
National Commodity & Derivatives Exchange (NCDEX) Limited Unlisted Shares
vs. prev. close ₹308
52W High
₹428
52W Low
₹308
Market cap
₹2,763 Cr
IPO stage
No DRHP filed
Risk level
High
CIN
U51909MH2003PLC140116
Price History
52W High
₹428
52W Low
₹308
About National Commodity & Derivatives Exchange (NCDEX) Limited Unlisted Shares
NCDEX posted a consolidated FY26 net loss of Rs 46.24 crore (EPS Rs -6.36) against a FY25 profit of Rs 236.09 crore that was driven almost entirely by a one-off exceptional gain, with the underlying commodity-exchange business still loss-making under a SEBI contract-launch suspension in place since 2021, even as Book Value per Share rose to Rs 168.06 on a Rs 770 crore capital raise funding its new entry into equity and equity derivatives.
The Short Version :
National Commodity & Derivatives Exchange Limited (NCDEX), in its 23rd year, operates India's commodity derivatives exchange alongside e-Repository (warehouse receipts), commodity spot, mutual fund distribution, and Envirotech platforms, and is now expanding into Equity and Equity Derivatives following a Rs 770 crore preferential allotment completed in October 2025. FY26 consolidated PAT was a loss of Rs 46.24 crore against a profit of Rs 236.09 crore in FY25, EPS at Rs (6.36) versus Rs 46.86. Book Value per Share nonetheless rose to Rs 168.06 from Rs 148.11 on the fresh capital raised, though ROE turned negative at -3.07% from 31.45% a year earlier.
Why It Trades Where It Does :
The headline PAT swing is not comparable year-on-year: FY25's Rs 236.09 crore profit was driven almost entirely by a Rs 344 crore one-off exceptional gain, while the underlying business ran an operating loss both years, Rs 66.51 crore in FY26 versus Rs 74.95 crore in FY25, a loss narrowing about 11%. That core loss traces to a SEBI-directed suspension on launching new contracts and taking fresh positions in major commodities that has run since August 2021 and is disclosed to extend to March 2027. The October 2025 capital raise is a strategic pivot: NCDEX is funding entry into equity and equity derivatives to diversify beyond a commodity franchise that has been under regulatory constraint for over four years, though as of March 31, 2026 only Rs 14.67 crore of the Rs 761.83 crore net proceeds had been deployed, with the rest parked in debt funds, fixed deposits, and bonds.
Top Risks :
The core commodity derivatives contract-launch suspension has run since August 2021 and is disclosed to extend to March 2027, directly driving the underlying operating loss in both FY25 and FY26.
A subsidiary (NEML) carries its own auditor Emphasis of Matter over a GST/TCS demand from the tax authority (DGGSTI); management expects a favourable outcome but it's unresolved.
Deferred tax assets of Rs 61.61 crore are recognized on the expectation of future taxable profits, a judgment call that weakens if losses persist.
Top Opportunities :
Rs 761.83 crore raised in October 2025 funds a genuine strategic pivot into Equity and Equity Derivatives, a path to revenue beyond the constrained commodity segment.
Core operating losses narrowed about 11% year-on-year even before any benefit from the new segments, suggesting some underlying cost or efficiency progress.
Net worth is confirmed by the auditors to meet regulatory requirements, and the bulk of the fresh capital sits in liquid instruments (debt mutual funds, FDs, bonds) ready to deploy as the new business lines scale.
