Platform	Last Traded Price	Min Quantity
★★★★☆	₹337	50
★★★★★	₹339	50
★★★★☆	₹345	50
★★★★☆☆	₹347	50
★★★★★☆	₹348	50

★★★★☆

LTP:₹337

Min Qty:50

★★★★★

LTP:₹339

Min Qty:50

★★★★☆

LTP:₹345

Min Qty:50

★★★★☆☆

LTP:₹347

Min Qty:50

★★★★★☆

LTP:₹348

Min Qty:50

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

Market Cap₹1,697.65 Cr

PE Ratio-65.18

EPS₹-5.14

Dividend Yield-

Book Value₹93.9 Cr

Debt/Equity-

Price/Book3.57

Price/Sales-

Industry PE-

Sales₹57,300,000 Cr

Profit After Tax₹277,000,000 Cr

Share Capital₹506,800,000 Cr

Shares Outstanding-

ISININE127G01010

Sectoragricultural commodity exchange

SymbolNCDEX

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.

Latest News

NCDEX eyes equity trading amid agri derivatives ban, plans ₹600 cr investmentBusinessline - 2/12/2025Read full article

Annual Reports

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

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

Platform

Last Traded Price

Min Quantity

★★★★☆

₹337

★★★★★

₹339

★★★★☆

₹345

★★★★☆☆

₹347

★★★★★☆

₹348

Balance Sheet

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

Equity Capital

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

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

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%

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%

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%

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

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%

FAQs – Buying Unlisted Shares

What are unlisted shares?+

Unlisted shares are stocks of companies that are not listed on any stock exchange like NSE or BSE. They are traded in the over-the-counter (OTC) market through dealers, brokers, and private transactions.

How is the price of an unlisted share decided?+

Unlike listed shares, there’s no central marketplace or live order book. Prices are based on demand and supply, dealer quotes, and recent transaction trends. This leads to price fragmentation — different dealers can quote very different prices for the same stock.

Why should I compare prices before buying?+

Because the same share can be available at a 5–20% price difference depending on the dealer. Not comparing means you could be paying a premium for no reason — directly impacting your returns.

Is buying unlisted shares risky?+

Yes, like any investment, unlisted shares carry risks — including liquidity risk (harder to sell), company performance risk, and price transparency issues. Comparing prices helps reduce one avoidable risk — overpaying.

How can I know if the price I’m getting is fair?+

You can check recent transaction prices, ask multiple dealers, and soon — use our price comparison platform to instantly see live market quotes.

What documents are required to buy unlisted shares?+

Typically: PAN Card Demat Account details KYC documents (address proof, ID proof)

How do I sell unlisted shares?+

You can sell them via a dealer, private buyer, or once the company gets listed on a stock exchange. Having access to multiple dealer quotes helps you get the best selling price.

Can dealers lose business if they don’t offer the best price?+

Absolutely. If an investor finds a better price elsewhere, they’ll switch — often for good. That’s why transparent pricing protects both investors and dealers.

How soon will I receive the shares after purchase?+

Usually within T+2 to T+7 days after payment and documentation, depending on the dealer and the company’s transfer process.

Do I need to be an accredited investor to buy unlisted shares?+

No, but you must meet the regulatory requirements under SEBI guidelines and have a valid Demat account.

NCDEX Ltd

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses

FAQs – Buying Unlisted Shares