MCX Q4 Earnings Boom! Revenue & Profit Surge 35% Amid Commodity Volatility | Praveena Rai Explains

追加: 2026-05-11

[00:00:01]All right, so that was the management of Tata Consumers talking to us about the growth outlook going ahead saying that the EBITDA is expected to grow faster than the top line and the company is also planning to take some more price hikes. But with this, let's move on and from one earning candidate switch your focus to the other and I'm talking about MCX. The company did come out with its numbers, but what's the outlook going ahead? Let's understand all of that with Pravina Rai who's the MD and CEO of MCX India joining us on the show. Um hi, good morning Pravina and thank you so much for your time and first up the company has reported strong quarter four with revenue and EBITDA surging nearly 35% on a YOY basis. Help us understand what led to this kind of growth in quarter four. What were the factors behind it?

[00:00:50]We've had a good year overall. Yes, we've wrapped it up with a very good final quarter.

[00:00:56]Uh if I look at the final quarter, of course, was a very good one, but the results across the year tell us a consolidated total revenue of 2,429 crores and profit after tax of 1,332 crores.

[00:01:13]Now, underlying to this is strong growth across all our parameters, the most important one being the daily throughput. It really defines uh the platform uh utilization. And we have uh while we've doubled most of the revenue and profit parameters, uh we've seen a two and a half times 2.5x growth when it comes to ADT. So, we are at about 5.4 trillion rupees of average throughput every day.

[00:01:44]Now, this has also come from uh the kind of growth we've seen across segments. Uh energy has always been a strong segment.

[00:01:53]Bullion has outperformed itself this year uh really holding its own as another very strong pillar of growth and participation at MCX.

[00:02:03]And metals, while being a smaller segment, has also seen significant growth.

[00:02:08]Agriculture is a fourth segment. It's not a big contributor when it comes to revenue, but continues to be an important and high-impact segment for us.

[00:02:20]Right. And Pravina, we have also seen balanced growth for both futures and options in quarter four. Futures revenue was about 693 crores, which was a massive spike up of about 136%. Options revenue was also up by about 109%.

[00:02:34]We've seen a massive growth over here.

[00:02:36]How sustainable is this as we go ahead?

[00:02:41]Yes, we believe that the growth is very democratic in the sense that futures growth is always a very healthy one and we track that closely. It's the underlying product because all our options devolve into futures. So, having that depth and liquidity indicates a lot of strength and resilience at the at the core of the platform.

[00:03:06]Now, when we look at how we view the go forward, we need to really look at the kind of participation we've had.

[00:03:14]So, participation has been strong across all segments.

[00:03:18]We've had the retail segment. We've had corporates and corporate hedgers, SMEs, as well as large.

[00:03:26]The institutions, foreign institutions and domestic institutions. So, each one of these segments has seen growth.

[00:03:33]There is headroom left for growth. So, while this year has been a good year, the growth momentum should continue.

[00:03:42]And it will help the industry to address whatever the macro environment is going to throw at us.

[00:03:51]All right. But um, along with that, Praveena, analysts believe that the commodity price volatility is acting as a tailwind for MCX business model. Uh, how much of your growth uh, you believe is contributed by the commodity price volatility?

[00:04:09]Certainly, the tailwinds have been there. The macro environment has been demanding and challenging, creating um, volatility both at the global and domestic level.

[00:04:20]Now, MCX has really uh, stood strong to be a platform of choice uh, to provide the right kind of uh, solution to manage this volatility.

[00:04:31]So, not only uh, the way we look at our uh, technology business, the products that are suitable and relevant, uh, which have been launched earlier and specifically also through the year, uh, but also I will call out the kind of risk management in play because managing these environments where we saw uh, extreme volatility on gold, uh, we saw global uh, shortage on silver, uh, we've seen what's happening uh, these days. All of this creates a certain uh, kind of risk in the environment that needs to be handled extremely proactively and rigorously.

