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

National Commodity And Derivatives Exchange Limited (NCDEX) Consolidated Balance Sheet (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Non-Current Assets
Property, plant and equipment	762	574
Right to use assets	856	1,371
Intangible assets	3,085	3,733
Intangible assets under development	184	446
Investments in Associate and joint ventures	3,454	5,502
Investment in equity instruments	23,888	-
Bank balances	6,650	2,079
Others	190	311
Deferred tax assets (net)	4,666	5,363
Income tax assets (net)	1,449	1,784
Other non-current assets	57	36
Current Assets
Investments	5,477	5,751
Trade receivables	2,251	2,292
Cash and cash equivalents	16,235	9,781
Bank balances other than cash and cash equivalents	49,358	38,150
Others	3,876	4,108
Income tax assets (net)	154	630
Other current assets	1,999	1,434
Investment held for sale in associate	-	742
Total Assets	1,24,591	83,828
Equity
Equity share capital	5,068	5,068
Other equity	67,721	40,871
Non Controlling Interest	2,271	1,658
Non-current liabilities
Deposits	869	894
Lease Liabilities	367	966
Provisions	1,043	948
Deferred tax liabilities	3,129	-
Current Liabilities
Deposits	14,230	14,059
Trade payable:
Total Outstanding dues of micro and small enterprises	154	83
Total Outstanding dues of other than above	893	848
Lease Liabilities	599	547
Other Financial liabilities	25,091	14,026
Other current liabilities	1,315	2,305
Provisions	1,266	1,421
Current Tax Liabilities (Net)	575	393
Total Equity and Liabilities	1,24,591	83,828

National Commodity And Derivatives Exchange Limited (NCDEX) Consolidated Profit and Loss Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Income
Revenue from operations	8,819	9,640
Other Income	3,387	3,966
Total Income	12,206	13,606
Expenses
Employee benefits expense	9,593	9,100
Finance cost	100	136
Depreciation & amortization expense	2,509	2,462
Technology expenses	4,462	4,380
Other expenses	3,037	2,643
Total expenses	19,701	18,722
Profit / (loss) before share of Net profit of Joint venture, exceptional items and income tax	-7,495	-5,116
Less: Exceptional items	34,400	989
Profit / (Loss) before share of Net profit of Joint venture and income tax	26905	-4,127
Share of net profit from Joint venture and associate accounted for using equity method	977	807
Profit / (Loss) before tax	27,882	-3,320
Current tax	401	133
Current tax for earlier years	6	9
Deferred tax (credit)	3,866	-692
Profit / (Loss) for the year	23,609	-2,770
Other comprehensive Income (OCI):
Items that will not be reclassified to the Statement of profit and loss:
Remeasurement of post-employment benefit obligations	-138	-58
Income tax impact on above	35	14
Share of OCI from Joint venture accounted for using equity method	-3	-4
Item that will be reclassified to the statement of profit and loss:
Debt instruments through Other Comprehensive Income	-39	-24
Income tax impact on above	5	3
Other comprehensive income for the year net of tax	-140	-69
Total comprehensive income for the year	23,469	-2,839
Profit attributable to:
Owners of the Parent Company	23,749	-2,606
Non-controlling interests	-140	-164
Total Profit after Tax	23,609	-2,770
Other comprehensive income attributable to:
Owners of the Parent Company	-134	-66
Non-controlling interests	-6	-3
Total other comprehensive income	-140	-69
Total comprehensive income attributable to:
Owners of the Parent Company	23,615	-2,672
Non-controlling interests	-146	-167
Total comprehensive income	23,469	-2,839
Earnings per share
Basic	46.86	-5.14
Diluted	46.86	-5.14

