MCX

What MCX does

MCX (Multi Commodity Exchange of India Limited), legally Multi Commodity Exchange of India Limited, is India's largest commodity derivatives exchange. Listed on the National Stock Exchange with ticker MCX and headquartered in Mumbai, the exchange operates under Securities and Exchange Board of India (SEBI) regulation as a Market Infrastructure Institution (MII). MCX retained 99.9% market share in India's commodity options segment for FY26 despite the National Stock Exchange's intensified push into commodity derivatives, with FY26 notional turnover of Rs 164.88 trillion in futures and Rs 16.7 trillion in options premium.

The exchange's core offering is an electronic commodity derivatives trading platform spanning precious metals (gold and silver, including the new Silver 100 retail contract), base metals (copper, aluminium, zinc), energy products (crude oil, natural gas, electricity, and a forthcoming coal exchange), and agricultural commodities (cotton, cumin, castor, coriander, turmeric, guar seed). Settlement and clearing operate through MCXCCL, MCX's wholly-owned clearing infrastructure that supports physical delivery. The platform connects a network of registered trading members and broker-dealers that route orders on behalf of institutional commodity producers, traders, speculators, retail investors, and — increasingly — Farmer Producer Organizations. Distribution is being expanded through third-party platforms such as Dhan's Gold Vault, which routed retail gold and silver purchases through MCX-linked futures and MCXCCL clearing with physical delivery across approximately 457 towns.

MCX earns the vast majority of its revenue from transaction fees on commodity futures and options contracts. Q3 FY26 consolidated operating income reached Rs 665.62 crore, up 120.85% year over year, with Q4 FY26 revenue projected at Rs 887 crore and net profit of Rs 547 crore — indicating an unusually high-margin, volume-driven business model. Recent corporate actions include SEBI approval to establish a wholly-owned MCX Coal Exchange subsidiary (April 2026, Rs 100 crore capital), the launch of Silver 100 futures (June 2026), and admission of domestic BIS-certified silver refiners as delivery participants (May 2026). The exchange was added to the MSCI India Domestic Index effective May 29, 2026, expected to attract $209M-$491M of passive inflows. Praveena Rai serves as Chief Executive Officer.

Name

MCX

Legal name

Multi Commodity Exchange of India Limited

Website

https://mcx.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

MCX is India's largest SEBI-regulated commodity derivatives exchange, offering electronic futures and options trading across bullion, base metals, energy, and agricultural commodities, with 99.9% FY26 market share in commodity options.

Ownership category

akta.pro rank

Headquarters

HQ city

Waltham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Commodity Futures Trading Fees: Transaction fees and trading charges from futures contracts across bullion, metals, energy, and agricultural commodities. MCX reported ₹164.88 trillion in futures notional turnover and ₹16.7 trillion in options premium turnover.
2. Options Trading Revenue: Premium income from options contracts, with strong growth driven by surge in options trading activity. Revenue growth tied to market volatility and trading volumes.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

MCX operates India's largest commodity derivatives exchange, providing an electronic trading platform for futures and options contracts across bullion (gold, silver), base metals (copper, aluminium, zinc), energy (crude oil, natural gas, electricity), and agricultural commodities. The exchange facilitates price discovery, risk management, and physical delivery settlement through its SEBI-regulated market infrastructure and clearing arm (MCXCCL).

Product overview

MCX (Multi Commodity Exchange of India) is India's largest commodity derivatives exchange offering a comprehensive platform for trading in precious metals (gold, silver), energy products (crude oil, natural gas, electricity, coal), and industrial metals (zinc, copper, aluminium). The exchange operates a unified platform with futures and options products, maintaining 99.9% market share in commodity options for FY26. Key products include Silver 100 Futures (new retail-focused offering), standard bullion futures/options, crude oil derivatives (with surge volumes during geopolitical events), and agricultural commodities. The exchange recently received SEBI approval to launch a coal exchange subsidiary, expanding into coal trading for physical delivery with efficient price discovery.

