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C-71, Fateh NagaR, Tilak Nagar, New Delhi, 110018
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C-71, Fateh NagaR, Tilak Nagar, New Delhi, 110018
+91 78279 69241
info@prestake.in
The National Commodity & Derivatives Exchange Limited (NCDEX) is one of India's recognised commodity derivatives exchanges, primarily focused on agricultural and other commodity-based derivative products. Established on 23 April 2003, NCDEX commenced operations in December 2003 with the objective of creating a transparent, efficient and technology-driven marketplace for commodity trading.
Headquartered in India, NCDEX provides a platform for market participants to trade commodity derivatives, manage price risks and participate in price discovery. The exchange has played an important role in developing India's agricultural commodity derivatives market by connecting farmers, traders, processors, institutional participants and other market stakeholders.
NCDEX received recognition under the applicable securities market regulatory framework in 2015 and operates within the regulatory environment governed by the Securities and Exchange Board of India (SEBI).
With growing investor interest in financial market infrastructure companies, NCDEX unlisted shares have attracted attention in India's private investment market. Investors exploring unlisted exchange shares often consider NCDEX for its established presence in commodity derivatives, market infrastructure and potential long-term opportunities.
National Commodity & Derivatives Exchange Limited provides an electronic trading platform for commodity derivatives, with a particular focus on agricultural commodities. Its exchange infrastructure supports price discovery, risk management and organised trading in commodity markets.
Unlike listed companies whose shares are traded regularly on stock exchanges, NCDEX unlisted shares are privately traded through off-market transactions, subject to applicable rules and transfer procedures. Consequently, the NCDEX unlisted share price is influenced by private-market demand, share availability, company performance and investor expectations.
NCDEX occupies a specialised position in India's exchange ecosystem. Its business is closely connected to agricultural commodity markets, trading participation, regulatory developments and the overall growth of commodity derivatives.
For investors researching NCDEX unlisted share price, company fundamentals and potential pre-IPO opportunities, understanding its business operations and financial performance is essential before making an investment decision.
NCDEX operates an exchange-based business model that generates revenue through various trading and market infrastructure services. Its business activities are designed to support commodity market participants throughout the trading and settlement process.
The company's revenue streams may include:
The performance of an exchange-based business is influenced by trading volumes, market participation, product availability and operating efficiency. Therefore, NCDEX's ability to increase trading activity, attract institutional participants and expand its product portfolio can play an important role in its future business performance.
The NCDEX unlisted share price is determined by transactions between buyers and sellers in the private market. Since its equity shares are not regularly traded on the NSE or BSE, there is no continuously available public exchange price.
Several factors influence the price of NCDEX unlisted shares:
Unlisted shares generally have lower liquidity and less transparent price discovery than listed securities. As a result, quoted prices may differ between sellers and intermediaries, and investors may not always be able to sell their holdings immediately at the expected price.
Investors tracking NCDEX unlisted shares should pay attention to developments that may affect the exchange's operations, revenue and long-term growth prospects.
Some important factors include:
Investors should rely on verified company disclosures, regulatory announcements and official exchange updates when evaluating recent developments rather than relying solely on private-market rumours.
There are several reasons why NCDEX attracts attention from investors interested in India's unlisted share market.
NCDEX operates an electronic commodity derivatives exchange. Exchange businesses can benefit from technology-driven infrastructure and transaction-based revenue, although actual profitability depends on trading activity, operating costs and regulatory conditions.
Agricultural commodities play an important role in India's economy. NCDEX provides market infrastructure for commodity derivatives, which can support price discovery and risk management for market participants.
NCDEX has an established presence in agricultural commodity derivatives. Its specialised focus differentiates it from exchanges primarily associated with equity and currency markets.
Investors interested in financial market infrastructure companies may track NCDEX because its shares are available through private-market transactions rather than regular stock exchange trading.
The development of organised commodity markets, technology improvements and wider participation may create opportunities for exchange infrastructure businesses. However, the extent to which NCDEX benefits will depend on its ability to improve trading activity and financial performance.
The valuation of NCDEX unlisted shares depends on a combination of financial, operational, regulatory and market-related factors.
1. Trading Volume and Market Participation
Higher trading volumes can increase transaction-based revenue. Greater participation from farmers, traders, processors and institutional investors may support market development.
2. Regulatory Environment
Commodity exchanges operate under a regulated framework. Changes in permitted contracts, trading rules and compliance requirements can significantly affect their operations and revenue potential.
3. Technology and Infrastructure
Reliable trading systems, clearing infrastructure, cybersecurity and data management are essential for exchange operations. Investments in technology can improve efficiency and strengthen market infrastructure.
