MCX Share Price Slips 5%. Here's Why

4 Nov 2026 , 11:04 AM

MCX share price fell 5.49 percent to Rs 3298.50 on the NSE on Wednesday (November 4, 2026) at 10:44 AM, even though the Multi Commodity Exchange of India posted a more than two-fold rise in consolidated net profit in Q2 FY27.

The stock broke out of its two-day positive trend as investors took some profits. There was strong selling after the start of the trading day. The stock touched a low of Rs 3252 during the day. MCX posted a consolidated net profit of Rs 455 crore in the September quarter, up from Rs 197.47 crore in Q2 FY26. This represents a growth of over 130 percent YoY. However, EBITDA and EBITDA margins were slightly lower than expected. Technology expenses were also higher.

MCX Share Price Today: Stock Falls Over 5%

MCX shares opened nearly 3% lower at ₹3,400 on Wednesday, against the previous close of ₹3,490.10. The stock subsequently fell over 7% to touch an intraday low of ₹3,252. At 10:44:41 AM IST, the shares were trading at ₹3,298.50, down 5.49%.

Particulars	Price
Previous close	₹3,490.10
Opening price	₹3,400.00
Current market price (10:44 AM)	₹3,298.50
Day’s high	₹3,425.70
Day’s low	₹3,252.00
Change	-5.49%

MCX was also among the most actively traded stocks by value on the NSE. Around 27 lakh shares changed hands during the first 35 minutes of trading, generating a turnover of ₹70.15 crore.

MCX Q2 FY27 Results: Net Profit Rises Over 130%

MCX’s consolidated net profit rose to ₹455 crore in Q2 FY27 from ₹197.47 crore last year. The consolidated total income grew over 200 percent to ₹799.66 crore from ₹374.23 crore. Total expense grew to ₹211.36 crore from ₹150.41 crore.

Particulars	Q2 FY26	Q2 FY27
Consolidated net profit	₹197.47 crore	₹455 crore
Total income	₹374.23 crore	₹799.66 crore
Total expenses	₹150.41 crore	₹211.36 crore
EBITDA	—	₹611.2 crore
EBITDA margin	—	76.4%

EBITDA increased 135% year-on-year to ₹611.2 crore, while the EBITDA margin expanded by 684 basis points to 76.4%. Despite the strong growth, EBITDA and EBITDA margin came in marginally below estimates. Higher technology costs were among the factors affecting the results.

Why Did MCX Shares Fall Despite Strong Q2 Earnings?

The decline in MCX shares can be attributed partly to profit booking after a strong rally in the run-up to the Q2 results. Markets tend to react to earnings relative to expectations rather than just the year-on-year growth reported by a company. While MCX more than doubled its net profit and recorded strong growth in total income, its EBITDA and EBITDA margin were marginally below analyst estimates. Higher technology costs and the ₹47 crore tax expense recognised at MCXCCL also drew attention to the cost and profitability side of the results. Consequently, investors appeared to use the strong earnings announcement as an opportunity to book profits, leading to a decline in the stock despite robust headline numbers.

MCX Trading Activity Remains Strong in Q2 FY27

Trading activity across futures and options remained strong during the September quarter. The Average Daily Turnover (ADT) in futures stood at ₹62,819 crore, while options ADT reached ₹12,00,129 crore. MCX also recorded physical deliveries across precious metals and base metals during the quarter.

Particulars	Q2 FY27
Futures Average Daily Turnover	₹62,819 crore
Options Average Daily Turnover	₹12,00,129 crore
Gold deliveries	5.68 tonnes
Silver deliveries	199.91 tonnes
Base metal deliveries	34,707 tonnes

The trading turnover and delivery figures highlight the scale of activity on the exchange during the quarter.

MCX Share Returns: Stock Gains 53% in 2026 So Far

Despite Wednesday’s decline, MCX has delivered substantial returns over the longer term. According to NSE data, the stock has gained 53% in 2026 so far and 80% over the past year. Its returns over the three-year and five-year periods stood at 561% and 848%, respectively.

Period	Stock Return
2026 so far	+53%
1 year	+80%
3 years	+561%
5 years	+848%

MCX Q2 FY27 Results: Key Factors to Watch

The company’s performance in the coming quarters will depend on several factors:

• Trading activity: Sustained futures and options turnover will remain important for revenue growth.
• Technology costs: Investors will monitor whether higher technology expenses continue to affect operating profitability.
• Operating margins: The ability to sustain margin expansion will be important after the marginal miss against estimates.
• Tax expenses: The impact of tax costs recognised during the quarter will remain relevant when assessing reported profitability.
• Profitability: Investors will track whether strong income growth translates into sustained earnings growth.

MCX’s Q2 FY27 results showed strong growth in net profit, total income and trading activity. However, the share price decline indicates that investors also weighed the marginal EBITDA miss, higher technology costs and profit booking following the recent rally.

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