Formerly Indian Commodity Exchange Limited (ICEX)
Sector: Technology / Data Services / Financial Technology
Status: Unlisted Public Company
Former Business: Commodity Exchange
Current Strategy: Technology, Data & IT-enabled Services
CIN: U66190GJ2008PLC099142
ISIN: INE678L01012
Face Value: ₹5 per share
Equity Shares: ~53.35 Crore
Indicative Unlisted Price: ~₹3.75/share
Indicative Market Capitalisation: ~₹200 Crore
DRHP: Not filed / No confirmed IPO
Minimum Lot: Generally 10,000 shares
Current unlisted-market sources indicate a price around ₹3.75 per share as of September 2026, although actual off-market prices can vary materially by quantity and counterparty.
About the Company
Fusion Techstack Limited is the new avatar of Indian Commodity Exchange Limited (ICEX).
ICEX was established as a commodity derivatives exchange, but its exchange operations were suspended in April 2022. SEBI subsequently allowed the company to voluntarily exit the exchange business, with the formal exit order issued in December 2024.
Following its exit from the exchange business, shareholders approved changes to the company’s Memorandum and Articles of Association and approved the new name Fusion Techstack Limited.
The Ministry of Corporate Affairs approved the name change on 9 September 2025. The company stated that the new business direction would focus particularly on technology, data services and allied activities.
This makes Fusion Techstack a business-transition story rather than an established technology company today.
The Big Transformation
From ICEX → Fusion Techstack
| Earlier ICEX | Fusion Techstack |
|---|---|
| Commodity derivatives exchange | Technology & data-oriented business |
| SEBI-regulated exchange | No longer a recognised exchange |
| Trading infrastructure | IT / technology opportunities |
| Commodity-market focus | Technology, data & allied services |
| Exchange-related objects | New corporate objects |
| Mature infrastructure | New business model being developed |
The company specifically proposed expanding into areas such as technology solutions, data services and allied activities, with the new corporate identity designed to reflect this strategic shift.
Proposed Business Direction
The revised objects of the company open the possibility of entering several technology-led areas, including:
- Software development
- IT-enabled services
- Data management
- Data analytics
- Cloud and infrastructure services
- Artificial Intelligence
- Machine Learning
- Blockchain
- IoT
- Technology solutions for financial markets
- RegTech
- e-KYC and related financial technology infrastructure
However, investors should understand an important distinction:
These are the company’s intended/new business areas—not an established revenue-generating technology business yet.
The FY25 annual report explicitly states that the company had no revenue from operations and incurred no technology-upgradation expenditure during FY25 because it had no operating revenue.
Financial Snapshot
FY23–FY25
| ₹ Crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | ~0.24 | ~0.01 | 0.00 |
| Other Income | ~1.50 | ~9.61 | 6.16 |
| PBT | ~-58.0 | ~2.92 | 1.10 |
| PAT | ~-58.3 | ~2.92 | 1.10 |
| EPS | ~-₹1.09 | ~₹0.07 | ₹0.02 |
FY25 numbers are from the company’s audited annual report. Revenue from operations was nil, while ₹6.16 Cr of other income generated PAT of ₹1.10 Cr.
Balance Sheet – FY25
| Particular | FY25 |
|---|---|
| Total Assets | ~₹78.39 Cr |
| Total Equity / Net Worth | ~₹70.19 Cr |
| Cash & Cash Equivalents | ~₹3.27 Cr |
| Non-current Investments | ₹13.00 Cr |
| Current Investments | ~₹19.20 Cr |
| Loans & Advances | ~₹36.18 Cr |
| Debt | Very Low / Nil conventional debt |
The company therefore has a meaningful asset base relative to its current market capitalisation, although a large portion of assets consists of financial assets, investments and loans/advances rather than an operating technology franchise.
Shareholding Pattern
As of March 2025:
| Category | Holding |
|---|---|
| Promoters | 25.57% |
| Public | 74.43% |
| Total | 100% |
Major disclosed shareholders include Reliance Exchangenext Limited, Central Warehousing Corporation, Directorate of Enforcement-related holding and MMTC Limited.
Management
Key management/directors include:
- Sushil Kumar Agrawal – Chairman / Independent Director
- Vaishali Vishwas Kale – Director
- Suresh Babu Konakanchi – Director
- Gopala Ramaratnam – Independent Director
- Shantanu Walke – Independent Director
- Tridibnath Swain – Chief Executive Officer
The FY25 annual report identifies Tridibnath Swain as CEO and provides the current board composition.
Valuation
At an indicative price of approximately ₹3.75/share:
| Valuation Metric | Approx. |
|---|---|
| Market Cap | ~₹200 Cr |
| P/E | ~187x |
| P/B | ~2.7–2.8x |
| Book Value | ~₹1.4/share |
| ROE | ~1.6% |
| Debt/Equity | ~0x |
Current unlisted-market sources show substantial variation in reported P/E/P/B depending on the earnings/share-count methodology used. The most important takeaway is that the company trades at a large premium to its current earnings, despite having almost no operating revenue.
Investment Rationale
1. Existing Corporate Infrastructure
Fusion Techstack is not a newly incorporated startup. It has an established public-company structure, large shareholder base, existing assets and a long corporate history.
2. Technology Transformation
The company has deliberately repositioned itself toward technology, data services and allied businesses, potentially giving investors exposure to a completely different business model in the future.
