National Commodity & Derivatives Exchange Limited (NCDEX), established in 2003 and headquartered in Mumbai, is a professionally managed online multi-commodity exchange, functioning as a leading platform for trading agricultural commodities in India by providing services for trading, clearing, and settlement of commodity derivatives. NCDEX plays a crucial role in enhancing market transparency and aiding price discovery in the agricultural sector.
**Financial Overview:**
NCDEX's financials (in Cr.) indicate fluctuations over recent years:
* Revenue: FY21 - 113, FY22 - 115, FY23 - 104, FY24 (estimated) - 96.
* EBITDA: FY21 - -34, FY22 - -35, FY23 - -66, FY24 (estimated) - -65.
* PAT: FY21 - -14, FY22 - -12, FY23 - -42, FY24 (estimated) - -28.
* EPS: FY21 - -2.76, FY22 - -2.37, FY23 - -8.29, FY24 (estimated) - -5.52.
**Valuation Metrics:**
The last deal price was ₹210/share (as of May 1, 2025), implying a market capitalization of ₹1463 Cr. The Book Value is 69.73, and the P/B Ratio is ~3.01x. The P/E Ratio (FY24) is N/A.
**Shareholding Pattern:**
The shareholding pattern consists of:
* NSE (15%),
* Others (13.25%),
* LIC (11.10%),
* The National Bank For Agriculture And Rural Development (11.10%),
* Indian Farmers Fertiliser Cooperative Ltd. (10%),
* Oman India Joint Investment Fund (10%),
* Punjab National Bank (7.29%),
* Canara Bank (6.03%).
**Investment Rationale:**
* NCDEX holds a significant market share in agricultural commodity derivatives trading in India (Market Leadership).
* The exchange operates under the regulation of the Securities and Exchange Board of India (SEBI), ensuring compliance and investor protection (Regulatory Oversight).
* NCDEX utilizes advanced technology platforms to facilitate efficient and transparent trading (Technological Infrastructure).
* The exchange offers trading in a wide range of commodities, including cereals, pulses, spices, and oilseeds (Diverse Commodity Portfolio).
**Key Risks:**
* Fluctuations in commodity prices can impact trading volumes and revenue (Commodity Price Volatility).
* SEBI has extended the ban on futures trading of seven key agricultural commodities on NCDEX until March 31, 2026 (Regulatory Risk).
* Presence of other commodity exchanges like MCX poses competitive challenges (Competition).
**IPO Timeline & Exit Options:**
* NCDEX currently has no plan for an IPO (IPO Plans).
* The shares are proposed to be listed on recognized stock exchanges in India in future (Listing Platform).
* Shares are currently available for trading on platforms like UnlistedZone (Pre-IPO Share Trading).
**UnlistedZone View:**
NCDEX, with its strong market position and regulatory compliance, presents a promising investment opportunity in the commodity exchange sector. The planned IPO offers potential for value appreciation, subject to market conditions and regulatory approvals.
UnlistedZone rates NCDEX as a Watchlist, suggesting consideration for accumulation for a 3-5 year investment horizon, with a target IPO valuation of ₹1,500-2,000 Cr.
**Additional Details:**
* Company Name: National Commodity & Derivatives Exchange Limited
* CIN: U51909MH2003PLC140116
* Incorporated: April 23, 2003
* Headquarters: Mumbai, Maharashtra
* Promoters: NSE, LIC, NABARD, ICICI Bank, IFFCO, PNB, Canara Bank
* Sector: Commodity Exchange
* ISIN: INE127G01010
