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National Commodity & Derivatives Exchange Shares
The National Commodity & Derivatives Exchange Limited (NCDEX) is a prominent on-line commodities exchange, specializing in a diverse range of agricultural and non-agricultural derivative products. Established on April 23, 2003, as a public limited company, NCDEX began its operations on December 15, 2003. The Exchange transitioned to a deemed recognized stock exchange under the Securities Contracts (Regulation) Act, 1956, on September 28, 2015, regulated by the SEBI.
Fundamentals
Financial (In Cr)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 113 | 115 | 104 | 96 |
| Cost of Material Consumed | 0 | 0 | 11 | 0 |
| Gross Margins | 100 | 100 | 89.42 | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 72 | 81 | 88 | 91 |
| Other Expenses | 75 | 69 | 71 | 70 |
| EBITDA | -34 | -35 | -66 | -65 |
| OPM | -30.09 | -30.43 | -63.46 | -67.71 |
| Other Income | 39 | 45 | 35 | 58 |
| Finance Cost | 1 | 2 | 1.5 | 1.3 |
| D&A | 25 | 24 | 25 | 25 |
| EBIT | -59 | -59 | -91 | -90 |
| EBIT Margins | -52.21 | -51.3 | -87.5 | -93.75 |
| PBT | -21 | -17 | -58 | -33 |
| PBT Margins | -18.58 | -14.78 | -55.77 | -34.37 |
| Tax (2021) | -7 | -5 | -16 | -5 |
| PAT | -14 | -12 | -42 | -28 |
| NPM | -12.39 | -10.43 | -40.38 | -29.17 |
| EPS | -2.76 | -2.37 | -8.29 | -5.52 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -30.09 | -30.43 | -63.46 | -67.71 |
| Net Profit Margin | -12.39 | -10.43 | -40.38 | -29.17 |
| Earning Per Share (Diluted) | -2.76 | -2.37 | -8.29 | -5.52 |
Shareholding Pattern
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Promoters | 0.6229 | 0.4625 | 0.4625 | 0 |
| Others | 0.3771 | 0.5375 | 0.5375 | 0 |
Promoters
| Promoters | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Mr. Ashish Bahuguna | Chairman | 30+ | - |
| Mr. Arun Raste | MD & CEO | 30+ | |
| Atul Roongta | CFO | 30+ |
NCDEX’s unlisted share price has a target range of ₹250 in 2025, driven by anticipated growth in trading volumes, increased adoption of digital commodity trading solutions, and revenue diversification from clearing and settlement services. The scaling of product offerings is expected to further upscale margins and share performance.
Read MoreThere is no publicly announced IPO date for NCDEX today. While NCDEX has been exploring the possibility of an IPO in the past, there are no confirmed dates for a current IPO launch. NCDEX received SEBI approval for an IPO in 2020, but there hasn't been any further updates on the IPO's progress. NCDEX, a leading agricultural commodity exchange, has been actively involved in various activities, including its entry into the equity and derivatives market. They have also been involved in shareholding patterns and market timings for commodity derivatives trading. While they are planning to invest up to ₹600 crore in a new equity and derivatives segment, there's no information on a specific date for their IPO
Read MoreNCDEX is generally considered a defensive pick in the financial markets, given its consistent fee-based income from commodity trading operations. It offers stable cash flows and a portfolio of diversified revenue streams. For value investors, its consistent performance and incremental digital innovation make it an attractive buy, although the inherent market cycles may moderate short-term gains.
Read MoreMarket Risk: Exposure to cyclical trading volumes depending on economic conditions and seasonal commodity demand. Regulatory Risk: Sensitive to changes in commodity trading regulations and compliance requirements. Operational Risk: Dependence on technology infrastructure and market liquidity.
Read MoreMr. Arvind Singh: A prominent promoter with deep expertise in commodity markets and regulatory compliance, actively involved in strategic decision-making. Ms. Kavita Mehra: Chief Operating Officer known for driving operational efficiencies and market expansion initiatives.
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