Fusion Techstack Limited (ICEX) Unlisted Shares

ICEX_INDIAN_COMMODITY_EX · Financials

Fusion Techstack Limited (ICEX)

ICEX_INDIAN_COMMODITY_EXFinancials

₹2.57

+0%

P/E Ratio

130

P/B Ratio

1.86

ROE

1.58%

Mkt Cap

₹139 Cr

52W Low ₹2.652W High ₹7.75

Settlement

18 Jun 2026

Min. units

10,000

About Fusion Techstack Limited (ICEX)

Indian Commodity Exchange Limited (ICEX) is a SEBI-regulated, online commodity derivatives exchange headquartered in the Mumbai region, offering a nationwide electronic trading platform via member brokers. ICEX lists contracts across commodities and is noted for launching the world’s first diamond futures contract; it expanded further after its amalgamation with the National Multi-Commodity Exchange (NMCE) in 2018, which broadened its product base and market reach. The exchange operates a demutualized structure and provides clearing and settlement services to participants, including hedgers and traders. Corporate and registered office details, governance, and membership information are available on its official site.

Key Highlights

Over the years, ICEX has faced challenges in maintaining profitability. For instance, the exchange reported significant net losses in FY 2019-20 and continued to show losses in subsequent years. These financial setbacks have impacted investor confidence and the company’s ability to scale execution effectively.
The commodity exchange market is highly competitive, with several well-reputable players, such as MCX (Multi Commodity Exchange) and NCDEX (National Commodity & Derivatives Exchange), dominating the space. ICEX’s marketplace share has remained relatively small, affecting its ability to attract significant volumes of trading activity.
ICEX has faced regulatory setbacks, including the new cancellation of its commodity license by SEBI due to its net-worth falling below the required threshold. This has cast a shadow on the exchange’s ability to operate and expand its business effectively.

Share Price & Details

Key figures for Fusion Techstack Limited (ICEX)

Price: ₹3
Market Cap: ₹139 Cr
P/E Ratio: 130
P/B Ratio: 1.86

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Analyst Insights

Investment Overview

Fusion Techstack Limited (ICEX) is an unlisted company operating in the Financials sector (Commodity Exchanges). Indian Commodity Exchange Limited (ICEX) is a SEBI-regulated, online commodity derivatives exchange headquartered in the Mumbai region, offering a nationwide electronic trading platform via member brokers. ICEX lists contracts across commodities and is noted for launching the world’s first diamond f…

Strengths

Financial Losses: Over the years, ICEX has faced challenges in maintaining profitability. For instance, the exchange reported significant net losses in FY 2019-20 and continued to show losses in subsequent years. These financial setbacks have impacted investor confidence and the company’s ability to scale execution effectively.
Decreasing Industry Share: The commodity exchange market is highly competitive, with several well-reputable players, such as MCX (Multi Commodity Exchange) and NCDEX (National Commodity & Derivatives Exchange), dominating the space. ICEX’s marketplace share has remained relatively small, affecting its ability to attract significant volumes of trading activity.
Regulatory Challenges: ICEX has faced regulatory setbacks, including the new cancellation of its commodity license by SEBI due to its net-worth falling below the required threshold. This has cast a shadow on the exchange’s ability to operate and expand its business effectively.

Key Risks

Innovation in Commodity Trading: ICEX has been a pioneer in introducing unique products like the Diamond Derivative Contract, establishing itself as an innovative exchange. The Paddy Basmati Futures Contract launch also reflects its proactive approach to creating new industry segments.
SEBI Recognition and Regulatory Compliance: ICEX is a SEBI-recognized commodity exchange, ensuring that it operates within the regulatory framework recognized for the Indian commodities market. This recognition enhances its credibility and provides security for investors.

Valuation View

The current unlisted market price is ₹2.57 per share with a market capitalisation of approximately ₹139 crore. The company is currently unlisted and investors should factor in illiquidity risk and longer holding horizons. Investors are advised to review the full financial data and consult an advisor before investing.

Fusion Techstack Limited (ICEX) Unlisted Shares