National Commodity & Derivatives Exchange Limited (NCDEX) Unlisted Shares

National Commodity & Derivatives Exchange (NCDEX) is an Indian commodity exchange focused primarily on agricultural commodities. It provides an electronic platform for farmers, traders, investors, processors and institutions to trade commodity derivatives such as futures, options and indices, supporting price discovery and risk management across products including spices, pulses and oilseeds.

NCDEX enables market participants to hedge commodity price risks and participate in organised commodity markets. Trades are cleared and settled through National Commodity Clearing Limited (NCCL), which manages clearing, settlement and counterparty risk, making NCDEX an important platform for agricultural commodity price discovery in India.

Products Traded on NCDEX

• Agricultural: Wheat, Maize, Guar Seed, Guar Gum, Paddy
• Spices: Coriander, Cumin, Turmeric, Pepper
• Pulses & Oilseeds: Mustard Seed, Castor Seed, Chana, Bajra
• Other Commodities: Cotton, Sugar

NCDEX Turnover Mix & Products

• Guar Complex – 49%: The largest contributor to NCDEX turnover, mainly comprising Guar Seed and Guar Gum contracts.
• Spices – 27%: A major trading segment with products such as Coriander, Cumin and Turmeric.
• Cotton Complex – 13%: Includes Cotton and related cotton contracts, contributing significantly to overall turnover.
• Oil Complex – 11%: Covers oilseed and edible-oil commodities such as Castor Seed and Mustard Seed.

NCDEX Revenue Mix – FY26

• Commodity Exchange Services – 37.5%: Largest revenue contributor, generated from exchange and trading-related activities.
• E-Market Services – 31.6%: Revenue from NCDEX’s electronic market platforms and related services.
• Commodity Clearing Services – 15.1%: Income from clearing and settlement of trades.
• Repository Services – 9.2%: Revenue from commodity repository and related services.
• Unallocable – 3.1%: Income not directly assigned to a specific business segment.
• Software Services – 1.6%: Revenue from software and technology-related services.
• Research & Education Services – 0.9%: Income from research and educational activities.
• Trade Finance – 0.8%: Revenue from trade-financing activities.

India Commodity Market :

In FY26, India’s commodity derivatives market recorded a total turnover of ₹1,404.94 lakh crore, up from ₹587.84 lakh crore in FY25. Futures turnover increased from ₹71.41 lakh crore to ₹166.43 lakh crore (+ 133.1%), options (notional) turnover rose from ₹508.31 lakh crore to ₹1,221.68 lakh crore (+ 140.3%), and options premium turnover increased from ₹8.12 lakh crore to ₹16.83 lakh crore (+ 107.2%).

India’s commodity derivatives market is broadly divided into agri and non-agri segments. In FY26, the agri segment recorded ₹1.8 trillion, accounting for around 0.13% of the combined turnover, while the non-agri segment recorded ₹1,386 trillion. Within non-agri, bullion contributed ₹817 trillion, followed by energy at ₹551 trillion and base metals at ₹18.4 trillion.

The composition of India’s commodity derivatives market has shifted significantly from FY18 to FY26. The agri segment’s share of total turnover fell from around 12% in FY18 to just 0.1% in FY26, while bullion increased sharply from around 23% to 58.9%, highlighting the growing dominance of non-agricultural commodities, particularly precious metals

Across Indian exchanges, 34 commodity contracts were traded in FY26. MCX had 5 agricultural and 13 non-agricultural commodities, while NCDEX had 19 agricultural and 1 non-agricultural commodity; BSE had7 non-agricultural commodities, and NSE had 10 non-agricultural commodities.

The market share of NCDEX has declined sharply from around 10% of India’s commodity derivatives turnover in FY18 to just ~0.1% in FY26, while MCX has increased its share from around 90% to 98.9%. This sharp decline in NCDEX’s share is partly linked to the suspension of trading in derivative contracts of several major essential agricultural commodities, initially introduced in December 2021 and extended until March 31, 2027, which has constrained trading activity in key agricultural contracts.

During FY26, 56 commodity futures contracts were traded across Indian exchanges, of which 37 recorded gains and 12 declined. The bullion segment led the market, with silver rising 140.7% and gold gaining 66.2%, followed by Dhaniya at 58.7% and crude oil at 56.2%. On the downside, natural gas declined 21.9%, followed by maize at 17.8% and cotton at 12.6%. 

NCDEX vs MCX – FY26 Turnover Growth

In FY26, NCDEX futures turnover increased 4.3%, from ₹1.36 lakh crore to ₹1.41 lakh crore, while its options notional turnover surged 165.6% to ₹33,011 crore and options premium turnover doubled 100% to ₹209 crore. In comparison, MCX futures turnover grew 135.4% to ₹164.88 lakh crore, options notional turnover increased 143.9% to ₹1,207.40 lakh crore, and options premium turnover rose 107.1% to ₹16.73 lakh crore.

