MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-MH-18-0004652
Ncdex Limited - financial services in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2026
₹153.37 Cr
▲ 26% YoY
Net loss · FY 2026
₹46.24 Cr
Net margin -30.1%
EBITDA · FY 2026
-₹38.44 Cr
EBITDA margin -25.1%
Authorised capital
₹90 Cr
Registered with MCA
Paid-up capital
₹89.69 Cr
Issued & subscribed
Open charges
₹165 Cr
Satisfied ₹24 Cr
Company age
23 yrs
Est. 2003
Employees · EPFO
215
Provident fund records
About Ncdex Limited
Data last updated:
Ncdex Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the brokerage and trading services segment of the financial services sector. It was incorporated on 23 April 2003 and has been in existence for over 23 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U51909MH2003PLC140116. Its GSTIN is 27AABCN7696K1ZR (Maharashtra). The company holds 11 GST registrations, of which 9 are active.
The company has an authorised share capital of ₹90 Cr and a paid-up capital of ₹89.69 Cr. It is led by directors including Vikas Goel (Managing Director) and Hemant Ratnakar Adarkar.
Its last annual general meeting (AGM) was held on 23 September 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 1st Floor Akruti Corporate Park, Mumbai, Maharashtra.
As per the financials filed for FY 2026, the company reported a revenue of ₹153.37 Cr, a growth of 26% compared to the previous year. For the same year it recorded a net loss of ₹46.24 Cr (net margin -30.1%) and EBITDA of -₹38.44 Cr (EBITDA margin -25.1%). Revenue has grown at a compounded annual rate (CAGR) of 4% over three years and 1% over five years.
The company has about 215 employees on its provident fund (EPFO) records. Its group structure includes 4 subsidiaries.
The company is associated with 2 brands: NeML and National Commodity & Derivatives Exchange. As per MCA filings, the company has open charges of ₹165 Cr and satisfied charges of ₹24 Cr on record. Court records list 59 cases involving the company, including 23 filed by the company and 36 filed against it; 10 cases are pending.
Ncdex Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-18-0004652). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website ncdex.com.
Company details
CIN U51909MH2003PLC140116
Registration Number 140116
Incorporation Date 23 April 2003
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 23 September 2026
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-MH-18-0004652
Recognitions & Rankings of Ncdex
Contact details
Ncdex Limited's registered office is in Mumbai, Maharashtra. Its website is ncdex.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Apps
- Registered Address1st Floor Akruti Corporate Park Near G. E. Garden L.B.S. Road Kanjurma, Rg (West), Mumbai, Maharashtra, India – 400078
- IndustryFinancial Services, Brokerage & Trading Services
To see the full contact details of Ncdex Limited, buy the company report.
Comprehensive company report
Ncdex 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
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Brands
Ncdex operates two associated brands: NeML and National Commodity & Derivatives Exchange. Each brand links to its own profile.
Business activity
The main business activity of Ncdex is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of Ncdex Limited, buy the company report.
Financials of Ncdex Limited
FY 2026 filings availableNcdex Limited reported revenue of ₹153.37 Cr (up 26% YoY) for FY 2026.
Revenue · FY 2026
₹153.37 Cr ▲ 26%
Net loss · FY 2026
₹46.24 Cr margin -30.1%
EBITDA · FY 2026
-₹38.44 Cr margin -25.1%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 26%
3 years · compounded
▲ 4%
5 years · compounded
▲ 1%
EBITDA CAGR growth
1 year
▼ 113%
3 years · compounded
▲ 1%
5 years · compounded
▼ 110%
Revenue has grown at a compounded annual rate (CAGR) of 1% over five years, including 26% growth in the latest year. EBITDA fell 113% 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 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
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| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | -₹38.44 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹46.24 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
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| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -25.1% | ||||
| Net Profit Margin | -30.1% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
| Debt-to-Equity Ratio | |||||
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| 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 Limited, buy the company report.
Board of directors of Ncdex Limited
Ncdex has 6 current directors and 62 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Hemant Ratnakar Adarkar Also directs: Godrej Housing Finance Limited, Sbi Funds Management Limited, Dvara Kshetriya Gramin Financial Services Private Limited and 3 more | Director | 13 Apr 2021 | 5 Years 6 Months | Current |
| Ratnakar Patnaik | Director | 24 Nov 2025 | 0 Years 11 Months | Current |
| Soma Sankara Prasad Also directs: RBL Bank Limited, Vertis Fund Advisors Private Limited, Nippon Life India Trustee Limited and 1 more | Director | 02 Jul 2024 | 2 Years 3 Months | Current |
| Mukulita Vijayawargiya Also directs: Icmai Registered Valuers Organisation | Director | 09 Feb 2024 | 2 Years 8 Months | Current |
| Vikas Goel Also directs: Vkas Capital Management LLP | Managing Director | 01 Aug 2026 | 0 Years 3 Months | Current |
| Pushphas Pandey | Director | 14 Aug 2026 | 0 Years 2 Months | Current |
Auditor
Ncdex Limited is audited by Khandelwal Jain & Co. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Khandelwal Jain & Co. | FY 2023 | 105049W |
Shareholding
The shareholding of Ncdex 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 Limited, buy the company report.
Charges & borrowings
Open charges
₹165 Cr
Satisfied charges
₹24 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 11 Jun 2026 | 101323788 | Others | ₹165 Cr | Open | |
| 13 May 2008 | 10106678 | The Karur Vysya Bank Limited | ₹24 Cr | Satisfied |
To see the full charge records of Ncdex Limited, buy the company report.
Total charge records: 2 View all charges
Legal cases
Ncdex Limited has 59 court cases on record: 23 filed by Ncdex, 36 filed against it. 10 cases are pending and 49 are disposed.
