National E-Repository Limited (NeRL) Unlisted Share Price

NeRL's business model is centred on providing digital repository and platform services for electronic warehouse receipts. The company operates through two broad areas: Exchange Business: This relates to eNWR activity connected with commodity-exchange operations. Emerging Business: This covers non-exchange activities involving warehouse receipt financing and other eNWR/eNNWR-related services. The Emerging Business became increasingly important during FY2024-25 because trading activity in certain agricultural commodities remained affected by prolonged suspension of contracts on the NCDEX platform. NeRL's platform connects multiple participants, including: Farmers and farmer organisations Warehouse operators Banks and NBFCs Commodity exchanges Repository participants Traders Financial institutions

NeRL's growth has been closely linked with the adoption of electronic warehouse receipts and the increasing use of warehouse-based commodity financing. During FY2024-25, the company recorded significant growth in its Emerging Business. The quantity of eNWRs under the Emerging Business increased from 7,08,148 MT in FY2023-24 to 11,32,895 MT in FY2024-25, representing approximately 59.98% growth. The corresponding value increased from ₹3,786.43 crore to ₹5,069.17 crore. Across Exchange and Emerging Business together, eNWR quantities increased from 9,88,604 MT to 13,84,370 MT, a growth of approximately 40%. The associated value increased from ₹5,711.34 crore to ₹6,666.30 crore. Loan financing against eNWRs also increased. Total loans against eNWRs facilitated during FY2024-25 reached ₹3,293.32 crore, compared with ₹3,013.18 crore in FY2023-24, representing approximately 9.30% growth. The Emerging Business contributed ₹2,853.83 crore of this amount, compared with ₹2,472.16 crore in the previous year. Expanding Ecosystem As of March 31, 2025, NeRL reported: 11,821 active customers 84 pledgee banks/NBFCs 3 CM pledgees 1,344 unique warehouses issuing eNWR/eNNWR 101 Repository Participants Presence across 17 states and 1 Union Territory The company also reported more than 6 lakh eNWRs issued since inception, representing more than 73.5 lakh MT of commodities deposited in WDRA-registered warehouses. Technology Development Technology is a central component of NeRL's operating model. During FY2024-25, the company integrated its system with the government's JanSamarth platform for the eKUN scheme, enabling a digital process for farmers seeking pledge finance against eNWRs. NeRL also developed DeepVision, a data-visualisation tool designed to provide financial institutions with information and analytics related to business performance, customer evaluation, risk management and potential business opportunities. The company has also invested in cybersecurity measures, including AWS Security Hub, Guard Duty and Red Team assessments.

NeRL operates at the intersection of agriculture, warehousing, digital infrastructure and financial services. The company's primary role is to digitise warehouse receipts and create an electronic ecosystem through which commodities stored in WDRA-registered warehouses can be represented through eNWRs. This infrastructure can support several activities: Electronic creation and management of warehouse receipts Commodity ownership records Pledge finance against stored commodities Connectivity with financial institutions Connectivity with commodity exchanges Electronic transfer of warehouse receipts Monitoring and traceability of warehouse assets Support for commodity financing Digital record keeping and settlement-related processes The business becomes particularly relevant in situations where farmers, traders and other commodity participants require financing against stored agricultural commodities rather than selling those commodities immediately. During FY2024-25, NeRL reported that banks had crossed ₹11,000 crore of loans against eNWRs since inception, while more than ₹3,300 crore of loans against eNWRs were facilitated during the year. The company reported an approximately 87% market share in eNWR finance during FY2024-25, according to its annual report.

NeRL continues to operate at a loss despite improvement in total income. Financial Performance Particular FY2023-24 FY2024-25 Total Income ₹10.90 Cr ₹12.01 Cr Total Expenditure ₹17.63 Cr ₹17.33 Cr Loss Before Tax ₹6.73 Cr ₹5.32 Cr Exceptional Item Nil Nil Loss After Tax ₹5.01 Cr ₹3.98 Cr Total Comprehensive Loss ₹5.11 Cr ₹4.15 Cr The FY2024-25 annual report shows total income increasing from ₹10.90 crore to ₹12.01 crore, while total expenditure declined slightly from ₹17.63 crore to ₹17.33 crore. The loss after tax narrowed from ₹5.01 crore to ₹3.98 crore. This represents an improvement in the bottom line, although the company remained loss-making. The company's annual report states that NeRL has been incurring losses since incorporation and therefore had no reserves available for dividend distribution. No dividend was recommended for FY2024-25. Valuation At an indicative price of approximately ₹47.85 per share and 8.10 crore outstanding shares, the implied equity value would be around ₹388 crore, before considering transaction-specific factors. The implied valuation should be interpreted carefully because NeRL is not listed on NSE or BSE and does not have continuous public-market price discovery. Recent unlisted-market sources have reported market capitalisation figures in the broad range of approximately ₹385–₹405 crore at prices around ₹48 per share. The valuation also needs to be considered against the company's current earnings profile. NeRL remained loss-making in FY2024-25, which means conventional P/E-based valuation is not meaningful at present.

NeRL has a distinctive institutional shareholder base. The FY2024-25 structure reported by the NCDEX group shows: Shareholder Approx. Holding NCDEX 51.00% NABARD 13.00% ICICI Bank 9.90% State Bank of India 9.88% Others 16.22% Total 100% NCDEX reduced its stake from 67.22% to 51% during FY2024-25. The reduction was linked to regulatory requirements concerning the permissible holding in NeRL. NCDEX reported selling the excess 16.22% stake for approximately ₹276 crore, with a reported profit of ₹144.3 crore after expenses. The presence of NCDEX, NABARD, ICICI Bank and SBI gives NeRL an institutional shareholder base closely connected with India's agricultural, banking and commodity-market ecosystem.

National E-Repository Limited is currently an unlisted public company and its shares are not traded on the NSE or BSE. There is no confirmed current IPO timetable that should be treated as a scheduled listing event. Historical or market discussions about a possible future IPO should not be interpreted as confirmation of an actual IPO unless the company makes a formal filing and announcement. Therefore, investors researching NeRL unlisted shares should distinguish between the current unlisted-market transaction and any future listing possibility.

The future valuation of National E-Repository Limited shares may depend on the adoption of electronic warehouse receipts, growth in warehouse-based financing, expansion of the Emerging Business, regulatory developments and the company's ability to convert increasing platform activity into sustainable profitability. The FY2024-25 results indicate that the Emerging Business has become an increasingly important part of NeRL's operations. eNWR deposits under this segment increased significantly during the year, while loans against eNWRs also grew. However, the company continues to report losses, making future profitability an important factor when evaluating its financial position and valuation.

National E-Repository Limited shares are not available for regular trading on NSE or BSE. Investors interested in NeRL shares generally need to transact through the unlisted-share market. The general process involves: Check the latest indicative NeRL unlisted share price. Confirm share availability and the applicable quantity. Complete the required KYC documentation. Confirm the transaction price and applicable charges. Complete payment through the intermediary. Transfer the shares through the applicable off-market demat process. Digital Wealth can assist with updated unlisted-market information and the process involved in buying or selling unlisted shares. The final transaction price can differ from an indicative online price depending on availability, quantity, demand and transaction terms.