MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-MH-19-0001071
Ncdex E Markets Limited - e-commerce in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹53.61 Cr
▼ 2% YoY
Net profit · FY 2025
₹3.32 Cr
Net margin 6.2%
EBITDA · FY 2025
₹11.13 Cr
EBITDA margin 20.8%
Authorised capital
₹50 Cr
Registered with MCA
Paid-up capital
₹35.6 Cr
Issued & subscribed
Open charges
₹1.55 Cr
Satisfied ₹10 Cr
Company age
20 yrs
Est. 2006
Employees · EPFO
273
Provident fund records
About Ncdex E Markets Limited
Data last updated:
Ncdex E Markets Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of National Commodity And Derivatives Exchange Limited. It operates in the general e-commerce platforms segment of the e-commerce sector. It was incorporated on 18 October 2006 and has been in existence for over 20 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U93090MH2006PLC165172. Its GSTIN is 27AACCN4009K1ZH (Maharashtra). The company holds 35 GST registrations, all of them active.
The company has an authorised share capital of ₹50 Cr and a paid-up capital of ₹35.6 Cr. It was formerly known as Ncdex Spot Exchange Limited. It is led by directors including Praveen Rudraiah Hiremath (Managing Director) and Siddharth Shekhar Singh.
Its last annual general meeting (AGM) was held on 29 July 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 101 T First Floor Ackruti Corporate Park, Mumbai, Maharashtra.
As per the financials filed for FY 2025, the company reported a revenue of ₹53.61 Cr, a decline of 2% compared to the previous year. For the same year it recorded a net profit of ₹3.32 Cr (net margin 6.2%) and EBITDA of ₹11.13 Cr (EBITDA margin 20.8%). Revenue has declined at a compounded annual rate (CAGR) of 7% over three years and 3% over five years.
The company has about 273 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: NeML. As per MCA filings, the company has open charges of ₹1.55 Cr and satisfied charges of ₹10 Cr on record. Court records list 55 cases involving the company, including 24 filed by the company and 31 filed against it; 21 cases are pending. The company has 8 deals on record (5 secondary share transfers, 2 rights issues, 1 funding round), with disclosed funding of ₹14.95 Cr; the latest was in October 2024. Its 4 peer companies in the BFSI industry (Stock and Commodity Exchanges), with the same principal business activity (other financial activities) are compared by revenue, 2 larger and 2 smaller; the largest is NSE Ifsc Limited with revenue of ₹136.45 Cr. The company has 3 MSME Form 1 returns on record between 2019 and 2021, listing 7 overdue payments to 4 micro and small suppliers.
Ncdex E Markets Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-19-0001071). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website neml.in.
Company details
CIN U93090MH2006PLC165172
Registration Number 165172
Incorporation Date 18 October 2006
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 29 July 2025
Date of Balance Sheet 31 March 2025
Parent Company National Commodity And Derivatives Exchange Limited
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-MH-19-0001071
Key People
Praveen Rudraiah Hiremath Managing Director Siddharth Shekhar Singh Director Rajiv Jalota Additional Director Recognitions & Rankings of Ncdex E Markets
Contact details
Ncdex E Markets Limited's registered office is in Mumbai, Maharashtra. Its website is neml.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressUnit No.101 & 101 T First Floor Ackruti Corporate Park L.B.S Marg Next To Ge Garden Kanj, Urmarg (W), Mumbai, Maharashtra, India – 400079
- IndustryE-Commerce, General E-Commerce Platforms
To see the full contact details of Ncdex E Markets Limited, buy the company report.
Comprehensive company report
Ncdex E Markets Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Business activity
The main business activities of Ncdex E Markets are financial and insurance service and information and communication. In detail, this covers other financial activities and computer programming, consultancy and related activities. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities | |
| J | Information and communication | J6 | Computer programming, consultancy and related activities |
To see the full business activity and turnover split of Ncdex E Markets Limited, buy the company report.
Financials of Ncdex E Markets Limited
FY 2025 filings availableNcdex E Markets Limited reported revenue of ₹53.61 Cr (down 2% YoY) for FY 2025.
Revenue · FY 2025
₹53.61 Cr ▼ 2%
Net profit · FY 2025
₹3.32 Cr margin 6.2%
EBITDA · FY 2025
₹11.13 Cr margin 20.8%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▼ 2%
3 years · compounded
▲ 7%
5 years · compounded
▼ 3%
EBITDA CAGR growth
1 year
▼ 4%
3 years · compounded
▲ 126%
5 years · compounded
▼ 10%
Revenue has declined at a compounded annual rate (CAGR) of 3% over five years, including a 2% fall in the latest year. EBITDA fell 4% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | |||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹11.13 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹3.32 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
| Total Liabilities | |||||
| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 20.8% | ||||
| Net Profit Margin | 6.2% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
| Debt-to-Equity Ratio | |||||
| Interest Coverage Ratio | |||||
| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Ncdex E Markets Limited, buy the company report.
