NCDEX Unlisted Share Price Today

Indicative NCDEX unlisted share price: ₹310 per share

Price as of: 9 October 2026

Minimum investment: ₹10,000

Demat support: NSDL and CDSL

Source: Unlisted Valley first-party market/transaction data, 9 October 2026. The quote is indicative; confirm the available quantity, final price and transaction terms before proceeding.

Buy NCDEX shares: Contact Unlisted Valley to confirm availability and lot terms.

Sell NCDEX shares: Share your holding details to request an indicative buy quote and check buyer availability.

NCDEX Limited, formerly National Commodity & Derivatives Exchange Limited, operates an agricultural commodity derivatives exchange. Its own equity shares are unlisted: buying NCDEX shares gives an ownership interest in the company, while trading a commodity contract on its exchange is a separate activity.

NCDEX is expanding beyond its agricultural exchange business. It has launched a mutual-fund transaction platform and is preparing equity-market services. Those developments sit alongside continuing losses, restrictions on specified agricultural contracts and material disputed tax exposures within the group.

Source: NCDEX Annual Report 2025–26 and June 2026 financial results.

NCDEX at a Glance

Sources: NCDEX Annual Report 2025–26, June 2026 financial results and 23rd AGM proceedings, filed 24 September 2026. Capital figures are disclosed snapshots, not a live shareholder register.

NCDEX Business and Revenue Model

NCDEX provides a market for agricultural futures and options. These are contracts whose value depends on an underlying commodity; participants use them to manage price risk or trade. The exchange earns transaction and related service fees rather than earning the value of the commodities traded.

The group also provides clearing and settlement, electronic-market and commodity-repository services. Clearing and settlement handle the obligations arising from trades, while repository services maintain electronic records of stored commodities. These activities include National Commodity Clearing Limited, NCDEX e Markets Limited (NeML) and National E-Repository Limited.

Consolidated figures cover NCDEX and its subsidiaries together; standalone figures cover the parent company alone. In FY26, consolidated transaction charges were ₹56.90 crore, compared with ₹54.57 crore in FY25. The standalone parent exchange's transaction charges were ₹16.53 crore and ₹15.98 crore, respectively.

Average daily traded value on the exchange increased from ₹599 crore in FY25 to ₹709 crore in FY26. Traded value measures the value of trading activity; it is not company revenue. The increase therefore should not be read as an equivalent increase in fees or profit.

Source: NCDEX Annual Report 2025–26 — business review, management discussion and consolidated revenue disclosures.

NCDEX Financial Highlights: FY26 vs FY25

NCDEX reported a consolidated net loss in FY26. Its total income increased, but operating revenue grew modestly and expenses remained above income before exceptional items and the share of joint-venture/associate profits. Joint ventures are jointly controlled businesses; associates are businesses in which the investor has significant influence without controlling or jointly controlling them. NCDEX's share of their profits is reported separately in its accounts.

The table uses audited consolidated figures for the years ended 31 March. Amounts are in ₹ crore, except earnings per share (EPS), which is in ₹ per share. Basic EPS measures earnings per existing share using the average share count weighted for the time shares were outstanding. Diluted EPS also considers potential additional shares that would reduce earnings per share.

Source: NCDEX Annual Report 2025–26 — audited consolidated financial statements, including FY25 comparatives.

Group profit includes the share belonging to outside shareholders in subsidiaries, called non-controlling interests. Reported EPS uses profit or loss attributable to NCDEX's own shareholders and the weighted-average share count. Dividing group profit by the year-end share count would not reproduce the company's reported EPS.

Most of the increase in total income came from other income, including investment and interest income. It did not come from a comparable increase in exchange operating revenue.

FY25's profit also requires context. Its ₹344 crore exceptional income largely reflected the Power Exchange India Limited (PXIL) stake transaction, including the stake-sale profit and an accounting gain from revaluing the retained investment, net of a receivables provision. Exceptional items are unusual gains or costs presented separately from ordinary income and expenses; they should not be assumed to recur.

