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National Commodity & Derivatives Exchange (NCDEX) Unlisted Shares
DRHP Status : not listed
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Fundamentals About National Commodity & Derivatives Exchange (NCDEX)
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of National Commodity & Derivatives Exchange (NCDEX)
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 115 | 104 | 96 | 88 |
| Cost of Material Consumed | 0 | 11 | 0 | 0 |
| Gross Margins | 100 | 89.42 | 100 | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 81 | 88 | 91 | 96 |
| Other Expenses | 69 | 71 | 70 | 75 |
| EBITDA | -35 | -66 | -65 | -83 |
| OPM | -30.43 | -63.46 | -67.71 | -94.32 |
| Other Income | 45 | 35 | 58 | 388 |
| Finance Cost | 2 | 1.5 | 1.3 | 1 |
| D&A | 24 | 25 | 25 | 25 |
| EBIT | -59 | -91 | -90 | -108 |
| EBIT Margins | -51.3 | -87.5 | -93.75 | -122.73 |
| PBT | -17 | -58 | -33 | 279 |
| PBT Margins | -14.78 | -55.77 | -34.37 | 317.05 |
| Tax | -5 | -16 | -5 | 43 |
| PAT | -12 | -42 | -28 | 236 |
| NPM | -10.43 | -40.38 | -29.17 | 268.18 |
| EPS | -2.37 | -8.29 | -5.52 | 46.57 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | -30.43 | -63.46 | -67.71 | -94.32 |
| Net Profit Margin | -10.43 | -40.38 | -29.17 | 268.18 |
| Earning Per Share (Diluted) | -2.37 | -8.29 | -5.52 | 46.57 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 10 | 8 | 43 | 38 |
| CWIP | 0 | 0 | 4 | 1.8 |
| Investments | 36 | 88 | 113 | 328 |
| Trade Receivables | 29 | 32 | 23 | 23 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 856 | 748 | 658 | 855.2 |
| Total Assets | 931 | 876 | 841 | 1246 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 50.68 | 50.68 | 50.68 | 50.68 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 455 | 424 | 425 | 699 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 11 | 9 | 9 | 10 |
| Other Liabilities | 414.32 | 392.32 | 356.32 | 486.32 |
| Total Liabilities | 931 | 876 | 841 | 1246 |
About Company
Let us take a glance at key points about the National Commodities & Derivatives Exchange (NCDEX). After the following table, we will explain these points in detail:
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹122 Cr · PAT ₹236 Cr · PAT margin ~193% | Profitability largely driven by non-operating gains (asset sales); core exchange revenues declined and remain regulated and fee-based. |
| Industry & Market Position | Major agri-commodity derivative exchange in India | Plays a key role in agricultural futures trading; competes with MCX; regulated by SEBI. |
| Revenue Growth Trend | FY25 revenue declined by ~10.3% | Revenue growth remains low-to-moderate, impacted by regulatory restrictions on key agri contracts. |
| Profitability & Margins | PAT ₹236 Cr · Net margin ~193% (FY25) | Exceptionally high profitability in FY25 due to one-time and exceptional gains. |
| Cash Flow Quality | Operating cash flow trend mixed; influenced by non-operating items | Cash flows are volatile due to exceptional items and settlement-linked income timing. |
| Balance Sheet Strength | Net worth ~₹1,250–1,300 Cr (FY25 est.) · Debt: Nil | Strong balance sheet with negligible leverage and low financial risk. |
| Unlisted Valuation | ~₹2,500 Cr | Valuation based on normalized earnings, with expectations of volume revival and regulatory easing. |
| Management & Governance | Professionally managed exchange | Governance strengthened following regulatory actions and board restructuring. |
| Growth Triggers & Catalysts | Relaunch of suspended agri contracts | Potential upside from regulatory easing and volume recovery in key commodities. |
| Liquidity & Exit Visibility | Limited OTC liquidity | Listing dependent on sustained operating recovery and regulatory approvals. |
NCDEX is India’s leading agricultural commodity derivatives exchange, focused on providing a platform for trading futures, options, and index contracts on agrarian commodities.
- Incorporated on 23 April 2003, it commenced operations on 15 December 2003.
- It became a deemed recognised stock exchange under SEBI (Securities Contracts Regulation Act) in 2015.
- Core mission: price discovery + risk management for agriculture producers, traders, and other stakeholders.
- Its product portfolio includes: commodity futures, options in goods, and index futures.
- Technology strength: NCDEX runs from a Tier-IV data-center, emphasizing low downtime and high reliability.
- As part of the NCDEX Group, it also provides: clearing & settlement, a repository (for warehouse receipts), and an e-auction platform.
