NCDEX Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹485
- Market Cap
- ₹4,350.21 Cr
- ISIN
- INE127G01010
- Face Value
- ₹10
- P/E Ratio
- 10.35
- EPS
- 46.86
- P/B Ratio
- 3.27
- Book Value
- 148.1
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | 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 |
Company Financials
| Metric | 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 |
Shareholding Pattern
- 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%
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
About NCDEX Ltd
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.
Board of Directors
- Mr. Ashish Bahuguna - Chairman and Public Interest Director
- Mr. Hemant Adarkar - Public Interest Director
- Dr. Mukulita Vijayawargiya - Public Interest Director
- Mr. Prem Kumar Malhotra - Public Interest Director
- Dr. Purvi Mehta - Public Interest Director
- Mr. R. Amalorpavanathan - Public Interest Director
- Mr. Soma Sankara Prasad - Public Interest Director
- Mr. Venkat Nageswar Chalasani - Public Interest Director
- Mr. B. Venugopal - Non-Independent Director
- Mr. Manikumar S. - Non-Independent Director
- Mr. Rakesh Kapur - Non-Independent Director
- Mr. R. Doraiswamy - Non-Independent Director
- Mr. Sanjeev Rohilla - Non-Independent Director
- Mr. Arun Raste - Managing Director & Chief Executive Officer
Senior Management
- Mr. Arun Raste - Managing Director & Chief Executive Officer
- Mr. Atul Roongta - Chief Financial Officer
- Mr. Hoshi D. Bhagwagar - Company Secretary
Frequently Asked Questions
- Is there any lock in period for NCDEX Ltd unlisted shares?
- The lock-in period for NCDEX Ltd Unlisted Shares differs based on the investor category, as per SEBI regulations:
● Venture Capital Funds and Foreign Venture Capital Investors (FVCIs):
A lock-in period of 6 months from the date of acquisition of the shares.
● Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
● Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates):
A lock-in period of 6 months from the date of IPO listing of NCDEX Ltd.
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing. - How much long term capital gains tax do I have to pay on NCDEX Ltd unlisted shares?
- Long-Term Capital Gains (LTCG) on Unlisted Shares in India arise when such shares are sold after being held for a period of more than two years. The key aspects of LTCG taxation on NCDEX Ltd unlisted shares are outlined below:
1. Tax Rate
Earlier, LTCG on unlisted shares was taxed at 20% with indexation benefits. However, as per Union Budget 2024, the tax structure has been revised. For transfers made on or after 23rd July 2024, LTCG on unlisted shares is taxed at a flat rate of 12.5%.
2. Indexation Benefit
Previously, investors could avail indexation benefits to adjust the purchase price for inflation, thereby reducing taxable gains.
This indexation benefit has been removed under Budget 2024 for unlisted shares transferred on or after 23rd July 2024.
3. Importance for Investors
Understanding LTCG taxation is important for both retail investors and High Net-Worth Individuals (HNIs), as it directly impacts investment returns, exit planning, and overall tax strategy.
4. Calculation Method
For eligible transactions after 23rd July 2024, LTCG will be calculated at a flat tax rate of 12.5% on the capital gains, without indexation.
5. Applicability
LTCG tax is applicable when unlisted shares are held for more than 24 months before being sold.
6. Relevance
These tax provisions are particularly relevant for investors in the unlisted share market who are considering exiting their investments after a long-term holding period. - How do I start investing in NCDEX Ltd unlisted shares through InCred Money?
- Buying NCDEX Ltd Unlisted Shares on InCred Money is quick, seamless, and fully digital.
Step 1: Create Your Account
Sign up using your mobile number and email ID.
Complete your KYC by submitting your PAN, Aadhaar, bank account, and demat account details. Once submitted, your KYC is reviewed and approved.
Step 2: Select & Buy Shares
Browse and select NCDEX Ltd from our Unlisted Shares list and place your order.
Step 3: Share Transfer
Based on the settlement period for the shares noted on the platform, the purchased shares are transferred and reflected in both your InCred Money portfolio and your demat account. - What documents are needed to invest in NCDEX Ltd unlisted shares?
- To invest in NCDEX Ltd Unlisted Shares on InCred Money, you need to complete your KYC verification by submitting the following documents:
● PAN Card
● Aadhaar Card
● Bank account details
● Demat account details
Once your KYC is successfully completed and approved, you can start investing in unlisted shares on the platform.
