National E-Repository Limited Unlisted Shares: A Comprehensive 2025 Analysis
02 December 2025 ·
A detailed 2025 analysis of National E-Repository Limited (NeRL), its unlisted share price, fundamentals, financials, promoter backing, and long-term outlook.
Introduction
The unlisted market is attracting increasing attention from investors seeking early exposure to companies shaping India’s digital and financial infrastructure. One such entity is National E-Repository Limited (NeRL) — a regulated commodity repository providing electronic negotiable warehouse receipts (eNWRs). As awareness grows around warehouse-based financing, digital collateral management, and agricultural supply-chain reforms, interest in national e repository limited unlisted shares is rising steadily.
This article provides an in-depth analysis of NeRL’s unlisted shares, including price insights, fundamentals, financial performance, strengths, risks, shareholding, and overall business outlook for 2025.
About National E-Repository Limited (NeRL)
National E-Repository Limited (NeRL) was established in 2017 by the National Commodity & Derivatives Exchange (NCDEX) as India’s first dedicated electronic commodity repository. It operates under the regulatory supervision of the Warehousing Development and Regulatory Authority (WDRA) and plays a crucial role in digitizing India’s agricultural ecosystem.
NeRL enables the issuance and management of:
eNWRs – Electronic Negotiable Warehouse Receipts
eNNWRs – Non-Negotiable Warehousing Receipts
Warehouse-based pledging
Digital settlement of commodity ownership
Its platform serves:
Farmers
FPOs
Traders
Agri-processors
Banks & NBFCs
Warehouse operators
Commodity ecosystem participants
NeRL’s mission is to make commodity trading transparent, efficient, and digitally secured through technology-driven repository services. With rapid expansion in warehouse networks and eNWR volumes, the company has become a foundational player in India’s commodity finance ecosystem.
Key Fundamentals (FY2025)
| Metric | Value |
|---|---|
| Unlisted Share Price | ₹63 |
| Market Cap | ₹510.30 Cr |
| ISIN | INE878X01013 |
| Face Value | ₹10 |
| EPS | -0.49 |
| P/B Ratio | 11.07 |
| Book Value | 5.69 |
| Debt-to-Equity Ratio | 0 |
Financial Performance Analysis (FY2021–FY2025)
| Year | Net Revenue (₹ Cr) | Growth % |
|---|---|---|
| FY2025 | 9.65 | 12.49% |
| FY2024 | 8.58 | 15.69% |
| FY2023 | 7.42 | -23.73% |
| FY2022 | 9.73 | 77.82% |
| FY2021 | 5.47 | - |
Operating Performance
| Year | Operating Profit (₹ Cr) | OPM (%) |
|---|---|---|
| FY2025 | -5.53 | -57.33% |
| FY2024 | -4.98 | -58.05% |
| FY2023 | -4.36 | -58.76% |
| FY2022 | -0.19 | -1.99% |
| FY2021 | -4.45 | -81.38% |
Profit After Tax (PAT)
| Year | PAT (₹ Cr) | PAT % |
|---|---|---|
| FY2025 | -3.98 | -41.25% |
| FY2024 | -5.01 | -58.42% |
| FY2023 | -5.50 | -74.21% |
| FY2022 | -2.70 | -27.75% |
| FY2021 | -5.46 | -99.92% |
Strengths of NeRL
1. Strong Growth in Customer Base
NeRL’s user base expanded to 9,980 active customers in FY24 (up 27% YoY).
Network includes:
76 pledgee banks/NBFCs
1,096 WDRA-registered warehouses
99 Repository Participants
Presence across 17 states and 1 Union Territory
2. Robust Transaction Growth
eNWR issuance volume increased 48.3% YoY
Commodity value under eNWR crossed ₹5,711 crore, doubling in a year
eNNWRs recorded 70.7% growth
3. Strong Institutional Shareholders
Promoters include NCDEX, NABARD, ICICI Bank, and SBI — lending trust and sectoral leadership.
Key Weaknesses & Risks
1. Ongoing Losses
Despite revenue growth, NeRL remains loss-making with no dividend potential as of FY2025.
2. Regulatory Dependency
Business entirely depends on WDRA regulations.
Policy changes can directly impact operations.
3. Limited Business Diversification
All revenue comes from repository services, making the company sensitive to warehousing-sector fluctuations.
Board of Directors & Management
NeRL is managed by a seasoned leadership team with experience across agriculture, finance, commodities, and public policy.
Board of Directors
Mr. Siraj Hussain – Independent Director
CA P. K. Bindlish – Independent Director
Dr. B. B. Pattanaik – Independent Director
Mr. Arun Raste – Shareholder Director
Mr. Samir Sawhney – Shareholder Director
Mr. B. K. Singhal – Shareholder Director
Mr. Ankur Parwal – Shareholder Director
Executive Leadership
Mr. Saurabh Khanna – Managing Director & CEO
Outlook for 2025 and Beyond
NeRL operates in a sector supported by structured reforms:
Positive Drivers
Increasing adoption of eNWR-based financing
Larger warehouse digitization push
Government support for agri-logistics
Rising participation from banks and NBFCs
Challenges
Path to profitability may take time
Competition from private digital collateral platforms
Dependence on WDRA policy developments
Overall, NeRL remains a strategic infrastructure player with strong public-sector backing, growing transaction volumes, and expanding nationwide adoption.
Conclusion
National E-Repository Limited unlisted shares offer exposure to India’s transforming agricultural supply chain and the digitization of warehouse receipts. While the company is still loss-making, it demonstrates strong growth in network, transaction value, and institutional credibility.
For investors researching national e repository limited unlisted shares nerl, unlisted shares list, or potential future NSE listing, understanding financial trends and regulatory dynamics is crucial.
This analysis highlights both the prospects and limitations, helping investors make informed decisions in the evolving unlisted securities space.