National E Repository Limited (NERL) Unlisted Shares - Company Overview
National E-Repository Limited (NERL) is engaged in the business of providing a platform for issuing negotiable warehouse receipts for commodities in electronic form. It offers services such as access to farmers & VCPs for Institutional finance, electronic record keeping of warehouse receipts, traceability of warehouse receipts, connectivity with commodity exchanges, connectivity with e-auction platform, access to FIS for lien creation, and other value-added services. It was incorporated in 2017 and has its registered office located in Maharashtra.
National E Repository Limited (NERL) Share Price, Share Details as of March 31, 2025
| National E Repository Limited (NERL) Outstanding Shares: | 8,10,00,000 |
| Face Value of National E Repository (NERL) Share: | Rs.10/- Per Equity Share |
| ISIN of National E Repository (NERL) Limited Share: | INE878X01013 |
| Lot Size of National E Repository (NERL) Share: | 1000 |
| National E Repository (NERL) Share Price: | Best In Industry |
| PAN Number of National E Repository (NERL): | AAFCN4933R |
| GST Number of National E Repository Limited (NERL): | 27AAFCN4933R1ZR |
National E Repository Limited (NERL) Incorporation Details
| National E Repository (NERL) Limited CIN Number | U93090MH2017PLC291035 |
| National E Repository Limited (NERL) Registration Date | 10-Feb-2017 |
| Category / Sub-Category of National E Repository Limited (NERL) | Public Companies having a share capital |
| National E Repository Limited Registered Office Address | NATIONAL E-REPOSITORY LIMITED, ACKRUTI CORPORATE PARK, 1ST FLOOR, NEAR G.E GARDEN, KANJURMARG (W), MUMBAI 400078. |
| National E Repository Limited Registrar & Transfer Agent Address | LINK INTIME INDIA PRIVATE LIMITED, C 101, Embassy 247, L.B.S. Marg, Vikhroli (West), Mumbai - 400083 |
National E Repository (NERL) Limited Board of Directors
| Board Of Directors | Post |
| Saurabh Khanna | CEO & Managing Director |
| Kalyani Kaustubh Mundada | Chief Financial Officer |
| Ankit Dipak Shah | Company Secretary |
Details of promoters holding shares in the Company
| Promoter Name | Number of Shares | % of Total Shares |
| National Commodity & Derivatives Exchange Limited (NCDEX) | 54,451,000 | 67.22% |
| National Bank for Agriculture and Rural Development (NABARD) | 10,530,000 | 13.00% |
| ICICI Bank Limited | 8,019,000 | 9.90% |
| State Bank of India | 8,000,000 | 9.88% |
National E Repository Limited (NERL) Standalone Balance Sheet (Rs. in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Non-Current Assets | ||
| Property, Plant & Equipment | 32.83 | 29.73 |
| Intangible assets | 66.61 | 211.57 |
| Intangible assets under development | 77.68 | 46.99 |
| Goodwill | 1,187.69 | 1,187.69 |
| Non Current bank balances | 1,121.00 | 943.00 |
| Others | 89.75 | 51.82 |
| Income tax assets | 57.01 | 82.37 |
| Deferred tax assets | 1,110.43 | 979.15 |
| Other non-current assets | 4.59 | 4.42 |
| Current Assets | ||
| Trade Receivables | 197.79 | 184.72 |
| Cash and cash equivalents | 109.40 | 188.39 |
| Bank balances other than cash & cash equivalents | 1,587.00 | 2,132.09 |
| Others | 106.02 | 97.64 |
| Other current assets | 48.03 | 40.02 |
| Total Assets | 5,803.83 | 6,179.60 |
| Equity | ||
| Equity share capital | 8,100.00 | 8,100.00 |
| Other equity | -3,489.56 | -3,074.95 |
| Non-current liabilities | ||
| Provisions | 85.71 | 60.45 |
| Current liabilities | ||
| Trade payables | ||
| Total outstanding dues of micro & small enterprises | 38.86 | 22.93 |
| Total outstanding dues of creditors other than above | 62.94 | 31.98 |
| Deposit from repositories participants | 815.86 | 860.23 |
| Others | 31.62 | 35.11 |
| Other current liabilities | 31.29 | 22.01 |
| Provisions | 127.11 | 121.84 |
| Total equity and liabilities | 5,803.83 | 6,179.60 |
Standalone Profit & Loss Statement (Rs. in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Income | ||
| Revenue from operations | 965.42 | 858.19 |
| Other income | 235.15 | 231.87 |
| Total income | 1200.57 | 1090.06 |
| Expenses | ||
| Employee benefit expense | 954.12 | 888.92 |
| Technology Expenses | 272.11 | 216.57 |
| Depreciation and amortisation | 213.64 | 401.21 |
| Other expenses | 292.67 | 256.35 |
| Total expenses | 1732.54 | 1763.05 |
| Profit before tax | -531.99 | 672.99 |
| Deferred tax | -133.77 | -171.62 |
| Total profit (loss) After Tax | -398.21 | -501.37 |