Disclaimer :
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Market Infrastructure Institution | Commodity Exchange | Agricultural Derivatives
Founded
2003
Headquarters
Mumbai, Maharashtra, India
Min Lot Size
500
Face Value
₹10.00
Total Shares
89694973
Regulatory Information
Corporate Identity Number (CIN)
U51909MH2003PLC140116
PAN Number
AABCI9479D
ISIN
INE127G01010
Depository
NSDL & CDSL
Registrar & Transfer Agent (RTA)
Link Intime
Key Valuation Ratios
Valuation
Market Cap
₹2,762.61 Cr
P/E Ratio
—
Not meaningful — loss-making
P/S Ratio
30.55×
P/B Ratio
1.83×
EV / EBITDA
—
Returns & Per Share
ROE
-3.07%
EPS
₹-5.16
Book Value / Share
₹168.07
Solvency
Debt / Equity
0.10×
Interest Coverage
-27.19×
Company Fundamentals
As of FY2026 Annual · updated 03 Sept 2026Gross Profit
₹90.44 Cr
EBITDA
₹-38.44 Cr
Revenue Growth
2.55%
Profit Margin
-51.13%
Performance Trends
5 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.10×
EBITDA Margin
-42.50%
Interest Coverage
-27.19×
Financial Statements
| Line item | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Total Income | |||||
| Revenue from operationsDisclosed | 115.33₹ Crore | 103.93₹ Crore | 95.73₹ Crore | 88.19₹ Crore | 90.44₹ Crore |
| Other incomeDisclosed | 44.68₹ Crore | 39.63₹ Crore | 48.34₹ Crore | 43.64₹ Crore | 68.43₹ Crore |
| Total IncomeDerived | 160.01₹ Crore | 143.56₹ Crore | 144.07₹ Crore | 131.83₹ Crore | 158.87₹ Crore |
| Expenses | |||||
| Cost of goods soldDisclosed | 0₹ Crore | 11.01₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Purchases of stock-in-tradeDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Changes in inventoriesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Employee benefits expenseDisclosed | 81.35₹ Crore | 87.97₹ Crore | 91₹ Crore | 95.93₹ Crore | 109.42₹ Crore |
| Finance costsDisclosed | 1.88₹ Crore | 1.51₹ Crore | 1.36₹ Crore | 1₹ Crore | 2.27₹ Crore |
| Depreciation and amortization expenseDisclosed | 24.24₹ Crore | 25.12₹ Crore | 24.62₹ Crore | 25.09₹ Crore | 23.28₹ Crore |
| Manufacturing expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Operating expensesDisclosed | 38.95₹ Crore | 39.47₹ Crore | 43.8₹ Crore | 44.62₹ Crore | 48.38₹ Crore |
| Other expensesDisclosed | 30.47₹ Crore | 31.16₹ Crore | 26.38₹ Crore | 30.37₹ Crore | 36.53₹ Crore |
| Total ExpensesDerived | 176.89₹ Crore | 196.24₹ Crore | 187.16₹ Crore | 197.01₹ Crore | 219.88₹ Crore |
| Profit | |||||
| Exceptional itemsDisclosed | 0₹ Crore | 5.33₹ Crore | 9.89₹ Crore | 344₹ Crore | -2.98₹ Crore |
| Profit before taxDerived | -16.88₹ Crore | -47.35₹ Crore | -33.2₹ Crore | 278.82₹ Crore | -63.99₹ Crore |
| Current tax expenseDisclosed | 1.84₹ Crore | 6₹ Lakh | 1.42₹ Crore | 4.07₹ Crore | 1.78₹ Crore |
| Deferred tax expenseDisclosed | -6.45₹ Crore | -15.7₹ Crore | -6.92₹ Crore | 38.66₹ Crore | -19.53₹ Crore |
| Tax expenseDisclosed | -4.61₹ Crore | -15.64₹ Crore | -5.5₹ Crore | 42.73₹ Crore | -17.75₹ Crore |
| Profit After TaxDerived | -12.27₹ Crore | -31.71₹ Crore | -27.7₹ Crore | 236.09₹ Crore | -46.24₹ Crore |
| Other comprehensive incomeDisclosed | -40₹ Lakh | -1.49₹ Crore | -69₹ Lakh | -1.4₹ Crore | 26.95₹ Crore |
| Total Comprehensive IncomeDerived | -12.67₹ Crore | -33.2₹ Crore | -28.39₹ Crore | 234.69₹ Crore | -19.29₹ Crore |
Documents Library
Access all financial reports and filings
Annual Report
Quarterly Report
NCDEX–TCS Equity Platform Partnership others Annnouncing a 10-year tech partnership with TCS to support NCDEX’s entry into equity and derivatives markets
NCDEX–TCS Equity Platform Partnership others Annnouncing a 10-year tech partnership with TCS to support NCDEX’s entry into equity and derivatives markets
9MFY26 Results of NCDEX others The consolidated financial results for the quarter and year ending Dec 31, 2025 (Q3)
9MFY26 Results of NCDEX others The consolidated financial results for the quarter and year ending Dec 31, 2025 (Q3)
NCDEX–TCS Equity Platform Partnership others Annnouncing a 10-year tech partnership with TCS to support NCDEX’s entry into equity and derivatives markets
