NCDEX Ltd

₹2,100 - ₹3,500

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	213	Visit
★★★★☆	₹2,600	754	Visit
★★★★★☆	₹2,700	949	Visit
★★★★★☆	₹2,800	816	Visit
★★★★☆☆	₹2,900	975	Visit

Visit

★★★★☆

LTP:₹2,100

Min Qty:267

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★★★★☆

LTP:₹2,600

Min Qty:777

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★★★★★☆

LTP:₹2,700

Min Qty:931

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★★★★★☆

LTP:₹2,800

Min Qty:585

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★★★★☆☆

LTP:₹2,900

Min Qty:788

Strengths & Weaknesses

Strengths

Established Market Leader: NCDEX dominates the agri-commodity derivatives segment with a 97% market share. This leadership is reflected in its Average Daily Open Interest (ADOI) growth of 10%, increasing to ₹2,278 crores in FY 2023-24 from ₹2,069 crores in the previous year

Resilience During Volatile Periods:Despite market volatility, NCDEX's Average Daily Traded Value (ADTV) grew by 2%, from ₹834 crores in FY 2022-23 to ₹848 crores in FY 2023-24.

Weaknesses

Global Market Volatility: Factors such as the Russia-Ukraine conflict, food inflation, and climate events (e.g., El Niño) contributed to commodity market disruptions in FY 2023-24. These factors increase the risk of further volatility, with daily turnover occasionally hitting peaks like ₹2,027 crores.

Regulatory and Export Bans: Policy measures, including India's export bans on Basmati rice and sugar, directly affect commodity trading volumes and exchange profitability

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	50.68	50.68	50.68	50.68	50.68	50.68	50.68
Reserves	699.92	425.29	442.36	475.36	476.99	479.99	435.92
Total Equity	750.60	475.97	493.04	526.04	527.67	530.67	486.60
Provisions	10.43	9.48	7.89	5.56	4.78	2.94	1.29
Other Financial Liabilities	43.65	18.60	19.65	27.22	15.24	8.99	0.34
Total Non Current Liabilities	54.08	28.08	27.54	32.78	20.02	11.93	1.63
Tax Liabilities (Deferred and Current)	5.75	3.93	2.15	0.00	0.00	0.00	0.00
Provisions	12.66	14.21	13.85	1.88	1.71	2.28	1.74
Other Non-Financial Liabilities	422.82	318.68	339.41	370.64	524.79	441.09	338.47
Total Current Liabilities	441.23	336.82	355.41	372.52	526.50	443.37	340.21
Equity + Liabilities	1245.91	840.87	875.99	931.34	1074.19	985.97	828.44
Trade Receivables	22.51	22.92	31.74	28.91	31.42	120.73	78.48
Cash & Cash Equivalents	655.93	479.31	457.49	553.51	718.65	600.93	538.55
Other Financial Assets	115.06	119.23	107.59	114.80	150.60	17.72	54.58
Total Current Assets	793.50	621.46	596.82	697.22	900.67	739.38	671.61
Fixed Assets (incl. WIP)	48.87	43.07	50.12	54.77	61.75	68.95	76.26
Other Non Financial Assets	403.54	168.92	222.64	179.35	111.78	177.64	80.57
Total Non Current Assets	452.41	211.99	272.76	234.12	173.53	246.59	156.83
Investments held for sale in associate	0.00	7.42	6.41	0.00	0.00	0.00	0.00
Total Assets	1245.91	840.87	875.99	931.34	1074.20	985.97	828.44

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	88.19	95.73	103.93	115.33	112.79	131.84	148.84
Growth %	-7.88%	-7.89%	-9.88%	2.25%	-14.45%	-11.42%	0
Operating Expenses	170.92	161.18	169.61	150.77	146.87	150.75	160.83
Growth %	6.04%	-4.97%	12.50%	2.66%	-2.57%	-6.27%	0
Operating Profit	-82.73	-65.45	-65.68	-35.44	-34.08	-18.91	-11.99
Op. Profit Margin %	-93.81%	-68.37%	-63.20%	-30.73%	-30.22%	-14.34%	-8.06%
Other Income	33.87	40.27	31.64	39.04	36.11	42.75	44.34
Interest Expense	1.00	1.36	1.51	1.88	1.02	1.50	0.00
Depreciation	25.09	24.62	25.12	24.24	24.78	25.72	19.47
Exceptional Items	344.00	-9.89	5.33	0.00	1.04	3.77	0.00
Share of net profit from Joint ventures and associates accounted for using equity method	9.77	-8.07	-7.99	-5.64	-3.69	-9.55	-3.22
Profit Before Tax	278.82	-33.20	-58.01	-16.88	-21.12	2.40	16.10
Tax	42.73	-5.50	-15.64	-4.61	-6.48	-6.06	-1.95
Tax %	48.45%	-5.75%	-15.05%	-4.00%	-5.75%	-4.60%	-1.31%
Profit After Tax	236.09	-27.70	-42.37	-12.27	-14.64	8.46	18.05
Growth %	952.31%	-34.62%	-245.31%	-16.19%	-273.05%	-53.13%	0
PAT %	267.71%	-28.94%	-40.77%	-10.64%	-12.98%	6.42%	12.13%
Diluted EPS	46.86	-5.14	-8.01	-2.24	-2.54	2.20	3.70

