MCX Jumps to Record High on Strong Q3 Numbers
- By Kotak News Desk
- 30 Jan 2026 at 11:42 AM IST
- Market News
- 4m
Benchmark indices ended Wednesday on a strong note, with the Sensex climbing 487 points to close at 82,344. The broader market rally pushed several financial services stocks to their 52-week highs. Among them, the Multi-Commodity Exchange of India (MCX) stood out after touching its strongest level in a year.
MCX hit a new 52-week high of ₹2,604.95, while the stock closed slightly lower at ₹2,594.5. Over the past month alone, the stock has gained nearly 17%, reflecting rising investor confidence.
Why Did MCX Shares Rally So Sharply?
The rally was driven by a blockbuster third-quarter performance. MCX shares surged around 14% in just two trading sessions after the company reported a massive 151% year-on-year jump in net profit, which came in at ₹401 crore for Q3FY26.
Revenue rose 115% year-on-year to ₹697 crore, while EBITDA jumped 144% to ₹527 crore. The numbers clearly beat Dalal Street expectations and reinforced MCX’s strong earnings momentum.
What Is Driving MCX’s Volume Growth?
Behind the sharp rise in profits is the explosion in trading volumes. MCX’s average daily turnover for the quarter increased by 3.3 times year-on-year to ₹7.9 trillion. Gold and silver trading has also seen a sharp increase in volumes. Bullion contributes almost 70% of the total trading volumes.
Options trading has also seen strong traction. Options notional average daily turnover has seen a sharp increase of 221% year on year to ₹6.7 trillion. This has been driven by a sharp increase in bullion and energy options. Futures have also seen a sharp increase of 207% year-on-year to ₹886 billion. This has been driven by higher volumes in bullion, energy, and base metals.
The exchange has also seen a sharp increase in the number of new products launched, including Gold Mini contracts and BULLDEX options.
Does MCX Still Have Room to Grow?
The company has a dominant position in the Indian commodity market. The Indian commodity market is valued at ₹850 trillion, with MCX monopolising nearly 99% market share in the bullion, base metals, and energy segments. This gives the company a strong long-term edge.
However, it must be noted that there is no consensus on an entirely positive outlook. Some experts predict that trading volumes may ease after the recent surge in price volatility. Volumes may remain flat in January 2026, dip by 20% in February, and then rise sharply again in March.
In spite of this, there has been an upward revision in earnings estimates. Estimates for FY26, FY27, and FY28 have seen an upward revision of 9%, 22%, and 24%, respectively.
MCX is currently basking in the glory of high earnings, high volumes, and renewed interest.
Sources:
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.
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