Shares of Multi Commodity Exchange of India (MCX) fell nearly 7% on Wednesday, 4 November 2026, according to Economic Times. The fall came one day after the exchange said its net profit for July to September rose 130% to ₹454.57 crore.
So the business did very well, but the share price went down. Analysts said traders were booking profits after a long rally. Here is what the numbers show and what to keep in mind.
What happened
MCX runs a market where traders buy and sell contracts linked to commodities such as gold, silver, crude oil and natural gas. It announced results for the second quarter (Q2) of financial year 2026-27 (FY27) on Tuesday, 3 November. This quarter covers July to September 2026.
On Wednesday morning, the stock fell to ₹3,255 on the National Stock Exchange (NSE), Economic Times reported. A day earlier, it had touched ₹3,538, its highest level in 52 weeks. On the BSE, it opened at ₹3,395, rose to ₹3,423.15 and fell to ₹3,252.50, according to Livemint. NDTV Profit put the fall at over 6%.
The numbers
The results are consolidated. This means MCX and its group companies are counted together. The table compares this quarter with the same quarter a year ago.
| Item | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Net profit | ₹454.57 crore | ₹197.47 crore | Up 130% |
| Revenue from operations | ₹799.66 crore | ₹374.23 crore | Up 114% |
| Total expenses | ₹211.36 crore | ₹150.41 crore | Up about 40.5% |
| EBITDA | ₹664 crore | Not given | Up 146% |
| EBITDA margin | 78% | 72.3% | Up 5.7 points |
The profit, revenue and EBITDA figures are from Economic Times. The expense figures are from Livemint. The expense growth and the margin change are our calculation.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) is the profit from the main business before loan interest, tax and the wear and tear of assets are taken out. EBITDA margin shows how much of each ₹100 of revenue stays as EBITDA. For MCX, that was about ₹78.
The two reports label one figure differently. Economic Times calls ₹799.66 crore "revenue from operations", while Livemint calls it "total income". These can be different lines in a results statement. We could not confirm which label is right, so please check the company filing on the BSE or NSE website.
Trading on the exchange
Exchanges earn largely from fees on trades, so trading volume matters. Average Daily Turnover (ADT) is the average value of contracts traded each day. MCX's futures ADT rose to ₹62,819 crore, and its options ADT rose to ₹12,00,129 crore.
Options now lead. Brokerage Jefferies said options made up 76% of transaction revenue in the September quarter, against 75% in the June quarter. MCX also handled physical deliveries of 5.68 tonnes of gold, 199.91 tonnes of silver and 34,707 tonnes of base metals, Livemint reported. In a physical delivery, the buyer gets the real metal, not just cash.
What the company said
MD and CEO Praveena Rai said the results reflect "the continued trust of market participants". She linked the growth to all product segments, wider participation and new products. She said MCX now plans to bring in more participants, add products and invest in technology.
Why the share fell after good results
Profit booking means selling a share after its price rises, to lock in the gain. Rajesh Bhosale, Technical Analyst at My Advisor Alpha, said profit booking caused the fall. He said the sell-off wiped out the previous session's gains, Livemint reported. Economic Times data shows how big the rise before the fall was.
| Period | MCX share gain |
|---|---|
| Past week | 6% |
| 2026 so far | More than 53% |
| Past year | 81% |
| Three years | 562% |
| Five years | 849% |
The table shows MCX's gains over different periods. In 2026, the Nifty Midcap 50 index fell over 2% while MCX rose. Livemint's headline put the 2026 gain at 50%. The stock's 52-week low was ₹1,762, and its market capitalisation is around ₹85,930 crore.
What analysts said
Jefferies said EBITDA was largely in line with its estimates. Operating revenue grew 14% over the June quarter. Staff costs grew slower than it expected, but technology cost growth missed its estimate. Profit was hit by higher tax because MCXCCL's ₹470 million tax for the whole first half was booked in Q2. That is ₹47 crore, by our calculation.
Gaurav Arora, Head of Research at SAHI, called the fall a pullback, not a break in the chart trend. But he said much of the good news is already in the price. He said MCX trades at a price-to-earnings (P/E) multiple of around 54, nearly twice the sector average. P/E shows how many rupees buyers pay for ₹1 of yearly profit. He also flagged a rise in balance-sheet liabilities.
In a Livemint comparison of exchange stocks, Seema Srivastava of SMC Global Securities said MCX has a "virtual monopoly" in Indian commodity derivatives. Derivatives are contracts, like futures and options, whose value comes from another asset. Avinash Gorakshkar of Avinash Mentor Research said growth came mainly from more trading in commodity derivatives.
Price levels analysts are watching
| Analyst | Support | Resistance |
|---|---|---|
| Rajesh Bhosale, My Advisor Alpha | ₹3,200 | ₹3,500 |
| Gaurav Arora, SAHI | ₹3,225 | ₹3,538 |
| Sumeet Bagadia, Choice Broking | ₹3,180 | ₹3,530 |
Support is a price where analysts expect buying, and resistance is where they expect selling. Bhosale said his ₹3,200 level matches the 20-day EMA, an average of recent prices. Bagadia said a move above ₹3,530 could take the stock to ₹3,650. These are views, not facts.
Risks to keep in mind
- High price: Arora said much of the good news is already priced in, at a P/E near 54.
- Trading-linked income: if commodity trading slows, fee income can fall.
- Sharp swings: the stock lost nearly 7% in one morning despite strong results.
- Costs and tax: Jefferies flagged higher tax and technology costs this quarter.
What to watch next
Next quarter, watch whether ADT keeps growing, how much revenue comes from options, and how costs move. You can follow more company numbers in our results section and wider trends on our markets page.
Words explained
- EBITDA: Profit from the main business before interest, tax and wear and tear of assets.
- ADT: Average Daily Turnover. It is the average value traded on an exchange each day.
- Derivatives: Contracts whose value comes from something else, such as gold or crude oil.
- Futures: A deal to buy or sell something at a fixed price on a future date.
- Options: A contract that gives the right, but not the duty, to buy or sell at a fixed price.
- Profit booking: Selling a share after its price rises, to take the gain.
- P/E ratio: Share price divided by yearly profit per share. A P/E of 54 means paying ₹54 for ₹1 of yearly profit.
- 20-day EMA: An average of the last 20 days' prices that gives more weight to recent days.
- Market capitalisation: Share price multiplied by the total number of shares.
Sources: Economic Times, Livemint, NDTV Profit.
This article is for information and education only. It is not investment advice. MarketUpDown is not registered with SEBI as an investment adviser or research analyst. Read our disclaimer.