end of q1
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Hi, thanks for posting this regularly.
Where do you source this data from?
I’ve created a tracking sheet. I just update the daily T/O numbers. We know the realisation numbers from MCX.
this sheet only track the exchange transaction revenue. doesnt account for other ancillary revenue.
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Hi Vikas
Love your tracking sheet. One question, do you account for fact that bullion options have lower premium due to lower volatility? Most of their recent growth is in bullion contracts.
doesn’t account for other ancillary revenue.
Speaking of ancillary revenues, colocation revenues (once approved by the regulators) would be a significant contribution. NSE generated ₹1,564 crore from “Colocation, Connectivity & Data Monetization” in FY 25, of which ₹1,157 crore came directly from colocation services. This is nearly 10% of total revenues.
The analysts are speculating that the recent sharp increase in MCX technology spends is down to MCX investing in colocation infrastructure anticipating approval from the regulators.
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As of today MCX doesnt offer Colo but, I hope they will start this offering very very soon.
NSE makes a ton of money selling data.
I take the total T/o number that automatically factors in all the variables and variations.My idea is to simplify any stock to a few key monitoring variables. In case of MCX the most imp variable is the UCC which we get from quarterly results, because if the UCC is going up that would mean that mkts is expanding.
Revenue comes in at the second number.
Under revenue we should keep an eye for weekly Index expiry contracts. I believe that can bring in a huge revenue boost.
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Excellent Set of Numbers in Q1 FY 26 With OPM Crossing 65%
Excellent Set of Numbers in Q1 FY 26 With OPM Crossing 65%
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MCX transaction value in July-Aug 25 is almost 60% up from July-Aug 24.
| Instrument Type | Month | Year | Traded Contract(Lots) | Total Value (Lacs) |
|---|---|---|---|---|
| FUTCOM | JUL | 2024 | 12273540 | 57016451.83 |
| FUTIDX | JUL | 2024 | 3294 | 30101.43 |
| OPTFUT | JUL | 2024 | 61560284 | 391755721.32 |
| OPTFUT | AUG | 2024 | 69026189 | 394985214.12 |
| FUTCOM | AUG | 2024 | 14182673 | 57041391.64 |
| FUTIDX | AUG | 2024 | 1859 | 16468.78 |
| Instrument Type | Month | Year | Traded Contract(Lots) | Total Value (Lacs) |
|---|---|---|---|---|
| FUTIDX | JUL | 2025 | 1167 | 8052.52 |
| FUTCOM | JUL | 2025 | 16567065 | 78766224.82 |
| OPTFUT | JUL | 2025 | 91336314 | 675728461.37 |
| FUTIDX | AUG | 2025 | 869 | 6127.10 |
| FUTCOM | AUG | 2025 | 15624838 | 69570130.62 |
| OPTFUT | AUG | 2025 | 89033332 | 732052974.49 |
Infact in July-Aug 25 , the transaction value is 10% more than July-Sep 24 Q.
Seems MCX is on the way to post 50 rs eps in Q.
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Thank you Vikas. Isnt Q2FY26 is 20 days shorter than all other quarters and hence YoY growth number would change by end of Sep 25?
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yes, thats why I mentioned the date.
you can just extrapolate the data and get a approx rev number.
up to 15th Sep.
54days done, 11 days to go for the qtr.
avg 4.82crs/day avg for the qtr. if you extrapolate then we can get to 310crs of transaction rev for the qtr.
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yes. which is still 25% revenue growth . with more volatlity , this is expected to go up. FY26 150 rs eps is doable .