National Commodity And Derivatives Exchange Limited (NCDEX) Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Profit before tax	-3,320	-5,801
Adjustments for:
Depreciation & amortization	2,462	2,512
(Profit) / Loss on sale / scrap of fixed assets (net)	-46	-1
(Profit) / Loss on sale of investments	-446	-312
Dividend Received from Associate entity	-353	-
Interest income	-2,241	-1,963
Share of profit from Joint venture and associate	-807	-799
Profit on stake sale in associate	-579	-
Difference between Fair value of retained interest and carrying amount on cessation of the associate
Provision for doubtful receivables
Interest on lease liabilities	136	150
Net gain on sale of investments measured at Fair Value through Profit or Loss	-30	-19
Remeasurement of Lease Liabilities	-26	-
Provision for doubtful debts / ECL	18	1
Sundry balances written off/ (written back)	2	-24
Bad Debts	4	-
Operating profit before working capital changes	-5,226	-6,249
Movements in working capital:
Decrease / (Increase) in trade receivables	860	-284
Decrease / (Increase) in other current assets	-335	-479
Decrease / (Increase) in other non-current assets	14	4
Decrease / (Increase) other financial assets	973	-603
Increase / (Decrease) in trade payables	28	10
Increase / (Decrease) in provisions	138	-39
Increase / (Decrease) in financial liabilities	-1,746	-1,515
Increase / (Decrease) in other current liabilities	176	-15
Decrease / (Increase) in Deposits	-504	-557
Cash generated / (used) from operations	-5,623	-9,727
Movement in Core SGF	1848	122
Direct taxes (paid) / refund (net)	-1767	-84
Net cash generated / (used) in operating activities	-5,541	-9,689
Cash Flow from Investing Activities
Purchase of fixed assets, including intangible assets, CWIP and capital advances	-1,236	-1,394
Proceeds from sale / disposal of fixed assets	146	24
Proceeds from stake sale in subsidiary (NERL)
Proceeds from Stake sale in associate (PXIL)	683	-
Purchase of current investments	-2,14,645	-1,01,185
Proceeds from sale of current investments	2,13,692	1,01,082
Investment in Joint Venture	-500	3,401
Dividend Received from Associate/Joint venture	353	-211144
Interest received	3,709	218930
Investment in fixed deposits	-3,55,191	-2,11,144
Redemption/Maturity of fixed deposits	3,62,586	2,18,930
Net cash generated / (used) in investing activities	9,597	9,714
Cash Flow from Financing Activities
Repayment of lease Liabilities	-	-0.4
Dividend paid	-	-228
Net cash generated / (used) from financing activities	-641	-841
Net increase / (decrease) in cash and cash equivalents	3,415	-816
Cash and cash equivalents at the beginning of the year	6,366	7,183
Cash and cash equivalents at the end of the year	9,781	6,366

Summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities

The company reported a loss before tax of ₹3,320 lakhs in FY 2025 compared to a loss of ₹5,801 lakhs in FY 2024. After adjusting for non-cash items such as depreciation, amortization, interest income, dividends, share of profit from joint ventures and associates, and changes in provisions, the operating profit before working capital changes stood at a negative ₹5,226 lakhs in FY 2025, which is an improvement compared to the negative ₹6,249 lakhs recorded in FY 2024.

Working capital adjustments show that trade receivables and financial assets provided some relief, but the increase in deposits, financial liabilities, and other assets offset these gains. As a result, cash generated from operations remained negative at ₹5,623 lakhs in FY 2025 compared to a larger negative of ₹9,727 lakhs in FY 2024. After accounting for movement in Core SGF and payment of direct taxes, the net cash used in operating activities stood at ₹5,541 lakhs in FY 2025 against ₹9,689 lakhs in FY 2024. This indicates that while operations are still consuming cash, the outflow has reduced significantly year-on-year.

Cash Flow from Investing Activities

The company continued to actively manage its investment portfolio. In FY 2025, purchase of fixed assets was ₹1,236 lakhs while proceeds from sale were ₹146 lakhs, broadly in line with FY 2024. The most significant activity was related to purchase and sale of current investments, alongside movements in fixed deposits. Large outflows from investment in fixed deposits of ₹3,55,191 lakhs were offset by redemptions amounting to ₹3,62,586 lakhs, while purchase of current investments amounted to ₹2,14,645 lakhs and sale proceeds were ₹2,13,692 lakhs.

Additional inflows were generated from dividends received from associates of ₹353 lakhs and interest income of ₹3,709 lakhs. As a result, net cash generated from investing activities was positive at ₹9,597 lakhs in FY 2025 compared to ₹9,714 lakhs in FY 2024, showing consistency in the company’s ability to generate inflows through investment activities.

