Thank you very much. Good day to everyone, and a warm welcome for joining us today for the quarterly earnings call.

We are delighted to share that the third quarter of FY '26 has been a strong and defining quarter for MCX. It reflects the momentum we have built for our business, products, and market participation in the context of broader macroeconomic environment.

Our performance during the quarter underscores the resilience of our platform, the strength of our operating model, and the important and growing relevance of commodity derivatives in India's evolving financial ecosystem. For the quarter ended December 31, 2025, our consolidated revenue from operations grew by 121% year-on-year to 666 crores, while EBITDA grew by 144% to 527 crores.

Profit after tax proportionately grew by 151% to 401 crores. This robust performance was supported by an increase in macroeconomic activity both at the global and country level, along with supported efforts around products, participation, and delivery to scale both in the operating and risk management level.

Our average daily turnover in futures and options rose to 7.5 lakh crores. You'd recollect that in the first half of the year, we clocked 4 lakh crores, while we closed the previous year at about 2 lakh crores.

This is a year-on-year growth of about 220%. On a nine-month basis, we see healthy growth trends, too, with revenue from operations up by 72% to 1,413 crores, and PAT increasing by 89% to 802 crores.

Operationally, the quarter was marked by deepening participation across segments, particularly in bullion, but well supported by other commodities, and with bullion now contributing 69% of the average daily turnover, and including in its portfolio many successful product launches for Gold Mini, Gold Ten futures, Silver monthly options expiry, and smaller denomination contracts, and monthly options on the MCX iCOMDEX Bullion Index. These initiatives reflect our continued focus on expanding product breadth, while enhancing liquidity and risk management efficiency for all participants.

New participants by way of new members, FPIs, as well as domestic financial institutions, also contributed to the healthy uptick in our volumes. Throughout this phase, we remain firmly guided by highest standards of governance, compliance, and market integrity.

Our priority continues to be delivering a robust, transparent, and resilient marketplace that creates long-term value for hedgers, investors, members, and all our stakeholders. As we look ahead, we are confident in our strategic direction and operational readiness to support this excellent phase of growth in India's commodity derivatives market.

We're committed to innovation, prudent risk management, and sustainable value creation. We extend our sincere gratitude to all stakeholders: regulator, member brokers, vendors, and partners and associates, for their continued and unwavering support towards MCX.

With this, I conclude the opening remarks and look forward to an interesting discussion in the following Q&A session.

Good evening, everyone, and thank you for the opportunity. Firstly, heartiest congratulations to the entire team for a great set of results and numbers.

Very good numbers, ma'am. We see that the number of traded UCCs have seen a significant jump in this quarter on a sequential basis.

Could you help us understand what is driving this growth, and do you expect this numbers to grow even in the upcoming quarters?

Thank you, Devesh, for the appreciation. We'll certainly pass it on to the entire MCX team.

We have at the heart of this growth in UCCs two contributing factors. One is really an exercise in exploring and aligning the user experience across members for commodity derivatives trading.

We did identify early on that experiences like a common ledger, front screen experience for a retail participant were important criteria. In really reviewing experiences end to end, there is a fair amount of activity that our teams have taken.

More importantly, members have looked at the opportunity that they seek for commodity derivatives market, what their users are looking for, and aligned the experience to be a common experience, be it equity investing or commodity derivatives investing. We believe that's one of the drivers of the uptick.

Alongside that is also the fact of new members who have come into our fold that has contributed to new UCCs coming in along with those members. Both of these are driving factors.

I think, at least for rest of the year, we do expect to see a certain momentum continuing. When I say rest of the year, let's say, for some time now, we expect this momentum to continue because there is headroom from where we stand today to what is the potential.

Ma'am, in this new members that you mentioned, when you speak about the headroom, are you talking about more headroom within this new members who have joined, which can grow further? Or there are also other members who may be bigger, active on equity, and haven't started offering commodities, even on that account we have potential?

Yeah. I think headroom is both.

Headroom comes from both at a larger business level. Certainly, when it comes to UCCs, and you see participation at India level, we see headroom there.