Board of directors of Ncdex E Markets Limited
Ncdex E Markets has 6 current directors and 36 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Siddharth Shekhar Singh | Director | 16 May 2022 | 4 Years 5 Months | Current |
| Rajiv Jalota Also directs: Dredging Corporation of India Limited, The Supreme Industries Limited, Edelweiss Financial Services Limited and 1 more | Additional Director | 30 Sep 2025 | 1 Years 0 Months | Current |
| Narayanan Sadanandan Also directs: Allied Blenders and Distillers Limited, Prabha Energy Limited, Avenuesai Limited and 2 more | Additional Director | 30 Sep 2025 | 1 Years 0 Months | Current |
| Dinesh Kumar Mehrotra | Director | 16 May 2025 | 1 Years 5 Months | Current |
| Sanjeev Rohilla | Director | 08 Feb 2025 | 1 Years 8 Months | Current |
| Praveen Rudraiah Hiremath | Managing Director | 15 Jul 2024 | 2 Years 3 Months | Current |
Peer comparison
Ncdex E Markets Limited is compared with the 4 companies closest to it by revenue in the BFSI industry (Stock and Commodity Exchanges), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| NSE Ifsc Limited | ₹136.45 Cr (FY 2025) | 73.0% | Gift, Gujarat, India | |||
| Hem Finlease Pvt Ltd | ₹83.14 Cr (FY 2024) | 63.0% | Jaipur, Rajasthan, India | |||
| Ncdex E Markets Limitedthis company | ₹53.61 Cr (FY 2025) | ₹3.32 Cr | 6.2% | -2.0% | 273 | Mumbai, Maharashtra, India |
| India International Bullion Exchange Ifsc Limited | ₹39.09 Cr (FY 2025) | 151.0% | Gandhinagar, Gujarat, India | |||
| Ludhiana Stock and Capital Limited | ₹32.88 Cr (FY 2025) | 15.0% | Ludhiana, Punjab, India |
To see the full peer comparison of Ncdex E Markets Limited, buy the company report.
Auditor
Ncdex E Markets Limited is audited by K. S. Aiyar & Co for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| K. S. Aiyar & Co | FY 2023 | 100186W |
Shareholding
The shareholding of Ncdex E Markets Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Ncdex E Markets Limited, buy the company report.
Charges & borrowings
Open charges
₹1.55 Cr
Satisfied charges
₹10 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 10 Sep 2025 | 101151805 | Axis Bank Limited | ₹1.35 Cr | Open | |
| 29 Jun 2022 | 100591754 | Others | ₹10 Lakh | Open | |
| 02 Mar 2022 | 100583089 | Citi Bank N.A. | ₹10 Lakh | Open | |
| 19 Sep 2019 | 100294681 | State Bank of India | ₹10 Cr | Satisfied |
To see the full charge records of Ncdex E Markets Limited, buy the company report.
Total charge records: 4 View all charges
Deals & funding
Ncdex E Markets Limited has 8 deals on record (5 secondary share transfers, 2 rights issues, 1 funding round), with disclosed funding of ₹14.95 Cr; the latest was in October 2024.
Total deals
8
Secondary share transfers
5
Rights issues
2
Funding round
1
Disclosed funding
₹14.95 Cr
Deals on record (5 of 8)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Oct 2024 | Secondary share transfer | Undisclosed | Buyer: Trade Unlisted Private Limited Seller: Analah Venture Partners LLP |
| Sep 2024 | Secondary share transfer | Undisclosed | Buyer: Analah Venture Partners LLP Seller: an individual |
| Sep 2024 | Secondary share transfer | Undisclosed | Buyer: Analah Venture Partners LLP Seller: an individual |
| Aug 2024 | Secondary share transfer | Undisclosed | Buyer: Analah Venture Partners LLP Seller: an individual |
| Dec 2023 | Secondary share transfer | Undisclosed | Buyer: National Commodity Clearing Limited Seller: National Commodity and Derivatives Exchange Limited |
To see the full deal history of Ncdex E Markets Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Ncdex E Markets Limited has 55 court cases on record: 24 filed by Ncdex E Markets, 31 filed against it. 21 cases are pending and 34 are disposed.
