National Commodity And Derivatives Exchange Limited (NCDEX) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
National Commodity And Derivatives Exchange Limited

NCDEX Limited Consolidated Balance Sheet (Rs in Crores)

Particulars	31-03-2026	31-03-2025
Non-Current Assets
Property, Plant And Equipment	13.21	7.62
Capital Work-In-Progress	0.73	-
Right To Use Assets	29.00	8.56
Intangible Assets	24.09	30.85
Intangible Assets Under Development	7.79	1.84
Investment In Joint Venture	39.44	34.54
Investments	396.11	238.88
Bank Balances (Other Financial Assets)	198.48	66.50
Others (Other Financial Assets)	6.23	1.90
Deferred Tax Assets (Net)	66.57	46.66
Income Tax Assets (Net)	13.38	14.49
Other Non-Current Assets	0.38	0.57
Current Assets
Investments	532.07	54.77
Trade Receivables	25.73	22.51
Cash And Cash Equivalents	204.56	162.35
Bank Balances Other Than Cash And Cash Equivalents	389.32	493.58
Others	25.35	38.76
Income Tax Assets (Net)	1.96	1.54
Other Current Assets	29.11	19.99
Total Assets	2,003.52	1,245.91
Equity
Equity Share Capital	89.70	50.68
Other Equity	1,397.22	677.21
Non-Controlling Interest	20.61	22.71
Non-Current Liabilities
Deposits	8.35	8.69
Lease Liabilities	24.65	3.67
Provisions	15.18	10.43
Deferred Tax Liabilities	35.98	31.29
Current Liabilities
Deposits	137.05	142.30
Trade Payables
Total Outstanding Dues Of Micro & Small Enterprises	2.92	1.54
Total Outstanding Dues Of Other Than Micro & Small Enterprises	10.47	8.93
Lease Liabilities	6.06	5.99
Other Financial Liabilities	214.55	250.91
Other Current Liabilities	19.01	13.15
Provisions	18.82	12.66
Current Tax Liabilities (Net)	2.96	5.75
Total Equity And Liabilities	2,003.52	1,245.91

NCDEX Limited Consolidated Profit & Loss Statement (Rs in Crores)

Particulars	31-03-2026	31-03-2025
Income
Revenue From Operations	90.44	88.19
Other Income	62.93	33.87
Total Income	153.37	122.06
Expenses
Employee Benefits Expense	109.42	95.93
Finance Expense	2.27	1.00
Depreciation And Amortization Expense	23.28	25.09
Technology Expenses	48.38	44.62
Other Expenses	36.53	30.37
Total Expenses	219.88	197.01
Profit/(Loss) Before Share Of JV, Exceptional Item & Income Tax	-66.51	-74.95
Exceptional Income / (Expense)	-2.98	344.00
Profit/(Loss) Before Share Of JV & Income Tax	-69.49	269.05
Share Of Net Profit From JV & Associate	5.50	9.77
Profit / (Loss) Before Tax	-63.99	278.82
Current Tax	1.73	4.01
Current Tax For Earlier Periods	0.05	0.06
Deferred Tax (Credit) / Expense	-19.53	38.66
Profit / (Loss) After Tax	-46.24	236.09
Other Comprehensive Income (OCI) - Net Of Tax
Remeasurement Of Post-Employment Benefit Obligations	-1.55	-1.38
Changes In Fair Value Of Equity Instrument	33.48	-
Tax Impact On Above	-4.40	0.35
Debt Instruments Through OCI	-0.65	-0.39
Tax Impact On Above	0.09	0.05
Share Of OCI From JV & Associate	-0.03	-0.03
Total Comprehensive Income	-19.29	234.69
Earnings Per Share
Basic & Diluted	-6.36	46.86

NCDEX Limited Consolidated Cash Flow Statement (Rs in Crores)