NCDEX–TCS Equity Platform Partnership others Annnouncing a 10-year tech partnership with TCS to support NCDEX’s entry into equity and derivatives markets
9MFY26 Results of NCDEX others The consolidated financial results for the quarter and year ending Dec 31, 2025 (Q3)
9MFY26 Results of NCDEX others The consolidated financial results for the quarter and year ending Dec 31, 2025 (Q3)
NCDEX–TCS Equity Platform Partnership others Annnouncing a 10-year tech partnership with TCS to support NCDEX’s entry into equity and derivatives markets
NCDEX–TCS Equity Platform Partnership others Annnouncing a 10-year tech partnership with TCS to support NCDEX’s entry into equity and derivatives markets
9MFY26 Results of NCDEX others The consolidated financial results for the quarter and year ending Dec 31, 2025 (Q3)
9MFY26 Results of NCDEX others The consolidated financial results for the quarter and year ending Dec 31, 2025 (Q3)
6MFY2026 Results of NCDEX others The consolidated financial results for the quarter ending Sep 30, 2025 (Q2)
6MFY2026 Results of NCDEX others The consolidated financial results for the quarter ending Sep 30, 2025 (Q2)
6MFY2026 Results of NCDEX others The consolidated financial results for the quarter ending Sep 30, 2025 (Q2)
6MFY2026 Results of NCDEX others The consolidated financial results for the quarter ending Sep 30, 2025 (Q2)
6MFY2026 Results of NCDEX others The consolidated financial results for the quarter ending Sep 30, 2025 (Q2)
6MFY2026 Results of NCDEX others The consolidated financial results for the quarter ending Sep 30, 2025 (Q2)
NCDEX Raises ₹770 Crore through Share Allotment others List of allottees with details of 39,018,973 shares allotted and total amount raised 770 cr
NCDEX Raises ₹770 Crore through Share Allotment others List of allottees with details of 39,018,973 shares allotted and total amount raised 770 cr
NCDEX Raises ₹770 Crore through Share Allotment others List of allottees with details of 39,018,973 shares allotted and total amount raised 770 cr
NCDEX Raises ₹770 Crore through Share Allotment others List of allottees with details of 39,018,973 shares allotted and total amount raised 770 cr
NCDEX Raises ₹770 Crore through Share Allotment others List of allottees with details of 39,018,973 shares allotted and total amount raised 770 cr
NCDEX Raises ₹770 Crore through Share Allotment others List of allottees with details of 39,018,973 shares allotted and total amount raised 770 cr
Postal Ballot Notice of NCDEX others NCDEX seeks shareholder e-voting for MD reappointment and continuation of two Independent Directors aged 75+
Postal Ballot Notice of NCDEX others NCDEX seeks shareholder e-voting for MD reappointment and continuation of two Independent Directors aged 75+
Postal Ballot Notice of NCDEX others NCDEX seeks shareholder e-voting for MD reappointment and continuation of two Independent Directors aged 75+
Postal Ballot Notice of NCDEX others NCDEX seeks shareholder e-voting for MD reappointment and continuation of two Independent Directors aged 75+
Postal Ballot Notice of NCDEX others NCDEX seeks shareholder e-voting for MD reappointment and continuation of two Independent Directors aged 75+
Postal Ballot Notice of NCDEX others NCDEX seeks shareholder e-voting for MD reappointment and continuation of two Independent Directors aged 75+
Q4FY2025 Results of NCDEX others The consolidated financial results for the quarter and year ending Mar 31, 2025 (Q4)
Q4FY2025 Results of NCDEX others The consolidated financial results for the quarter and year ending Mar 31, 2025 (Q4)
Q4FY2025 Results of NCDEX others The consolidated financial results for the quarter and year ending Mar 31, 2025 (Q4)
Q4FY2025 Results of NCDEX others The consolidated financial results for the quarter and year ending Mar 31, 2025 (Q4)
Q4FY2025 Results of NCDEX others The consolidated financial results for the quarter and year ending Mar 31, 2025 (Q4)
Q4FY2025 Results of NCDEX others The consolidated financial results for the quarter and year ending Mar 31, 2025 (Q4)
NCDEX Agri Trade suspension Extended Till 2026 others Suspension of trading in 7 key agri-commodity derivatives on NCDEX extended by SEBI till March 31, 2026.