3. Financial Asset Backing
With FY25 equity/net worth of roughly ₹70 Cr and financial assets including investments and loans/advances, there is an underlying balance-sheet component to the valuation.
4. Low Debt
The company does not currently carry significant conventional debt, reducing financial leverage risk.
5. Potential Re-rating
If the company successfully converts its new technology strategy into actual operating revenue and profitability, the market could potentially value it more like a technology/data-services company rather than a legacy exchange entity.
But this is currently a future possibility—not an established fact.
Key Risks
| Risk | Why It Matters |
|---|---|
| No Operating Revenue | FY25 revenue from operations was effectively zero. |
| Unproven Technology Business | The new technology strategy has not yet demonstrated meaningful commercial scale. |
| High P/E | At current indicative prices, valuation looks extremely high relative to FY25 earnings. |
| Business Transition Risk | The company is effectively rebuilding its business model after exiting the exchange business. |
| Execution Risk | Successful transition into AI/IT/data services requires new customers, technology, talent and capital. |
| Unlisted Liquidity | Exit depends on finding buyers in the OTC market. |
| Legacy Regulatory History | SEBI withdrew ICEX’s recognition following historical regulatory/non-compliance issues; the company subsequently exited voluntarily. |
| Legacy Litigation / Claims | The annual report continues to disclose historical legal matters connected with the former exchange structure and shareholding. |
| Technology Investment Risk | The company had no technology-upgradation expenditure in FY25, so there is limited evidence yet of a scaled technology operation. |
| IPO Uncertainty | There is currently no confirmed IPO timetable. |
Important Regulatory History
This should not be hidden on the UnlistedCart page.
SEBI originally withdrew ICEX’s recognition in May 2022 citing issues including net-worth requirements, regulatory compliance and infrastructure requirements.
ICEX subsequently pursued an exit from the exchange business. SEBI permitted the exit in December 2024, and the recognition was formally withdrawn through the Gazette notification.
The company has now ceased to function as a commodity exchange and operates under the new name Fusion Techstack Limited.
What Makes Fusion Techstack Interesting?
The investment thesis is not:
“ICEX is a growing commodity exchange.”
That thesis is outdated.
The new thesis is:
“Can the assets and corporate platform of the former ICEX be successfully transformed into a technology and data-services company?”
That is a much more speculative proposition.
Investment View
Fusion Techstack is a HIGH-RISK TRANSFORMATION STORY.
Unlike companies such as established IT/AI businesses, Fusion Techstack currently has almost no operating revenue from its new technology business.
Therefore, investors are effectively paying today for the possibility of future business creation.
Our Assessment
| Parameter | View |
|---|---|
| Existing Business | ⭐⭐☆☆☆ |
| Technology Potential | ⭐⭐⭐☆☆ |
| Balance Sheet | ⭐⭐⭐☆☆ |
| Current Profitability | ⭐⭐☆☆☆ |
| Growth Visibility | ⭐☆☆☆☆ |
| Valuation Comfort | ⭐⭐☆☆☆ |
| Liquidity | ⭐⭐☆☆☆ |
| Execution Risk | ⭐⭐⭐⭐⭐ |
| Overall Risk | Very High |
Who Could Consider It?
Fusion Techstack may interest investors who:
- Understand special situations and turnaround stories
- Are comfortable with very early-stage business transitions
- Can tolerate illiquidity
- Believe management can build a technology/data-services business
- Are willing to hold for several years
Who Should Avoid It?
It may not suit investors looking for:
- Proven technology revenue
- Predictable earnings
- Strong ROE
- Established AI/IT products
- Near-term IPO visibility
- High liquidity
How to Invest
Fusion Techstack is currently unlisted and does not trade on NSE/BSE.
Unlisted shares are generally transferred off-market into the investor’s demat account. Current market sources indicate a typical lot size around 10,000 shares, meaning an indicative investment at ₹3.75 would be approximately ₹37,500 before transaction costs and taxes.
Actual availability, quantity and execution price should always be confirmed before a transaction because OTC prices are not exchange quotes.
Investment Takeaway
Fusion Techstack is not an established technology company yet.
It is a former commodity exchange undergoing a strategic transformation into a technology and data-services company.
The opportunity is therefore potentially attractive only if the transformation succeeds.
At ₹3–₹4, the absolute share price looks cheap, but the share price itself does not make the stock cheap. The real question is whether Fusion Techstack can convert its existing balance sheet and corporate platform into a meaningful technology business.
The Bull Case
Legacy exchange → new technology platform → AI/data/fintech services → revenue scale → potential re-rating.
The Bear Case
No operating revenue → failed technology transition → continuing asset monetisation → weak earnings → valuation erosion.
Our view: HIGH RISK / SPECIAL SITUATION
This should be positioned on UnlistedCart as a “Business Transformation / Special Situation” rather than a conventional “High-Growth Technology Stock.”
Disclaimer
This profile is provided for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell securities. Fusion Techstack Limited is an unlisted security and carries significant liquidity, valuation, execution, regulatory and business-model risks. Financial figures are primarily based on the company’s FY2024-25 audited annual report, while unlisted-market prices are indicative OTC references and may vary by transaction size and counterparty. Investors should conduct independent due diligence and review the latest company filings before investing.
Official company/legacy website: Fusion Techstack / ICEX
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