The result before joint-venture/associate profits, exceptional items and tax was negative in both years. That subtotal includes other income and is not a measure of pure operating profit. NCDEX's reported FY25 profit therefore does not establish a recurring earnings level.

Read the detailed NCDEX FY26 financial results and analysis for the exceptional-income reconciliation and fuller financial assessment.

Capital Raise and Financial Position

NCDEX raised ₹770 crore gross through a preferential allotment on 7 October 2025, issuing 3,90,18,973 shares at ₹197.34 each. A preferential allotment issues shares to selected investors. The closing share count rose from 5,06,76,000 in FY25 to 8,96,94,973 in FY26, so a shareholder who did not participate held a smaller percentage of the enlarged company.

The historical issue price is separate from the current indicative unlisted-market quote. Net issue proceeds were ₹761.83 crore. The company disclosed ₹59.52 crore utilised and ₹702.31 crore unutilised as of 30 June 2026; this is a use-of-proceeds snapshot, not an unrestricted group-cash balance.

On a consolidated basis, equity attributable to NCDEX's owners increased from ₹727.89 crore to ₹1,486.92 crore at 31 March 2026. However, FY26 operating cash flow was negative ₹133.70 crore, while financing activities generated ₹755.69 crore. Group operating cash flow includes clearing/member-related movements and should not be treated as the parent exchange's recurring annual cash burn.

The funding strengthened the capital base, but it did not establish operating profitability. Cash, investments and bank balances also have different uses and restrictions; they are not all freely distributable money. The group also reported ₹30.71 crore in lease liabilities at year-end. These obligations and the restrictions on some balances matter when assessing its financial position.

Sources: NCDEX Annual Report 2025–26 — capital, consolidated balance sheet and cash-flow disclosures and June 2026 results — preferential-issue utilisation disclosure.

NCDEX Shareholding

NCDEX's disclosed shareholders include financial institutions, companies and individual investors. The selected holdings below are as of 30 June 2026 and use 8,96,94,973 total equity shares as the denominator.

Source: NCDEX Shareholding Pattern as of 30 June 2026, posted 21 July 2026. This is a selected list, not the complete register or current live ownership.

The filing reported 17,622 holders and no shares in the promoter category. Its public and non-promoter/non-public categories are regulatory classifications, not evidence that NCDEX's equity is listed. Institutional ownership also does not imply an endorsement of the current share price or a guarantee of future performance.

Expansion and Recent Developments

Planned equity-market entry

NCDEX received the Securities and Exchange Board of India's (SEBI) in-principle approval for entry into equity and equity derivatives on 29 July 2025. In-principle approval is an initial permission milestone; it does not itself establish that the services have launched. The company subsequently announced a technology partnership with Tata Consultancy Services (TCS) on 13 February 2026 to support the expansion.

Business Standard's 7 October 2026 report described targets of January 2027 for the equity cash segment and July 2027 for equity derivatives, subject to regulatory approvals. Equity cash trading concerns buying and selling shares; equity derivatives are contracts linked to shares or indices. As of 9 October 2026, completed launches of these segments remain unconfirmed in the sources reviewed.

These dates concern NCDEX's exchange services. They are not dates for an IPO of NCDEX's own shares.

Sources: NCDEX Annual Report 2025–26, NCDEX–TCS partnership announcement, 13 February 2026 and Business Standard, 7 October 2026 — reported conditional launch targets.

Launched mutual-fund and rainfall products

NCDEX Nidhi, the company's mutual-fund transaction platform, received final SEBI approval on 20 July 2026 and launched on 29 July 2026. Separately, NCDEX launched its Mumbai rainfall-linked futures contract, RAINMUMBAI, on 29 May 2026.