Cash Flow from Financing Activities

Financing activities were minimal during the year. In FY 2025, the company reported a small outflow of ₹641 lakhs, mainly on account of dividend-related payments and lease liabilities, as against an outflow of ₹841 lakhs in FY 2024. The reduced outflow reflects a conservative financing approach with no major borrowings or repayments during the year.

Net Position

Overall, the company achieved a net increase in cash and cash equivalents of ₹3,415 lakhs in FY 2025, reversing the decline of ₹816 lakhs experienced in FY 2024. The opening balance of ₹6,366 lakhs grew to ₹9,781 lakhs by the end of FY 2025. This improvement was primarily driven by strong inflows from investing activities, which offset the continuing negative cash flow from operations.

Financial Ratios of National Commodity And Derivatives Exchange Limited (NCDEX)

Particulars	2025	2024
Current Ratio (In times)	3	1.6
Debt Equity Ratio (in times)	0.01	0.03
Debt Service Coverage Ratio (In times)	62.8	2.7
Return on Equity Ratio (in %)	54.2%	-1%
Trade receivables turnover ratio (in times)	6.9	9
Trade payables turnover ratio (in times)	7.7	7.8
Net Capital turnover ratio (in times)	0.2	0.8
Net profit ratio (in %)	1,073%	-11.60%
Return on capital employed (in %)	50.8%	-2.50%
Return of FD Investment (%)	7.5%	7%
Return on Liquid Mutual Fund (%)	7.1%	7%
Return on Bond Investments (%)	7%	7%

Summary of the financial ratios for National Commodity And Derivatives Exchange Limited (NCDEX) for the year 2025 and 2024:

Current Ratio

The current ratio improved significantly from 1.6 in 2024 to 3.0 in 2025. This indicates that the company’s liquidity position has strengthened, with current assets now three times its current liabilities.

Debt-Equity Ratio

The debt-equity ratio decreased from 0.03 in 2024 to 0.01 in 2025, showing that the company further reduced its reliance on borrowings. The capital structure is now predominantly equity-based, minimizing financial risk and interest obligations.

Debt Service Coverage Ratio (DSCR)

The DSCR surged from 2.7 in 2024 to 62.8 in 2025, a remarkable improvement. This means the company’s operating profits are now more than sufficient to cover its debt obligations, indicating very strong financial stability and debt repayment capacity.

Return on Equity (ROE)

ROE increased dramatically from -1% in 2024 to 54.2% in 2025. The negative return last year reflected shareholder losses, but in 2025, the company has delivered exceptionally high returns, showing strong profitability and efficient use of equity capital.

Trade Receivables Turnover Ratio

The ratio declined from 9.0 in 2024 to 6.9 in 2025, indicating slower collection of receivables. This suggests that funds are tied up longer in credit extended to customers, which may require tighter credit control measures.

Trade Payables Turnover Ratio

The ratio remained almost stable, at 7.7 in 2025 compared to 7.8 in 2024. This indicates that the company’s payment cycle to suppliers has not changed significantly, maintaining consistency in managing supplier credit.

Net Capital Turnover Ratio

The ratio dropped sharply from 0.8 in 2024 to 0.2 in 2025, suggesting weaker efficiency in generating revenue from net working capital. Despite strong profitability, the company appears to be underutilizing its capital employed in operations.

Net Profit Ratio

A major turnaround is visible here: the net profit ratio improved from -11.60% in 2024 to 1,073% in 2025. Such an unusually high ratio suggests a one-time exceptional income or extraordinary gain that has significantly boosted profitability. This sharp swing indicates a very strong bottom-line performance compared to losses last year.

Return on Capital Employed (ROCE)

ROCE moved from a negative -2.50% in 2024 to 50.8% in 2025, highlighting a dramatic improvement in efficiency of capital utilization. This suggests the company is generating very high returns on its overall capital employed, reinforcing the profitability turnaround.

Return on FD Investment

The return on fixed deposit investments remained steady, increasing slightly from 7.0% in 2024 to 7.5% in 2025. This shows stable income from safe, fixed-income instruments.

Return on Liquid Mutual Fund

The return stayed consistent at around 7.1% in 2025 vs. 7.0% in 2024, reflecting predictable and steady earnings from liquid mutual fund investments.

Return on Bond Investments

The return remained unchanged at 7% in both 2024 and 2025, showing stability in fixed-income bond yields.