4. Competition in Commodity Derivatives
NCDEX operates in a competitive exchange environment. Its ability to attract market participants, develop relevant contracts and maintain liquidity is important for its market position.
5. Financial Performance and Profitability
Revenue growth, operating expenses, EBITDA, net profit and cash flow are important indicators when assessing the company's financial position. Investors should examine these metrics over multiple financial years.
6. Unlisted Market Liquidity
The availability of buyers and sellers can influence short-term price movements. Lower trading activity in the unlisted market may result in wider differences between buying and selling prices.
Investors researching NCDEX may compare it with other companies operating in India's financial market infrastructure sector, including unlisted exchange-related businesses.
Some important comparison parameters include:
NCDEX primarily focuses on commodity derivatives, whereas other exchange businesses may concentrate on equities, currencies or other financial instruments. Therefore, investors should consider differences in business models before comparing their valuations.
NCDEX operates across several areas of commodity market infrastructure and related services.
NCDEX provides an electronic platform for trading eligible agricultural and other commodity derivatives. Its historical product portfolio has included commodities such as pulses, spices and guar-based contracts. These products support organised trading and price discovery in agricultural markets.
Commodity futures and options are derivative instruments that allow market participants to manage exposure to changes in commodity prices. These contracts can help traders, processors and other participants manage price volatility, subject to the availability and regulatory approval of individual products.
Technology is a critical part of NCDEX's operations. Its trading infrastructure supports electronic order matching, market access and related exchange activities. The company has also highlighted advanced data-centre infrastructure as part of its technology capabilities.
NCDEX contributes to price discovery in commodity markets by providing a platform where buyers and sellers can participate in trading. Exchange-traded prices can serve as useful references for market participants, depending on contract liquidity and market conditions.
Market awareness and financial literacy are important for the development of organised commodity derivatives markets. NCDEX has undertaken initiatives aimed at educating farmers, traders and other stakeholders about commodity markets and risk management.
NCDEX's historical financial performance reflects the challenges faced by commodity exchanges when trading volumes and available contracts decline.
According to the financial information supplied, NCDEX's revenue from operations declined from approximately ₹104 crore in FY2023 to ₹96 crore in FY2024. Lower commodity trading volumes, regulatory developments and restrictions affecting certain commodity contracts were identified as contributing factors.
NCDEX reported an EBITDA of approximately -₹65 crore in FY2024, with an Operating Profit Margin (OPM) of around -67.71%, based on the supplied figures. This indicates pressure on operating profitability during the period.
The suspension or restriction of certain commodity contracts, including products from the pulses and spices segments, affected trading activity. The reduced availability of key contracts created challenges for exchange volumes and revenue generation.
The supplied information indicates that NCDEX reported a Profit After Tax (PAT) of approximately ₹23 crore in Q1 FY2025, compared with a loss in the corresponding period of the previous year. The improvement was reportedly supported by exceptional income and changes in market activity.
Investors should distinguish between recurring operating profits and exceptional income when evaluating this improvement.
The historical figures supplied indicate a book value per share of approximately ₹69.73 and an indicative market capitalisation of around ₹1,637 crore. The P/E ratio was not applicable in the cited period because the company reported negative earnings.
These figures should be independently verified against the latest available financial statements and current private-market transaction data before publication or investment decisions.
Although NCDEX operates in an important segment of India's financial market infrastructure, investing in its unlisted shares involves risks.
Investors should evaluate these risks alongside the company's financial performance, valuation and long-term business prospects.
The National Commodity & Derivatives Exchange Limited (NCDEX) plays a specialised role in India's commodity derivatives ecosystem. Its established exchange infrastructure, focus on agricultural commodities and contribution to price discovery make it a company worth tracking in the unlisted share market.
However, its financial performance has been affected by lower trading activity, regulatory developments and restrictions on certain commodity contracts. The company's future prospects will depend on its ability to increase market participation, introduce relevant products, improve operating efficiency and achieve sustainable profitability.
Before investing in NCDEX unlisted shares, investors should review the latest financial statements, check the prevailing unlisted share price, understand the company's valuation and assess the liquidity and regulatory risks.
Explore NCDEX and other private-market investment opportunities through Prestake. Make informed decisions by comparing company fundamentals, financial performance, valuation and investment risks.
