National Commodity & Derivatives Exchange (NCDEX)
India's leading agri-commodity derivatives exchange, owned by NSE, LIC, NABARD and banks, with volumes recovering after years of contract bans.
Market cap
₹1,916 Cr
5.07 Cr shares
P/E ratio
Loss making
Sector average 45
Book value
₹128.19
P/B 2.95
1-year return
-23.04%
52w ₹361 – ₹520
Currently 11% of the way through its 52-week range.
Indicative price history
1Y change
-22.03% ₹485 → ₹378
52-week band in this window: ₹375.10 – ₹491.46. Weekly indicative marks, not exchange-traded prices.
Key highlights
- India's largest agri-commodity derivatives exchange, owned by NSE (~15%), LIC and NABARD (~11.1% each), banks and PE funds.
- FY25 operating revenue ₹122 Cr with a ₹234 Cr net profit from exceptional investment gains; FY26 revenue about ₹90 Cr.
- Q1 FY27 revenue up 66% year on year as volumes recover; 5.07 Cr shares valued at ~₹1,900 Cr at the current rate.
About NCDEX
National Commodity & Derivatives Exchange Ltd (NCDEX) was incorporated on 23 April 2003 and is India's largest agricultural commodity derivatives exchange, offering futures and options on pulses, spices, oilseeds, guar and cereals. Its group includes NCDEX Clearing Corporation (NCCL), a majority stake in National E-Repository Ltd (NeRL, an eNWR repository) and NCDEX e-Markets. Shareholders include NSE (~15%), LIC and NABARD (~11.1% each), Canara Bank, Punjab National Bank, IFFCO, CRISIL, Shree Renuka Sugars, Oman India Joint Investment Fund, Investcorp, Build India Capital Advisors and Star Agriwarehousing.
Business has been hurt by SEBI's December 2021 suspension of derivatives in seven key agri commodities (paddy, wheat, chana, mustard, soybean complex, crude palm oil and moong), extended repeatedly through 2025. Revenue from operations fell from ₹136 Cr in FY24 to ₹122 Cr in FY25 and about ₹90 Cr in FY26. FY25 nevertheless showed a net profit of ₹234 Cr because of exceptional gains from selling strategic investments — including trimming its NeRL stake from 67% to 51% as required by WDRA — rather than core operations.
Vikas Goel is Managing Director & CEO. The exchange has been diversifying into options, indices and new contracts, and Q1 FY27 revenue rose 66% year on year to ₹50.6 Cr as volumes recovered. Paid-up capital is ₹50.68 Cr (5.07 Cr shares of ₹10); at the ₹378 rate the exchange is valued at about ₹1,900 Cr.
Operating revenue and FY25 profit are from published results; FY24 and FY26 profit, net worth and balance-sheet line items are reconstructed around reported totals; treat them as approximate. Shareholding percentages beyond NSE, LIC and NABARD are grouped estimates.
Where the revenue comes from
- Transaction charges50%
Futures and options turnover fees on agri commodities
- Clearing & settlement (NCCL)20%
Clearing fees and margin-related income
- Membership, data & other services15%
Admission fees, data feeds, e-markets and warehousing services
- Treasury & other income15%
Interest and investment income on the exchange's own funds
Products & services
Agri futures & options
Contracts on guar, castor, cotton seed oilcake, turmeric, jeera, coriander, barley and other commodities.
Clearing (NCCL)
Central counterparty clearing and settlement, including physical delivery through accredited warehouses.
NeRL & e-Markets
Electronic negotiable warehouse receipts and spot e-auction platforms for farmers, FPOs and traders.
What works
- • Dominant franchise in agri derivatives with institutional ownership (NSE, LIC, NABARD, PSU banks) and a full clearing corporation.
- • Strong balance sheet after FY25 gains — net worth above ₹600 Cr with no debt — and valuable stakes in NeRL and NCCL.
- • Volumes and revenue rebounding: Q1 FY27 revenue up 66% year on year and 12% quarter on quarter.
What to watch
- • Regulatory overhang: SEBI's ban on seven agri contracts has been extended repeatedly since 2021, gutting core turnover.
- • Core operations are loss-making; FY25 profit came from one-off asset sales and FY26 revenue fell further to ~₹90 Cr.
- • Unlisted price swung between ₹282 and ₹525 in a year; exchange shares also need SEBI fit-and-proper clearance above 2%.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| NCDEXThis page | ₹378.00 | ₹1,916 Cr | — | 2.95 | -18.65% |
| MSEI | ₹7.38 | ₹8,114 Cr | — | 11.18 | -31.59% |
| NeRL | ₹50.00 | ₹275 Cr | 40.32 | 3.68 | +28.34% |
Latest reported year: FY26 ending 31 Mar 2026.