NCDEX is one of India’s leading agri-commodity derivatives exchanges. Established in 2003 and backed by institutions such as LIC, NABARD and NSE, the exchange provides transparent price discovery, hedging tools and digital market solutions for agricultural commodities. Over time, NCDEX has also strengthened its support infrastructure through clearing services, repository systems and electronic platforms.
Despite its strong institutional foundation, the exchange continues to operate in a restricted commodity environment due to regulatory suspensions on several agri-futures contracts. This has influenced trading turnover and fee-based revenue across recent financial periods.
Financial Performance Overview
| Indicator | H1 FY25-26 (Cr) | H1 FY24-25 (Cr) | FY24-25 (Cr) |
| Revenue from operations | 52.54 | 58.91 | 132.75 |
| Total income | 75.28 | 72.49 | 122.05 |
| Profit before exceptional items | -37.80 | -39.55 | -65.18 |
| Exceptional income | 47.66 | 44.54 | 344 |
| PAT | 7.02 | -27.28 | 237.49 |
| EPS (Rs) | -5.38 | 1.54 | 46.25 |
The first half of FY25-26 shows modest revenue and continued operational pressure.
- Consolidated revenue from operations stood at Rs 52.54 crore, compared with Rs 58.91 crore during H1 FY24-25. Other income contributed Rs 22.74 crore, taking total income to Rs 75.28 crore.
- Total expenses were Rs 100.63 crore, slightly higher than Rs 97.47 crore in the previous year. Before exceptional items, NCDEX posted a loss of Rs 37.80 crore, similar to the Rs 39.55 crore loss in H1 FY24-25.
- Exceptional income of Rs 47.66 crore lifted the bottom line to a profit after tax of Rs 7.02 crore. The numbers reflect a stable financial base supported by one-time gains while core operations remain affected by lower contract activity.
Exceptional Income and Its Influence
Exceptional gains continue to play a defining role in NCDEX’s profitability.
During H1 FY25-26, exceptional income amounted to Rs 47.66 crore, mainly due to Settlement Guarantee Fund adjustments. This inflow transformed a pre-exceptional loss into a positive PAT.
A similar trend was visible last year, and FY24-25 saw a much larger Rs 344 crore in exceptional income from stake sales and revaluation gains.
This highlights the reliance on one-time revenue in a period where operational performance remains restricted.
Operational Environment
Trading activity remains subdued due to the suspension of several major agri-commodity contracts. These contracts historically contributed a large portion of NCDEX’s turnover.
While expenses have been managed prudently, fixed structural costs, including technology operations, compliance and employee benefits, continue to weigh on margins.
Until new product categories scale up or suspended contracts resume, operational pressure is expected to continue.
Balance Sheet Position
| Indicators | H1 FY25-26 (Cr) | FY24-25 (Cr) |
| Total assets | 1,309.38 | 1,245.91 |
| Cash & cash equivalents | 153.92 | 167.31 |
| Investments | 541.59 | 502.07 |
| Total equity | 862.20 | 756.90 |
| Total liabilities | 446.58 | 489.01 |
NCDEX’s consolidated balance sheet remains strong and well-capitalised.
Total assets increased to Rs 1,309.38 crore from Rs 1,245.91 crore at the end of FY24-25.
The exchange maintains a strong liquidity and investment position supported by robust reserves.
NCDEX held cash and cash equivalents of Rs 153.92 crore, providing flexibility for operational and strategic needs. Investments stood at Rs 541.59 crore, reflecting stable treasury management. The equity attributable to owners was Rs 840.08 crore, highlighting the organisation’s financial strength. The company remains debt-free, which enhances its resilience during extended periods of low market activity.
Cash Flow Analysis
| Indicators | H1 FY25-26 (Cr) | H1 FY24-25 (Cr) |
| Operating cash flow | -100.41 | 55.67 |
| Investing cash flow | -8.54 | 17.04 |
| Financing cash flow | 102.52 | -3.21 |
| Net increase in cash | -6.43 | 69.50 |
Operating cash flow for H1 FY25-26 showed an outflow of Rs 100.41 crore, compared with an inflow of Rs 55.67 crore last year. The decline reflects negative operating margins and changes in financial assets.
Investing activities recorded an outflow of Rs 8.54 crore, while financing activities contributed Rs 102.52 crore, resulting in stable liquidity.
Looking Ahead
NCDEX is working to diversify into digital platforms and new market offerings. While agri-derivatives remain core, the exchange is expanding its capabilities to reduce dependence on suspended contracts. The second half of the year will depend on regulatory clarity and the performance of supporting business lines.
NCDEX remains financially solid, backed by strong liquidity, investment reserves and no debt. However, core operational improvement will require a revival in commodity futures activity and broader market participation. Only after a revival we can expect a positive growth in NCDEX unlisted shares.
