MCX shares tumble despite 130% YoY growth in PAT; here's why

Shares of Multi Commodity Exchange of India Ltd (MCX) slumped 6.89 per cent to hit a low of Rs 3,252.50 in Wednesday's trade, even as the commodity derivatives platform posted 130 per cent year-on-year (YoY) growth in profit after tax (PAT) for the September quarter (Q2 FY27).

According to Motilal Oswal Financial Services Ltd (MOFSL), MCX reported a PAT of around Rs 450 crore for Q2 FY27, missing its estimate by 14 per cent.

The brokerage attributed the shortfall to higher operating expenses and a higher tax rate. For the first half of FY27, net profit increased 117 per cent YoY.

MCX's operating revenue stood at around Rs 800 crore, rising 114 per cent YoY and 14 per cent sequentially. The figure was in line with the brokerage's estimates.

For H1 FY27, operating revenue doubled on a yearly basis.

On the cost front, staff expenses increased 25 per cent YoY to Rs 56.2 crore, in line with estimates.

Other expenses surged 54 per cent YoY to Rs 130 crore, coming in 33 per cent above the brokerage's estimates.

MOFSL attributed the higher-than-expected expenditure largely to a contribution of Rs 24.8 crore towards the Settlement Guarantee Fund (SGF), against its expectation of no such contribution.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at around Rs 610 crore, up 151 per cent YoY but 6 per cent below the brokerage's estimate.

EBITDA margin stood at 76.4 per cent, compared with 65.1 per cent in the corresponding quarter last year (Q2 FY26). However, the margin was below MOFSL's estimate of 80.4 per cent.

Other income came in at Rs 51.6 crore, broadly in line with the brokerage's expectations.