MSEI Reports Weak FY25 with ₹34 Cr Loss
Written by: Diksha Kalra
Published: Sep 16, 2026
Updated: Sep 16, 2026
4 min read
- Financial Highlights: Metropolitan Stock Exchange of India Limited (MSEI) reported a weak financial performance for FY25. Consolidated total income declined by 17.5% YoY to ₹17.4 Cr (₹21.0 Cr in FY24), primarily due to a sharp drop in operating revenue, which fell by 41.4% to ₹4.3 Cr from ₹7.4 Cr in FY24. However, other income remained relatively stable at ₹13.1 Cr, down marginally from ₹13.7 Cr. On the profitability front, the consolidated net loss narrowed to ₹34.2 Cr, an improvement of 29.8% YoY from a loss of ₹48.7 Cr in FY24. This recovery, though partial, was driven by significant cost rationalization across administrative, advertising, and employee benefit expenses, which declined collectively by over ₹8 Cr. Despite this, total expenses remained high at ₹52.2 Cr (vs. ₹68.6 Cr in FY24), keeping the company in negative operating territory. Depreciation and finance costs also declined moderately.
- Operational Developments: In FY25, the company executed a major strategic step with the amalgamation of MSE Enterprises Ltd. (formerly MCCIL) into MSEI. The merger, effective from April 1, 2023, was approved by the NCLT on June 6, 2024, and made effective post regulatory filings on June 11, 2024. This move consolidated operations and resulted in a capital base expansion, with authorized share capital increasing to ₹850 Cr. In a parallel development, the company successfully raised fresh equity of ₹238 Cr via private placement to marquee investors including Rainmatter Investments, Share India Securities, and others. This capital infusion strengthened the company’s equity base, increasing total equity to ₹397 Cr (from ₹193 Cr in FY24). Operationally, MSEI continues to focus on strengthening its technology backbone, with capital expenditure of ₹30.6 Cr during FY25, largely directed toward platform development and intangible asset creation. It also invested heavily in financial instruments to preserve liquidity, taking total current investments to ₹131.4 Cr, a 170% increase YoY.
- Future Outlook: MSEI is working on rebuilding itself by raising new capital, bringing in investors, and improving its technology. The merger with MCCIL and ₹119 Cr raised through share issuance have strengthened its base, while a cash reserve of over ₹216 Cr gives it the ability to invest in future growth. Although it still reported losses, better cost control shows that the business is becoming more stable. But new rules proposed by SEBI may slow down its plans. SEBI wants all F&O contracts to expire only on Tuesdays or Thursdays, and each exchange can offer weekly expiry contracts for just one index. Since NSE and BSE already have popular indices (Nifty and Sensex), MSEI's less-known SX40 index might not get much attention. This could block MSEI’s earlier plan to grow by offering different options. People should keep tracking the company until it becomes fully operational and starts generating steady revenue from its core exchange business.
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