| Other Comprehensive Income | ||
| Items that will not be reclassified to profit or loss: | ||
| Remeasurement of defined benefit plans | -21.89 | -12.65 |
| Income tax on above | 5.51 | 3.18 |
| Other comprehensive income | -16.38 | -9.47 |
| Total comprehensive income | -414.59 | -510.84 |
| Earnings Per Share (EPS) | ||
| Basic | -0.49 | -0.62 |
| Diluted | -0.49 | -0.62 |
Standalone Cash Flow Statement (Rs. in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Cash flows from operating activities | ||
| Profit/(Loss) Before tax | -531.99 | 672.99 |
| Adjustments for: | ||
| Depreciation and Amortisation | 213.64 | 491.21 |
| Interests Expenses (MSME) | -0.15 | 0.16 |
| Excess provision written back for bad & doubtful debts | -0.35 | - |
| Provisions for doubtful debts | - | 0.4 |
| Interest Income | -219.02 | -221.4 |
| Operating cash flow before changes in assets and liabilities | -538.65 | -492.53 |
| Adjustments for: | ||
| Decrease/(Increase) in Trade receivables | -12.72 | -37.78 |
| Decrease/(Increase) in Other financial & Non-financial assets | -8.58 | -13.98 |
| Decrease/(Increase) in Trade payables and provisions | 64.8 | 11.23 |
| Decrease/(Increase) in Deposits from Repository Participants | -44.37 | -18.75 |
| Cash generated from Operations | -529.54 | -551.8 |
| Income tax (paid)/received | 26.37 | 64.55 |
| Net Cash inflow from Operating Activities | -614.17 | -487.25 |
| Cash flows from Investing activities | ||
| Purchase of tangible and intangible PPE including CWIP | -75.13 | -18.15 |
| Intangible assets under development | -30.69 | -14.69 |
| Investments in fixed deposits | 367.09 | 436.14 |
| Interest Income | 173.91 | 237.59 |
| Net cash flows from Investing Activities | 435.18 | 640.86 |
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -78.59 | 153.61 |
| Net increase (decrease) in cash and cash equivalents | 188.39 | 34.78 |
| Cash and cash equivalents at end of period | 109.4 | 188.39 |
Summary of the Cash Flow Statement for the years 2025 and 2024:
Cash Flow from Operating Activities
The company’s core operations show a negative trend in both years. In FY 2025, it recorded a loss before tax of ₹531.99 lakhs, compared to a profit of ₹672.99 lakhs in FY 2024. Despite non-cash adjustments such as depreciation and amortisation (₹213.64 lakhs in 2025 vs. ₹491.21 lakhs in 2024) and the exclusion of interest income, the operating cash flow before working capital changes remained negative at ₹–538.65 lakhs in 2025 and ₹–492.53 lakhs in 2024.
Working capital movements provided some relief—particularly an increase in trade payables of ₹64.8 lakhs in 2025. However, these were offset by higher deposits from repository participants (₹–44.37 lakhs) and receivables (₹–12.72 lakhs). As a result, cash generated from operations was still negative at ₹–529.54 lakhs in 2025, similar to ₹–551.8 lakhs in 2024. After accounting for taxes paid/received, the net operating cash outflow worsened to ₹–614.17 lakhs in 2025, compared with ₹–487.25 lakhs in 2024.
In summary, the company is consuming cash in its operating activities, which raises concerns about its ability to sustain itself without external support or strong investment inflows.
Cash Flow from Investing Activities
On the investment side, the company generated positive cash flows in both years. In FY 2025, it invested in property, plant, and equipment (₹75.13 lakhs) and intangible assets under development (₹30.69 lakhs). However, these outflows were more than offset by investments in fixed deposits (₹367.09 lakhs) and strong interest income (₹173.91 lakhs). Overall, net cash inflow from investing activities was ₹435.18 lakhs in 2025, though this was lower than the previous year’s ₹640.86 lakhs.
This indicates that while core business operations are draining cash, the company is relying on income from investments and deposits to support liquidity.
Net Change in Cash and Cash Equivalents
After combining operating and investing flows, the company posted a net decrease of ₹78.59 lakhs in cash before exchange rate adjustments for 2025, compared to a healthy increase of ₹153.61 lakhs in 2024. Interestingly, after adjustments, there was still a positive net movement of ₹188.39 lakhs in 2025, compared to ₹34.78 lakhs in 2024.
Consequently, the company closed FY 2025 with cash and cash equivalents of ₹109.4 lakhs, down from ₹188.39 lakhs at the end of FY 2024.
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