Shareholding Pattern

Color	Shareholder	Holding
	National Stock Exchange of India Limited	15.00
	Life Insurance Corporation of India	11.10
	National Bank for Agriculture and Rural Developmen	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

Fundamentals

Quick Insights

Established Market Leader: NCDEX dominates the agri-commodity derivatives segment with a 97% market share. This leadership is reflected in its Average Daily Open Interest (ADOI) growth of 10%, increasing to ₹2,278 crores in FY 2023-24 from ₹2,069 crores in the previous year
Resilience During Volatile Periods:Despite market volatility, NCDEX's Average Daily Traded Value (ADTV) grew by 2%, from ₹834 crores in FY 2022-23 to ₹848 crores in FY 2023-24.

Market Cap₹1,697.65 Cr

PE Ratio-65.18

EPS-5.14

Dividend Yield0%

Book Value₹93.9

Debt/Equity0

Price/Book3.57

Industry PE0

Sales57300000

Profit After Tax277000000

ISININE127G01010

Sectoragricultural commodity exchange

About Company

NCDEX, or National Commodity and Derivatives Exchange Limited, is an Indian online commodity and derivative exchange based in India. It is owned by the Ministry of Finance, Government of India.

NCDEX, established in 2003, is one of India's premier commodity exchanges, specializing in commodity derivatives trading with a primary focus on agricultural products. It facilitates electronic trading of a wide range of commodities, including agricultural staples like chana, castor seed, jeera, and turmeric, alongside metals and energy commodities such as gold, silver, and crude oil. The exchange continually expands its portfolio, regularly introducing new commodities to meet market demands. The Exchange also has four subsidiaries: NCDEX e Markets Limited, National Commodity Clearing Limited, NCDEX Institute of Commodity Markets and Research, and National E-Repository Limited.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	272	Visit
★★★★☆	₹2,600	179	Visit
★★★★★☆	₹2,700	966	Visit
★★★★★☆	₹2,800	609	Visit
★★★★☆☆	₹2,900	481	Visit

Quick Insights

Established Market Leader: NCDEX dominates the agri-commodity derivatives segment with a 97% market share. This leadership is reflected in its Average Daily Open Interest (ADOI) growth of 10%, increasing to ₹2,278 crores in FY 2023-24 from ₹2,069 crores in the previous year
Resilience During Volatile Periods:Despite market volatility, NCDEX's Average Daily Traded Value (ADTV) grew by 2%, from ₹834 crores in FY 2022-23 to ₹848 crores in FY 2023-24.

Market Cap₹1,697.65 Cr

PE Ratio-65.18

EPS-5.14

Dividend Yield0%

Book Value₹93.9

Debt/Equity0

Price/Book3.57

Industry PE0

Sales57300000

Profit After Tax277000000

ISININE127G01010

Sectoragricultural commodity exchange

About Company

Strengths

Resilience During Volatile Periods:Despite market volatility, NCDEX's Average Daily Traded Value (ADTV) grew by 2%, from ₹834 crores in FY 2022-23 to ₹848 crores in FY 2023-24.

Weaknesses

Regulatory and Export Bans: Policy measures, including India's export bans on Basmati rice and sugar, directly affect commodity trading volumes and exchange profitability

