Is the Gold & Silver Rally Pushing MCX Shares? Stock Jumps 14% After Blockbuster Q3FY26

MCX shares jumped nearly 14% over two sessions to touch ₹2,605 on the BSE, registering a new all-time high.

Furthermore, its blockbuster Q3FY26 earnings prompted investors to reassess the exchange’s earnings power and volume trajectory.

However, the rally wasn’t driven by sentiment alone; it was backed by a decisive shift in profitability, trading volumes, and operating leverage, marking one of MCX’s strongest quarters in recent years. The exceptional rise in gold and silver prices, also have a role to play in the rising volumes.

Q3FY26: A Quarter That Reset Expectations

MCX delivered a standout performance in the December quarter, comfortably outperforming both street expectations and its own recent trend.

• Revenue from operations surged 121% YoY to ₹666 crore, up from ₹301 crore in Q3FY25
  

• Net profit jumped 151% YoY to ₹401 crore, compared to ₹160 crore a year ago
  

• On a sequential basis, profit rose 103% QoQ from ₹197 crore in Q2FY26
  

• EBITDA grew 144% YoY to ₹527 crore, reflecting sharp margin expansion
  
  

Why this matters: MCX’s largely fixed-cost model means incremental volumes translate disproportionately into profits. Q3FY26 showcased this operating leverage at scale.

What Changed in Q3FY26?

Several structural and cyclical factors aligned during the quarter:

• Heightened gold and silver volatility boosted hedging and speculative activity
  

• Successful new product launches, including Gold Mini, Gold Ten Futures, and monthly options on the MCX BULLDEX index (launched from October 2025), expanded participation
  

• Cost discipline remained intact, allowing revenue growth to flow straight to margins
  
  

Together, these factors created a powerful earnings inflection point.

Bullion Volatility Is Turning into Revenue Visibility

Volatile commodity markets typically favour exchanges, and Q3FY26 was no exception. Strong moves in precious metals, particularly silver, led to sustained trading interest, improving MCX’s revenue visibility.

Importantly, bullion is not a one-off growth driver. With global macro uncertainty, currency fluctuations, and central bank actions influencing metal prices, activity levels are likely to remain elevated, supporting near-term volumes.

Management Commentary Reinforces Confidence

MD & CEO Praveena Rai described the quarter as evidence of sustained momentum driven by product innovation, operational efficiency, and a renewed governance focus. Management remains confident about deepening market participation while continuing to enhance the product suite for hedgers and investors.

This reassurance played a role in strengthening investor conviction that Q3FY26 was not merely a cyclical spike.

What to Watch Going Forward

While the earnings-led rally has been justified, investors will track a few key factors:

• Sustainability of bullion-led volumes if volatility cools

• Regulatory developments in the commodity derivatives space

• Valuation sensitivity following the sharp price move

These factors will determine whether the current re-rating sustains or consolidates.

Market Takeaway

MCX’s Q3FY26 results didn’t just beat estimates they reset expectations. The sharp rally reflects a fundamental shift driven by rising volumes, strong operating leverage, and improved earnings visibility.

MCX has moved from recovery mode to scale mode. For investors, the question now isn’t whether growth exists but how durable this momentum proves to be.