National E-Repository Ltd (NeRL)
NCDEX-group repository that issues electronic negotiable warehouse receipts (eNWRs) under WDRA, letting farmers and traders pledge stored commodities for bank credit.
Market cap
₹275 Cr
5.50 Cr shares
P/E ratio
40.32
Sector average 35
Book value
₹13.60
P/B 3.68
1-year return
-22.49%
52w ₹45 – ₹70
Currently 20% of the way through its 52-week range.
Indicative price history
1Y change
-23.72% ₹66 → ₹50
52-week band in this window: ₹47.61 – ₹65.67. Weekly indicative marks, not exchange-traded prices.
Key highlights
- One of only two WDRA-registered eNWR repositories; operations since 26 September 2017.
- Shareholders include NCDEX (51%), NABARD, ICICI Bank and State Bank of India.
- Small, debt-free and profitable; unlisted quote between ₹50 and ₹70 over the past year.
About NeRL
National E-Repository Ltd (NeRL) is one of two repositories registered with the Warehousing Development and Regulatory Authority (WDRA) to create, hold and transfer electronic Negotiable Warehouse Receipts (eNWRs). It began operations on 26 September 2017 as a subsidiary of NCDEX, with NABARD, ICICI Bank and State Bank of India as co-investors. eNWRs allow farmers, FPOs and traders to pledge commodities stored in WDRA-registered warehouses for loans, and to deliver them on exchanges and e-auction platforms.
NeRL earns registration, transaction and pledge fees from warehouses, banks and repository participants, and is integrated with NCDEX delivery, the government's e-NWR-linked credit schemes and bank lending platforms. During FY25 NCDEX reduced its stake from 67% to 51% to meet WDRA ownership norms, crystallising a gain for the parent and broadening the shareholder base.
The company is small but profitable, with revenue growing as pledge finance against eNWRs expands under NABARD and government-backed credit-guarantee schemes. Dealer quotes have ranged between ₹50 and ₹70 over the past year, with the face value ₹10.
Revenue, profit, share count and balance-sheet line items are reconstructed around the group's disclosures and dealer notes; treat them as approximate. The registered office is taken as the NCDEX group premises.
Where the revenue comes from
- eNWR creation & transaction fees55%
Charges on issuance, transfer and cancellation of receipts
- Pledge & bank-integration fees30%
Fees on pledges recorded for lenders and pledge-finance platforms
- Membership & other income15%
Repository-participant and warehouse registration fees, treasury income
Products & services
eNWR issuance & transfer
Electronic negotiable warehouse receipts for commodities in WDRA-registered warehouses.
Pledge services
Recording of pledges for banks and NBFCs lending against stored commodities.
Exchange & platform integration
Delivery interfaces with NCDEX, e-auction platforms and government procurement systems.
What works
- • Regulated duopoly: only two WDRA-registered repositories exist, and NeRL has NCDEX, NABARD, ICICI Bank and SBI as shareholders.
- • Policy tailwinds — government credit-guarantee schemes for eNWR-backed loans and NABARD programmes push more pledge finance through repositories.
- • Asset-light, cash-generative platform with no debt.
What to watch
- • Revenue is still small and depends on the pace of warehouse registration with WDRA and bank adoption of eNWR lending.
- • Competes with CDSL's repository (CCRL) and faces fee regulation by WDRA.
- • Thin unlisted liquidity; the price has moved between ₹50 and ₹70 on modest volumes and financial disclosure is limited.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| NeRLThis page | ₹50.00 | ₹275 Cr | 40.32 | 3.68 | +28.34% |
| NCDEX | ₹378.00 | ₹1,916 Cr | — | 2.95 | -18.65% |
Latest reported year: FY25 ending 31 Mar 2025.