Total cases
55
Filed by the company
24
Filed against the company
31
Pending
21
Disposed
34
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 48 | 26 | 17 |
| District courts | 7 | 5 | 4 |
Cases on record (5 of 55)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Delhi | Court case (O.M.P. (COMM)) | Filed against the company by Karma Ecotech Ltd | Pending |
| High Court for State of Telangana | Writ petition | Filed by the company against Canara Bank and 1 other | Disposed |
| High Court of Karnataka | Writ petition | Filed by the company against Canara Bank and 1 other | Disposed |
| High Court, CHHATTISGARH | Writ petition | Filed against the company by Devcon Foods Pvt. Limited,1 and 17 others | Disposed |
| High Court, KARNATAKA | Writ petition | Filed by the company against CNX Corporation Limited and 2 others | Disposed |
To see the full case history of Ncdex E Markets Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Ncdex E Markets Limited has 3 MSME Form 1 returns on record between 2019 and 2021, listing 7 overdue payments to 4 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (4 of 4)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| National Commodity and Derivatives Exchange Limited | |||
| Kuber Healthfood and Allied Services Private Limited | |||
| Modern Veer Rays Security Force (India) Pvt Ltd | |||
| N L Bhatia & Associates |
To see the full MSME payment records of Ncdex E Markets Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Ncdex E Markets has 2 joint ventures. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
2
Joint ventures
Employees & EPFO
Ncdex E Markets Limited has a workforce of 273 employees on its EPFO records as of Sep 23, 2025, across 1 active EPFO establishment.
Employee count
273
Active EPFO establishments
1
Employee growth
1.11%
GST
Ncdex E Markets has 35 GST registrations: 35 active. The first 4 active GSTINs are listed below.
Total GSTINs
35
Active
35
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AACCN4009K1ZH | Maharashtra | Active | 01 Jul 2017 |
| 27AACCN4009K1CS | Maharashtra | Active | 24 May 2021 |
| 27AACCN4009K2ZG | Maharashtra | Active | 21 Apr 2025 |
| 24AACCN4009K1ZN | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Ncdex E Markets Limited, buy the company report.
Recent activity
Ncdex E Markets Limited has 62 board changes on record since 2006: 34 appointments and 28 cessations. The latest: Narayanan Sadanandan was appointed as Additional Director on 30 Sep 2025.
Appointed
Narayanan Sadanandan was appointed as Additional Director.
Appointed
Rajiv Jalota was appointed as Additional Director.
Charges
A charge with Axis Bank Limited amounted to Rs. 1.35 Cr with Charge ID 101151805 was registered on 10 Sep 2025.
Ceased
Puneet Gupta ceased to be Director.
AGM
Ncdex E Markets Limited last Annual general meeting of members was held on 29 Jul 2025 as per latest MCA records.
Appointed
Dinesh Kumar Mehrotra was appointed as Director.
Ceased
Ramaswamy Jagannathan ceased to be Director.
Filing
Ncdex E Markets Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai I.
Appointed
Sanjeev Rohilla was appointed as Director.
Ceased
Krishnakumar Daga ceased to be CFO.
Ceased
Rakesh Kapur ceased to be Director.
Ceased
Arun Raste ceased to be Director.
58 earlier events are in the company report.
Frequently asked questions
Ncdex E Markets is an active public limited company based in Mumbai, Maharashtra, India. The company works in general e-commerce platforms, within the e-commerce industry. It was incorporated on 18 October 2006 (20+ years old) and is registered under CIN U93090MH2006PLC165172.
Ncdex E Markets has 6 current directors:
- Praveen Rudraiah Hiremath - Managing Director
- Siddharth Shekhar Singh - Director
- Rajiv Jalota - Additional Director
- Narayanan Sadanandan - Additional Director
- Dinesh Kumar Mehrotra - Director
- Sanjeev Rohilla - Director
The latest financial statements of Ncdex E Markets on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 29 July 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Ncdex E Markets is 27AACCN4009K1ZH, registered in Maharashtra. The company has 35 GST registrations in all, of which 35 are active. Other active GSTINs include 27AACCN4009K1CS (Maharashtra), 27AACCN4009K2ZG (Maharashtra), 24AACCN4009K1ZN (Gujarat).
The CIN (Corporate Identification Number) of Ncdex E Markets is U93090MH2006PLC165172. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Ncdex E Markets has 55 court cases on record: 24 filed by the company and 31 filed against it. 21 are pending. Most are in the high courts.
Ncdex E Markets was incorporated on 18 October 2006, making it 20+ years old. It is registered with the Registrar of Companies, Mumbai.
Ncdex E Markets has 8 deals on record (5 secondary share transfers, 2 rights issues, 1 funding round), with disclosed funding of ₹14.95 Cr; the latest was in October 2024.
The peers of Ncdex E Markets by revenue are NSE Ifsc Limited, Hem Finlease Pvt Ltd, India International Bullion Exchange Ifsc Limited, Ludhiana Stock and Capital Limited, all in the BFSI industry (Stock and Commodity Exchanges), with the same principal business activity (other financial activities).
Narayanan Sadanandan was appointed as Additional Director on 30 Sep 2025. Rajiv Jalota was appointed as Additional Director on 30 Sep 2025. Puneet Gupta ceased to be Director on 01 Aug 2025. Ncdex E Markets has 62 board changes on record in total.
Yes, Ncdex E Markets is registered as a medium enterprise under Udyam registration (number: UDYAM-MH-19-0001071).
Ncdex E Markets has 3 MSME Form 1 returns on record between 2019 and 2021, listing 7 overdue payments to 4 micro and small suppliers. The latest return was filed on 23 Apr 2021.