Sure, sure. My next question would be, ma'am, we've seen that this quarter particularly, the gold and silver delivery has increased on our platform.

One, I wanted to understand, does this additional deliveries lead to some additional cost for the company? Other is basically in an event if there is a short delivery that happens, what will be the liability on the exchange?

No, there is no additional cost to the company because these are managed as part of warehouse negotiations and what participants pay for the services. We are quite happy to see this sort of healthy delivery happen despite global conditions at a point in time.

It was with very active management from the exchange as well. The second question on what could be a potential impact of short delivery, there are guidelines and rules that manage that circumstance by way of penalties and so on and so forth.

These are well-established processes, and they have happened in the past, and they happen on a as-and-when basis depending on market conditions. We are well equipped to handle that.

Ma'am, so far, are there any instances in last three, four months where there has been short deliveries?

No, nothing abnormal.

Right. With this increased activity, both in futures and options turnover, what kind of technological enhancement would you be required to do, and what is the CapEx that you intend to spend to build up more capacity?

Yeah. Devesh, I think this is a ongoing exercise.

This is a question I think probably in the last two quarters also we discussed. With growth and, more importantly, with the expectation of growth is the continuous need to keep our technology up to date, ready for high resilience, high availability, high scalability, fully functional to manage all the volatility, as well as growth that the environment offers.

We will continue to be in investment mode, as we have been in the past. We see that as a necessary, but also a positive part of where we stand in the business.

Any particular metric that is tracked, ma'am, in terms of the order that the system can handle, and what has been the build-out that has happened over the last say, 12 months, or probably the peak orders that you have seen this quarter versus what is the capacity that we have at this point in time?

We've seen significant increase in our order volumes this quarter. I don't have the numbers handy right in front of me, but we have seen them a significant, and we have held strong thanks to investments of the past.

We continue to have very strong oversight over what is required for the future. These are very BAU activities, let me put it that way.

We are not in a phase where we're looking at growth as a one-time measure. It's a every quarter activity.

It will continue to persist.

Sure, ma'am. Perfect.

That's all from my side. Thank you so much.

Continue to persist in an efficient manner. Thank you, Devesh.

Thanks for the opportunity. Very strong numbers, ma'am, and congratulations to the whole team for this.

My first question is on the volume uptick that we have seen. Obviously, every month we are seeing a new high, and obviously, in terms of the mix also, it has been fairly well distributed wherein both the energy contracts and the bullion contracts are contributing.

Ma'am, from here on, we also mentioned that we're also focusing on the metals contract as well, because as we see some decline in the volatility, we want the portfolio to be more diversified. Obviously, it has been.

The strategy in terms of increasing volumes on the metals contract, what's the update there? Also in terms of the indices and the index options, we have launched, but we are seeing very, very minimal traction there.

Obviously, we had some challenges there in terms of participation. Any update there where we are in terms of the index option side?

Thank you, ma'am.

Thanks, Amit. Rishi will just take your questions on this.

Amit. To answer your first question on base metals, it's not just base metals.

We have four segments, as you know: agri, metals, bullion, and energy. We're trying to focus on all of them.

In base metals, we've already seen traction in the copper futures and options. We are seeing a lot of traction on the zinc options and futures as well.

Nickel, which we launched this year only, now we are seeing good volumes and a healthy buildup of OI. In terms of base metals also, I'm sure we're getting there as we speak.

On the index, while we did launch index options, and we haven't seen the kind of traction we were expecting, however, on index futures, we have seen good traction building up, and we hope that once the futures gets good momentum, options will follow.

Okay. Ma'am, on the question of the participation in terms of the traded UCCs that we have seen very sharp increase, obviously, this is because of onboarding of new members.

In this quarter, we have seen the full three-month impact of the new member which has been added. Also in terms of the overall TAM, because if you see on the other exchanges, equity exchanges, this number is almost 5x higher in terms of the people who are trading on options.

How do you see this, and also in terms of the newer people who are coming and trading on MCX? These are mostly retail, HNIs?