Annual Reports

FY2024 FY2023 FY2022 FY2021 FY2020 FY2019

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	50.68	50.68	50.68	50.68	50.68	50.68	50.68
Reserves	699.92	425.29	442.36	475.36	476.99	479.99	435.92
Total Equity	750.60	475.97	493.04	526.04	527.67	530.67	486.60
Provisions	10.43	9.48	7.89	5.56	4.78	2.94	1.29
Other Financial Liabilities	43.65	18.60	19.65	27.22	15.24	8.99	0.34
Total Non Current Liabilities	54.08	28.08	27.54	32.78	20.02	11.93	1.63
Tax Liabilities (Deferred and Current)	5.75	3.93	2.15	0.00	0.00	0.00	0.00
Provisions	12.66	14.21	13.85	1.88	1.71	2.28	1.74
Other Non-Financial Liabilities	422.82	318.68	339.41	370.64	524.79	441.09	338.47
Total Current Liabilities	441.23	336.82	355.41	372.52	526.50	443.37	340.21
Equity + Liabilities	1245.91	840.87	875.99	931.34	1074.19	985.97	828.44
Trade Receivables	22.51	22.92	31.74	28.91	31.42	120.73	78.48
Cash & Cash Equivalents	655.93	479.31	457.49	553.51	718.65	600.93	538.55
Other Financial Assets	115.06	119.23	107.59	114.80	150.60	17.72	54.58
Total Current Assets	793.50	621.46	596.82	697.22	900.67	739.38	671.61
Fixed Assets (incl. WIP)	48.87	43.07	50.12	54.77	61.75	68.95	76.26
Other Non Financial Assets	403.54	168.92	222.64	179.35	111.78	177.64	80.57
Total Non Current Assets	452.41	211.99	272.76	234.12	173.53	246.59	156.83
Investments held for sale in associate	0.00	7.42	6.41	0.00	0.00	0.00	0.00
Total Assets	1245.91	840.87	875.99	931.34	1074.20	985.97	828.44

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	88.19	95.73	103.93	115.33	112.79	131.84	148.84
Growth %	-7.88%	-7.89%	-9.88%	2.25%	-14.45%	-11.42%	0
Operating Expenses	170.92	161.18	169.61	150.77	146.87	150.75	160.83
Growth %	6.04%	-4.97%	12.50%	2.66%	-2.57%	-6.27%	0
Operating Profit	-82.73	-65.45	-65.68	-35.44	-34.08	-18.91	-11.99
Op. Profit Margin %	-93.81%	-68.37%	-63.20%	-30.73%	-30.22%	-14.34%	-8.06%
Other Income	33.87	40.27	31.64	39.04	36.11	42.75	44.34
Interest Expense	1.00	1.36	1.51	1.88	1.02	1.50	0.00
Depreciation	25.09	24.62	25.12	24.24	24.78	25.72	19.47
Exceptional Items	344.00	-9.89	5.33	0.00	1.04	3.77	0.00
Share of net profit from Joint ventures and associates accounted for using equity method	9.77	-8.07	-7.99	-5.64	-3.69	-9.55	-3.22
Profit Before Tax	278.82	-33.20	-58.01	-16.88	-21.12	2.40	16.10
Tax	42.73	-5.50	-15.64	-4.61	-6.48	-6.06	-1.95
Tax %	48.45%	-5.75%	-15.05%	-4.00%	-5.75%	-4.60%	-1.31%
Profit After Tax	236.09	-27.70	-42.37	-12.27	-14.64	8.46	18.05
Growth %	952.31%	-34.62%	-245.31%	-16.19%	-273.05%	-53.13%	0
PAT %	267.71%	-28.94%	-40.77%	-10.64%	-12.98%	6.42%	12.13%
Diluted EPS	46.86	-5.14	-8.01	-2.24	-2.54	2.20	3.70

Shareholding Pattern

Color	Shareholder	Holding
	National Stock Exchange of India Limited	15.00
	Life Insurance Corporation of India	11.10
	National Bank for Agriculture and Rural Developmen	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

Board of Directors

Mr. Ashish BahugunaChairman and Public Interest Director

Mr. Hemant AdarkarPublic Interest Director

Dr. Mukulita VijayawargiyaPublic Interest Director

Mr. Prem Kumar MalhotraPublic Interest Director

Dr. Purvi MehtaPublic Interest Director

Mr. R. AmalorpavanathanPublic Interest Director

Mr. Soma Sankara PrasadPublic Interest Director

Mr. Venkat Nageswar Chalasani Public Interest Director

Mr. B. VenugopalNon-Independent Director

Mr. Manikumar S.Non-Independent Director

Mr. Rakesh KapurNon-Independent Director

Mr. R. DoraiswamyNon-Independent Director

Mr. Sanjeev RohillaNon-Independent Director

Mr. Arun RasteManaging Director & Chief Executive Officer

Senior Management

Mr. Arun RasteManaging Director & Chief Executive Officer

Mr. Atul RoongtaChief Financial Officer

Mr. Hoshi D. BhagwagarCompany Secretary