Multi Commodity Exchange of India Ltd

What Multi Commodity Exchange of India Ltd does

Multi Commodity Exchange of India Ltd (MCX) is India's largest commodity derivatives exchange and the world's fourth-largest by number of contracts traded (FIA 2025), holding greater than 98% market share in non-agricultural commodity futures. Incorporated in 2002 and operational since November 2003, MCX became India's first listed exchange in 2012 and operates under SEBI recognition from its Mumbai headquarters with a network of ten regional offices. The exchange provides electronic trading of futures and options across four segments: Bullion (gold in five denominations including 1g Gold Petal, plus silver in four denominations), Base Metals (aluminium, copper, lead, zinc, nickel, steel rebar), Energy (crude oil, natural gas, and India's first electricity futures contract launched July 2025), and Agri Commodities (cardamom, cotton, kapas, mentha oil).

The underlying platform is a SEBI-regulated electronic derivatives trading system with real-time risk management, market surveillance, ISO/IEC 27001:2022 information security certification, and a wholly-owned clearing corporation (MCXCCL, recognized in 2018) that provides central counterparty clearing, collateral management, settlement guarantees, and the ComRIS electronic commodity receipt tracking portal. The platform was migrated to a new commodity derivatives architecture in October 2023. MCX has pioneered several firsts in India, including commodity options (2017 Gold Options), index futures on bullion and base metals, electricity futures, and the 100-gram Silver 100 contract launched June 2026.

MCX monetizes through per-contract transaction fees on futures and options, clearing and settlement charges via MCXCCL, subscription-based market data feeds, and membership/admission fees from its 603 registered members and 29,474 authorised persons. It does not sell directly to end traders; instead, member brokers intermediate retail and institutional access. Q4 FY26 consolidated revenue surged 205% year-over-year to Rs 889 crore with PAT of Rs 530 crore and an EBITDA margin of 75.92%, reflecting the exchange's pure-play, volume-driven, fixed-cost economics. Revenue scales directly with commodity price volatility and trading activity, which spiked in FY26 driven by geopolitical tensions and precious metals demand.

Name

Multi Commodity Exchange of India Ltd

Legal name

Multi Commodity Exchange of India Ltd

Website

https://mcxindia.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

251–500 employees

Short description

Multi Commodity Exchange of India (MCX) is India's largest commodity derivatives exchange with over 98% market share in non-agricultural commodities, providing electronic futures and options trading in bullion, base metals, energy, and agri commodities through a SEBI-regulated platform and a wholly-owned clearing corporation.

Ownership category

akta.pro rank

Product category

Commodity Derivatives Exchange

NAICS

Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (52321)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Commodity Derivatives Exchanges (Futures & Options on Commodities) (FSAFAMAG)

akta.pro secondary industry

Commodity Electronic Trading Platforms (Energy/Metals/Agriculture) (FSAFANAF)

Keywords

• Commodity futures exchange
• Derivatives trading platform
• Commodity price discovery
• Futures and options clearing
• Bullion base metals energy

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Transaction/Trading Fees: MCX earns transaction fees from every futures and options contract traded on its platform. Revenue scales with commodity price volatility and trading volumes. Q4 FY26 revenue surged 205% YoY to Rs 889 crore driven by elevated commodity volatility, particularly in crude oil and precious metals.
2. Clearing and Settlement Services: Clearing corporation (MCXCCL) generates revenue from clearing and settlement of trades, collateral management services, and risk management services provided to members.
3. Data Feed and Market Data Services: Subscription-based data feed services for real-time and delayed market data distributed to institutional and retail subscribers.
4. Membership and Admission Fees: Fees from onboarding registered members and authorized persons, including annual fees, admission fees, and charges for member compliance services. MCX had 603 registered members and 29,474 authorized persons as of June 30, 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

MCX operates a state-of-the-art electronic commodity derivatives exchange in India, providing online futures and options trading across bullion (gold, silver), base metals (aluminium, copper, lead, zinc, nickel, steel rebar), energy (crude oil, natural gas, electricity), and agricultural commodities (cardamom, cotton, kapas, mentha oil). The exchange enables transparent price discovery, risk management, and physical delivery settlement for commodity value chain participants, with clearing and settlement services provided by wholly-owned subsidiary MCXCCL. It also disseminates real-time commodity indices under the MCX iCOMDEX brand.

Product overview

MCX operates a comprehensive commodity derivatives exchange platform offering online trading across four primary segments: Bullion (gold and silver products in multiple denominations), Industrial Metals (aluminium, copper, lead, zinc, nickel, steel rebar), Energy (crude oil, natural gas, electricity), and Agri Commodities (cardamom, cotton, kapas, mentha oil). The platform provides both futures and options contracts, with gold available in 5 variants (1kg standard, 10g, 1kg mini, 8g guinea, 1g petal), silver in 4 variants (30kg standard, 5kg mini, 1kg micro, 100g), and various other commodities in standard and mini versions. The MCX iCOMDEX proprietary index series enables trading on composite and sectoral commodity indices. MCXCCL, the wholly-owned clearing subsidiary, provides collateral management, risk management, clearing, settlement, and delivery services including the ComRIS receipt tracking system. The exchange also operates spot market infrastructure and investor services platforms.

