Introduction
NCDEX is among the main online exchanges for trading in a variety of agricultural and non-agricultural derivative products. This was founded as a public limited company on April 23, 2003, and commenced operations on December 15, 2003. The Exchange has now transitioned into a deemed recognized stock exchange as per the provisions of the Securities Contracts (Regulation) Act, 1956, under the regulation of SEBI since September 28, 2015.
Mission and Functions
Mission: It is a reliable venue for price discovery and risk management consistently offering a wide array of derivative products serving the requirements of various stakeholders in the commodity value chain
Functions:
Price Benchmarking: NCDEX prices are treated as references for the relevant players in the domestic and global commodities markets.
Diverse Products: Futures in commodities, options in goods, index futures.
Technology Leadership: The first Indian exchange to operate from a Tier IV Data Center, providing secured and efficient trading
Fundamentals
Per Equity Share
Financial
P&L Statement
| 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 | -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 |
Balance Sheet
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 13 | 10 | 8 | 43 |
| CWIP | 0 | 0 | 0 | 4 |
| Investments | 79 | 36 | 88 | 113 |
| Trade Receivables | 31 | 29 | 32 | 23 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 954 | 856 | 748 | 658 |
| Total Assets | 1077 | 931 | 876 | 841 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 50.68 | 50.68 | 50.68 | 50.68 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 456 | 455 | 424 | 425 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 12 | 11 | 9 | 9 |
| Other Liabilities | 558.32 | 414.32 | 392.32 | 356.32 |
| Total Liabilities | 1077 | 931 | 876 | 841 |
Cash-Flow Statement
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | -21 | -17 | -58 | -33 |
| OPBWC | -24 | -23 | -62 | -52 |
| Change in Receivables | 1 | 1 | -3 | 8.6 |
| Change in Inventories | 0 | 0 | 0 | 0 |
| Change in Payables | -3 | -5 | 0 | 0.3 |
| Other Changes | 91 | -146 | -31 | 6.1 |
| Working Capital Change | 89 | -150 | -34 | 15 |
| Cash Generated From Operations | 65 | -173 | -96 | -37 |
| Tax | 29 | -8 | -1 | -18 |
| Cash Flow From Operations | 94 | -181 | -97 | -55 |
| Purchase of PPE | -13 | -14 | -14 | -12 |
| Sale of PPE | 0 | 1 | 0 | 1 |
| Cash Flow From Investment | 48 | 52 | 97 | 96 |
| Borrowing | 0 | 0 | 0 | 0 |
| Divided | -1.88 | -2.42 | -2.28 | 0 |
| Equity | 0.06 | 0.03 | 0.05 | 0 |
| Others From Financing | -8.18 | -5.61 | -5.77 | -6 |
| Cash Flow from Financing | -10 | -8 | -8 | -6 |
| Net Cash Generated | 132 | -137 | -8 | 35 |
| Cash at the Start | 121 | 253 | 72 | 64 |
| Cash at the End | 253 | 116 | 64 | 99 |
Share Holding Pattern
Peer Ratio
| Particulars (cr) | Revenue (Fy24) | PAT (Fy24) | P/E (17/01/2025) | Mcap (17/01/2025) |
| NCDEX | 96 | -29 | NA | 1500 Cr |
| MCX | 684 | 83 | 88x | 30000 Cr |
