MCX shares surge to a lifetime high as domestic gold, silver futures rally; check Q4 numbers

At around 2:17 PM, the stock was trading 1.81% higher at ₹3,214 per equity share, compared to the closing price of ₹3,156.90 apiece in the previous session. It touched a year’s low of ₹1,155.70 per unit on May 12, 2025.

The scrip has gained 8% in the past week and more than 16% ove the month. On a year-to-date basis, it has rallied 46%.

The stock came under buying pressure amid a surge in MCX gold and silver prices, as the government increased import duties on precious metals to 15%. Furthermore, MCX reported a fourfold increase in its profit in the latest March quarter.

MCX gold, silver prices

Gold futures for delivery in June rallied as much as ₹11,055 or 7.2% to hit an intraday high of ₹1,64,497 per 10 grams on the MCX on May 12, after the government hiked import duties on precious metals to 15%.

Silver prices also witnessed a sharp rally as it crossed the ₹3 lakh per kilogram mark, with the contract with expiry in July soaring as much as ₹22,367 or 8.01% to hit the session’s peak of ₹3,01,429 per kilogram.

The government on Wednesday hiked import duties on gold and silver to 15% from 6% as part of measures to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.

MCX Q4 results

The domestic commodity exchange reported a 291% year-on-year (YoY) surge in its consolidated net profit to ₹529.77 crore in the January-March quarter of the 2025-26 financial year (Q4 FY26).

In the corresponding period of the previous fiscal year, MCX had logged a profit of ₹135.46 crore, according to a regulatory filing dated May 9.

Its revenue from operations jumped 205% YoY to ₹888.94 crore during the quarter under review, compared to ₹291.33 crore in the fourth quarter of the 2024-25 fiscal year (Q4 FY25).

At an operational level, its EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, stood at ₹703 crore in Q4 FY26, marking a 271% YoY increase from ₹189 crore in the year-ago period.

Its EBITDA margin improved to 76% for the reporting quarter, from 59^ in the March quarter of FY25.

Commenting on the financial results, Praveena Rai, Managing Director & CEO, MCX said, "Our operating revenue more than doubled, growing by 113% YoY, reflecting our focused strategy, strong execution, increased participation, across all segments, new members & new products. To strengthen the Commodity Derivatives ecosystem, we initiated a focused drive - ‘Price in India: Hedge in India’ to promote and deepen hedging participation in India. Institutional and retail investors have also increasingly embraced the commodity asset class, leading to broader and deeper market participation.”

Going forward, she stated that MCX’s focus will remain on sustainable growth, diversification of participation, and products. Rai added that further strengthening technology and risk frameworks, and continued enhancement of shareholder value, will also be the focus.

FY26 performance

In FY26, MCX’s consolidated net profit grew by 138% YoY to ₹1,332 crore from ₹560 crore in the preceding fiscal year.

The growth was driven by two strong pillars of bullion and energy, along with good metals growth, the domestic exchange said.

The average daily turnover (ADT) (futures and options) advanced 496% for bullions, 116% for metals, and 29% for energy in FY26.

Its revenue from operations surged 107% YoY to ₹2,302 crore during the reporting financial year, compared to ₹1,113 crore in FY25.

Its future revenue stood at ₹693 crore, up 136% YoY, and its option revenue grew 109% YoY to ₹1,398 crore.

Dividend

The company’s board of directors also recommended a final dividend of ₹8 per equity share, with a face value of ₹2 each for the financial year ended March 31, 2026.

“This proposal is subject to approval of shareholders at the ensuing 24th Annual General Meeting of the Company,” MCX added.

MCX has a total market capitalisation of ₹81,908.48 crore as of May 13, 2026, according to data on the NSE.