[00:05:11]So, I think uh, that's where MCX has played a very strong role and will continue to do that. Now, MCX price is also a very important uh, benchmark and determinant because uh, the more we establish a price which is an India price, um, uh, I will not say that we will be uh, completely uh, risk mitigated from global volatility, but it creates an environment where uh, we are not completely dependent on global uh, price indicators.

[00:05:44]So, MCX price uh, reference across segments is something that uh, a lot of work has happened during the year. The bullion industry specifically does use MCX price as a reference and you can find it you know with many of the jewelers across the country.

[00:06:01]But we are very happy that towards the end of the year even the regulator has asked the AMC's mutual funds to start referencing exchange derived prices for bullion and that really gives us a strong reference point on which to work for the future.

[00:06:22]Okay and Praveen let's talk about the average daily transaction revenue. That metric has risen by 36% on a month on month basis in March this year. Are you expecting the ADTR to remain steady at current levels or will this number normalize because if I take a look at the March ADTR it's coming at around 13.4 crore rupees. How sustainable does this look over let's say the next couple of financial years?

[00:06:47]I think the numbers will continue to be healthy now and that's where I think having this portfolio with a number of segments and number of products plays out because the environment will require one or more of these products to play its role.

[00:07:04]So it will depend on where the growth comes from but across the portfolio we believe that we will have continue to have healthy numbers.

[00:07:15]All right with that the company has launched a slew of new products over the last few months.

[00:07:21]Any more product launches lined up in the first half of FY27 which could aid growth further?

[00:07:30]Yes you know if you look at the Indian environment Indian economy the the rate at which we are growing the aspiration we have there are number of segments that require to be covered for commodity markets where there is scale, there is volatility, the need for the platform exists.

[00:07:48]So yes, we have a a long pipeline, uh but we will look to time the market suitably covering what the market requires. We're working very closely with our members as well as participants in the respective industries.

[00:08:00]Uh I won't be able to talk much about it now, but I think you will see the announcements over the course of the year.

[00:08:08]Okay. Um so I understand that. Yes, and also talk to us about the number of traded clients that has risen from 13 lakh in FY25 to now very close to 21 lakh in FY26. You know, what has aided this kind of phenomenal jump that we've seen on a year-on-year basis, and how how are you seeing this trend playing out?

[00:08:28]So uh we have seen uh growth in new members.

[00:08:32]Uh we've also seen an increased interest in commodities as an asset class. So in fact, when we go out for our research, uh we hear a lot that people have actually um had a demand to open accounts um so that they can start, you know, participating in this.

[00:08:49]I think we are seeing that maturity uh to develop further.

[00:08:54]Uh if you compare this with the participation in the equity asset class, it is still a a small proportion. So there is headroom for growth. It is not that everybody who participates in equity will become a commodity expert, but um the trajectory is positive.

[00:09:12]All right, and lastly Pravina, the company has recently received a SEBI approval to incorporate new coal exchange. Uh what are your plans here?

[00:09:20]Tell us more about that.

[00:09:24]Um that's right. So when we look at our portfolio, for example, if you look at the energy portfolio, we've got crude oil, we've got natural gas.

[00:09:32]We launched the electricity base load contract last year.

[00:09:35]So um coal in a way really completes this portfolio.

[00:09:40]Now, the coal exchange is not a derivative exchange. It's a spot platform for healthy derivative on commodities to operate. It's very important to have platforms for price discovery.

[00:09:53]And having such a spot platform in India is going to be extremely meaningful and useful. So, we are happy to have received this approval. Of course, it's very early stage. There are a number of steps ahead of us. But we believe overall as an organization that it will add to a holistic coverage of this portfolio.

[00:10:16]Okay, so that sounds really good. On that note, Praveena, we'll let you go.

[00:10:19]Thank you so much for your time. So, viewers, that was the management of MCX highlighting the