NCDEX Unlisted Shares Jump 150% In a Year As SEBI Clears Equity Foray

National Commodity and Derivatives Exchange (NCDEX) has delivered multibagger returns in the unlisted market, with its shares soaring 150% in a year. The sharp rally follows SEBI’s in principle approval for NCDEX to launch equity and equity derivatives products, sparking strong investor enthusiasm, as per the Economic Times report.

NCDEX’s Unlisted Shares on a Tear

According to UnlistedZone and InCred Money, NCDEX’s unlisted shares are currently trading at around ₹495 ₹500 apiece. The stock has gained over 40% in just the past month, with the year long rally largely driven by growth expectations rather than core business performance.

SEBI Nod Fuels Investor Sentiment

On July 29, 2025, SEBI granted NCDEX an in principle approval to enter the equity and equity derivatives segment. The company disclosed this in August, and the news has since triggered a re rating in the unlisted space. Investors see this diversification beyond agri commodity derivatives as a potential game changer.

Fundamentals Remain Steady

While investor sentiment has been the main driver, NCDEX has also shown steady improvement in financial performance:

• Revenue (FY25): ₹46 crore vs. ₹45 crore in FY24 (+1%)
• Net Profit (FY25): ₹3.32 crore vs. ₹2.49 crore in FY24 (+33%)

Despite modest topline growth, profitability improved sharply, boosting confidence in NCDEX’s execution capability.

Valuation Snapshot

At current prices, NCDEX’s market capitalization is estimated at around ₹2,500 crore. The company trades at a price to earnings (P/E) ratio of approximately 11x, making it relatively attractive compared to listed peers. 

Read More: List Of Unlisted Shares In India June 2025.

Conclusion

NCDEX’s transformation from an agri commodity derivatives platform into a diversified exchange has caught the eye of investors in the unlisted space. With SEBI’s nod boosting credibility and growth prospects, NCDEX’s unlisted stock has turned into a multibagger, highlighting how regulatory approvals can reshape market perception.

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