MCX revenue projected to grow 19% annually through FY30

The Multi Commodity Exchange of India (MCX) is projected to achieve a compound annual growth rate (CAGR) of 19 per cent in revenue through FY30, according to a report by Macquarie Equity Research. The expansion is expected to be driven by an increasing investor base and a broader range of commodity products.

Macquarie notes that the Indian commodities market is currently under-penetrated compared to other markets and securities. Revenue is forecasted to rise from Rs 23.02 billion in FY26 to Rs 39.92 billion by FY29. Growth drivers include rising retail and institutional participation, increased hedging needs, and the introduction of new products such as bullion products and smaller-ticket contracts.

Investor participation has already shown upward trends, with the traded client count rising from 0.9 million in FY24 to 2.1 million in FY26. Additionally, options notional turnover on the MCX is expected to grow significantly, reaching approximately Rs 3,220 trillion by FY30.