New Delhi, Sept. 28 -- Multi Commodity Exchange of India (MCX) could see revenue grow at a compound annual rate of 19 per cent through FY30 as rising investor participation and new commodity products expand trading activity, according to a report by Macquarie Equity Research.

The report said the Indian commodities market remains under-penetrated and has significant room for growth. It expects the exchange's revenue to rise from Rs 23.02 billion in FY26 to Rs 39.92 billion by FY29, with revenue growth estimated at 24.5 per cent in FY27, 22.4 per cent in FY28 and 13.8 per cent in FY29.

The brokerage said the expansion would be driven by a larger investor base and a broader product range, with commodities trading in India still at an early...