Differentiator

Problem solved

Functional benefit

Brands

• Bulldex: Bullion derivative index on which MCX proposed launching weekly options

Products and services

• Bullion Futures and Options (Gold, Silver) Futures and options contracts for gold and silver trading on MCX, serving institutional traders, commodity producers, and retail investors for hedging and investment exposure to precious metals.
• Commodity Options Trading Options trading platform offering contracts on gold, silver, crude oil, natural gas, and agricultural commodities for price risk management and speculative trading by market participants.
• Crude Oil Futures and Options Crude oil futures and options contracts traded on MCX for hedging and speculative exposure to energy markets, serving institutional traders and commodity market participants.
• Base Metals Futures (Copper, Aluminium, Zinc) Futures contracts for industrial base metals (copper, aluminium, zinc) traded on MCX for price risk management by metal producers, manufacturers, and traders.
• Agricultural Commodity Futures Futures contracts for agricultural commodities including cotton, cumin, castor, coriander, turmeric, and guar seed, used by farmer collectives and commodity traders for price risk management.
• Electricity Futures Futures contracts for electricity trading on MCX as part of the exchange's energy derivatives segment for power market participants.
• Silver 100 Futures Retail-focused silver futures contract with smaller contract sizes designed to make silver trading accessible to small investors and individual market participants.
• Coal Exchange (MCX Coal Exchange) Proposed regulated coal trading platform operated through wholly-owned subsidiary MCX Coal Exchange, enabling physical coal delivery with efficient price discovery in the domestic coal market.
• MCXCCL Clearing Services Central clearing and settlement infrastructure for commodity futures and options contracts traded on MCX, providing physical delivery capabilities and counterparty risk management.

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core and strategic.

• Domestic BIS-Certified Silver RefinerscoreTechnology or Integration · 18 May 2026MCX revised Good Delivery Norms to allow domestic BIS-certified silver refiners to deliver refined silver on its platform. The regulatory easing lowers compliance barriers and expands eligible delivery participants following government restrictions on silver imports.
• Dhan (Broking Platform)strategicChannel Partner/ Reseller/ Distributor · 29 April 2026Dhan launched 'Gold Vault' enabling retail investors to purchase gold and silver at live MCX prices with physical delivery. The product routes purchases through MCX futures settlement and MCXCCL clearing with institutional-grade vaulting, offering 3-4% cost savings versus traditional channels.

Scale indicators7 records

Recent moves7 records

Expansion highlights7 records

Peers

• National Stock Exchange of India (NSE):
• Multi Commodity Exchange of India (MCX) - the company in question:
• London Metal Exchange (LME):

Broad incumbents

• Intercontinental Exchange (ICE): ICE operates global commodity and energy derivatives exchanges (including oil benchmarks) with electronic trading and clearing. Comparable to MCX as a regulated commodity derivatives venue operator with a transaction-fee revenue model.
• CME Group: CME Group is the world's largest derivatives exchange operator, offering benchmark commodity, metals, and energy futures contracts. Comparable to MCX in core exchange business model, electronic trading, and clearing infrastructure, though globally diversified.

Direct peers

• BSE (Bombay Stock Exchange): BSE is a competing Indian exchange offering commodity derivatives contracts alongside equities and has launched its own commodity segment. Comparable to MCX in regulatory structure (SEBI-regulated), business model (transaction-fee based), and product overlap (commodity futures/options).
• NCDEX (National Commodity & Derivatives Exchange): NCDEX is an Indian commodity derivatives exchange with a strong focus on agricultural commodities, directly competing with MCX's agri futures offering. Both serve FPOs, hedgers, and speculators in commodity contracts under SEBI oversight.

Regional players

• Hong Kong Exchanges and Clearing (HKEX): HKEX operates commodity and metals derivatives venues (including the former LME Asia products) in the Asia-Pacific region. Comparable to MCX as a regional derivatives exchange operator serving Asian hedgers and speculators, though with broader asset-class coverage.
• Singapore Exchange (SGX): SGX is a regional Asia-Pacific exchange offering commodity, energy, and metals derivatives. Comparable to MCX in product set (energy and metals futures) and target client base (Asian institutional hedgers), but operating from a different jurisdiction.
• Dubai Gold & Commodities Exchange (DGCX): DGCX is a Middle East-based commodity derivatives exchange with a strong focus on precious metals (gold, silver) contracts. Comparable to MCX's bullion franchise, with similar retail-driven precious-metals volume and SEBI-equivalent regulatory oversight (DFSA).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/merchant-customer-exchange-mcx-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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 MCX