Any profiling if you can share, because in terms of the mix, we are not seeing the FPI or the institutional participation increasing, only the client and the others. The mix has been fairly stable.

Is it only because of the volatility these people have come in and traded, and how do you see the stickiness of these people in the longer term?

Amit. Yeah.

Amit, I think the UCC number, of course, is a number that subsumes many of the other FPIs and sort of other participants because this number is in lakhs, and those numbers are in double digits. Over here, I would say that there is headroom to the extent that there are more investors in the market, and there is interest in the investors.

At the same time, we don't believe commodities is something that's going to be for one and all and the entire market that today trades is an addressable audience. To that extent, at some point, once we have reached a certain level of maturity with UCCs, this will start flattening out.

We still see headroom for growth there. With reference to other members, I think you can't look at UCC numbers to gauge that impact.

We do see impact from other categories as well coming in.

Just a follow-up on this, ma'am. Is it also because obviously the volatility is so high in the market in terms of the bullions and the other contracts as well?

Plus there is an advantage in terms of that the cost of trading for commodities have become lower versus equities in terms of the taxation, STT is like 2x of CTT, and also in terms of the size of the contracts for the commodities, especially the mini contracts are much lower than what it is there in equity. This is also structurally helping us in getting and attracting more retail customers.

Any views on this?

No, what you said is just factual statements and has been there for a while. We really don't have a view on what this is doing specifically now.

Okay. Ma'am.

Thank you, and all the best for the second half.

Yeah.

Hi. Good evening, everyone.

Firstly, congratulations on a great set of numbers. Ma'am, the first question is an extension to the previous one.

The base metals, we've seen a jump. We earlier had alluded to the challenge in base metals with respect to the multiple numbers of delivery centers.

Have we, in any form, modified that and consolidated the number of delivery centers? What has really caused the sudden increase in base metal volumes?

That would be my first question.

We have seen increase in base metals volume. There is a quarter-on-quarter growth of 156% with a year-on-year of 77%.

This upswing, of course, in the context of volatility, there are couple of actions that we took explicitly. Number one was consolidating warehouses.

We've done that for copper. Copper has moved to a single warehouse.

This was based on the study of numbers of deliveries that happened across warehouses, and also the market feedback that we had from the members that they were looking for this kind of a modus operandi to simplify the contract transparency for them. That has helped.

We've also had a lot of market engagement with reference to GST sort of queries, if I may call it that. Some lack of awareness amongst participants on how to handle GST as part of deliveries and so on and so forth was also another important initiative that we have been taking, and specifically in the last quarter.

In addition to this, of course, is the broader outreach, engagement. Number of members have set up commodity desks.

They are very active. I think we are also in the midst of a bit of capacity building around commodities in the broader ecosystem.

All these three put together, along with the environment around volatility of metals, and, of course, the demand for base metals in the industrial space, have all contributed to this.

Do you plan to extend the change that you've done for copper to other base metals as well about a single delivery center?

We are reviewing, and we are consolidating. Nickel, for example, is operating in one center only as a relaunched new contract, which also had that other element of differential trading unit and delivery unit.

That was also an action taken specific to nickel. That's started to give us good results on nickel.

On some of the other contracts also, we have started consolidating the primary warehouse, and reviewing the other warehouses, and some that are not very effective are also being rationalized.

Got that. Ma'am, and One of Prayesh,

Okay.

Thank you for the opportunity, and congrats to the team for a great set of numbers. The momentum continues to be pretty strong.

In that context, ma'am, if you could elaborate on product launches you alluded to in the past. If you can further give us an update which are the contracts or new launches which one can expect from here on, that's one.

Second, on the SGF, given the volumes rising, we have seen this consistency as a percentage of revenue. That is what one should expect going forward?

That's the second one. Lastly, the bookkeeping one, if you can split the revenue between the futures, options would be helpful.

That's the three. I'll join back in queue.

Yeah. Chintan, the question you had on futures and options, Chandresh, could you just provide those numbers?

Yeah. Hi, Chintan.