Disclaimer: This content is for educational and informational purposes only and should not be considered investment advice or an offer to buy or sell securities. Unlisted shares involve market, valuation and liquidity risks. Historical financial figures and market valuations are subject to verification. Investors should conduct independent research and due diligence before making any investment decision.
| Share Name | Particulars | Fundamentals | Value |
|---|---|---|---|
| NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED | 250 | Market Cap (in cr.) | 2242.5 |
| Shares Price | Per Equity Share | P/E Ratio | -48.73 |
| Minimum Lot Size | Shares Worth Rs. 20000 | P/B Ratio | 1.49 |
| Depository | NSDL & CDSL | Debt to Equity | 0 |
| PAN Number | AABCN7696K | ROE (%) | -3.09 |
| ISIN Number | INE127G01010 | Book Value | 168.08 |
| CIN | U51909MH2003PLC140116 | EPS | -5.13 |
| Face Value | 10 | ||
| Total Shares | 89700000 |
| Particulars | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | 90.40 | 88.19 | 96.40 | 103.93 |
| Cost of Material Consumed | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit Margin | 100.00% | 100.00% | 100.00% | 100.00% |
| EBITDA | -103.60 | -82.73 | -64.84 | -65.68 |
| EBITDA Margin | -114.60% | -93.81% | -67.26% | -63.20% |
| EBIT | -126.90 | -73.96 | -49.80 | -59.16 |
| EBIT Margin | -140.38% | -83.86% | -51.66% | -56.92% |
| PBT | -64.00 | 269.05 | -41.27 | -66.00 |
| PAT | -46.00 | 237.49 | -26.06 | -40.57 |
| Net Profit Margin | -50.88% | 269.29% | -27.03% | -39.04% |
| EPS (₹) | -5.13 | 46.86 | -5.14 | -8.01 |
| Particulars | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash Flow from Operating Activities | -134.00 | 11.84 | -55.41 | -96.89 |
| Cash Flow from Investing Activities | -580.00 | 60.18 | 95.97 | 97.14 |
| Cash Flow from Financing Activities | 756.00 | -7.48 | -6.41 | -8.41 |
| Net Cash Flow | 42.00 | 64.54 | 34.15 | -8.16 |
| Particulars | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Fixed Assets | 37.30 | 47.03 | 56.79 | 65.56 |
| Capital Work in Progress (CWIP) | 8.50 | 1.84 | 4.46 | 5.01 |
| Investments | 969.60 | 328.18 | 112.53 | 87.50 |
| Trade Receivables | 25.70 | 22.51 | 22.92 | 31.74 |
| Inventory | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 961.90 | 846.35 | 641.58 | 686.18 |
| Total Assets | 2,003.00 | 1,245.91 | 838.28 | 875.99 |
| Particulars | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Share Capital | 89.70 | 50.68 | 50.68 | 50.68 |
| Reserves | 1,418.00 | 677.21 | 408.72 | 424.13 |
| Borrowings | 0.00 | 0.00 | 0.00 | 0.00 |
| Trade Payables | 13.40 | 10.47 | 9.31 | 9.03 |
| Other Liabilities | 481.90 | 507.55 | 369.57 | 392.15 |
| Total Liabilities | 2,003.00 | 1,245.91 | 838.28 | 875.99 |
| Company | Market Cap (₹ Cr) | Revenue (₹ Cr) | P/E | P/B | ROE |
|---|---|---|---|---|---|
| National Commodity & Derivatives Exchange Limited (NCDEX) | 2,242.50 | 90.40 | -48.73 | 1.49 | -3% |
| ICEX (Indian Commodity Exchange) | 138.71 | 0.00 | 126.10 | 1.98 | 2% |
| Name | Designation |
|---|---|
| Atul Roongta | Chief Financial Officer (CFO) |
| Arun Raste | Managing Director & CEO |
| Ashish Bahuguna | Chairman |
National Commodity & Derivatives Exchange Limited (NCDEX), now known as NCDEX Limited, is an Indian, SEBI-regulated commodity exchange established in 2003. It provides an electronic platform for trading commodity derivatives, with a focus on agricultural commodities, and supports price discovery and risk management for market participants.
The NCDEX unlisted share price refers to the indicative price at which its equity shares may be available in the unlisted market. Prices can vary depending on demand, supply, available quantity and transaction terms. Contact PRESTAKE to enquire about the latest indicative NCDEX share price and availability, subject to verification.
You can contact PRESTAKE to enquire about purchasing NCDEX unlisted shares. Before proceeding, confirm the latest indicative price, available quantity, applicable charges, required documentation and share-transfer process. Transactions are subject to availability, due diligence and applicable regulations.
Investing in NCDEX unlisted shares involves risks, including limited liquidity, valuation uncertainty, changes in commodity trading activity, regulatory developments and uncertainty about resale opportunities. There is no guarantee of returns, a future public listing or an exit opportunity. Investors should conduct independent research and assess their risk tolerance before investing.
