NCDEX Q3FY26 Financial Performance

17 February 2026

• ​Financial Performance (Q3FY26 vs Q3FY25): In Q3FY26, NCDEX reported a YoY improvement in total income, supported by higher operating revenue and a sharp increase in other income. Total income stood at ₹46.61 Cr, compared with ₹30.47 Cr in Q3FY25, reflecting improved treasury income and recovery in core operating revenues. Revenue from operations increased to ₹25.46 Cr, from ₹21.59 Cr in Q3FY25, while other income rose significantly to ₹21.15 Cr, compared with ₹8.88 Cr in the corresponding quarter last year.Despite the improvement in income, operating performance remained under pressure due to elevated cost structures. Total expenses increased to ₹59.54 Cr, compared with ₹49.00 Cr in Q3FY25, driven primarily by higher employee benefit expenses and other operating costs.As a result, Profit Before Tax (PBT) stood at a loss of ₹(13.59) Cr, compared with a loss of ₹(18.53) Cr in Q3FY25, reflecting a narrowing of losses on a YoY basis.After accounting for tax adjustments, NCDEX reported a Net Loss of ₹(6.41) Cr, significantly lower than the Net Loss of ₹(11.80) Cr in Q3FY25, indicating partial improvement in profitability. Consequently, Earnings Per Share (EPS) improved to ₹(0.89), from ₹(2.29) in the corresponding quarter last year.For 9MFY26, total income increased to ₹108.24 Cr, compared with ₹83.00 Cr in 9MFY25, reflecting improved overall income generation during the year. However, Net Loss widened to ₹(36.43) Cr, compared with ₹(34.83) Cr in 9MFY25, highlighting continued profitability challenges despite revenue improvement.
• Operational Metrics (Q3FY26 vs Q3FY25): Profitability metrics remained under stress, although losses narrowed meaningfully on a YoY basis due to higher income growth. The improvement in revenue from operations reflects some stabilisation in trading activity, while the sharp increase in other income provided additional support to overall earnings.However, cost pressures remained elevated, with total expenses rising 21.5% YoY, driven primarily by:
  • Higher employee benefit expenses
  • Increased administrative and operational costs

Total comprehensive loss improved to ₹(6.87) Cr, compared with ₹(12.16) Cr in Q3FY25, reflecting the overall improvement in earnings performance.The exchange’s reserves remained stable at ₹673.71 Cr, indicating a strong capital base to absorb ongoing losses.

• ​Strategic Developments: During 9MFY26, NCDEX continued to focus on strengthening its operating performance and market position through:
• Efforts to improve trading participation and liquidity
• Optimisation of cost structures
• Enhancing treasury income through efficient fund deployment
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• While Q3FY26 reflected meaningful narrowing of losses and strong income growth, profitability remains constrained due to structural challenges in commodity derivatives trading and high fixed operating costs. However, improving revenue trends, stable reserves, and narrowing quarterly losses provide some comfort. Sustained recovery in trading volumes and operating leverage will be critical to restoring profitability over the medium term.