MCX posts profit of ₹1,332 crore as gold volatility and retail participation drive platform to new heights

The Multi Commodity Exchange of India (MCX) closed FY26 with total revenue of ₹2,429 crore and profit after tax of ₹1,332 crore, capping a year of broad-based growth with a standout final quarter that saw revenue and EBITDA grow nearly 35% year-on-year. In an interview with ET Now, MD and CEO Praveena Rai breaks down what drove the numbers — and where MCX is headed next.

The headline number that matters most: 2.5x increase in daily throughput

Revenue and profit doubled. But Rai pointed to a more telling metric: average daily throughput (ADT) rose 2.5 times during the year, reaching around ₹5.4 trillion per day. That figure measures how intensively the platform is actually being used – and the 2.5x jump signals that MCX is not just riding market tailwinds but gaining true depth and liquidity in its product base.

Futures revenue grew 136% in Q4, while options revenue rose 109%. Ryan was measured but confident about sustainability, noting that futures are a base product — all options on MCX are delivered in futures — so strength in futures liquidity signals the resilience of the platform, not a one-off surge.

Global volatility turned into MCX’s biggest tailwind

The macro backdrop of FY26 – wild swings in gold, global silver shortage, geopolitical uncertainty and shocks in commodity prices – led to record hedging activity across MCX’s platform. Energy, bullion and metals showed strong growth. Bullion in particular, which Rai described as “more performance than itself”, emerged as another key pillar alongside energy.

MCX is also quietly building something more strategic: establishing MCX prices as India’s own commodity benchmark, reducing dependence on global price signals. Significant support came at the end of the year when SEBI asked mutual funds and AMCs to start referencing exchange-derived prices for bullion – a move that strengthened MCX’s pricing authority across the industry. Bullion dealers and jewelers across the country already use MCX prices as a reference point.

Retail investors are flocking; The number of customers increased from 13 lakhs to 21 lakhs

Perhaps the most striking data point in the results is the growth in traded clients – from 13 lakh in FY25 to nearly 21 lakh in FY26, a jump of over 60% in one year. Rai attributes the growing retail interest in commodities as an asset class, with investors actively looking to open accounts and participate. Compared to equity market participation, commodity investment in India is still a small fraction – meaning the runway ahead is long.

Spot exchange of coal is next – completing the energy portfolio

MCX recently got SEBI’s approval to incorporate a new call exchange – designed as a spot platform and not a derivatives exchange. Rai framed it as the missing piece in MCX’s energy portfolio, which already includes crude oil, natural gas and electricity base load contracts launched last year.

A functional spot platform for coal is essential to healthy price discovery – and healthy price discovery is the foundation on which commodity derivatives can be built. Rai was careful to flag that the coal exchange is at an early stage with many steps, but the direction is clear: MCX is building a comprehensive, end-to-end commodity market infrastructure for India.

Bottom line: MCX enters FY27 with record profits, a fast-growing retail base, a strengthening price benchmark role in bullion and a pipeline of new products that management declined to detail — but promised would be announced during the year. Scaling the platform. Participation is becoming widespread. And the volatility that rocked global markets in FY26 could be MCX’s most reliable tailwind.