Multi Comm. Exc. Q2 FY27 Results (NSE: MCX)
Signal: Margins at cyclical peak
The read
MCX’s trajectory remains firmly positive: Q2FY27 revenue reached ₹800 crore, up 113.9% YoY, while F&O ADT rose 207.1% and EBITDA margin expanded 1070bps YoY to 78.0%; the key inflection is that options activity and client participation are now scaling faster than revenue, with F&O traded clients up 89.8% YoY to 14.98 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹800 Cr | 113.9% | 14.0% |
| Net profit | ₹455 Cr | 130.8% | |
| EBIT margin | 78.0% |
P&L walk
Consolidated revenue rose 113.9% YoY and 14.0% QoQ to ₹800 crore, driven by higher futures and options activity; EBITDA grew 145.9% YoY to ₹664 crore as total expenses increased only 38.1%, lifting margin to 78.0%, while PAT rose 130.8% to ₹455 crore.
Key positives
- Revenue reached ₹800 crore, up 113.9% YoY and 14.0% QoQ, with F&O ADT up 207.1% YoY to ₹12,62,948 crore.
- Options remained the primary volume engine: options ADT rose 224.8% YoY and 21.3% QoQ to ₹12,00,129 crore.
- EBITDA grew 145.9% YoY to ₹664 crore versus revenue growth of 113.9%, a 32.0 percentage-point growth gap, while EBITDA margin expanded 1070bps YoY to 78.0%.
- Total expenses rose 38.1% YoY to ₹211 crore, materially slower than revenue growth, supporting the 570bps QoQ margin expansion.
- F&O traded clients increased 89.8% YoY to 14.98 lakh, indicating broadening participation alongside higher turnover.
Key concerns
- Q2FY27 options ADT of ₹12,00,129 crore grew 224.8% YoY, substantially faster than futures ADT growth of 50.6%, increasing the importance of maintaining the current options-led activity mix.
- F&O traded clients at 14.98 lakh remain below the 20 lakh threshold referenced in the open FY27 context, so the client-base milestone is not yet resolved.
Research and educational content only. Not investment advice.