MSEI Q1 FY27 Results: Revenue Jumps 215% YoY, Losses Widen

MSEI reported a significant improvement in its top line during the first quarter of FY27, with revenue from operations rising 214.7% year-on-year (YoY) to ₹20.30 crore, compared with ₹6.45 crore in Q1 FY26. On a sequential basis, revenue increased 11.3% quarter-on-quarter (QoQ) from ₹18.24 crore reported in Q4 FY26, indicating continued growth in business activity.

Despite the strong revenue growth, the company remained under pressure at the operating level. EBITDA loss stood at ₹9.48 crore in Q1 FY27, compared with a loss of ₹7.42 crore in the year-ago quarter, representing a 27.8% YoY deterioration. On a sequential basis, the EBITDA loss widened significantly from ₹4.44 crore in Q4 FY26, a 113.5% QoQ deterioration. Consequently, the EBITDA margin stood at approximately -46.7% in Q1 FY27.

At the bottom line, MSEI reported a net loss of ₹24.71 crore, compared with a loss of ₹7.43 crore in Q1 FY26 and ₹14.16 crore in Q4 FY26. The net loss therefore widened by 232.6% YoY and 74.5% QoQ. The PAT margin stood at approximately -121.7% during the quarter.

Overall, MSEI remains a company to watch as it seeks to strengthen its position across the equity and futures & options segments. While the sharp increase in revenue indicates improving business activity, the continued losses show that the company is still in the process of building scale and operating leverage. Going forward, investors will need to monitor whether MSEI can expand trading volumes, gain market share in equity and derivatives, and improve its cost structure. The key question is whether the exchange is successfully pivoting towards a broader capital-market platform and whether this growth can eventually translate into sustainable profitability.

NCDEX Q1 FY27 Results: Revenue Rises 66%, Losses Narrow

NCDEX reported a 66.4% year-on-year increase in revenue to ₹50.61 crore in Q1 FY27, compared with ₹30.41 crore in Q1 FY26. On a sequential basis, revenue grew 12.1% QoQ from ₹45.13 crore in Q4 FY26, indicating continued improvement in the exchange’s top-line performance.

Profitability also showed improvement, although the company remained in the red. EBITDA loss narrowed to ₹6.58 crore, compared with a loss of ₹13.91 crore in Q1 FY26, representing a 52.7% YoY improvement. Sequentially, the EBITDA loss narrowed 38.6% from ₹10.72 crore in Q4 FY26. The EBITDA margin improved to -13.0% in Q1 FY27 from -45.7% in Q1 FY26.

At the bottom line, PAT loss narrowed to ₹8.30 crore, compared with ₹13.79 crore in Q1 FY26, an improvement of 39.8% YoY. On a QoQ basis, the loss narrowed 15.0% from ₹9.80 crore. The PAT margin stood at -16.4% in Q1 FY27.

Overall, NCDEX’s Q1 FY27 performance shows a positive trend, with strong revenue growth accompanied by a meaningful reduction in operating and net losses. The improvement in EBITDA suggests that the exchange is beginning to benefit from better operating leverage. Going forward, the key factors to watch will be whether NCDEX can sustain revenue growth, further reduce losses, and successfully expand beyond its traditional commodity-exchange business into mutual fund distribution and other financial-market segments.