NCDEX (National Commodity & Derivatives Exchange) Limited
- Unlisted share
- Capital Markets
- ISIN INE127G01010
At a glance
Sales
FY26
₹90.44 Cr
+2.6%on FY25What the company earned from its customers in the year.
Loss for the year
FY26
₹-46.24 Cr
The company spent more than it earned in the year.
Market valuecalculated
₹2,723 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY26
₹1,508 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- NCDEX (National Commodity & Derivatives Exchange) Limited
- ISIN
- INE127G01010
- Sector
- Capital Markets
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹303.61
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About NCDEX (National Commodity & Derivatives Exchange) Limited
NCDEX runs a national commodity derivatives exchange focused on agricultural commodities and, through subsidiaries, a clearing corporation, an electronic spot market and a research institute. It has no promoter; its shares are spread across institutions such as the National Stock Exchange, LIC, NABARD and public sector banks, alongside investors who came in through a ₹770 crore preferential issue in October 2025. The exchange has SEBI's in-principle approval to add an equity and equity derivatives segment and changed its name to NCDEX Limited in July 2026.
Written from: ncdex.com
Listing status. Unlisted. No IPO filing found. Raised ₹770 crore through a preferential issue on 7 October 2025. NCDEX 23rd Annual Report 2025-26
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Capital Markets
- ISIN
- INE127G01010
- Incorporated
- 2003
- Registered office
- Mumbai, Maharashtra
- Promoter / major shareholders
- No promoter. Holders above 5% at 31 March 2026: National Stock Exchange of India 8.47%, Life Insurance Corporation of India 6.27%, NABARD 6.27%
- Key people
- MD & CEO: Vikas Goel (from 1 August 2026; Dr. Arun Raste until 31 July 2026); CFO: Atul Roongta
- Employees
- 266 people
- Face value per share
- ₹10
- Equity shares outstanding
- 8,96,94,973 shares
- CIN
- U51909MH2003PLC140116
- Website
- ncdex.com
Read from: NCDEX 23rd Annual Report 2025-26, unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to book (P/B)calculated
1.81×
At this price you pay ₹1.81 for every ₹1 of net worth on the company's books.
Profit margincalculated
-51.1%
For every ₹100 of sales, the company lost ₹51.1.
Return on equitycalculated
-3.1%
For every ₹100 of the owners' money, the company lost ₹3.1 in the year.
- Indicative price
- ₹303.61
- Market valuecalculated
- ₹2,723 Cr
- price × shares
- No. of shares
- 8,96,94,973
- EPS
- ₹-6.36
- Book value per share
- ₹168.07
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
NCDEX Limited (formerly National Commodity & Derivatives Exchange Limited). As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY25 to FY26: ₹88.19 Cr to ₹90.44 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY24 to FY26: ₹-27.7 Cr to ₹-46.24 Cr.
| Particulars | FY24 | FY25 | FY26Latest |
|---|---|---|---|
| Revenue from operations | n/a | 88.19 | 90.44▲3% |
| Other income | n/a | 33.87 | 62.93▲86% |
| Total income from operations (as published) | 136.06 | 122.06 | 153.37▲26% |
| Depreciation and amortisation | n/a | 25.09 | 23.28▼7% |
| Finance costs | n/a | 1 | 2.27▲127% |
| Profit before tax | n/a | 278.82 | -63.99▼123% |
| Profit after tax (profit for the year) | -27.7 | 236.09 | -46.24▼120% |
| Earnings per share (basic and diluted) (₹) | -5.14 | 46.86 | -6.36▼114% |
Rupees crore unless marked, consolidated. The change shown is the latest year against the year before. Read from: NCDEX 23rd Annual Report 2025-26, NCDEX published audited financial results, year ended 31 March 2025.
Ownership
Shareholding pattern
Who owns the company
8.5%National Stock Exchange of India Limited
- Largest holder
- 8.5%
- Top 3 together
- 21.0%
- Holders named
- 7
- National Stock Exchange of India Limited8.47%
- National Bank for Agriculture and Rural Development6.27%
- Life Insurance Corporation of India6.27%
- Punjab National Bank4.12%
- Canara Bank3.41%
- Shree Renuka Sugars Limited2.82%
- Promoter and promoter group0.00%
- Total31.36%
Read from: NCDEX 23rd Annual Report 2025-26
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 7 Oct 20253,90,18,973 equity shares of ₹10 allotted at ₹197.34 each to identified investors to fund the planned equity and equity derivatives business; shares locked in for 12 months. | Preferential allotment / private placement | Equity shares | ₹197.34 | ₹770 Cr |
Read from: NCDEX 23rd Annual Report 2025-26
Leadership
Management
Vikas Goel
Managing Director & Chief Executive Officer (w.e.f. August 1, 2026)
Atul Roongta
Chief Financial Officer
Kishore P. Shah
Company Secretary
Hemant Adarkar
Public Interest Director
Dr. Mukulita Vijayawargiya
Public Interest Director
Soma Sankara Prasad
Public Interest Director
Manoj Ahuja
Public Interest Director (w.e.f. June 3, 2026)
Ratnakar Patnaik
Non-Independent Director (w.e.f. November 24, 2025)
Read from: NCDEX 23rd Annual Report 2025-26
Corporate calendar
Events
- 1 Aug 2026Management changeVikas Goel took over as MD & CEO from Dr. Arun RasteOpen
- 28 Jul 2026Name changeName changed to NCDEX Limited; new certificate of incorporation issued after member and SEBI approvalOpen
- 14 Jun 2026Board changeAshish Bahuguna's term as Chairman and Public Interest Director endedOpen
- 12 Dec 2025Regulator approvalSEBI in-principle approval to launch a mutual fund platformOpen
- 7 Oct 2025Share issuePreferential allotment of 3.90 crore shares at ₹197.34 raised ₹770 croreOpen
- 29 Jul 2025Regulator approvalSEBI gave in-principle approval for the equity and equity derivatives segmentOpen
- 10 Jul 2025Postal ballotMembers approved launch of an equity and equity derivatives segment and the related changes to the memorandumOpen
- 23 May 2025Board meetingBoard approved FY2024-25 audited results, which included gains on sale of stakes in Power Exchange India and National E-RepositoryOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about NCDEX (National Commodity & Derivatives Exchange) Limited on WhatsAppIs the price shown for NCDEX (National Commodity & Derivatives Exchange) Limited final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my NCDEX (National Commodity & Derivatives Exchange) Limited shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell NCDEX (National Commodity & Derivatives Exchange) Limited shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by NCDEX (National Commodity & Derivatives Exchange) Limited. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.