Particulars	31-03-2026	31-03-2025
Cash Flow From Operating Activities
Profit / (Loss) Before Tax	-63.99	278.82
Adjustments For:
Depreciation & Amortisation	23.28	25.09
(Profit) / Loss On Sale / Scrap Of Fixed Assets (Net)	-0.14	-0.05
(Profit) / Loss On Sale Of Investments	-18.29	-4.22
Dividend Received From Associate Entity	-1.70	-
Interest Income	-31.04	-24.81
Interest Income On Bonds (At Amortised Cost)	-4.00	-
Share Of Profit From Joint Venture And Associate	-5.42	-9.71
Interest On Financial Asset Measured At Amortised Cost	-0.23	-
Profit On Stake Sale In Associate	-	-139.37
Diff. Between Fair Value Of Retained Interest And Carrying Amount On Cessation Of The Associate	-	-218.99
Interest On Lease Liabilities	2.25	0.99
Employee Stock Option Outstanding Account	0.29	-
Net Gain On Sale Of Investments At Fair Value Through P&L	-	-0.27
Provision For Doubtful Debts / ECL	0.34	14.36
Sundry Balances Written Off / (Written Back)	-0.55	-0.54
Bad Debts	-	0.07
Payment Of Stamp Duty Towards Increase In Authorised Share Capital	0.19	-
Operating Profit Before Working Capital Changes	-99.01	-78.63
Movements In Working Capital:
Decrease / (Increase) In Trade Receivables	-3.56	0.34
Decrease / (Increase) In Other Current Assets	-8.58	-5.12
Decrease / (Increase) In Other Non-Current Assets	0.12	-0.24
Decrease / (Increase) Other Financial Assets	11.09	-13.03
Increase / (Decrease) In Trade Payables	2.91	1.16
Increase / (Decrease) In Provisions	9.37	0.62
Increase / (Decrease) In Financial Liabilities	-40.43	110.73
Increase / (Decrease) In Other Current Liabilities	5.87	-8.89
Decrease / (Increase) In Deposits	-5.59	1.46
Cash Generated / (Used) From Operations	-127.82	8.41
Movement In Core SGF (Penalties)	0.67	1.95
Direct Taxes (Paid) / Refund (Net)	-6.55	1.48
Net Cash Generated / (Used) In Operating Activities	-133.70	11.84
Cash Flow From Investing Activities
Purchase Of Fixed Assets, Including Intangible Assets, CWIP And Capital Advances	-18.46	-12.80
Proceeds From Sale / Disposal Of Fixed Assets	0.17	0.07
Proceeds From Stake Sale In Subsidiary And Associate Company (Net)	-	183.95
Purchase / Sale Of Current Investments (Net)	-434.07	6.85
Investment In Bonds (Classified At Amortised Cost)	-145.90	-
Investment In Joint Venture	-	-1.50
Dividend Received From Associate / Joint Venture	2.20	2.22
Interest Received	44.94	39.19
Interest Received On Bonds	0.53	-
Pre-Acquisition Interest Paid On Bonds	-1.47	-
Investment In Fixed Deposits (Original Maturity > 3 Months)	-2,512.78	-2,182.54
Redemption / Maturity Of Fixed Deposits (Original Maturity > 3 Months)	2,485.05	2,024.75
Net Cash Generated / (Used) In Investing Activities	-579.78	60.18
Cash Flow From Financing Activities
Proceeds From Issue Of Equity Shares On Preferential Basis	770.00	-
Transaction Cost Directly Attributable Towards Issue Of Shares	-6.93	-
Payment Of Stamp Duty Towards Increase In Authorised Share Capital	-0.19	-
Repayment Of Lease Liabilities	-7.19	-6.47
Dividend Paid	-	-1.01
Net Cash Generated / (Used) In Financing Activities	755.69	-7.48
Net Increase / (Decrease) In Cash And Cash Equivalents	42.21	64.54
Cash And Cash Equivalents At The Beginning Of The Year	162.35	97.81
Cash And Cash Equivalents At The End Of The Year	204.56	162.35

Summary of cash flow statement:

Operating Activities

NCDEX Limited reported a sharp deterioration in operating cash flows during FY2025-26. Net cash used in operating activities stood at ₹133.70 crore compared with positive operating cash flow of ₹11.84 crore in FY2024-25. The primary reason was the company’s loss before tax of ₹63.99 crore against a profit before tax of ₹278.82 crore in the previous year. Although non-cash adjustments such as depreciation and amortisation of ₹23.28 crore were added back, several income items including interest income, profit on sale of investments, and share of profit from associates reduced operational cash generation. The previous year had exceptional gains from stake sale in an associate and fair value adjustments, which significantly boosted profitability and cash position, making the current year comparison weaker.

Working capital movements further pressured operational liquidity. Financial liabilities declined substantially by ₹40.43 crore, while other current assets increased and deposits rose, indicating higher deployment of funds in operational balances. Trade receivables also increased slightly, reducing cash realization efficiency. As a result, cash generated from operations turned negative at ₹127.82 crore before taxes. After accounting for direct tax payments and SGF movements, the company ended with significant cash outflow from core business operations, highlighting operational stress during the year.

Investing Activities

Investing activities showed a major net cash outflow of ₹579.78 crore in FY2025-26 compared with an inflow of ₹60.18 crore in FY2024-25. The largest contributor was the substantial deployment into current investments and bonds, including ₹434.07 crore net outflow on current investments and ₹145.90 crore invested in bonds classified at amortised cost. The company also continued investing heavily in fixed deposits, with fresh investments of ₹2,512.78 crore, although a large portion was offset by maturities and redemptions amounting to ₹2,485.05 crore. These movements indicate active treasury and liquidity management strategies.

Capital expenditure remained moderate with ₹18.46 crore spent on fixed assets and intangible assets, suggesting continued investment in infrastructure and technology. Interest income and dividend receipts provided partial support to investing cash flows, generating inflows of over ₹47 crore combined. However, unlike the previous year, FY2025-26 did not benefit from proceeds from stake sales in subsidiaries or associates, which had contributed ₹183.95 crore in FY2024-25. Overall, investing activities reflect aggressive allocation of funds into financial instruments and treasury assets rather than strategic divestments.

Financing Activities

Financing activities recorded a strong positive inflow of ₹755.69 crore against an outflow of ₹7.48 crore in the previous year. The major driver was the issuance of equity shares on a preferential basis, which generated ₹770 crore of fresh capital. This capital infusion significantly strengthened the company’s liquidity position and appears to have compensated for the weak operating cash flows during the year. Transaction costs and stamp duty related to the equity issuance marginally reduced the net inflow.

Apart from equity raising, the company continued servicing lease liabilities with repayments of ₹7.19 crore. Unlike FY2024-25, no dividend was paid during FY2025-26, indicating a conservative cash conservation approach amid operational losses. The financing section therefore demonstrates that the company relied heavily on external equity funding to maintain financial stability and support ongoing investment activities.

Net Cash Position

Despite substantial negative cash flows from operations and investing activities, NCDEX ended FY2025-26 with an overall increase in cash and cash equivalents of ₹42.21 crore. Closing cash and cash equivalents rose to ₹204.56 crore from ₹162.35 crore at the beginning of the year. This improvement was entirely supported by strong financing inflows from the preferential share issue, which offset operational weakness and heavy investment deployment.

The overall cash flow profile suggests that the company is currently in a transition phase marked by operational pressure but supported by strong capital raising and treasury management. While liquidity remains comfortable in the short term due to the equity infusion, sustainable improvement in future cash flows will depend on restoring positive operating profitability and reducing dependence on external financing.