National Commodity & Derivatives Exchange Limited
ISIN INE127G01010
Indicative price, for information
As of 02 Jul 2026
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About NCDEX
Late but right; SEBI's clearance for equity entry turned NCDEX from a niche commodity exchange into a multi-asset challenger.
NCDEX operates a demutualised online multi-commodity derivatives exchange, India's leading venue for agri-commodity derivatives (rubber, pepper, turmeric, cumin, chillies, etc.), regulated by SEBI. In Jul-2025, SEBI granted in-principle approval for NCDEX to launch equity and equity-derivatives trading, making it the third equity exchange in India alongside NSE and BSE. NCDEX's IPO is targeted in FY26-FY27.
Key data
Fundamentals, indicative.Price & size
- Current price
- ₹365
- Market cap
- ₹3,274 Cr
- Lot size
- —
- 52W high / low
- — / —
Valuation
- P/E ratio
- ~8.1 (incl. one-off)
- P/B ratio
- —
- Book value
- —
- Face value
- ₹10
Returns & leverage
- ROE
- —
- Debt / equity
- —
- EPS (latest)
- ~₹26 (FY25, incl. one-off)
- ISIN
- INE127G01010
Financials
| Particulars | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 154 | 136 | 136 | 122 |
| PAT | 3.6 | -50 | -36 | 237 |
| Segment | Agri only | Agri only | Agri only | Equity approval; incl. one-off |
Figures in ₹ Cr. Indicative, from the FY24-25 Annual Report. FY25 PAT includes a one-off gain.
Funding history
Rounds, valuation and investors.| Round | Date | Amount | Post-money | Investors |
|---|---|---|---|---|
| Series A-C | 2011-13 | — | — | Old Lane, IDFC PE, OIJIF |
| Series D | Aug 2025 | ₹770 Cr | ~₹1,770 Cr | JM Financial-led preferential allotment at ₹197.34 / share |
Where a deal size is not public we show what we can, so some cells read as dash.
Reports
Free to download.Documents are indicative and for information only.
News & pipeline
IPO planned
₹500 to ₹750 Cr raise targeted for FY26-27
SEBI grants in-principle approval for equity and equity-derivatives trading
Jul 2025
₹770 Cr Series D preferential allotment led by JM Financial
Aug 2025
Acquires 20% of Sri Lanka's CSEDEX for ₹24 Cr
Nov 2025
Track record
Our past research call on this name.If you had invested ₹1,00,000
₹1,98,0001.98x
Entry
₹191.5 (Sep 2024)
Multiple
1.98x
CAGR
54.3%
Hold
1.6-year hold
- Optionality on SEBI-cleared equity exchange entry, a direct challenger to the NSE/BSE oligopoly.
- Sub-₹1,000 Cr market cap at entry vs NSE's about ₹4 lakh Cr, large asymmetric upside if the equity launch lands.
Past performance is not indicative of future results. Information only, not investment advice.
Important, please read. Deepwell Global is an information service for unlisted and pre-IPO shares. It is NOT a stock exchange or trading platform recognised by SEBI and does not operate any on-platform trading. Deepwell Global is not a SEBI-registered investment adviser, broker or portfolio manager. All content, including company data, valuations and indicative prices, is for information and education only and is not investment, financial, legal or tax advice. Indicative prices are not an offer to buy or sell and may differ from any price at which a deal is actually concluded. Unlisted and pre-IPO shares carry substantial risk, including total loss of capital, illiquidity, valuation uncertainty and no guarantee of any IPO. Past performance does not indicate future results. Conduct your own due diligence and consult a SEBI-registered adviser before investing. Visiting this site or contacting us creates no advisory, broker or fiduciary relationship.