MUMBAI: The closing auction session (CAS) has contributed to a widening earnings divide between India's equity and commodity exchanges, weighing on profits at the former while the latter has continued to grow.
In the July-September quarter, the National Stock Exchange (NSE) and BSE reported sequential declines in profit as trading activity came under pressure. The Multi Commodity Exchange (MCX), by contrast, benefited from heightened activity in gold and silver, extending its earnings growth.
The outlook for the three exchanges, however, could shift. With the Securities and Exchange Board of India (Sebi) rolling back CAS and restoring the earlier settlement mechanism, trading volumes could recover at equity exchanges, lifting profitability. For MCX, the key question is whether volatility in gold and silver prices can sustain the levels that have driven its recent growth.
NSE's net profit fell 17% sequentially to ₹2,578 crore in the second quarter of fiscal year 2027 (Q2FY27), according to its investor presentation. Its revenue from operations declined 11% quarter-on-quarter (QoQ) to ₹4,067 crore. BSE reported a 7.4% sequential decline in net profit to ₹807 crore, while its revenue from operations fell 8.5% to ₹1,432 crore.
MCX, meanwhile, posted a 10.1% sequential increase in net profit to ₹455 crore, while revenue from operations grew 14% QoQ to ₹800 crore.