About National e-Repository (NeRL) Unlisted Shares

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.

Overview of National e-Repository (NeRL) Unlisted Shares

Background And Establishment

National e-Repository Limited. (NeRL), is a Commodity Repository in India, established in February 2017. Its headquarter is located in Mumbai, Maharashtra, India and promoted by institutions of national stature like NCDEX (51%) with NABARD (13%), SBI (9.88%), and ICICI Bank (9.90%), as a market Infrastructure institution, that provides a platform for Issuing eWRs.

Core Business Model

NeRL launched as a national level market infrastructure institution that records and store Warehouse Receipts in electronic form in the Indian commodities market under the aegis of WDRA. WDRA has granted a certificate of registration to NeRL for providing an electronic Repository platform for the creation and management of electronic warehouse receipts (eWR) both Negotiable and Non-Negotiable.NeRL as Repository provides an online web based platform for creation, transfer, pledge and e-Auction of eWRs.

Services Offered By NeRL

e-NWR Issuance & Management

1. Creation of electronic warehouse receipts (e-NWRs) for commodities stored in WDRA-registered warehouses.
2. Enables digital ownership, tracking, and legal transferability.

Pledge Financing Enablement

1. Facilitates loan disbursal using e-NWRs as collateral.
2. Enables farmers and FPOs to avoid distress sales by getting post-harvest finance.
3. 80 Banks / NBFCs pledging against eNWR

Exchange-Based Services (via NCDEX)

1. Supports commodity delivery, settlement, and storage for trades on NCDEX.

Non-Exchange Based Services

1. Enables off-exchange/private e-NWR transactions (e.g., FPO to processor, bank pledging).
2. Used in private sales, financing, or inventory holding.
3. Charges apply for issuance, transfer, withdrawal, pledge services.

Management

SIRAJ HUSSAIN - Chairman, NERL

Visiting Senior Fellow at Indian Council for Research on International Economic Relations (ICRIER). Retired Secretary of Dept. of Agriculture, Co-operation and Farmers' Welfare (Gol) Independent Director

SAURABH KHANNA-Managing Director & Chief Executive Officer

Mr. Saurabh Khanna, an MBA from IMS DAVV, Indore, brings 25+ years of BFSI experience, having led agri and financial inclusion businesses at L&T Finance, Samunnati, Standard Chartered, ICICI Bank, and HSBC.

Abhishek Rai – Chief – Marketing & Human Resources

A founding member of NeRL, Mr. Rai has more than 24 years of experience across Human Resource functions, Training & Development, Consulting, and Business Development.

Siddhartha Sinha – Chief Technology Officer

Mr. Sinha is a seasoned business technology expert with over two decades of experience. He has held leadership roles at NCDEX

Timeline

Insights of National e-Repository (NeRL) Unlisted Shares

Industry Overview

1. The number of registered warehouses under WDRA has increased from 5,292 in 2023 to 7,476 in 2024.
2. The number of banks integrated with the eNWR ecosystem rose from 72 in 2023 to 93 in 2024.
3. The value of stocks under pledge reached ₹8,063 crore in 2024, up from ₹5,050 crore in 2023, representing 31.63% of the total deposited value in 2024 (vs. 26.4% in 2023, when the total deposited value was ₹19,124 crore).

Recent Updates

NCDEX SELL ITS STAKES IN NeRL

Details of the NERL Stake Sale:

1. Percentage of Stake Sold: 16.22%
2. Number of Shares Sold: 1,31,41,000
3. Amount Realized: ₹27 crore
4. Per Share Sale Price: ₹20.54
5. Current price(14 june 2025): ₹52

Valuation

1. Based on NCDEX’s stake sale, NeRL was valued at ₹20.54 per share, giving it a market capitalisation of ₹166 crore in early 2025.
2. If NeRL meets its own projections, revenue could grow by ~15% to ₹10 crore in FY25, though PAT may remain slightly negative for now.
3. Looking further ahead, if NeRL hits its long-term target of ₹50 crore revenue and ₹10 crore profit by FY2030, its valuation could rise sharply. A quick back-of-the-envelope estimate suggests a market cap of ~₹967 crore and a share price of around ₹120, assuming there's no dilution and the 8.1 crore outstanding shares remain constant.
4. NeRL is a bold bet on the digitization of agri-finance with strong backing and massive potential, but it's still early-stage, burning cash, and faces execution risks.
5. If adoption scales and agri-credit flows through its platform, it could be a multibagger; if not, the long wait and losses might test investor patience.

Recent News

1. Compound Annual Growth Rate (CAGR): The registration of warehouses with WDRA has been increasing at a CAGR of approximately 43% over the past two years.
2. Vardan Ceqube India Investment, a domestic SEBI registered AIF has secured an equity stake in National E Repository Ltd. (NeRL) through secondary market. This investment signifies confidence in NeRL's role within India's evolving digital warehousing ecosystem.
3. National e-Repository expects the Government move to allocate ₹1,000 crore towards Credit Guarantee Scheme for e-NWR (electronic-Negotiable Warehouse Receipts) based Pledge Financing to be a game changer in adoption of warehouse receipts and post-hard credit finance in market.
4. The ₹1,000 Cr guarantee fund, the government’s e-Kisan Upaj Nidhi portal is promoting eNWR‑linked loans for farmers (no-visit loan app for warehoused stock). These programs directly boost NeRL’s addressable market.