Differentiator

Problem solved

Functional benefit

Brands

• MCX iCOMDEX: Flagship index series providing real-time commodity futures price indices across composite, sectoral (Bullion, Base Metal, Energy), and single-commodity indices for Gold, Silver, Aluminium, Copper, Lead, Zinc, Crude Oil and Natural Gas
• MCX BULLDEX
• MCX METLDEX
• MCX ENRGDEX
• Silver 100
• ComRIS

Products and services

• Bullion Futures Contracts
• Base Metals Futures Contracts
• Energy Futures Contracts
• Agricultural Commodities Futures
• Options on Commodity Futures
• MCX iCOMDEX Index Series
• Clearing and Settlement Services (MCXCCL)
• Data Feed and Market Data Services
• Membership and Authorised Person Services
• Spot Market Price Platform
• ComRIS Electronic Commodity Receipts System

Named customers5 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered minor, strategic and core.

• Jakarta Futures Exchange (JFX)minorStrategic or Co-development Partner · 26 February 2024MoU signed in February 2024 for knowledge sharing and regional development cooperation between the two commodity exchanges.
• Chittagong Stock Exchange Limited (CSE)strategicStrategic or Co-development Partner · 12 April 2022Consultancy agreement signed in April 2022 to collaborate for establishment of the first commodity derivatives platform in Bangladesh with CSE, marking MCX's first international market development consultancy engagement.
• European Energy Exchange AG (EEX)minorStrategic or Co-development Partner · 5 July 2021MoU signed in July 2021 for knowledge sharing and exchange of expertise on electricity derivative products, supporting MCX's launch of India's first Electricity Futures Contract in July 2025.
• NSE, India INX, NSDL, CDSL (International Bullion Exchange at GIFT City)minorStrategic or Co-development Partner · 1 March 2021Joint MoU signed in March 2021 for setting up an International Bullion Exchange at GIFT City (Gujarat International Finance Tec-City), aimed at creating a global bullion trading hub in India.
• Zhengzhou Commodity Exchange (ZCE)minorStrategic or Co-development Partner · 1 January 2019MoU for knowledge sharing and cooperation, signed as part of MCX's strategy to build international exchange alliances.
• CME GroupcoreTechnology or Integration · 1 January 2015Product licensing agreement and knowledge sharing MoU signed in 2015, enabling MCX to leverage CME Group's trading technology and product expertise for commodity derivatives.
• London Metal Exchange (LME)coreTechnology or Integration · 1 January 2005Licensing agreement signed in 2005 for product and technology collaboration in base metals derivatives.
• Dalian Commodity Exchange (DCE)minorStrategic or Co-development PartnerMoU for cooperation in areas of sharing knowledge and expertise, education and training.
• Taiwan Futures Exchange (TAIFEX)minorStrategic or Co-development PartnerMoU for cooperation in areas of sharing knowledge and expertise, education and training.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• National Commodity and Derivatives Exchange (NCDEX): India's other major commodity derivatives exchange, primarily focused on agricultural commodities. Directly comparable to MCX as the principal alternative multi-commodity exchange in India competing for the same pool of trading members, hedgers and speculators.
• London Metal Exchange (LME): World's premier base metals exchange, with which MCX signed a licensing agreement in 2005. Directly comparable as a global exchange focused on industrial/precious metals with physical delivery infrastructure.

Broad incumbents

• National Stock Exchange of India (NSE): India's largest equity exchange which also offers a commodity derivatives segment through its subsidiary. Competes with MCX in select non-agri commodities and represents a broad incumbent with diversified asset-class exposure.
• BSE Limited: India's oldest exchange, which has launched a commodity derivatives segment and competes with MCX in selected contracts. Comparable as a broad incumbent Indian exchange operator with multi-asset offerings.
• CME Group: The world's largest derivatives marketplace, offering benchmark commodity futures and options. Has a long-standing product licensing and knowledge-sharing MoU with MCX (signed 2015), and serves as a global reference peer for commodity exchange operations.
• Intercontinental Exchange (ICE): Global exchange operator with major energy and soft commodity derivatives franchises (ICE Futures Europe, ICE Futures US). Comparable as a large, multi-asset global exchange operator competing for international commodity volumes.

Regional players

• Dalian Commodity Exchange (DCE): One of China's largest commodity derivatives exchanges, with an MoU with MCX. Comparable as a major regional commodity exchange in Asia, with overlapping product categories (industrial metals, agricultural).
• Zhengzhou Commodity Exchange (ZCE): Leading Chinese commodity derivatives exchange with an MoU with MCX. Comparable as a regional Asian commodity exchange operating in adjacent product categories (agricultural and industrial).
• Indonesia Commodity and Derivatives Exchange (ICDX) / Jakarta Futures Exchange (JFX): Indonesian commodity derivatives exchange that signed a knowledge-sharing MoU with MCX in 2024. Comparable as a regional Asian commodity exchange, and a partner for MCX's international market development initiatives.
• India International Exchange (India INX): International exchange at GIFT City, Gujarat, that competes for global bullion and commodity trading from Indian soil. Comparable as a domestic competitor in the international/24-hour commodity segment and a co-signatory on the GIFT City bullion exchange MoU.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mcxindialtd
• YouTubeyoutube.com/channel/UCgAIPM7l5vfTZZYwBJLbhlA
• Facebookfacebook.com/Multi-Commodity-Exchange-of-India-Ltd-676208616085080
• LinkedInlinkedin.com/company/multi-commodity-exchange-of-india
• Instagraminstagram.com/mcxindiaofficial

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Multi Commodity Exchange of India Ltd