The revenue from futures was 227 crore for this quarter, and options 380 crores.

Got it. Thank you.

Yeah.

With reference to expense numbers, Chintan, we do believe that our expenses are lagging our growth in terms of what we really need both from a technology and operating standpoint as we work towards the business opportunity, sustained business opportunity, as well as what the economic environment requires, what our market requires. We will be looking to normalize this over time, not necessarily from the standpoint of exactly where we stand.

I can tell you that operating expenses on a one-quarter basis is very difficult to comment on. I think we'll wait for the year-end to play out there.

We are in the midst of planning for our next year, looking at sustained momentum of growth, and what will we need to do, what is the demands and requirements of the market for us to really use this opportunity to shape the markets from an Indian commodity derivatives situation. This is an opportunity for us to take a lot of proactive steps, and we will be doing that in a manner that is efficient and contributing to our bottom line.

Sure. Lastly, on the launches, if you can update us on new launches, yeah.

Launches to come is little difficult to comment on, Chintan. We are focused on stabilizing the launches that we have made, and we do have a healthy pipeline.

We will look to time it on the back of our internal process, as well as our gauge of the right timing for the particular product in market.

Sure, ma'am. Okay.

Thank you.

Thank you.

Thanks for the opportunity, and congrats on a great set of numbers. I have two questions.

One is again on the SGF side. Any quantification of the kind of SGF we would require because the volumes have increased significantly, or any policy towards that, that is one.

Second is, in terms of the ability to handle this volumes, you said that expenses is BAU as usual, and you keep on investing. On the current state of affairs, can we have any numbers in the sense, for example, if the options goes to 1.5 trillion or 2 trillion, or futures goes to 1.5 or 2 trillion per day, or the premium goes to maybe 15,000 crore ADTO or 20,000 crore.

Any volume levels till which we are comfortably placed? These are the two questions.

These are two questions. Ansuman, on the SGF, so, see, SGF is a requirement prescribed by SEBI.

For SGF contribution, we keep looking at the requirements, and we keep strengthening it as it helps in providing safety net to ensure that the transactions are complete, and there are no participant defaults. Even if the participant defaults, we can conclude the transaction.

In a different way, strong SGF also gives us some flexibility to manage margin requirements from members.

Right, sir. Any quantification on requirement or no?

No, no.

Okay. On the volume levels at which you think it's comfortably placed as of now?

Yeah. We are well placed for a certain multiple of the volume that we have faced right now.

I'm saying faced because it's been a big multiple over the previous quarter and that quarter over the previous quarter and so on. If you look at this kind of a momentum, we are well placed for at least 3 to 4x kind of a volume.

Our intention and objective is to really be ready for more. In fact, market is telling us to be ready for a 10x volume.

We've spoken about it also. That's the kind of readiness that in a planned manner that we will build up.

Thank you. Thanks a lot.

Thank you for the opportunity. I had a question regarding the margin requirement.

Given the increase in volatility in gold prices, silver prices, precious metals, so, do you anticipate any increase in margin requirement required by the regulator? I just want to understand how does that function.

See,

margins are actually dependent on, I think you know that, one of the primary factor is the volatility. That is what decides your initial margin.

Apart from that one, we also have additional margins and ELM. There is a fixed formula is there.

It is more driven, and it is under that means we look at what is the price movement in each of this commodity. The basis that one, VaR-based margins are going to be levied.

Got it.

It's part of standard process. Every day, there is a margin calculation that happens based on current volatility, price, and so on and so forth.

Immediately, that is then applied to market. It's not a one-off activity.

Though if we see the need and the requirement, there is an additional margin over and above that also that gets levied. It's an ongoing activity.

Got it. Essentially the risk that you are exposed to in terms of participant honoring their transaction is very low because of the margin requirement systems that you have in place.

We also do that MTM anyway to like because it happens on a daily basis. That way it is like the risk is limited to only not more than a year day, single day.

That is well covered using the initial margin, which is based on the VaR margins.

