NCDEX Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹212
- Market Cap
- ₹1,074.33 Cr
- ISIN
- INE127G01010
- Face Value
- ₹10
- EPS
- ₹-5.14
- P/B Ratio
- 2.26
- Book Value
- 93.9
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 95.73 | 103.93 | 115.33 | 112.79 | 131.84 | 148.84 |
| Growth % | -7.89% | -9.88% | 2.25% | -14.45% | -11.42% | 0 |
| Operating Expenses | 161.18 | 169.61 | 150.77 | 146.87 | 150.75 | 160.83 |
| Growth % | -4.97% | 12.50% | 2.66% | -2.57% | -6.27% | 0 |
| Operating Profit | -65.45 | -65.68 | -35.44 | -34.08 | -18.91 | -11.99 |
| Op. Profit Margin % | -68.37% | -63.20% | -30.73% | -30.22% | -14.34% | -8.06% |
| Other Income | 40.27 | 31.64 | 39.04 | 36.11 | 42.75 | 44.34 |
| Interest Expense | 1.36 | 1.51 | 1.88 | 1.02 | 1.50 | 0.00 |
| Depreciation | 24.62 | 25.12 | 24.24 | 24.78 | 25.72 | 19.47 |
| Exceptional Items | -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 | -8.07 | -7.99 | -5.64 | -3.69 | -9.55 | -3.22 |
| Profit Before Tax | -33.20 | -58.01 | -16.88 | -21.12 | 2.40 | 16.10 |
| Tax | -5.50 | -15.64 | -4.61 | -6.48 | -6.06 | -1.95 |
| Tax % | -5.75% | -15.05% | -4.00% | -5.75% | -4.60% | -1.31% |
| Profit After Tax | -27.70 | -42.37 | -12.27 | -14.64 | 8.46 | 18.05 |
| Growth % | -34.62% | -245.31% | -16.19% | -273.05% | -53.13% | 0 |
| PAT % | -28.94% | -40.77% | -10.64% | -12.98% | 6.42% | 12.13% |
| Diluted EPS | -5.14 | -8.01 | -2.24 | -2.54 | 2.20 | 3.70 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Equity Capital | 50.68 | 50.68 | 50.68 | 50.68 | 50.68 | 50.68 |
| Reserves | 425.29 | 442.36 | 475.36 | 476.99 | 479.99 | 435.92 |
| Total Equity | 475.97 | 493.04 | 526.04 | 527.67 | 530.67 | 486.60 |
| Provisions | 9.48 | 7.89 | 5.56 | 4.78 | 2.94 | 1.29 |
| Other Financial Liabilities | 18.60 | 19.65 | 27.22 | 15.24 | 8.99 | 0.34 |
| Total Non Current Liabilities | 28.08 | 27.54 | 32.78 | 20.02 | 11.93 | 1.63 |
| Tax Liabilities (Deferred and Current) | 3.93 | 2.15 | 0.00 | 0.00 | 0.00 | 0.00 |
| Provisions | 14.21 | 13.85 | 1.88 | 1.71 | 2.28 | 1.74 |
| Other Non-Financial Liabilities | 318.68 | 339.41 | 370.64 | 524.79 | 441.09 | 338.47 |
| Total Current Liabilities | 336.82 | 355.41 | 372.52 | 526.50 | 443.37 | 340.21 |
| Equity + Liabilities | 840.87 | 875.99 | 931.34 | 1074.19 | 985.97 | 828.44 |
| Trade Receivables | 22.92 | 31.74 | 28.91 | 31.42 | 120.73 | 78.48 |
| Cash & Cash Equivalents | 479.31 | 457.49 | 553.51 | 718.65 | 600.93 | 538.55 |
| Other Financial Assets | 119.23 | 107.59 | 114.80 | 150.60 | 17.72 | 54.58 |
| Total Current Assets | 621.46 | 596.82 | 697.22 | 900.67 | 739.38 | 671.61 |
| Fixed Assets (incl. WIP) | 43.07 | 50.12 | 54.77 | 61.75 | 68.95 | 76.26 |
| Other Non Financial Assets | 168.92 | 222.64 | 179.35 | 111.78 | 177.64 | 80.57 |
| Total Non Current Assets | 211.99 | 272.76 | 234.12 | 173.53 | 246.59 | 156.83 |
| Investments held for sale in associate | 7.42 | 6.41 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Assets | 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 DevelopmenT
- 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
