delivered 113.66% YoY revenue growth with EBITDA margin at 77.87% (+1,046 bps YoY), breaching the prior 76% peak, as revenue rose 13.91% QoQ while total expenses fell 7.66% QoQ. All management commitments from the Q1 call — one-time employee cost exit, cost discipline, strong momentum — were delivered, and H1 PAT already covers 65.19% of FY26 full-year PAT. Watch items are the ~792 bps QoQ tax-rate step-up to 28.89% and the unprovided ~Rs.103.31 Cr GST show-cause notice.
Q2 FY27 Expectations vs Results
| Driver | What happened | Verdict |
|---|---|---|
| Revenue "ahead (YoY decisively; momentum vs Q1 with a mix caveat)" | Income from operations Rs.799.66 Cr: +113.66% YoY, +13.91% QoQ | Played out |
| Margins "expanding bias, on the cost line"; "Q1's 72% EBITDA margin... is the bar" | EBITDA margin 77.87% (vs 72.33% Q1); employee cost −2.24% QoQ | Played out |
| "does the ~8–9% one-time component exit Q2 as guided" | Rs.56.16 Cr vs Rs.57.45 Cr QoQ, but above the Q1 ex-one-time base (≈ Rs.52.6 Cr at the 8.5% midpoint) — the one-time exited, the underlying base grew | Partially |
| "bullion options premium-to-notional off the 0.35% Q1 print" | Not derivable from the filing — open for the call | Not observable |
| GST SCN: "response-filing status, any provisioning" | No provision; no reference in the filing — explicitly carried forward | Not observable |
| "Q2 ADT vs Q1's Rs.10,49,365 Cr and traded clients vs 13.72 lakh; METALDEX" | No KPI disclosure in the filing — open for the call | Not observable |
| GST provisioning "would hit reported PAT if taken" | Normalized PAT = reported PAT Rs.454.57 Cr; no provision — non-event | Played out |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Employee one-time ~8–9% component "will not be there in the coming quarters" | Q1 FY27 earnings call (CFO Chandresh Shah) | Employee cost Rs.56.16 Cr, −2.24% QoQ; 6.60% of total income vs 7.64% in Q1 | On Track |
| "We expect the numbers this year to be on a strong momentum as well" | Q1 FY27 earnings call (MD & CEO Praveena Rai) | Revenue +13.91% QoQ / +113.66% YoY; EBITDA +21.94% QoQ / +145.25% YoY | On Track |
| "No significant unexpected increases in technology costs or capex beyond current plans" | Q1 FY27 earnings call | IT expense Rs.34.63 Cr (+23.22% QoQ); H1 capex Rs.112.96 Cr — investment-mode cadence, nothing anomalous | On Track |
| Q4 FY26 was "a one-off"; "the core trend line... continues to be quite healthy"; Q1 dip was normalization | Q1 FY27 earnings call | Q2 revenue Rs.799.66 Cr — +13.91% QoQ recovery, though still 10.04% below the Q4 FY26 Rs.888.94 Cr peak — with the Q4 peak still intact as the high-water mark | Confirmed |
| One-time employee component laps from Q2 FY27 | Q1 FY27 earnings call | −2.24% QoQ; 6.60% of total income vs 7.64% | Confirmed |
| Growth momentum is "structural" with cyclical tailwinds | Q1 FY27 earnings call | Revenue +113.66% YoY on top of FY26's +107% (per prior-quarter notes) | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| F&O ADT (Rs. Cr) | 411,270 | 750,137 | 665,586 | 1,049,365 | not disclosed in filing |
| Consolidated EBITDA margin (%) | 67.41 | 76 | 76 | 72.33 | 77.87 |
Key Investment Insights
Key Positives
- Consolidated income from operations grew 113.66% YoY and 13.91% QoQ to Rs.799.66 Cr
- Company-defined EBITDA of Rs.662.86 Cr grew 145.25% YoY with margin at 77.87% (+1,046 bps YoY), breaching the prior 76% peak
- Consolidated PAT grew 130.20% YoY to Rs.454.57 Cr; EPS Rs.17.83, +130.36% YoY on a post-split basis-consistent comparison
- Total expenses fell 7.66% QoQ; employee cost declined 2.24% QoQ as the Q1 one-time component exited as guided
- Statutory-funds contribution fell 54.16% QoQ to Rs.24.84 Cr as SEBI's August 12, 2026 norms required no Core SGF contribution
- Net worth grew 23.31% in six months to Rs.3,511.96 Cr; liquid base (cash + bank + current investments) rose Rs.603.09 Cr to Rs.4,520.36 Cr
- H1 FY27 PAT of Rs.868.01 Cr already equals 65.19% of FY26 full-year PAT of Rs.1,331.55 Cr
- FCF remained positive at Rs.193.01 Cr despite capex nearly tripling to Rs.112.96 Cr
Risk Factors
- Effective tax rate jumped ~792 bps QoQ to 28.89% with no reason given in the filing, the largest drag between operating and bottom-line growth
- Unprovided GST show-cause notice of ~Rs.103.31 Cr (FY 2022-23) remains open with no provision recognized
- H1 CFO/PAT of 0.35x, with operating cash flow of Rs.305.97 Cr vs PAT of Rs.868.01 Cr
- Revenue remains 10.04% below the Q4 FY26 peak of Rs.888.94 Cr
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.