Multi Comm. Exc. Q1 FY27 Results (NSE: MCX)
Signal: Margin expansion
The read
The core trajectory remains volume-led platform operating leverage: F&O average daily turnover rose 238% YoY to ₹10.5 lakh crore, revenue rose 88% to ₹702 crore and EBITDA rose 98% to ₹544 crore, but the QoQ decline of 21% in revenue and 23% in EBITDA after Q4FY26 indicates that the exceptionally strong growth phase is moderating rather than continuing to accelerate.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹702 Cr | +88% | -21% |
| EBIT | ₹523.29 Cr | N/A | |
| Net profit | ₹413.44 Cr | +103% | |
| EPS | ₹16.21 | N/A | |
| EBIT margin | 77.5% |
P&L walk
Consolidated revenue of ₹702 crore grew 88% YoY but declined 21% QoQ, tracking the 238% YoY F&O turnover increase and stated sequential moderation; EBITDA of ₹544 crore rose 98% YoY while margin was 77.5%, and PAT of ₹413.44 crore rose 103% with other income of ₹50.01 crore remaining below 20% of PBT.
Segments
No segment results table is disclosed; the material standalone-versus-consolidated gap—consolidated PAT of ₹413.44 crore versus standalone PAT of ₹327.32 crore—shows that group entities contributed ₹86.12 crore to reported profit.
Key positives
- F&O average daily turnover reached ₹10.5 lakh crore, up 238% YoY, while traded clients increased to 13.72 lakhs from 7.03 lakhs in Q1FY26, indicating broadening platform participation.
- Revenue increased 88% YoY to ₹702 crore and EBITDA increased 98% YoY to ₹544 crore, with total expenses up only 54% YoY to ₹229 crore; the cost base therefore grew materially slower than revenue.
- Options notional average daily turnover grew 266% YoY to ₹9.90 lakh crore and futures turnover grew 47% YoY to ₹59,674 crore, supporting diversification beyond a single product.
Key concerns
- Revenue fell 21% QoQ to ₹702 crore and EBITDA fell 23% QoQ to ₹544 crore, confirming management's stated moderation after Q4FY26 revenue of ₹889 crore and EBITDA of ₹703 crore.
- Consolidated PAT of ₹413.44 crore exceeded standalone PAT of ₹327.32 crore by ₹86.12 crore, increasing the importance of subsidiary and group-level earnings contribution to the shareholder outcome.
- The current quarter's 77.5% XBRL-derived EBITDA margin is below the prior-quarter 76% margin only when using the filing's reported 72% convention; the differing margin bases in the filing warrant monitoring for comparability.
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