PARTICIPANT WISE TURNOVER:

In the agri segment, proprietary traders increased their share of total turnover from 26.7% in FY25 to 32% in FY26, while the share of “others” declined from 60.3% to 54.5%. The share of FPOs, farmers, VCPs and hedgers remained broadly unchanged during the period.

WARE HOUSE CAPACITY:

During FY26, agri warehouse capacity utilisation stood at 43.5% for NCDEX, compared with just 2.4% for MCX. For non-agricultural commodities at MCX, warehouse capacity utilisation was 39.1% for bullion and 54.7% for metals.

NCDEX TURONOVER AND CAPACITY :

In FY26, NCDEX recorded a total commodity derivatives turnover of approximately ₹1.74 lakh crore, comprising ₹1.41 lakh crore in futures turnover, ₹33,011 crore in options (notional) turnover, and ₹209 crore in options premium turnover. Futures accounted for the largest portion of NCDEX’s activity, increasing 4.3% from ₹1.36 lakh crore in FY25, while options (notional) turnover surged 165.6% from ₹12,427 crore and options premium turnover doubled 100% from ₹104 crore. This indicates that while NCDEX’s overall futures activity grew modestly, options trading expanded significantly during FY26.

NCDEX Warehouse Capacity & FPO Participation – FY26

As of 31 March 2026, NCDEX had 110 registered warehouses with 7 warehouse service providers, offering a total storage capacity of 2,60,193 MT. Of this, 1,13,286 MT was utilised, representing a 43.5% capacity utilisation rate, while around 1,16,600 MT remained unutilised.

During FY26, NCDEX also onboarded 118 FPOs, with 226 FPOs actively trading on the platform. These FPOs represented a farmer base of 1,30,287 farmers, traded 9 commodities, and recorded a total traded quantity of 2,71,207 MT, generating a turnover of ₹205.81 crore.

NCDEX Q1 FY27 Results

NCDEX reported ₹50.61 crore revenue in Q1 FY27, up 66.4% YoY from ₹30.41 crore and 12.1% QoQ from ₹45.13 crore. EBITDA loss narrowed to ₹6.58 crore, compared with ₹13.91 crore in Q1 FY26 and ₹10.72 crore in Q4 FY26, while PAT loss narrowed to ₹8.30 crore from ₹13.79 crore YoY and ₹9.80 crore QoQ. Overall, the quarter showed strong revenue growth and an improvement in operating and net losses.

NCDEX Growth Strategy & Fund Raise

NCDEX is transforming from a primarily agricultural commodity exchange into a broader financial market infrastructure platform. Under MD & CEO Vikas Goel, the exchange is expanding into mutual fund distribution, cash equities and equity derivatives. NCDEX has entered the mutual fund distribution space through NCDEX Nidhi, leveraging its network of more than 1.3 million farmers and around 800 FPOs by helping FPOs become mutual fund distributors and enabling AMCs to reach underserved B-30 and rural markets. The exchange has also completed system integration for its cash-equity segment, with UAT underway, while equity derivatives are planned to be launched around six months after cash equities, subject to regulatory approvals.

₹770 Crore Fund Raise

In October 2025, NCDEX raised ₹770 crore through the issue of 3,90,18,973 new equity shares at approximately ₹197.34 per share, which were allotted to 61 investors. The fund raise attracted a diverse group of investors, including Groww, Globe Capital Market, Acacia Banyan Partners, Kotak Mahindra Life Insurance, Tower Research Capital, Share India Securities, Jainam Broking, Radhakishan Damani, Rainmatter Investments (Zerodha), and Citadel Securities. The capital is expected to support NCDEX’s expansion into equity trading and other financial-market businesses, strengthening its ability to compete with established exchanges such as NSE and BSE.

NCDEX Shareholding

NCDEX’s shareholding is led by National Stock Exchange of India (NSE) with an 8.47% stake, followed by NABARD and LIC with 6.27% each. Punjab National Bank holds 4.12%, while Canara Bank holds 3.41%. Among private and strategic investors, Globe Capital Market holds 2.88%, while Acacia Banyan Partners, Shree Renuka Sugars and Billionbrains Garage Ventures (Groww) hold 2.82% each. Other notable shareholders include CRISIL (2.09%), Tower Research Capital (1.92%), Share India Securities (1.58%), and Marwadi Chandarana Intermediaries Brokers and Jainam Broking with 1.41% each. JM Financial Products holds 1.13%. Overall, the shareholder base combines financial institutions, banks, strategic investors, brokers and market participants.