National e-Repository Limited (NeRL) - Unlisted Shares
Fundamentals
- Current Price
- ₹62.5
- Market Cap
- ₹506.25 Cr
- ISIN
- INE878X01013
- Face Value
- ₹10
- EPS
- -0.49
- P/B Ratio
- 10.98
- Book Value
- 5.69
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Net Revenue | 9.65 | 8.58 | 7.42 | 9.73 | 5.47 |
| Growth % | 12.49% | 15.69% | -23.73% | 77.82% | - |
| Total Operating Expenses | 15.19 | 13.56 | 11.78 | 9.92 | 9.92 |
| Growth % | 11.99% | 15.17% | 18.73% | -0.02% | - |
| Operating Profit (EBITDA) | -5.53 | -4.98 | -4.36 | -0.19 | -4.45 |
| Operating Profit Margin % | -57.33% | -58.05% | -58.76% | -1.99% | -81.38% |
| Other Income | 2.35 | 2.26 | 2.17 | 2.23 | 2.45 |
| Finance Costs | - | - | - | - | - |
| Depreciation and Amortization Expense | 2.14 | 4.01 | 5.12 | 5.65 | 5.30 |
| Profit Before Tax | -5.32 | -6.73 | -7.31 | -3.61 | -7.30 |
| Income Tax | -1.34 | -1.72 | -1.80 | -0.92 | -1.83 |
| Tax % | 25.15% | 25.50% | 24.68% | 25.32% | 25.12% |
| Profit After Tax | -3.98 | -5.01 | -5.50 | -2.70 | -5.46 |
| Growth % | -20.58% | -8.92% | 103.96% | -50.61% | - |
| PAT % | -41.25% | -58.42% | -74.21% | -27.75% | -99.92% |
| EPS | -0.49 | -0.62 | -0.68 | -0.33 | -0.67 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 81.00 | 81.00 | 81.00 | 81.00 | 81.00 |
| Reserves and Surplus | -34.90 | -30.75 | -25.64 | -20.06 | -17.31 |
| Total Equity | 46.10 | 50.25 | 55.36 | 60.94 | 63.69 |
| Long Term Borrowings | - | - | - | - | - |
| Other Long Term Liabilities | 0.86 | 0.60 | 0.51 | 0.41 | 0.61 |
| Total Non-Current Liabilities | 0.86 | 0.60 | 0.51 | 0.41 | 0.61 |
| Short Term Borrowings | - | - | - | - | - |
| Other Current Liabilities | 11.08 | 10.94 | 10.82 | 10.95 | 10.02 |
| Total Current Liabilities | 11.08 | 10.94 | 10.82 | 10.95 | 10.02 |
| Equity + Liabilities | 58.04 | 61.80 | 66.69 | 72.30 | 74.31 |
| Fixed Assets (incl. WIP) | 12.20 | 12.17 | 12.04 | 12.05 | 12.03 |
| Other Non Current Assets | 25.36 | 23.19 | 24.44 | 32.05 | 30.00 |
| Total Non Current Assets | 37.56 | 35.37 | 36.47 | 44.10 | 42.03 |
| Trade Receivables | 1.98 | 1.85 | 1.47 | 2.05 | 2.12 |
| Cash and Bank Balances | 16.96 | 23.20 | 27.00 | 23.68 | 28.63 |
| Other Current Assets | 1.54 | 1.38 | 1.74 | 2.48 | 1.54 |
| Total Current Assets | 20.48 | 26.43 | 30.21 | 28.20 | 32.29 |
| Total Assets | 58.04 | 61.80 | 66.69 | 72.30 | 74.31 |
Shareholding Pattern
- NCDEX
- 51.00%
- NABARD
- 13.00%
- ICICI Bank
- 9.90%
- State Bank Of India
- 9.88%
- Others
- 16.22%
Strengths & Weaknesses
Strengths
- Expanding Customer & Partner Base: NERL grew its active customers to 9,980 in FY 2023-24 (up 27% from 7,855). It also expanded its network to 76 pledgee banks/NBFCs, 1,096 warehouses, and 99 Repository Participants across 17 states and 1 UT—signifying strong ecosystem growth.
- Strong Institutional Backing: NERL benefits from the support of credible promoters including NCDEX, NABARD, ICICI Bank, and SBI. This unique shareholder structure adds trust and enhances NERL’s ability to build the agricultural finance ecosystem.
- Strong Growth in Transactions: The quantity of eNWRs issued grew from 6.67 lakh MT in FY 2022-23 to 9.89 lakh MT in FY 2023-24, a 48.3% jump. In terms of value, commodities under eNWR rose from ₹2,773 crore to ₹5,711 crore, doubling in a year (+106%). eNNWRs also recorded robust growth of 70.7%.
Weaknesses
- Continued Losses: Despite operational growth, NERL remains loss-making. It reported a net loss of ₹5.01 crore in FY 2023-24, only a slight improvement from ₹5.50 crore in FY 2022-23. The company carried forward a comprehensive loss of ₹5.10 crore, and no reserves were available to declare dividends.
- Regulatory Dependency: The company’s operations are entirely regulated by the Warehousing Development & Regulatory Authority (WDRA). Any adverse policy changes, delays in approvals, or tightening of compliance requirements pose a risk to growth.
- Limited Business Diversification: NERL’s entire revenue comes from a single business segment—repository services for eNWR and related instruments. This lack of diversification makes the company vulnerable to sector-specific risks in warehousing and commodity finance.
About National e-Repository Limited (NeRL)
National Commodity & Derivatives Exchange (NCDEX) set up National E-Repository Limited (NeRL) in 2017 as India’s Commodity Repository. Backed by Warehousing Development and Regulatory Authority (WDRA), NeRL provides electronic negotiable warehouse receipts (eNWRs), using flexible technology to support farmers, traders, processors, and value-chain participants. National E-Repository Limited (NeRL) aim is to make commodity trading via warehouse receipts effortless, safe, and valuable for stakeholders.
Board of Directors
- Mr. Siraj Hussain - Independent Director
- CA. P. K. Bindlish - Independent Director
- Dr. B. B. Pattanaik - Independent Director
- Mr. Arun Raste - Shareholder Director
- Mr. Samir Sawhney - Shareholder Director
- Mr. B. K. Singhal - Shareholder Director
- Mr. Ankur Parwal - Shareholder Director
- Mr. Saurabh Khanna - Managing Director & CEO
Senior Management
- Saurabh Khanna - Managing Director & Chief Executive Officer
- Abhishek Rai - Chief – Marketing & Human Resources
- Siddhartha Sinha - Chief Technology Officer
- Sachin Wagle - Chief – Operations
- Vineet Gupta - Executive Vice President & Business Head
Frequently Asked Questions
- Is there any lock in period for National e-Repository Limited (NeRL) unlisted shares?
- The lock-in period for National e-Repository Limited (NeRL) 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 National e-Repository Limited (NeRL).
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 National e-Repository Limited (NeRL) 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 National e-Repository Limited (NeRL) 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 National e-Repository Limited (NeRL) unlisted shares through InCred Money?
- Buying National e-Repository Limited (NeRL) 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 National e-Repository Limited (NeRL) 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 National e-Repository Limited (NeRL) unlisted shares?
- To invest in National e-Repository Limited (NeRL) 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.
