NCDEX, whose unlisted shares are trading at around ₹272, has announced the launch of two new equity indices: NDEX and FINNDEX. These indices are based on NSE-listed stocks but are owned by NCDEX.

NDEX is a benchmark index comprising 20 large and liquid Indian equities selected from a universe of the top 60 NSE-listed companies. It is designed to track the performance of leading listed companies. FINNDEX comprises 15 financial-sector stocks, excluding insurance companies, selected from the top 40 eligible companies.

The indices use a composite score comprising free-float market capitalisation (30%), average daily traded value (30%), beta (20%) and volatility (20%). This methodology aims to combine company size, trading activity and a stock’s sensitivity to the market within a structured framework for index construction.

What Does This Mean for NCDEX Unlisted Investors?

Both indices could be useful for NCDEX in the future as the exchange enters the cash equity and futures and options (F&O) markets. Currently, no products are linked to these indices, so they are not expected to generate direct revenue on their own. However, once NCDEX launches cash-market trading and subsequently enters the F&O segment, it could introduce futures and options contracts linked to these indices.

When Will NCDEX Enter the Equity Market?

NCDEX management has indicated that the exchange plans to enter the cash equity market soon, subject to SEBI approval. It plans to enter the futures and options segment after that, with management targeting the launch of all products over the next two to three quarters.

NCDEX Q1 FY27 Financial Performance

In Q1 FY27, NCDEX reported revenue of ₹50.61 crore, up 66.4% year-on-year (YoY) from ₹30.41 crore and 12.1% quarter-on-quarter (QoQ) from ₹45.13 crore.

The EBITDA loss narrowed to ₹6.58 crore, compared with ₹13.91 crore in Q1 FY26 and ₹10.72 crore in Q4 FY26. The net loss (PAT) also narrowed to ₹8.30 crore, compared with ₹13.79 crore in Q1 FY26 and ₹9.80 crore in Q4 FY26.

Overall, the quarter showed strong revenue growth alongside an improvement in operating and net losses.