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Fusion Techstack Limited Unlisted Shares
DRHP Status : Not Filed
4.5
Fundamentals About Fusion Techstack Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Fusion Techstack Limited
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1 | 1.2 | 0.24 | 0.01 |
| Cost of Material Consumed | 0 | 11 | 1.7 | 0.01 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | -816.67 | -608.33 | -66.67 |
| Employee Benefit Expenses | 8 | 5.3 | 3 | 3.5 |
| Other Expenses | 16 | 4 | 45 | 2.2 |
| EBITDA | -23 | -19.1 | -49.46 | -5.7 |
| OPM | -2300 | -1591.67 | -20608.33 | -95066.67 |
| Other Income | 2 | 0.8 | 1.5 | 9.6 |
| Finance Cost | 0 | 0 | 0 | 0.07 |
| D&A | 4 | 4 | 10 | 0.9 |
| EBIT | -27 | -23.1 | -59.46 | -6.6 |
| EBIT Margins | -2700 | -1925 | -24775 | -110066.67 |
| PBT | -26 | -22 | -58 | 3 |
| PBT Margins | -2600 | -1833.33 | -24166.67 | 50000 |
| Tax | 0 | 0 | 0.3 | 0 |
| PAT | -26 | -22 | -58.3 | 3 |
| NPM | -2600 | -1833.33 | -24291.67 | 50000 |
| EPS | -0.49 | -0.41 | -1.09 | 0.07 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -2300 | -1591.67 | -20608.33 | -95066.67 |
| Net Profit Margin | -2600 | -1833.33 | -24291.67 | 50000 |
| Earning Per Share (Diluted) | -0.49 | -0.41 | -1.09 | 0.07 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 6 | 55 | 2.2 | 2.3 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 29 | 14 | 22 | 15 |
| Trade Receivables | 2 | 1 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 124 | 75 | 60.8 | 61.7 |
| Total Assets | 161 | 145 | 85 | 79 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 266.7 | 266.75 | 266.7 | 226.7 |
| FV | 5 | 5 | 5 | 5 |
| Reserves | -163 | -184 | -243.3 | -240 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 10 | 13.6 | 13 | 0.5 |
| Other Liabilities | 47.3 | 48.65 | 48.6 | 91.8 |
| Total Liabilities | 161 | 145 | 85 | 79 |
About Company
The following table shows a 10-point analysis of ICEX (Indian Commodity Exchange Limited, now known as Fusion Techstack Limited). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue low single-digit ₹Cr · PAT negative · PAT margin negative | SEBI-recognized commodity derivatives exchange historically focused on agri & non-agri contracts (including diamond futures innovation). Currently low operational activity with minimal trading volumes; rebranded toward Fusion Techstack strategy but remains a low-activity exchange with small market share versus dominant peers. |
| Industry & Market Position | Minor player · Low liquidity & volume share | Highly competitive space dominated by MCX (~major share) & NCDEX; ICEX struggled with low volumes, regulatory challenges & undercapitalization historically; no significant dominance or edge; vulnerable to liquidity trap & competition; potential revival via strategic changes but currently weak positioning |
| Revenue Growth Trend | Volatile / flat / declining (low ₹Cr range) | No meaningful growth trajectory in recent years; trading volumes remain muted. Growth highly dependent on product innovation and revival of market participation. |
| Profitability & Margins | EBITDA negative · ROE negative · PAT margin negative | Persistent losses due to low revenue base versus fixed regulatory and operational costs; weak earnings quality and no visible profitability turnaround. |
| Cash Flow Quality | Operating cash flow negative · No dividends | Cash burn risk due to low operational inflows; sustainability dependent on external funding/support; weak internal cash generation capability. |
| Balance Sheet Strength | Net worth modest (eroded by losses) · Debt low/moderate | Conservative leverage profile but weakened by cumulative losses; limited liquidity buffers for prolonged low-activity environment. |
| Valuation Comfort | Unlisted price ~₹3–5 (Feb 2026) · Market cap ~₹100–300 Cr | Deeply discounted valuation reflecting distress and low trading activity; highly speculative pricing with wide bid-ask spreads; investment case hinges purely on potential revival. |
| Management & Governance | SEBI-regulated · Professional oversight · Clean filings | Compliant with regulatory disclosures and reporting norms; governance standards appear adequate, though no strong turnaround execution visible. |
| Growth Triggers & Catalysts | Strategic pivot · Volume recovery · Regulatory support | Upside highly speculative and dependent on relaunch initiatives, partnerships, or revival in commodity trading volumes; no confirmed IPO or near-term catalyst visible. |
| Liquidity & Exit Visibility | OTC liquidity only · No IPO plans | Extremely low trading liquidity; capital largely locked; exit dependent on strategic event or revival in business fundamentals. |
Indian Commodity Exchange Ltd (ICEX) is a SEBI-regulated national commodity exchange operating through a demutualised corporate structure with online trading, clearing, and settlement systems. The exchange operates in one primary business segment — Commodity Exchange, facilitating commodity derivatives trading within India.