The regulatory framework which defines the margin calculation in India is a conservative market in that sense. Our margins are the highest in the world, and tend to go up quite steeply as volatility steps in.

While this does lead to some sort of a constraint in the industry with members having to cough up larger sums for margin, it keeps us well managed from a risk standpoint. Of course, an addition to that is the SGF framework.

Both working hand in hand keeps us, both MCX and MCXCCL, well protected as an exchange and clearinghouse.

That's very helpful. Thank you.

Hi. Thanks for the opportunity.

Can you hear me?

Yeah. When we are launching derivative on aluminium, lead, nickel, if you can guide there.

Second, electricity derivative market share is low for MCX compared to NSE. Are we planning to launch options there in order to gain some market share?

Thank you.

Ankur, what was your first question?

When will we launch in aluminium, etc.?

He is talking about options.

Options. Oh, okay.

Okay. Ankur, for all products, there is a threshold of non-agri for 1,000 crores ADT in a complete one-year cycle, post which only we can apply.

Whether it's aluminium or electricity, whichever contracts, if we cross that 1,000 crore ADT threshold on futures, then only we can apply for options. We are seized of that matter, and as and when we cross that threshold and we see that there is appetite in the market, we will definitely work towards that.

The electricity.

In terms of electricity, while the volumes, whatever they are showing, our participation from clients is very high as compared to other contracts are available in the market. We do look forward to adding more and more value chain participants to our contract.

We are sure that we will definitely see more traction in terms of growth on electricity.

Yeah. Thank you for the opportunity.

Sir, ma'am, my first question is more on product license fees. See, we saw a significant growth in the revenue on quarter-on-quarter basis.

Our product license fees hardly grew. If I do it as a percentage of the transaction income, it comes around 4.1% for the quarter, and while it has been in the range of 6% to 7% for previous five, six quarters.

I just wanted to understand how this exactly works. Whether the license fees what we pay grows in line with the revenue, or it has a fixed slab and then incremental percentage what you pay for the licenses grows at a very low rate?

Just if you can give a color on how it works, it will be useful. That's my first question.

Second question is out of this 665 crores, I think 601 crores is transaction income. How much is coming from core float income, float income, that is from the margin money, not the other income?

If you can answer these two questions, it will be useful.

Yeah. In terms of product license fee, you can read it off from the numbers on energy because we settle off international prices working with CME.

That's the part that contributes to product license fees, right? When bullion grows, etc., that doesn't lead to any direct cost to us because we settle on our own prices.

Float income, Chandresh?

It is around 45 crores.

It's it's around 45 crores. Fine.

Lastly, ma'am, if I can squeeze one, from from September to December and and to to January, means I know that silver has seen margin increase in the month of in third quarter. Any other product which has seen margin requirement going other than silver in in in in third quarter and even January till date?

Yes, yeah. Number of products.

In fact, wherever volatility has been higher, it's gone up in gold. It's gone up in copper.

Zinc, natural gas.

Copper and even other metals also, zinc,

natural gas.

Sorry, I don't have a list in front of us, but it's gone up in a number of commodities.

It has been increased by a percentage or so, or on broader basis, I'm just wanted to check that?

It's a percentage or more.

Percentage-wise, yeah,

it is. 7% initial margin has gone to 8%, 9%, means delta change I mean to ask, how much it has Right.

Right. Like silver if you take, it is around 25%.

Then you have a additional margin. Gold is around I think around 10% it is.

Purely depends upon the volatility in that commodity.

Praveen, reversal of it, for example, if tomorrow volatility cools off, is it easy to reverse this or it stays for a relatively longer time?

Yeah. No, no.

It is actually volatile-based margin that span based. Basis that one, it automatically calculates what is the volatility in that margin, because we use EWMA model.

Basis that one, it will estimate what could be the probable volatility, and accordingly, the margins will be levied. The moment if there is a downtrend in the volatility, automatically the margins will come down.

Understood. This is useful.

Thanks. Thanks for the answers.

Good evening, everyone. Thank you very much for the opportunity, and congratulations on a great set of results.