Both are completed product launches, distinct from the planned equity segments. Their launches fall in FY27 and do not explain FY26 revenue. The sources reviewed do not quantify their current adoption or establish a material earnings contribution.

Sources: June 2026 results, approved 6 August 2026 — subsequent-event disclosure for Nidhi and NCDEX rainfall-futures circular, 26 May 2026.

Reported agricultural-index plans

Business Standard reported on 7 October 2026 that NCDEX was working on guar and spices indices, Guardex and Spicedex, with a proposed revival over the following two quarters. Its report said Agridex's revival depended on lifting restrictions on specified agricultural derivatives. NCDEX declined to comment; these remain reported plans, not verified completed launches.

Source: Business Standard, 7 October 2026 — agricultural-index plans.

Investor Interest and Milestones to Monitor

The company-specific case for tracking NCDEX rests on its funded expansion, exchange infrastructure and additional product lines. The investment question is whether execution can turn these resources and services into sustainable earnings.

The useful milestones are final approvals and actual equity-segment launches, sustained participation and liquidity, conversion of activity into fee income, and whether costs allow earnings to improve. Liquidity here means enough active buyers and sellers for the exchange's products to trade effectively; it is separate from the ease of selling NCDEX's own unlisted equity.

The existing losses, specified commodity restrictions, cash-flow limitations and disputed tax matters challenge that case. Funding and new products give NCDEX resources and additional business opportunities, but the available evidence does not establish future market share, profitability or an investment return.

Evidence basis: NCDEX Annual Report 2025–26, June 2026 results and the 7 October 2026 expansion report. These are monitoring considerations, not a recommendation to buy.

NCDEX IPO and Listing Status

NCDEX's equity remains unlisted. As of 9 October 2026, no firm current IPO timetable or confirmed listing date was identified in the sources reviewed.

NCDEX historically filed a draft red herring prospectus (DRHP), the preliminary offer document for an IPO, in February 2020. SEBI's observations dated 9 April 2020 were valid through 8 April 2021, and the IPO was not launched within that validity period. That historical filing is not a current listing approval.

July 2026 reporting quoted then-CEO Arun Raste discussing possible consideration of an IPO over a three-to-five-year horizon. This was a reported management outlook, not a committed timetable. Investors should follow a fresh official filing and company announcement rather than infer an IPO date from the planned equity-platform launches.

Sources: SEBI's February 2020 NCDEX filing record, NCDEX FY2021 financial results — expiry disclosure and Business Standard, 29 July 2026 — management outlook.

Risks of Investing in NCDEX Unlisted Shares

Sources: NCDEX Annual Report 2025–26, June 2026 financial results, Bombay High Court order, 5 May 2026 and Unlisted Valley transaction-process context.

Restrictions on specified agricultural contracts

Restrictions on fresh positions and new contracts in specified agricultural commodities were extended through 31 March 2027. They cover specified products, including chana, mustard and soybean-related contracts; they do not suspend the whole NCDEX exchange. The company identifies an effect on revenue, but the disclosed results do not quantify how much of FY26 performance was caused by those restrictions.

Source: NCDEX Annual Report 2025–26 and its regulatory-status disclosure.

NeML tax proceedings

NCDEX e Markets Limited, a subsidiary, disputes a GST tax-collected-at-source demand under a 30 April 2024 adjudication order from the Delhi North GST authority. The demand is about ₹413 crore, including tax and penalties, with applicable interest additional. Tax collected at source refers to an obligation to collect tax during specified transactions. The case concerns alleged non-collection for October 2018 to March 2022; it is not an established finding of wrongdoing by NCDEX's parent company.

The Bombay High Court stayed the operation of the order in March 2025. On 5 May 2026, it dispensed with an additional pre-deposit requirement after considering amounts already paid under protest. A pre-deposit is money required before a challenge proceeds. That order addressed the deposit requirement, not the underlying merits of the disputed demand.