MCX -
Q1 FY 26 results and Concall highlights -
Revenues - 405 vs 253 cr, up 60 pc ( core income @ 373 vs 234 cr, up 59 pc. Other income @ 33 vs 19 cr, up 73 pc )
EBITDA - 274 vs 151 cr, up 81 pc ( core EBITDA @ 241 vs 133 cr, up 81 pc. Margins @ 65 vs 57 pc )
PAT - 203 vs 110, up 83 pc
Segment wise mkt share of MCX / proportion of MCX’s revenues -
Precious metals - 100 pc / contributes to 74 pc of MCX’s revenues
Energy - 99 pc / contributes to 18 pc of MCX’s revenues
Base metals - 100 pc / contributes to 8 pc of MCX’s revenues
Qtly ( avg daily turnover ) ADTO - Q1 FY 26 vs Q1 FY 25 -
Futures - 40.5k cr vs 25.9k cr
Options - 270.2k cr vs 146.7k cr
Segmental F&O Avg daily turnover in Q1 -
Bullion - 136.5 k cr, up 89 pc YoY
Energy - 171.1 k cr, down 1 pc YoY
Base Metals - 2.9 k cr, up 6 pc YoY
Company has designated warehouses @ Thane, Raipur, Chennai, Kolkata, New Delhi - for delivery of metals
Major share holders include - Kotak Mahindra Bank, Tata AIA MF, HSBC MF, Nippon AMC, Axis MF, GoI pension fund, Mirae MF, Invesco MF, Motilal Oswal MF
Employee benefit expenses for Q1 were @ 44 cr, up 37 pc YoY. Company expects similar run rate to continue for rest of FY - restricting the upside on margins, unless the volumes pick up even further
Spends on tech support in Q1 were @ 21 cr. Expect the tech spends to not come down as the company intends to keep spending here - to offer the best in class services
ETR for MCX for near - mid term to remain @ 21 pc
Have recently launched Cardamom contracts. Expect to keep adding more commodities going further. Have also launched electricity futures ( in collaboration with IEX )
Breakup of core operating income -
Transaction charges from futures - 109 cr
Transaction charges from options - 227 cr
MCX clearing operations ( income from margin money, warehousing etc ) - 37 cr
Electricity futures can potentially be a descent sized product ( launched recently, in Aug 25 ). Helps them cover all products wrt their energy contracts portfolio
Disc: initiated a tracking position, not a buy/sell recommendation, I m biased, not SEBI registered
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July 4.56crs/day 23 trading days
Aug 4.66crs/day 20 trading days
Sep 6.29crs/day 22 trading days
Oct 9.22crs/day 6 trading days
ignore the y-o-y & q-o-q numbers.
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Hi @vikas_singh
What is the source of this data?
And do you update the sheet manually or is there some automation?
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mcx website is the source.
i update the volume numbers.
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volatile prices are good for trading platform like MCX . This keeps num of trades high and income higher- platform leverage.
Still bullish on MCX - hoping it to hit 50 rs eps/ Q in FY26 only. I am also hoping to hear more on dividend policy- mcx would start distributing 80% profit as dividend which would itself will be 1.5%-2% of CMP .
disclosure : >10% holding in PF . one of top 4 holding in PF .
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July 4.56crs/day 23 trading days
Aug 4.66crs/day 20 trading days
Sep 6.29crs/day 22 trading days
Oct 10.29crs/day 9 trading days
on top of this they got the approval for monthly options contract in Bullion index.
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- Citadel securities sees commodity trading as a huge growth area https://youtu.be/YFb5kUats5E?t=798
- MCX Bullion Futures hit a New All-Time High on October 14, 2025! Bullion (All) – ₹1,32,544 Cr, https://x.com/MCXIndialtd/status/1978448241755652560. This record only stood for 3 days only to be broken again on October 17, 2025! with volumes of ₹1,68,566 Cr
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July 4.56crs/day 23 trading days
Aug 4.66crs/day 20 trading days
Sep 6.29crs/day 22 trading days
Oct 9.73crs/day 17 trading days
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Options bulldex being launched today. Can it be above 10 cr per day for this quarter ?
If yes then we are looking at 90 to 100 rs eps per quarter. From now to feb 26 when result is posted , we may see lots of institutional interest . I know Amit Jeswani has already built core position in mcx for his pms
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