Total cases
59
Filed by the company
23
Filed against the company
36
Pending
10
Disposed
49
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 44 | 34 | 10 |
| District courts | 14 | 1 | 0 |
| Supreme Court | 1 | 1 | 0 |
Cases on record (5 of 59)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, MAHARASHTRA | Court case (COMMP) | Filed against the company by Metahelix Life Sciences Limited | Pending |
| High Court, RAJASTHAN | Writ petition | Filed against the company by Ganpati Multi Commodity Business India Pvt Ltd. | Pending |
| High Court, MAHARASHTRA | Court case (S) | Filed against the company by Betul Oil Ltd. and 2 others | Pending |
| High Court, TELANGANA | Writ petition | Filed by the company against M/S Bhavishya Advisory and Comtrade India Private Limited and 4 others | Pending |
| Bombay High Court | Court case (CARBP) | Filed against the company by Indian Exchange of Metal Ltd. | Pending |
To see the full case history of Ncdex 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 Limited has 3 MSME Form 1 returns on record between 2019 and 2021, listing 10 overdue payments to 7 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 (5 of 7)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Optimistic Technology Solutions Private Limited | |||
| Pentagon System and Services Private Limited | |||
| Microscan Computers Private Limited | |||
| Ab Cartridge Private Limited | |||
| K.S.Aiyar & Co. |
To see the full MSME payment records of Ncdex Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Ncdex has 4 subsidiary companies and 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
4
Subsidiary companies
1
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Ncdex Institute of Commodity Markets and Research | U74900MH2007NPL174229 | |
| National Commodity Clearing Limited | U74992MH2006PLC163550 | |
| Ncdex E Markets Limited | U93090MH2006PLC165172 | |
| National E-Repository Limited | U93090MH2017PLC291035 |
To see the full group structure of Ncdex Limited, buy the company report.
Employees & EPFO
Ncdex Limited has a workforce of 215 employees on its EPFO records as of Apr 05, 2024, across 1 active EPFO establishment.
Employee count
215
Active EPFO establishments
1
Employee growth
0.47%
GST
Ncdex has 11 GST registrations: 9 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
11
Active
9
Cancelled / inactive
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AABCN7696K1ZR | Maharashtra | Active | 01 Jul 2017 |
| 27AABCN7696K2ZQ | Maharashtra | Active | 07 Mar 2025 |
| 07AABCN7696K1ZT | Delhi | Active | 01 Jul 2017 |
| 08AABCN7696K1ZR | Rajasthan | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Ncdex Limited, buy the company report.
Recent activity
Ncdex Limited has 65 board changes on record since 2007: 6 appointments and 59 cessations. The latest: Pushphas Pandey was appointed as Director on 14 Aug 2026.
AGM
Ncdex Limited last Annual general meeting of members was held on 23 Sep 2026 as per latest MCA records.
Appointed
Pushphas Pandey was appointed as Director.
Appointed
Vikas Goel was appointed as Managing Director.
Charges
A charge with Others amounted to Rs. 165.00 Cr with Charge ID 101323788 was registered on 11 Jun 2026.
Filing
Ncdex Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Appointed
Ratnakar Patnaik was appointed as Director.
Ceased
Doraiswamy Ramachandran ceased to be Director.
Ceased
Hoshi Dhunjisha Bhagwagar ceased to be Company Secretary.
Ceased
Prem Kumar Malhotra ceased to be Director.
Appointed
Soma Sankara Prasad was appointed as Director.
Appointed
Mukulita Vijayawargiya was appointed as Director.
Ceased
Purvi Amitbhai Mehta Bhatt ceased to be Director.
59 earlier events are in the company report.
News
Frequently asked questions
Ncdex is an active public limited company based in Mumbai, Maharashtra, India. The company works in brokerage and trading services, within the financial services industry. It was incorporated on 23 April 2003 (23+ years old) and is registered under CIN U51909MH2003PLC140116.
Ncdex has 6 current directors:
- Vikas Goel - Managing Director
- Hemant Ratnakar Adarkar - Director
- Ratnakar Patnaik - Director
- Soma Sankara Prasad - Director
- Mukulita Vijayawargiya - Director
- Pushphas Pandey - Director
The latest financial statements of Ncdex on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 23 September 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Ncdex is 27AABCN7696K1ZR, registered in Maharashtra. The company has 11 GST registrations in all, of which 9 are active and 2 are cancelled or inactive. Other active GSTINs include 27AABCN7696K2ZQ (Maharashtra), 07AABCN7696K1ZT (Delhi), 08AABCN7696K1ZR (Rajasthan).
The CIN (Corporate Identification Number) of Ncdex is U51909MH2003PLC140116. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Ncdex has 59 court cases on record: 23 filed by the company and 36 filed against it. 10 are pending. Most are in the high courts.
Ncdex was incorporated on 23 April 2003, making it 23+ years old. It is registered with the Registrar of Companies, Mumbai.
Pushphas Pandey was appointed as Director on 14 Aug 2026. Vikas Goel was appointed as Managing Director on 01 Aug 2026. Ratnakar Patnaik was appointed as Director on 24 Nov 2025. Ncdex has 65 board changes on record in total.
Yes, Ncdex is registered as a medium enterprise under Udyam registration (number: UDYAM-MH-18-0004652).
Ncdex has 3 MSME Form 1 returns on record between 2019 and 2021, listing 10 overdue payments to 7 micro and small suppliers. The latest return was filed on 13 May 2021.
Ncdex can be reached through the website ncdex.com. Its registered office is in Mumbai, Maharashtra, India.
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