| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1 | 1.2 | 0.24 | 0.01 |
| Cost of Material Consumed | 0 | 11 | 1.7 | 0.01 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | -816.67 | -608.33 | -66.67 |
| Employee Benefit Expenses | 8 | 5.3 | 3 | 3.5 |
| Other Expenses | 16 | 4 | 45 | 2.2 |
| EBITDA | -23 | -19.1 | -49.46 | -5.7 |
| OPM | -2300 | -1591.67 | -20608.33 | -95066.67 |
| Other Income | 2 | 0.8 | 1.5 | 9.6 |
| Finance Cost | 0 | 0 | 0 | 0.07 |
| D&A | 4 | 4 | 10 | 0.9 |
| EBIT | -27 | -23.1 | -59.46 | -6.6 |
| EBIT Margins | -2700 | -1925 | -24775 | -110066.67 |
| PBT | -26 | -22 | -58 | 3 |
| PBT Margins | -2600 | -1833.33 | -24166.67 | 50000 |
| Tax | 0 | 0 | 0.3 | 0 |
| PAT | -26 | -22 | -58.3 | 3 |
| NPM | -2600 | -1833.33 | -24291.67 | 50000 |
| EPS | -2600 | -0.41 | -1.09 | 0.07 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -2300 | -1591.67 | -20608.33 | -95066.67 |
| Net Profit Margin | -2600 | -1833.33 | -24291.67 | 50000 |
| Earning Per Share (Diluted) | -0.49 | -0.41 | -1.09 | 0.07 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 6 | 55 | 2.2 | 2.3 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 29 | 14 | 22 | 15 |
| Trade Receivables | 2 | 1 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 124 | 75 | 60.8 | 61.7 |
| Total Assets | 161 | 145 | 85 | 79 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 266.7 | 266.75 | 266.7 | 226.7 |
| FV | 5 | 5 | 5 | 5 |
| Reserves | -163 | -184 | -243.3 | -240 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 10 | 13.6 | 13 | 0.5 |
| Other Liabilities | 47.3 | 48.65 | -243.3 | 91.8 |
| Total Liabilities | 161 | 145 | 85 | 79 |
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | -26 | -22 | -58 | 3 |
| OPBWC | -24 | -19 | -6 | 5.6 |
| Change in Receivables | -2 | 0.7 | 2.2 | 1.2 |
| Change in Inventories | 0 | 0 | 0 | 0 |
| Change in Payables | 5 | 4.4 | -1.5 | -6 |
| Other Changes | 0 | -0.5 | 49.7 | -10.1 |
| Working Capital Change | 3 | 4.6 | 50.4 | -14.9 |
| Cash Generated From Operations | -21 | -14.4 | 44.4 | -9.3 |
| Tax | 0 | -0.1 | -0.2 | -0.3 |
| Cash Flow From Operations | -21 | -14.5 | 44.2 | -9.6 |
| Purchase of PPE | -3 | 0 | 0 | -0.02 |
| Sale of PPE | -12 | 0 | 0 | 0.87 |
| Cash Flow From Investment | 0 | 15.2 | -44.3 | 10.2 |
| Borrowing | 0 | 0 | 0 | 0 |
| Dividend | 0 | 0 | 0 | 0 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | 0 | -0.6 | -0.5 | -0.56 |
| Cash Flow from Financing | 0 | -0.6 | -0.5 | -0.56 |
| Net Cash Generated | -33 | 0.1 | -0.6 | 0.04 |
| Cash at the Start | 34 | 0.6 | 0.7 | 0.1 |
| Cash at the End | 1 | 0.7 | 0.1 | 0.14 |
Indian Commodity Exchange Limited (ICEX) is a recognized national-level commodity derivatives exchange in India, offering a regulated platform for trading a variety of commodity contracts. Known for being the world’s first exchange to launch diamond futures, ICEX carved a unique niche in the commodities market by introducing innovative and structured products aimed at bringing transparency to traditionally opaque sectors. The exchange operates under the regulatory oversight of SEBI and provides secure, technology-driven trading infrastructure. Through its advanced trading systems, risk management frameworks, and clearing and settlement mechanisms, ICEX supports smooth participation for traders, hedgers, and investors across the commodities ecosystem.
From a business standpoint, ICEX focuses on expanding its product portfolio, enhancing liquidity, and partnering with various industry stakeholders to strengthen its market presence. The exchange has diversified into multiple commodity segments, including agricultural products, metals, and energy, with an aim to serve producers, processors, exporters, and corporate hedgers. Its emphasis on robust technology and stringent compliance standards builds trust among market participants. Furthermore, ICEX continues to work on increasing membership, improving contract design, and encouraging institutional participation to deepen market penetration. Despite competition from larger exchanges, ICEX has maintained its relevance by prioritizing niche offerings, strategic innovation, and participant-centric solutions.
In the unlisted market, ICEX’s shares draw attention from investors due to its growth potential in India’s expanding commodity derivatives space, driven by increasing financialization of commodities, rising hedging needs, and evolving regulatory frameworks. The exchange’s efforts to enhance trading volumes, diversify products, and deploy advanced technology contribute to expectations of long-term value creation. As commodity markets continue to mature and more industries adopt hedging practices, ICEX is positioned to benefit from higher participation and growing market depth. For investors seeking exposure to the commodity exchange segment with long-term potential, ICEX’s unlisted shares offer an attractive opportunity supported by innovation, regulatory strength, and strategic growth focus.
1. What are ICEX unlisted shares?
ICEX unlisted shares refer to equity shares of Indian Commodity Exchange Limited that are not listed on stock exchanges and are traded privately through off-market transactions.
2. What does ICEX do as a company?
ICEX is a commodity derivatives exchange in India that facilitates trading in futures contracts, including niche products like diamond derivatives, along with other commodities.
3. Why do investors consider ICEX unlisted shares?
Investors are attracted due to:
4. How can ICEX unlisted shares be purchased?
These shares can be acquired through:
5. What is the liquidity of ICEX unlisted shares?
Liquidity is relatively low. Since ICEX is not widely traded in the unlisted market, finding buyers and sellers can be challenging, which may impact exit opportunities.
6. What factors influence ICEX’s unlisted share price?
Key factors include:
7. Is ICEX planning an IPO?
As of now, there is no confirmed timeline for an IPO. Any listing would depend on business performance, profitability, and regulatory readiness.
8. What are the risks of investing in ICEX unlisted shares?
Major risks include:
9. How are ICEX unlisted shares transferred?
Shares are transferred via off-market transactions using DIS slips or electronic transfer to the buyer’s Demat account after payment settlement.
10. What is the tax treatment for ICEX unlisted shares?