About the Company
National E-Repository Limited (NeRL) is an Indian financial-market infrastructure company established in 2017 and headquartered in Mumbai. It is promoted by NCDEX, NABARD, ICICI Bank and State Bank of India.
NeRL operates a regulated electronic repository platform for Electronic Warehouse Receipts (eWR/eNWR), helping digitise commodity inventories and connect farmers, warehouses, traders, exchanges and financial institutions. It operates under the regulatory framework of the Warehousing Development and Regulatory Authority (WDRA). (Nerl India)
Key Highlights
- Financial Market Infrastructure Company
- Founded in 2017
- Promoted by NCDEX, NABARD, ICICI Bank & SBI
- Focused on India’s commodity & agricultural ecosystem
- Digital platform for electronic warehouse receipts
- Registered with WDRA
- Enables creation, transfer, pledge and e-auction of eWRs
- Enables warehouse receipts to be used as collateral for financing
- Connects warehouses, farmers, traders, exchanges and financial institutions
- 8.10 crore paid-up equity shares
- Face value: ₹10 per share
- Currently unlisted / pre-IPO
- ISIN: INE878X01013 (Nerl India)
Business Model
NeRL operates a digital repository and transaction infrastructure for warehouse receipts.
Key Business Areas
Electronic Warehouse Receipts: Creates and maintains electronic records of commodities stored in registered warehouses.
Pledge & Financing: Enables electronic warehouse receipts to be pledged with financial institutions, allowing commodities to support working-capital financing.
Transfer of Receipts: Facilitates electronic transfer of negotiable warehouse receipts between eligible participants.
e-Auction: Provides infrastructure for electronic auctions linked to warehouse receipts.
Commodity Ecosystem: Connects farmers, FPOs, traders, processors, warehouses, exchanges and financial institutions through a common digital platform. (Nerl India)
Financial Snapshot
| Particular | FY25 |
|---|---|
| Revenue from Operations | ~₹9.65 Cr |
| Other Income | ~₹2.35 Cr |
| Total Income | ~₹12.01 Cr |
| Total Expenses | ~₹17.33 Cr |
| Loss Before Tax | ~₹5.32 Cr |
| Net Loss | ~₹3.98 Cr |
NeRL remains in the investment and scale-up phase, with technology and employee costs forming a significant portion of its expenses. (3A Deal)
shareholding pattern
| Shareholder | Shares Held | Holding |
|---|---|---|
| NCDEX | 4.131 Cr | 51.00% |
| NABARD | 1.053 Cr | 13.00% |
| ICICI Bank | 0.802 Cr | 9.90% |
| State Bank of India | 0.800 Cr | 9.88% |
| Others | 1.314 Cr | 16.22% |
| Total | 8.10 Cr | 100% |
Finacial Performance
| Particulars (₹ Cr) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue from Operations | 5.47 | 9.73 | 7.42 | 8.58 | 9.65 |
| Other Income | 2.45 | 2.23 | 2.17 | 2.26 | 2.35 |
| Total Income | 7.92 | 11.96 | 9.59 | 10.84 | 12.01 |
| Operating Expenses | 9.92 | 9.92 | 11.78 | 13.56 | 15.19 |
| EBITDA / Operating Profit | -4.45 | -0.19 | -4.36 | -4.98 | -5.53 |
| Profit Before Tax | -7.30 | -3.61 | -7.31 | -6.73 | -5.32 |
| Profit After Tax | -5.46 | -2.70 | -5.50 | -5.01 | -3.98 |
Valuation & Market Position
NeRL is currently an unlisted company with 8.10 crore paid-up shares.
Recent unlisted-market indications have been around ₹48 per share, implying a market capitalisation of approximately ₹390–405 crore. These are indicative OTC prices and can vary based on transaction size and availability. (BuyUnlistedShares)
At approximately ₹48 per share:
Implied Market Cap ≈ ₹389 Cr
The company operates in a niche but strategically important segment of India’s agri-finance and commodity-market infrastructure.
Investment Rationale
- Strong Institutional Promoters – Backed by NCDEX, NABARD, ICICI Bank and SBI
- Large Agricultural Ecosystem – Positioned within India’s commodity and warehousing infrastructure
- Digital Transformation – Supports the shift from physical to electronic warehouse receipts
- Agri-Finance Opportunity – eNWRs can help unlock financing against stored commodities
- Regulated Infrastructure – Operates under the WDRA framework
- Technology-led Platform – Provides secure electronic creation, transfer and pledge of warehouse receipts
- Long-Term Growth Potential – Greater adoption of electronic warehouse receipts could increase transaction volumes
- Strong Ecosystem Network – Connects warehouses, exchanges, banks, farmers and commodity-market participants
Risk Factors
| Positives | Key Concerns |
|---|---|
| Strong institutional promoters | Low current revenue |
| Regulated market infrastructure | Currently loss-making |
| Large agricultural ecosystem | Valuation needs to be justified by future growth |
| Digitalisation of warehouse receipts | Business still in scale-up phase |
| Potential for growth in warehouse financing | Dependence on ecosystem adoption |
| Niche technology infrastructure | Regulatory & policy changes |
| Strong banking & commodity ecosystem | Unlisted-share liquidity risk |
Share Details
Company: National E-Repository Limited
Status: Private / Unlisted Public Company
Industry: Financial Infrastructure / Commodities
Headquarters: Mumbai, Maharashtra
Founded: 2017
Promoters: NCDEX, NABARD, ICICI Bank & SBI
ISIN: INE878X01013
Face Value: ₹10
Paid-up Shares: 8.10 Crore
Indicative Unlisted Price: ~₹48 per share
Indicative Market Cap: ~₹390–405 Cr
Listing: Not listed on NSE/BSE
Investment Category: Financial Infrastructure / High Growth Potential (Digital Wealth)
How to Invest
Investors should verify the latest share price, availability, ISIN, share class and implied valuation before purchasing NeRL unlisted shares.
Share Price × Fully Diluted Shares = Implied Company Valuation
As NeRL is unlisted, prices are indicative and may vary depending on availability, quantity and transaction terms.
Investment View
National E-Repository – Niche Financial Infrastructure | High Growth Potential
NeRL provides digital infrastructure that sits at the intersection of agriculture, warehousing, commodities and financial services.
Its biggest strengths are its strong institutional promoters, regulated business model and strategic role in India’s electronic warehouse-receipt ecosystem.
The key opportunity is:
Digital Warehousing → eNWR Adoption → Commodity Financing → Higher Transaction Volumes → Revenue Growth
However, investors should note that the company is currently loss-making and has relatively low revenue, while its unlisted valuation needs to be supported by future growth in eNWR adoption and transaction volumes.
Overall: A niche financial-infrastructure opportunity with strong institutional backing and long-term potential, but investors should remain conscious of current losses, adoption risk and unlisted-share liquidity.
Disclaimer
The information provided is based on publicly available company, regulatory and financial information and is intended for informational purposes only.
Unlisted shares involve risks including limited liquidity, valuation uncertainty, volatility, dilution and potential loss of capital. Investors should conduct independent due diligence before investing.
For much such unlisted stocks visit https://unlistedcart.com/unlisted-shares/