ICEX recommenced trading operations on August 28, 2017 with the launch of the world’s first 1-carat Diamond Derivatives Contract. On its first anniversary (August 28, 2018), ICEX introduced the Steel Long contract, marking continued expansion.
Important Corporate Developments
Merger with NMCE
In FY 2018-19, National Multi-Commodity Exchange (NMCE) was amalgamated with ICEX following NCLT approval. Post-merger:
- All NMCE-listed commodities migrated to the ICEX trading platform
- ICEX expanded to 16 commodity derivatives contracts available for trading
New Product Introductions
- Paddy Basmati Futures launched on July 11, 2019
- Planned rollout of innovative commodity contracts at regular intervals
Clearing & Settlement Infrastructure
ICEX outsources clearing and risk management operations to Metropolitan Clearing Corporation of India Limited (MCCIL) from October 1, 2018.
Technology & Ecosystem Strength
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ICEX infrastructure is designed to attract farmers, traders, and industrial users with improved price discovery, risk management and supply chain support.
License Cancellation – Major Development
Breaking News (13 May 2022)
SEBI has cancelled the ICEX Commodity Exchange license as the company’s net-worth dropped below the mandatory ₹100 crore requirement for operating an exchange.
Summary
ICEX entered the market as an innovative commodity exchange with global firsts like the Diamond Derivatives Contract and showed promising operational growth, strong turnover expansion, and widespread national participation. However, continued losses and erosion of net worth ultimately led to SEBI cancelling the exchange license in May 2022. For investors, ICEX represents a high-risk unlisted company, given:
- License cancellation
- Negative profitability trend
- Uncertain revival or restructuring scope
Shareholding Pattern of Fusion Techstack Limited
| Name | Holding |
|---|---|
| Reliance Exchangenext Limited | 16.33% |
| Central Warehousing Corporation | 11.05% |
| Deputy Director (PMLA), Directorate Of Enforcement | 9.04% |
| MMTC Limited | 6% |
| Others | 57.58% |
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Frequently Asked Questions
These are shares of the Indian Commodity Exchange Ltd., a commodity derivatives exchange whose shares trade privately since the company is not listed on stock exchanges.
Yes. ICEX unlisted shares are available subject to seller availability and market demand. Shares are credited to your demat after KYC and payment.
ICEX is a high-risk investment because SEBI cancelled its commodity exchange license in May 2022 due to net-worth erosion. Investors must exercise caution.
Based on private-market transactions, investor sentiment, revival possibilities, and book value estimates. UnlistedKraft updates pricing transparently.
Yes, a demat account is mandatory.
Yes, shares can still be sold depending on buyer demand in the unlisted market. UnlistedKraft helps facilitate selling.
Currently uncertain. Revival or restructuring will determine any future listing prospects.
No. The company has been loss-making for multiple years, which contributed to license cancellation.
More than two-year holding = LTCG @ 20% with indexation; less = STCG as per tax slab.
UnlistedKraft ensures safe transactions, verified sourcing, and guidance — crucial for high-risk unlisted stocks like ICEX.
+91-9599071664
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