Most of my questions have been answered, but just one on the risk to our monopolistic position, especially in bullion. We all know what is happening with IEX, although we are governed by a different regulatory body.

Do you anticipate any similar risks of maybe sharing the price discovery for MCX? If you could please articulate on that, please?

Parikshit, competition risk does exist because other exchanges are also vying for share in this space. We're cognizant of it, and we respect the environment in which we are operating.

We do believe, as long as we stay focused on our growth and innovative in our approach to products that meet the needs of the market, continue to grow participation, deliver to both technology, operational, and risk management needs, we are well positioned to act as the commodity derivative exchange for India.

I understand. Thank you for that.

Just a quick follow-up on this, please. Has there been any activity from SEBI or any intimation which are shared with you about splitting the overall pie of the market, as you may put it?

We don't have any intimation like that, Parikshit.

I understand. Thank you very much for this, and good luck for the current quarter.

Thank you.

Yeah. Good evening.

Can you hear me?

Yeah. We can hear you.

Congrats on a good set of numbers. I have two questions.

One is a follow-up to the previous one. Can you just repeat the breakup for the futures and options revenue pieces once again for Q3 FY '26?

Q3 futures revenue is 227 crores and options revenue is 380 crore.

380 crores.

Yes.

Okay. That was one thing.

Second is regarding the new index options that been launched in this quarter, the ADTV has come for this quarter, what do you see the ADTV can be in next three, four years or so on average basis?

Anand, we won't be able to comment on the estimated ADT, but what we have seen in this quarter is there is a good performance in terms of futures turnover in case of BULLDEX.

You're saying the future same for options, the ADTV will be mirroring for the futures?

Anand, the options, frankly, hasn't taken off to that extent as yet. It takes time for contracts to build and develop.

For example, when we launched nickel, it took time. Now, we are seeing the results after many months.

Similarly, we'll have to give everything time. What is heartening to see is that the futures has seen traction, and hopefully, we will see traction in options as well as we go forward.

Awesome. Thank you so much, sir.

Hi. Thanks for the follow-up again.

The first question here is on the regulators talking about more participation of banks and other financial institutions on the commodities front. Any conversations that you've been having with the regulators to kind of what are the things needed for new participants to come into this bandwagon?

Whether is MCX equipped to kind of give that? That would be my first question.

Prayesh, these are ongoing conversations we have had and are having. They are, of course, under regulatory consideration.

We won't have anything more to share on this.

Got that. Secondly, again, I think I've been asking this question on almost every call, anything on the colocation facilities, which currently are not being allowed for us?

Is there any conversation with the regulator on this and whether this can be extended to us?

Same question, same answer. It is under regulatory purview, yeah.

There's really not much for us to add.

Presentations made about allowing that, and because I think that is one of the key elements for you to grow the FPI as a segment, is that the right understanding?

FPIs are onboarding, yeah. FPIs are onboarding, and FPIs' volume is also growing.

We are seeing renewed interest in FPI, maybe after the GST situation, whenever a little bit of a lull was there, we are seeing that renewed interest come in. Again, conversation per se is an ongoing one.

We won't be able to comment on that.

Got that. Thank you.

Congratulations on a great set of numbers, and thank you for the opportunity. My question is based on the previous participant's query only.

Though we are well-positioned in the overall ecosystem, and we have not received any kind of intimation from any regulatory authority on different market participant entering into the segment, but how do we see this risk?

No, the risk is real. I think we appreciate it, and we respect it.

We need to be prepared for it. We are doing that by sort of enhanced activity both on our product and participation end.

We've also increased a lot of market outreach with awareness programs, knowledge sharing programs with our members, continued innovation on the technology roadmap. I think the way to really hold fort is to be very positive and forward-looking in our approach and actions, and make sure we are executing to our plans.

Thank you so much.

Hello? Hello?

Go ahead. Hi, Aditi.

Hi, ma'am. Congratulations on a good set of numbers.

Just wanted to verify that the revenue for our futures and options was 227 and 380 crores respectively. If we take the balancing figure, that comes to near and about 58 crores.

