Increasing bullion volumes, new product launches, and regulatory gears up Multi-Commodity Exchange (MCX) growth drivers. MCX expects its revenue earnings to diversify besides crude and natural gas as gold and silver options are growing.
Growing options for gold and silver
Since MCX introduced monthly and smaller-sized contracts, supported by higher prices and volatility, gold and silver options have upswinged.
Gold and Silver options premiums’ average traded value (ADTV) rose to Rs. 67,000 crores in October 2025, up from 41,000 crores in Q2FY2025. Contribution of bullion is around 60 percent of the total notional volume and 30 percent of the options premium ADTV.
New launches
Security and Exchange Board of India (SEBI) allowed cash-settled index contracts, Metldex, and Bulldex can introduce new participants from foreign portfolio investors (FPIS) and other institutions.
Presently, the involvement of FPIs in MCX’s trading volume is approximately 3 percent, and that of equity exchange is about 20 percent.
MCX earnings
MCX is expected to hit a revenue of 27 percent CAGR and a profit after tax (PAT) of 33 percent CAGR over FY25-FY28, along with a strong growth in options.
MCX’s revenue and earnings per share have increased by 7-9 percent, with a target price of Rs. 10,000, the stock is valued at 46 times Sep-27E crore EPS.
Q2 results
MCX’s Q2 ended on June 30, 2025, with a consolidated net profit increasing to Rs. 203.19, which indicates a rise of 38.5% on a quarter-on-quarter (QoQ) basis compared to Rs. 153.62 in the previous quarter.