Ownership & Shareholding
- Key shareholders include LIC (Life Insurance Corporation), NABARD, NSE, Canara Bank, PNB (Punjab National Bank), among others.
- Authorized capital: ₹ 70 crore (7 crore equity shares of ₹ 10 each), while paid-up capital is ~₹ 50.676 million shares.
Strengths & Growth Drivers
- Agri-Commodity Focus: As a specialist in agricultural derivatives, NCDEX has deep reach into farming markets.
- Strong Institutional Backing: Ownership by LIC, NABARD, and major banks gives it credibility and capital strength.
- Tech Infrastructure: Tier-IV data center ensures high availability and robust infrastructure.
- Diversification Opportunity: With SEBI approval, its move into equity / equity derivatives could open a new, large revenue stream.
- Capital Raise Support: The recent ₹ 770 cr funding round gives NCDEX financial firepower to scale and execute new business.
- Integrated Ecosystem: Through its group, NCDEX covers clearing, repository services, and e-auction — enabling holistic services for commodity markets.
Risks & Challenges
- Core Business Stress: Its core agr-derivatives business is under pressure — declining revenue and trading volumes challenge sustainability.+1
- Regulatory Risk: Commodity futures for some farm products are sensitive to government policy, food inflation, and export/import regulations.
- Execution Risk (New Business): Moving into equity and equity derivatives is ambitious; execution risk is high, especially competing with established stock exchanges.
- Profit Quality: The recent high profit was driven by non-core, one-time gains (asset sales), not operating strength.
- Competition: It competes with MCX, which is very strong in commodity derivatives, and other futures and derivatives platforms.
- Valuation Risk: Given the unlisted-share surge, valuations may be aggressive; investor expectations are high.
Quick Summary
NCDEX is a well-established, agri-commodity derivatives exchange in India, with a strong institutional shareholder base and a mission to empower farmers through risk management. Its recent pivot (SEBI nod + large fundraise) to enter the equity / equity derivatives space marks a bold strategic shift. While this could drive future growth, the core business remains under strain, and the success of this transformation is not guaranteed. For unlisted-share investors, NCDEX offers a high-risk, high-opportunity play, especially if its new business bets pay off.
Click to visit the official website of National Commodity & Derivatives Exchange (NCDEX).
Shareholding Pattern of National Commodity & Derivatives Exchange (NCDEX)
| Name | Holding |
|---|---|
| National Stock Exchange of India Limited | 15.00% |
| Life Insurance Corporation of India | 11.10% |
| National Bank for Agriculture and Rural Development | 11.10% |
| Indian Farmers Fertiliser Cooperative Limited (IFFCO) | 10.00% |
| Oman India Joint Investment Fund (OIJIF) | 10.00% |
| Punjab National Bank | 7.29% |
| Build India Capital Advisors LLP | 5.00% |
| Canara Bank | 6.03% |
| Investcorp Private Equity Fund - I (previously known as IDFC Private Equity Fund III) | 5.00% |
| Shree Renuka Sugars Limited | 5.00% |
| Others | 14.48% |
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Frequently Asked Questions
NCDEX unlisted shares refer to privately held equity in the National Commodity & Derivatives Exchange, one of India’s leading commodity exchanges. These shares are not available on NSE or BSE but can be bought through private marketplaces like UnlistedKraft.
Yes, UnlistedKraft allows investors to buy NCDEX unlisted shares. Once you complete your KYC and place an order, the shares are delivered to your demat account, usually within 24 hours.
Investing in unlisted shares involves risks like lower liquidity and less frequent disclosures. However, NCDEX is a reputed exchange in India’s commodity market, and UnlistedKraft ensures secure and verified transactions.
The price of NCDEX shares is based on recent transactions, demand, financials, and market sentiments. UnlistedKraft regularly updates prices to reflect fair value.
Yes, you must have a valid demat account to receive and hold NCDEX unlisted shares.
There’s no fixed holding period unless the company goes public. Investors generally hold shares until an IPO or other exit opportunity arises.
Yes, UnlistedKraft offers a resale option where you can sell your NCDEX shares before a public listing, subject to buyer availability.
Yes, as per SEBI rules, pre-IPO shares are locked in for six months after the company lists on a stock exchange.
If held for more than two years, gains are taxed as long-term capital gains at 20% with indexation. If sold earlier, gains are taxed as short-term under your regular income tax slab.
UnlistedKraft offers verified sellers, transparent pricing, expert assistance, and fast delivery of shares to your demat account, making your unlisted share investment journey smooth and secure.
+91-9599071664
amit@unlistedkraft.in