NCDEX Unlisted Share Price Description – The National Commodity & Derivatives Exchange (NCDEX) is a premier agri-commodity exchange based in Mumbai, Maharashtra. With a commanding presence in agricultural derivatives, NCDEX remains the digital backbone for Indian farmers and traders in commodity trading.
Established in 2003, NCDEX was India’s first fully computerised agri-commodity exchange. It is owned by leading financial institutions, banks, and government agencies. NCDEX has made commodity trading legal, safe, and transparent across India, offering rural as well as urban participants easy market access.
As of February 2026, NCDEX’s market capitalisation stands at INR 2,458 crore. Its benchmark indices have elevated agricultural trading in India. The exchange’s integrated business model includes online listings, clearing and settlement, spot and derivatives trading, agri warehousing, and market data solutions. This article offers a seasoned perspective on NCDEX unlisted share price dynamics, financial performance, benefits and risks of investment.
NCDEX, a SEBI-regulated commodity derivatives exchange, offers trading in 20 commodities (19 agricultural + 1 non-agri) and options in 6 agricultural commodities. Its ecosystem includes 230 members and a client base of ~8.93 million, supported by 3,152 terminals and 3,152 WDRA-approved warehouses.
NCDEX announced shareholder approval for a ~INR 770 crore preferential issue to support the equity/equity-derivatives launch, and also received SEBI’s in-principle approval to launch a Mutual Fund transaction platform as a precursor to the equity foray.
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Table of Contents
Products & Services of the NCDEX
- Commodity Derivatives (Futures & Options): NCDEX enables futures and options trading across key agricultural commodity complexes (e.g., guar, spices, cotton, oils, etc.). In FY25, the Exchange added futures in Yellow Peas and Cotton Wash Oil, and launched options in Guar Seed, Guar Gum, Dhaniya, Jeera, and Turmeric. ncdex ncdex
- Agri e-Market Platforms (Spot/Procurement Enablement – Subsidiary/JV led): Through platforms such as NeML and ReMS, the NCDEX group supports agri-market digitisation, transparent price discovery, and procurement facilitation. In FY25, ReMS also initiated warehouse-based sales. ncdex ncdex
- Clearing, Collateral & Warehousing-linked Ecosystem: NCCL provides clearing and settlement services and supports collateral management for trades executed on the Exchange. NERL (a WDRA-regulated repository) provides the platform for creation and management of electronic Negotiable Warehouse Receipts (eNWRs) for WDRA-registered warehouses. ncdex ncdex
- Market Data & Data Sales: NCDEX provides market data solutions to real-time market data vendors and to corporates requiring spot-market data and insights; the FY25 report notes incremental revenue growth in the data sales segment. ncdex
- Agri Financing, Advisory & Capacity Building: The eNWR ecosystem supports financing against warehouse receipts, and NCDEX’s training/research arm (NICR) undertakes consultancy, research and training—supporting farmers/FPOs and other stakeholders through capacity-building and market-oriented initiatives.
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NCDEX Subsidiaries
- NCDEX Institute of Commodity Markets and Research (NICR)
- National E-Repository Limited (NeRL)
- NCDEX Spot Exchange Limited (NSX)
- NCDEX e-Markets Limited (NeML)
Key Highlights
- Plans are underway to launch a new equity and equity derivatives platform in FY26, with a proposed fundraise of INR 750 crore.
- Q4 FY25 reflected a 5% YoY decline in revenue, but substantial exceptional gains from asset sales resulted in a consolidated net profit of INR 234 crore.
- NCDEX’s revenue from operations has been falling year-over-year, from INR 95.73 crores in FY 2024 to INR 88.19 crores in FY 2025. This drop is mainly due to reduced commodity volumes, regulatory changes, and the suspension of key traded commodities.
- The suspension of major commodities such as pulses and spices, which together accounted for about 70% of the exchange’s trading volumes, severely hurt profitability and led to a decline in deposits and deliveries.
- In FY 2023–24, NCDEX introduced four new products to strengthen its business and attract a wider range of market participants. These were: Isabgol Seed Futures, Groundnut Futures, Crude Sunflower Oil Futures, and Jeera Mini Futures.