Historically, if we see a quarterly trend, that has always been 30, 37 crores. Then what is the reason for the increase for the same?

Thanks, Aditi. Chandresh?

Yeah. Aditi, that includes the float income and some other income, warehousing income of our subsidiary.

Sir. Understood.

Got it. Sir, if I remove the software and technical expenses, product license fees, and the contribution to SGF, then the other cost which comes around to is near and about 23 crores.

Could you explain the reason for the increase in this other cost?

Aditi, other expenses largely relate to administrative and office cost, CSR spends, legal professional fees, travel, business promotion activities. The increase is towards those activities only to increase the volume of business.

Okay. Understood, sir.

Thank you. Thank you so much.

Hello?

Congratulations to the management team. It's been a great execution in the past few quarters, and plus the market conditions have also been providing a sort of tailwind.

Great quarter. My question was mainly on the dividend front.

Any plans or discussions to probably increase the dividend payout ratio as percentage of net profits, because I suppose now as the volumes have taken off and everything, we have a lot of free cash flow generation, and probably taking in the technology investments also, which we've spoken about will be required. Again, beyond that also, we have a lot of free cash.

What are the thoughts around that? Thank you.

Yeah. Aditya, I think this is a decision we'll take after the end of the year.

We are in growth mode. We will take various requirements for capital into account as we look at what's the right thing to do from a dividend standpoint.

Do please hold until that point.

Okay. Thank you.

My last second question is on the margin front. Do we see further operating leverage in the business as our volumes, they continue to scale up, and as you've mentioned that at least in the near term, you see the momentum on the volumes and the client codes going up to continue?

Do we see further operating leverage?

We see good business momentum. We will also be looking to make sure that our spends do catch up with the growth, be it in the operating side as well as the technology side.

It's very important for us to do this to deliver to the kind of volumes that come in. There will be efficiency, and I think a lot of efficiency is already there on the table.

We will have expenses and spends commensurate with revenues, as well as more importantly with what is needed for the execution of our plans.

Okay. Thank you.

That's all from my side.

Hi. Just wanted to check a little bit of an understanding of how this will work when these prices for especially the gold and silver may possibly come down.

Do you see a correlation ship between the past growth of gold and silver prices with this increased activity in your company?

The global factors around price volatility will play a role in addition to other contributing factors of participation, products, and so on. Whether it is price up or price down, volatility will bring in factors where derivative exchange has a role to play.

Having said that, if the extent of volatility were to sort of completely normalize, we will see the momentum of growth steadying, though we do believe we will have new baseline over which the growth will be happening. Now having said that, I think this is where we draw comfort from the various segments in which we are operating.

There have been periods of time where energy has been volatile, and the exchange has played a role there. In recent times, we've seen bullion being far more volatile, and exchange has played a role there.

I think these macro factors will play a role. The macro factors also have a perspective of sort of various segments playing out in the global and domestic markets and the sort of level-up baseline that we believe that we will have.

All of these will play a role.

Just hypothetically thinking of a situation where, say, for next few quarters, the price for bullion, both gold and silver, doesn't increase, remains flat, or comes down, in that scenario also, do you see that what you have in terms of volumes currently are the baseline and you would only grow from here, or do you see a possibility for decline in the volumes as well more specifically?

See, we can't give any forward-looking forecasts on either price or the sort of scenario you're drawing out. It's a difficult one to say.

As I said, volatility is the broader environment in which the exchange plays a role. Will volatility become zero globally is not a prediction that we can make, and it hasn't happened so far.

Okay. Thank you.

Thank you.

Very good numbers from your side. Most of the questions are just answered, no questions remaining from my side.

Thank you for this opportunity.

Thanks, Abhishek.

Thank you very much to everybody for participating. These interactions are very valuable.

I think it also helps us to reflect with your questions as much as we have to offer in the kind of commentary you ask of us. I hope the interactions have been useful in helping you understand both our business as well as the various drivers that are implied and impacting the results that we have seen.

Look forward to staying connected until next time.