Guidance ledger · Q4 FY26

Multi Commodity Exchange of India Limited MCX

3 revisions on record · 0 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed EBITDA margin outlook Q1 FY26 → Q4 FY26

~~65%; could be under pressure (Q1FY26)~~ → efficiency focus; growth-phase investment continuing (Q4FY26)

“our focus will be on efficiency”

↑ raised ADT growth trajectory Q1 FY26 → Q4 FY26

~~INR3,10,000 crores Q1FY26 (+60% YoY revenue)~~ → INR7.5 lakh crores Q3FY26 (+220% YoY); FY26 full-year 2.5x increase to INR2,302 cr revenue

“Our average daily turnover in futures and options rose to INR 7.5 lakh crores”

↑ raised Electricity futures volume/revenue guidance Q1 FY26 → Q4 FY26

~~explicitly refused — tracking milestones, 700 lots OI (Q1FY26)~~ → 50 commercial participants, DISCOM conversion in plan; Coal Exchange subsidiary (Q4FY26)

“We've got about 50 participants from the commercial participant side”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.