NCDEX Agri Trade suspension Extended Till 2026 others Suspension of trading in 7 key agri-commodity derivatives on NCDEX extended by SEBI till March 31, 2026.
NCDEX Agri Trade suspension Extended Till 2026 others Suspension of trading in 7 key agri-commodity derivatives on NCDEX extended by SEBI till March 31, 2026.
NCDEX Agri Trade suspension Extended Till 2026 others Suspension of trading in 7 key agri-commodity derivatives on NCDEX extended by SEBI till March 31, 2026.
NCDEX Agri Trade suspension Extended Till 2026 others Suspension of trading in 7 key agri-commodity derivatives on NCDEX extended by SEBI till March 31, 2026.
NCDEX Agri Trade suspension Extended Till 2026 others Suspension of trading in 7 key agri-commodity derivatives on NCDEX extended by SEBI till March 31, 2026.
Q3FY2025 Results of NCDEX others The consolidated financial results for the quarter ending Dec 31, 2024 (Q3)
Q3FY2025 Results of NCDEX others The consolidated financial results for the quarter ending Dec 31, 2024 (Q3)
Q3FY2025 Results of NCDEX others The consolidated financial results for the quarter ending Dec 31, 2024 (Q3)
Q3FY2025 Results of NCDEX others The consolidated financial results for the quarter ending Dec 31, 2024 (Q3)
Q3FY2025 Results of NCDEX others The consolidated financial results for the quarter ending Dec 31, 2024 (Q3)
Q3FY2025 Results of NCDEX others The consolidated financial results for the quarter ending Dec 31, 2024 (Q3)
Q1FY2025 Results of NCDEX corporate_action The consolidated financial results for the quarter ending June 30, 2024 (Q1)
Q1FY2025 Results of NCDEX corporate_action The consolidated financial results for the quarter ending June 30, 2024 (Q1)
Q1FY2025 Results of NCDEX corporate_action The consolidated financial results for the quarter ending June 30, 2024 (Q1)
Q1FY2025 Results of NCDEX corporate_action The consolidated financial results for the quarter ending June 30, 2024 (Q1)
Q1FY2025 Results of NCDEX corporate_action The consolidated financial results for the quarter ending June 30, 2024 (Q1)
Q1FY2025 Results of NCDEX corporate_action The consolidated financial results for the quarter ending June 30, 2024 (Q1)
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Current Price
₹308Secure & Verified Transaction
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About National Commodity & Derivatives Exchange (NCDEX) Limited Unlisted Shares unlisted shares
Indicative · updated dailyNational Commodity & Derivatives Exchange (NCDEX) Limited unlisted share price today
National Commodity & Derivatives Exchange (NCDEX) Limited unlisted share price today is ₹308 as of 16 October 2026.
National Commodity & Derivatives Exchange (NCDEX) Limited Unlisted Shares — frequently asked questions
- What is the grey market price for National Commodity & Derivatives Exchange (NCDEX) Limited?
No IPO is currently announced for National Commodity & Derivatives Exchange (NCDEX) Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has National Commodity & Derivatives Exchange (NCDEX) Limited filed for an IPO, and when might it list?
National Commodity & Derivatives Exchange (NCDEX) Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does National Commodity & Derivatives Exchange (NCDEX) Limited compare to its listed peers?
There is no closely comparable listed company for National Commodity & Derivatives Exchange (NCDEX) Limited in India today.
- Is National Commodity & Derivatives Exchange (NCDEX) Limited on the SME or Mainboard IPO track?
National Commodity & Derivatives Exchange (NCDEX) Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is National Commodity & Derivatives Exchange (NCDEX) Limited's CIN and registered office?
National Commodity & Derivatives Exchange (NCDEX) Limited's Corporate Identity Number is U51909MH2003PLC140116, registered at Mumbai, Maharashtra, India.
- What is National Commodity & Derivatives Exchange (NCDEX) Limited's market capitalisation?
National Commodity & Derivatives Exchange (NCDEX) Limited's market capitalisation is approximately ₹2,763 crore, based on its current unlisted share price.
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Buying, selling and holding unlisted shares
Applies to every company on Priveq- How do I buy National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares?