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NCDEX Board of Directors
- Mr. Arun Raste, Managing Director & CEO
- Mr. Ashish Bahuguna, Chairman and Public Interest Director
- Mr. Sanjeev Rohilla, Non-Independent Director
- Mr. Soma Sankara Prasad, Public Interest Director
- Mr. R. Amalorpavanathan, Public Interest Director
- Dr. Mukulita Vijayawargiya, Public Interest Director
- Mr. Hemant Adarkar, Public Interest Director
NCDEX Unlisted Share Price Details
| Name | NCDEX Unlisted Share Price Details |
| Face Value | INR 10 per share |
| ISIN Code | INE127G01010 |
| Lot Size | 100 shares |
| Demat Status | NSDL, CDSL |
| NCDEX Share Price Today | INR 485 per share |
| Market Cap | INR 2,458 crores |
| Total Number of Shares | 5,06,76,000 shares |
| Website | www.ncdex.com |
Recent price movement: Between May and August 2025, NCDEX’s unlisted share price jumped by 26%, driven by major earnings updates and expectations of expansion into the equity segment. There is significant investor buzz in the grey market.
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NCDEX Unlisted Share Price – Shareholding Pattern
Details of shareholders holding more than 5% share in the Exchange:
| Shareholder Name | % to Holding | No. of shares |
| National Stock Exchange | 15.00 | 76,01,377 |
| Life Insurance Corporation | 11.10 | 56,25,000 |
| National Bank for Agriculture and Rural Development | 11.10 | 56,25,000 |
| Punjab National Bank | 7.29 | 36,94,446 |
| Canara Bank | 6.03 | 30,55,519 |
| Build India Capital Advisors | 4.41 | 22,33,799 |
| Shree Renuka Sugars | 5.00 | 25,33,700 |
NCDEX Unlisted Share Price – Financial Metrics
| Particulars | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
| Revenue | 115.33 | 103.93 | 95.73 | 88.19 |
| Revenue Growth (%) | 2.25 | (9.88) | (7.89) | (7.88) |
| Expenses | 176.89 | 196.24 | 187.16 | 197.01 |
| Net income | (12.26) | (42.37) | (27.70) | 236.09 |
| Margin (%) | (10.63) | (40.77) | (28.94) | 267.71 |
| ROCE (%) | (4.2) | (15.8) | (2.5) | 50.8 |
| ROE (%) | (3.3) | (11.6) | (1.0) | 54.2 |
| EBITDA (%) | (30.43) | (63.46) | (67.71) | (94.32) |
| EPS | (2.24) | (8.01) | (5.14) | 46.86 |
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NCDEX Share Price Unlisted – Peer Comparison
| Company | 3-yr Sales CAGR (%) | PE Ratio | Net Margin (%) | MCap (INR Cr.) |
| NCDEX | 8.56 | 10.34 | 267.71 | 2,458 |
| MCX | 44.8 | 60.3 | 50.31 | 61,848 |
NCDEX Annual Reports
NCDEX Annual Report FY 2024 – 2025
NCDEX Annual Report FY 2023 – 2024
NCDEX Annual Report FY 2022 – 2023
NCDEX Annual Report FY 2021 – 2022
NCDEX Unlisted Share Price Pros and Cons
| Category | Details |
|---|---|
| Pros | • First-mover advantage in agricultural commodity derivatives trading. • Advanced Tier-IV technology platform ensures secure and efficient transactions. • Strong backing from institutions like LIC, NABARD, NSE, and IFFCO. |
| Cons | • Revenue declined from INR 115.33 Crores in 2022 to INR 88.19 crores in 2025. • Heavy dependence on agricultural commodities, sensitive to weather and policy changes. • Suspension of key commodities caused a major drop in trading volumes. |
NCDEX Unlisted Share Price FAQs
Is it safe to purchase unlisted shares in India?
While there are risks associated with unlisted shares, purchases made from credible brokers and after conducting due diligence considerably lower these risks.
What is the NCDEX share price today?
NCDEX unlisted share price today is INR 485 per share. Shares are purchased in lots of 100 shares.
Who determines the NCDEX share price?
Unlisted share price is determined by various factors, including recent transaction price, supply and demand, valuation in the latest funding round, profitability, and return ratios.
When is the NCDEX IPO planned?
The Board is finalizing readiness, and the IPO is expected in 2026, subject to regulatory approval.
A long term bet. Guess one can have a look at it around 400 levels