MCX share price falls 7% despite two-fold jump in Q2 profit; here's why

MCX share price today: Shares of Multi Commodity Exchange of India (MCX) came under selling pressure on Wednesday, despite the company reporting more than a two-fold increase in consolidated net profit for Q2FY27.

 

The stock snapped its two-day winning streak, opening nearly 3 per cent lower at ₹3,400 on the National Stock Exchange (NSE). The selling pressure intensified as the session progressed, with the stock falling more than 7 per cent to hit a low of ₹3,355.

 

As of 9:50 AM, MCX shares had recovered marginally but continued to trade in the red, down 4.7 per cent at ₹3,324.

 

The stock also featured among the most actively traded equities by value on the NSE. Data showed that around 2.7 million shares changed hands in the first 35 minutes of trade, translating into a turnover of ₹70.15 crore.

 

 

MCX Q2FY27 results 

 

According to an exchange filing, MCX reported a more than two-fold jump in consolidated net profit to ₹455 crore for the September quarter of FY27, driven by a sharp rise in income and trading volumes. The bourse had posted a net profit of ₹197.47 crore in the year-ago period.

 

Its total income surged to ₹799.66 crore from ₹374.23 crore a year earlier. Expenses rose to ₹s 211.36 crore from ₹150.41 crore.

 

On the volume front, MCX said that its Average Daily Turnover (ADT) of futures climbed to ₹62,819 crore during the quarter, while that of options rose to ₹12,00,129 crore.

 

MCX also saw physical deliveries of 5.68 tonnes of gold, 199.91 tonnes of silver and 34,707 tonnes of base metals during the quarter.  

Jefferies, MOFSL on MCX 

Following the Q2 results, Jefferies in a note said that MCX reported in-line numbers in the September quarter. 

 

The brokerage said that Ebitda and Ebitda margin expanded significantly in Q2 FY27, but fell marginally short of its estimates on a Y-o-Y basis. Ebitda grew by 135 per cent Y-o-Y to ₹611.2 crore (-2 per cent JEFe), while Ebitda margin improved by 684 bps to 76.4 per cent (-57 bps JEFe).

 

The brokerage added that tech cost growth was a miss and that PAT was affected by higher taxes due to MCXCCL's ₹47 crore tax expense for 1H coming in 2Q. Motilal Oswal Financial Services said that MCX missed on the PAT front by 14 per cent due to higher opex and tax rate. It expects revenue/Ebitda/PAT to clock a CAGR of 29 per cent/30 per cent/32 per cent over FY26-28.  Check - TOP GAINERS NSE | TOP LOSERS NSE 

Analyst stays positive on MCX 

Sunny Agrawal, head - fundamental research at SBI Securities, said that MCX results were inline with the expectations and today's street reaction is kind of profit booking post strong pre-result rally. 

 

"We continue to maintain a positive stance on the business with a long term perspective as business can compound at 20-25 per cent CAGR led by increasing customer participation and rising options volume," he said. 

Notably, MCX shares have been among the standout performers on Dalal Street over the past few years. According to NSE data, the stock has gained 53 per cent in 2026 so far and 80 per cent over the past year. Over the three-year and five-year periods, it has delivered returns of 561 per cent and 848 per cent, respectively. MCX technical view 

Jay Vora, technical analyst, Mirae Asset Sharekhan, said that on the chart, a cluster of resistance levels sits around ₹3,480. The stock closed near this zone yesterday and has slipped today as traders booked profits.

 

"The short term still looks bullish. The stock is trading above its key short-term moving averages, the daily momentum indicator is in a bullish mode, and the daily chart continues to show higher highs and higher lows. That said, a meaningful move higher will need a clean break and close above ₹3,480. If the stock slips further, the 3,170 to ₹3,200 zone should act as a strong support area," he said. 

Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.