Priveq Investech Private Limited is the named counterparty on every transaction. To buy National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares: complete KYC once (PAN, Aadhaar, bank details, and demat account information — SEBI-compliant, typically approved within 24 hours), then submit your order through your Priveq dashboard specifying quantity. Our team confirms price and payment details with you directly. Once payment is confirmed, National Commodity & Derivatives Exchange (NCDEX) Limited shares are transferred off-market straight to your demat account, with no pooling and no middlemen.
- How do I sell National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares?
Submit an Express Sell Interest for National Commodity & Derivatives Exchange (NCDEX) Limited through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer National Commodity & Derivatives Exchange (NCDEX) Limited shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
- What is the minimum investment for National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares?
Minimum investment varies by company and is shown as the Min Investment figure on this page. National Commodity & Derivatives Exchange (NCDEX) Limited's minimum is ₹1,54,000.
- Is there a maximum investment limit?
There's no fixed maximum investment limit for National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares. For sizeable transactions worth crores of rupees, an escrow arrangement can be used at the sole consent of both parties, the same mechanism available on the sell side.
- Is buying National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares legal in India?
Yes. Buying and selling unlisted shares in India is legal and is subject to relevant SEBI regulations, including the mandatory lock-in period after listing, stamp duty, and depository participant charges on each transaction. Priveq's own KYC process is built to be SEBI-compliant.
- What is the lock-in period for National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares?
National Commodity & Derivatives Exchange (NCDEX) Limited has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
- What happens if National Commodity & Derivatives Exchange (NCDEX) Limited's IPO is delayed or withdrawn?
If an IPO is delayed, shares remain unlisted and continue to trade on the desk at Priveq's indicative price, with no lock-in in effect until an actual listing happens. If a company formally withdraws its DRHP, the same applies: shares stay unlisted, with no lock-in period until and unless a fresh IPO process begins.
- How are capital gains on National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares taxed?
If you sell unlisted shares, including National Commodity & Derivatives Exchange (NCDEX) Limited, within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If National Commodity & Derivatives Exchange (NCDEX) Limited lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
- Can NRIs invest in National Commodity & Derivatives Exchange (NCDEX) Limited unlisted shares?
Yes, on a non-repatriable basis. NRIs can invest using funds from an NRO account; sale proceeds stay within India unless repatriated separately under RBI's own limits. Priveq does not currently support repatriable investment (NRE/FCNR-funded), which would require the investee company to file additional RBI paperwork as foreign direct investment.
- Does Priveq charge a platform fee on top of the share price?
No. The price quoted to you is all-in; there is no separate platform fee or brokerage added on top.
- How does Priveq determine the desk price for National Commodity & Derivatives Exchange (NCDEX) Limited?
Priveq's desk price reflects several inputs together, not a single formula: the seller's ask price at the time, current demand and supply on the platform for National Commodity & Derivatives Exchange (NCDEX) Limited specifically, broader sentiment in the unlisted and pre-IPO market, how National Commodity & Derivatives Exchange (NCDEX) Limited's sector and listed peers are trading, the company's own recent financial performance and IPO-stage developments, and recent transaction history where deals have actually closed.
Because unlisted shares trade over the counter rather than on an exchange, this price is indicative, not a continuously live quoted market price, and the actual deal price is confirmed with you directly before a transaction closes.
- Is Priveq SEBI-registered? Does it give investment advice?
Priveq is not a SEBI-registered stock exchange and not a SEBI-registered investment adviser. Priveq Investech Private Limited operates Priveq.in as a research and information platform for unlisted and pre-IPO shares, and is the named counterparty on transactions executed through the platform. Nothing on this page is investment advice; it's information to help you evaluate a company and decide for yourself.
- Am I eligible to invest through Priveq if I'm not an HNI?
Yes. Priveq isn't a stock exchange with membership restrictions, and investing isn't limited to HNIs. Depending on the company, entry points can start as low as ₹20,000, though the minimum for any specific company is shown as the Min Investment figure on its page.
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You receive an email acknowledging and confirming your order, along with a deal note or invoice recording the transaction details.
- What happens to my shares or money if a deal falls through?
Because Priveq is the direct counterparty on every transaction rather than just connecting a buyer and seller, this risk sits with Priveq, not with you. If a deal falls through after you've committed funds or shares, they remain safe, and Priveq guarantees a refund.