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Company Overview
National Commodity & Derivatives Exchange Limited (NCDEX) is one of India’s leading online commodity exchanges, offering a robust platform for trading in a wide spectrum of agricultural and select non-agricultural derivative products. Incorporated on April 23, 2003, as a public limited company, NCDEX commenced operations on December 15, 2003. On September 28, 2015, it was accorded the status of a deemed recognized stock exchange under the Securities Contracts (Regulation) Act, 1956, and is regulated by the Securities and Exchange Board of India (SEBI).
Key Functions
Price Benchmarking: NCDEX prices serve as credible benchmarks for domestic and select global commodity markets.
Diverse Product Portfolio: Includes commodity futures, options in goods, and index futures.
Technological Excellence: First Indian commodity exchange to operate from a Tier-IV data center, ensuring unmatched security, efficiency, and uptime in trading operations.
Market Impact & Value Proposition
Transparency & Accessibility: Its electronic platform enhances price transparency, empowering farmers and stakeholders to make informed selling decisions.
Direct Market Access: Reduces intermediary dependency by connecting farmers, traders, and institutional participants directly.
Standardized Contracts: Promotes quality awareness through well-defined product specifications, thereby improving agricultural practices.
Ease of Trading: Integration with dematerialized (Demat) systems simplifies commodity trading and settlement.
Shareholding & Governance
NCDEX’s shareholding structure comprises several prominent Indian institutions, including Life Insurance Corporation of India (LIC), National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India (NSE), Canara Bank, Punjab National Bank (PNB), and Indian Farmers Fertiliser Cooperative Limited (IFFCO). The governance framework is driven by an experienced Board of Directors, bringing deep expertise in agricultural markets, financial instruments, and risk management.
Primary Traded Commodities
NCDEX facilitates trading in 23 approved agricultural commodities, encompassing key products such as pulses, spices, and guar. Many of these commodities are not actively traded in global markets but hold significant economic importance in India. This unique focus cements NCDEX’s position as the country’s leading agricultural derivatives exchange.
Fundamentals
| Parameter | Details | Parameter | Details |
|---|---|---|---|
| Price (Per Equity Share) | Contact us to know share price | Lot Size | 500 Shares |
| 52 Week High | ₹355 | 52 Week Low | ₹208 |
| Depository | NSDL & CDSL | PAN Number | AABCI9479D |
| ISIN Number | INE127G01010 | CIN | U51909MH2003PLC140116 |
| RTA | Link Intime | Market Cap | ₹1,799 Cr |
| P/E Ratio | 7.62 | P/B Ratio | 2.37 |
| Debt to Equity | 0 | ROE (%) | 31.48 |
| Book Value | ₹149.91 | Face Value | ₹10 |
| Total Shares | 5,06,76,000 | Status | Buy / Sell |
Promoters & Managements
| Name | Designation |
|---|---|
| Mr. Ashish Bahuguna | Chairman |
| Mr. Arun Raste | MD & CEO |
| Atul Roongta | CFO |
P&L Statement and Financial Ratios ( in Cr)
| Particulars | 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 |
| EBITDA Margin (%) | -30.43 | -63.46 | -67.71 | -94.32 |
| Other Income | 45 | 35 | 58 | 388 |
| Finance Cost | 2 | 1.5 | 1.3 | 1 |
| Depreciation & Amortization | 24 | 25 | 25 | 25 |
| EBIT | -59 | -91 | -90 | -108 |
| EBIT Margin (%) | -51.3 | -87.5 | -93.75 | -122.73 |
| PBT | -17 | -58 | -33 | 279 |
| PBT Margin (%) | -14.78 | -55.77 | -34.37 | 317.05 |
| Tax | -5 | -16 | -5 | 43 |
| PAT | -12 | -42 | -28 | 236 |
| Net Profit Margin (%) | -10.43 | -40.38 | -29.17 | 268.18 |
| EPS (₹) | -2.37 | -8.29 | -5.52 | 46.57 |
Key Financial Ratios
| Ratio | 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 |
| Earnings Per Share (Diluted, ₹) | -2.37 | -8.29 | -5.52 | 46.57 |
Balance Sheet (₹ Crores)
Assets
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 10 | 8 | 43 | 38 |
| Capital Work in Progress (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 & Equity
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 50.68 | 50.68 | 50.68 | 50.68 |
| Face Value (₹) | 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 & Equity | 931 | 876 | 841 | 1246 |
Cash Flow Statement (₹ Crores)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | -17 | -58 | -33 | 279 |
| Operating Profit before Working Capital Changes (OPBWC) | -23 | -62 | -52 | -79 |
| Change in Receivables | 1 | -3 | 8.6 | 0.34 |
| Change in Inventories | 0 | 0 | 0 | -13 |
| Change in Payables | -5 | 0 | 0.3 | 1.16 |
| Other Changes | -146 | -31 | 6.1 | 101 |
| Working Capital Change | -150 | -34 | 15 | 89.5 |
| Cash Generated from Operations | -173 | -96 | -37 | 10.5 |
| Tax Paid | -8 | -1 | -18 | 1.5 |
| Net Cash Flow from Operations (CFO) | -181 | -97 | -55 | 12 |
| Purchase of PPE | -14 | -14 | -12 | -13 |
| Sale of PPE | 1 | 0 | 1 | 0 |
| Cash Flow from Investments (CFI) | 52 | 97 | 96 | 60 |
| Borrowings | 0 | 0 | 0 | 0 |
| Dividend Paid | -2.42 | -2.28 | 0 | -1 |
| Equity Issued | 0.03 | 0.05 | 0 | 0 |
| Other Financing Activities | -5.61 | -5.77 | -6 | -6 |
| Cash Flow from Financing (CFF) | -8 | -8 | -6 | -7 |
| Net Cash Generated | -137 | -8 | 35 | 65 |
| Cash at the Start | 253 | 72 | 64 | 98 |
| Cash at the End | 116 | 64 | 99 | 163 |
Share Holding Pattern
| Shareholder | Number of Shares | % of Total Share Capital |
|---|---|---|
| National Stock Exchange of India Limited (NSE) | 7,601,377 | 15.00% |
| Life Insurance Corporation of India (LIC) | 5,625,000 | 11.10% |
| National Bank for Agriculture & Rural Development (NABARD) | 5,625,000 | 11.10% |
| Indian Farmers Fertiliser Cooperative Ltd. (IFFCO) | 5,068,000 | 10.00% |
| Oman India Joint Investment Fund (OIJIF) | 5,067,600 | 10.00% |
| Punjab National Bank (PNB) | 3,694,446 | 7.29% |
| Canara Bank | 3,055,519 | 6.03% |
| Investcorp Private Equity Fund I | 1,646,970 | 3.25%* |
| Build India Capital Advisors LLP | 2,533,799 | 5.00% |
| Shree Renuka Sugars Ltd. | 2,533,700 | 5.00% |
| Others (including individuals and smaller stakeholders) | 3,887,589** | 7.68%* |
| Total | 50,676,000 | 100.00% |
