**MARKET BRIEF: MCX Q3 FY26 EARNINGS & PERFORMANCE UPDATE** **Headline Financials: Triple-Digit Growth** Multi Commodity Exchange of India (MCX) has delivered a robust financial performance for the quarter ended December 31, 2025. The exchange reported a consolidated Net Profit (PAT) of **₹401 crore**, marking a massive **151%** surge year-on-year compared to ₹160 crore in the same period last fiscal. Revenue from operations witnessed a sharp upward trajectory, climbing **121%** YoY to **₹666 crore**, up from ₹301 crore in Q3 FY25. On a sequential basis, revenue rose **78%** quarter-on-quarter. Operational efficiency was a key driver, with EBITDA jumping **144%** YoY to **₹527 crore**, underscoring significant margin expansion and the benefits of operating leverage. **Nine-Month Performance Snapshot** For the nine-month period ending December 2025, MCX consolidated revenue stood at **₹1,413 crore**, a growth of **72%**. Net profit for the same period rose **89%** to **₹802 crore**, reflecting sustained momentum throughout the fiscal year. **Operational Metrics: Volume Explosion** Trading activity on the exchange reached historic highs. The Average Daily Turnover (ADT) for Futures and Options skyrocketed to **₹7,50,136 crore**, representing a **224%** increase from ₹2,31,821 crore in Q3 FY25. This volume surge confirms deepening market participation and increased liquidity across derivative contracts. **Segment Dominance: Bullion Leads** The bullion segment remains the exchange's powerhouse. Its share in the Average Daily Turnover expanded to **69%** on a quarter-on-quarter basis. This growth was catalyzed by the successful introduction of new contract variants, specifically **Gold Mini** and **Gold Ten Futures**, which have attracted a wider range of participants looking for flexible hedging and trading tools. **Product Innovation & Strategic Launches** MCX continues to diversify its product suite. A significant development this fiscal year was the launch of monthly Options contracts on the **MCX iCOMDEX Bullion Index (MCX BULLDEX)**. Effective from October 2025, these contracts cover both Gold and Silver, providing market players with an index-based instrument to manage volatility in the precious metals basket. **Corporate Action: Stock Split** Investors also reacted to recent corporate adjustments. The company completed a **5-for-1 stock split**, with the record date set earlier in January 2026. This move was aimed at improving liquidity and making the stock more accessible to retail investors. **Market Reaction** Following the earnings announcement, MCX shares witnessed strong buying interest. The stock rallied approximately **4.5%** in intraday trade, hitting a high of **₹2,386** on January 27, 2026. The market sentiment remains positive, driven by the combination of record volumes, margin expansion, and a growing product ecosystem.