NeML also faces an income-tax reassessment alleging ₹111.03 crore of escaped income for assessment year 2019–20. Escaped income means income the tax authority alleges was not assessed; this figure is not a ₹111.03 crore tax demand. The June 2026 results, approved in August, disclosed that the writ petition had been restored in July 2026 with permission to amend the challenge. The sources reviewed through 9 October 2026 do not establish a later decision on the merits.

Sources: NCDEX Annual Report 2025–26 — contingent liabilities and NeML tax disclosures, June 2026 results — reassessment update and Bombay High Court order dated 5 May 2026, reproduced on Indian Kanoon.

Unlisted-market exit risk

NCDEX shares do not have a continuous NSE or BSE equity-market quotation. A seller needs a matching buyer, and the executable price may differ from an indicative quote. Share availability, transaction size, eligibility checks and transfer processing can affect the terms and timing. Do not assume that a future IPO will provide an exit on a particular date.

How to Buy or Sell NCDEX Unlisted Shares

Unlisted Valley facilitates enquiries for buying and selling NCDEX shares, with a minimum investment of ₹10,000 and support for NSDL and CDSL demat accounts. The final quantity and lot terms depend on the available transaction; the minimum amount does not imply a fixed share count.

1. Confirm the proposed transaction. Buyers request the current indicative quote and available quantity. Sellers provide their holding details so buyer availability and an indicative buy quote can be checked.
2. Verify the holder and account details. Complete applicable know-your-customer (KYC) checks and confirm demat and bank details. Check that the proposed holding and transferee meet the issuer's requirements.
3. Review the deal terms and documents. Agree the quantity, price, payment instructions, transfer conditions and expected settlement process before proceeding.
4. Complete payment and off-market transfer under the agreed terms. An off-market transfer moves shares between demat accounts outside the stock-exchange trading system. Follow the documented sequence for the specific purchase or sale.
5. Confirm settlement. Verify the demat credit or debit and retain the relevant transaction and transfer records.

Source for minimum/depository support: Unlisted Valley first-party transaction inputs, 9 October 2026. Availability, price and settlement terms require confirmation for each deal.

Transfer eligibility and holding checks

Unlisted Valley's transaction desk reports no general transaction restriction for the offered share. However, acquisitions of shares in an exchange operator remain subject to fit-and-proper requirements, which assess an acquirer's suitability under the applicable regulatory framework. NCDEX's annual disclosure requires prior submission and assessment if the buyer's total holding after acquisition reaches 2% or more of paid-up equity.

The October 2025 preferential allotment carried a twelve-month lock from allotment. Although that calendar period had elapsed by this page's date, actual depository release and eligibility of an individual holding still need confirmation. Neither the desk's general input nor the passage of time establishes that every holding can be transferred immediately.

Sources: NCDEX Annual Report 2025–26 — shareholder-transfer and preferential-allotment disclosures and official NCDEX overview. A buyer or seller should confirm applicable issuer requirements, holding limits and any lot-specific lock before settlement.

Final Thoughts

NCDEX combines an established agricultural exchange business with funded expansion and additional product launches. Its reported earnings, capital deployment and approval milestones provide a more useful basis for assessment than assuming new services or a future IPO will produce an immediate return.

Consider those developments alongside continuing losses, specified commodity restrictions, disputed subsidiary tax matters and unlisted-market exit limitations. Before buying or selling, confirm the current quote, lot availability, holder eligibility and transaction terms.

Important Disclosure

Unlisted Valley facilitates the buying and selling of unlisted shares, including NCDEX Limited. As a platform with a commercial interest in these transactions, we aim to provide balanced, factually sourced information to help investors make independent decisions.

Indicative prices, share availability and transaction terms may change based on market conditions. Information presented on this page is for educational and informational purposes only and should not be considered investment advice, a guarantee of returns or a recommendation to buy or sell shares.

Investors should independently evaluate the company's financial performance, valuation, business prospects, liquidity and associated risks before making an investment decision.