Fusion Techstack Unlisted Shares
Fusion Techstack Limited was earlier the Indian Commodity Exchange (ICEX). It gave up its exchange recognition and now plans business in technology and data services. In FY25 it earned ₹616.10 lakh of other income and a profit of ₹110.32 lakh.
Read the full company profile
Key facts
Fusion Techstack share details
- Lot size
- 10,000 shares
- Min. investment
- ₹44,500
- Face value
- ₹5
- Implied market cap
- ₹237 Cr
- Shares outstanding
- 533,507,476
- Headquarters
- Navi Mumbai, Maharashtra
- Website
- icexindia.com
- ISIN
- INE678L01012
- CIN
- U67120GJ2008PLC099142
- Lock-in after IPO
- 6 months
Price history
Fusion Techstack share price chart
1Y change
+4.71%
High
₹5.50
Low
₹2.60
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Fusion Techstack
Fusion Techstack Limited was known as Indian Commodity Exchange Limited (ICEX) until September 2025. ICEX ran a SEBI-regulated commodity derivatives exchange, with contracts in areas such as spices, metals and diamonds. The company voluntarily surrendered its exchange recognition, SEBI accepted this on March 29, 2023, and SEBI issued a formal Exit Order on December 10, 2024. It therefore ceased to be an exchange by the end of FY25.
After that, shareholders approved changes to its Memorandum and Articles through a postal ballot on July 10, 2025. The Ministry of Corporate Affairs approved the new name, Fusion Techstack Limited, on September 09, 2025. The company says it wants to pursue new business in technology, data services and allied areas. The annual report does not yet show revenue from these new activities.
The numbers show a company in transition. There was no revenue from operations in FY25 against ₹0.61 lakh in FY24. Other income, which is mostly interest and treasury income, was ₹616.10 lakh in FY25 against ₹961.34 lakh in FY24. Profit after tax was ₹110.32 lakh in FY25 against ₹291.66 lakh in FY24. These are standalone figures from the audited accounts. The company has no subsidiaries and no borrowings.
The paid-up capital is 53,35,07,476 equity shares of ₹5 each as on March 31, 2025. Reliance Exchangenext Limited held 16.33% and MMTC Limited held 6.00% in the promoter list for that date. The company is led by Mr. Tridibnath Swain as Chief Executive Officer, with a board of five directors.
Fusion Techstack is not listed on any stock exchange. Its unlisted shares are dealt off-market between buyers and sellers, and the indicative price on IPO Guru is ₹4.75 per share with a lot size of 10000 shares. These prices are only indications and not a recommendation. The company has not announced any IPO plan.
Strengths
- The company has no borrowings. The auditor's report states that it does not have any loans or other borrowings.
- Net worth rose to ₹701909.53 thousand as on March 31, 2025 from ₹263072.26 thousand a year earlier, as the settlement guarantee fund of ₹427473.82 thousand was released into equity.
- It stayed profitable in FY25 with a profit after tax of ₹110.32 lakh, even though there was no revenue from operations.
- Total assets of ₹783900.99 thousand include loans and advances of ₹361813.50 thousand and non-current investments of ₹130000.00 thousand, which generate the interest income.
- The board has three independent directors and the company has no subsidiary, associate or joint venture, so the structure is simple.
- Shareholders include MMTC Limited with 6.00% and Reliance Exchangenext Limited with 16.33%, as listed in the promoter shareholding table.
Risks
- There is no operating business at present. Revenue from operations was nil in FY25 and ₹0.61 lakh in FY24, so the new technology and data services plan is still unproven.
- Profit comes from other income, which fell to ₹616.10 lakh in FY25 from ₹961.34 lakh in FY24. Profit after tax fell to ₹110.32 lakh from ₹291.66 lakh.
- Cash flow from operations was negative at ₹71763.08 thousand in FY25 and ₹96361.53 thousand in FY24, so the company relies on interest income and its existing funds.
- Accumulated losses are large. Other equity is negative at ₹1965627.85 thousand as on March 31, 2025, against paid-up share capital of ₹2667537.38 thousand.
- The company lost its exchange recognition. SEBI's Exit Order of December 10, 2024 ended the business that the company was built for.
- A large part of the assets is loans and advances of ₹361813.50 thousand and other current assets of ₹226736.73 thousand. Recovery depends on the counterparties.
- Old disputes from the merged NMCE remain, including recovery suits and a case on 3,04,52,949 shares held by Neptune Overseas Limited that carry no voting rights.
- The Chief Financial Officer left on September 11, 2024 and the Company Secretary left on December 13, 2024, as stated in the annual report.
- The shares are unlisted. Trades happen off-market at indicative prices, and liquidity can be thin. No IPO has been announced.
Financials
Fusion Techstack financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY25Latest | FY24 |
|---|---|---|
| Revenue (₹ Cr) | 0.00 | 0.01 |
| PAT (₹ Cr) | 1.10 | 2.92 |
| PAT Margin (%) | — | 29,200.00 |
| RoNW (%) | 1.57 | 11.10 |
| EPS (₹) | 0.02 | 0.05 |
| Total Assets (₹ Cr) | 78.39 | 78.84 |
| Net Worth (₹ Cr) | 70.19 | 26.31 |
Swipe the table sideways for earlier years →
Leadership
Management team
Tridibnath Swain
Chief Executive Officer
Whole-time Key Managerial Personnel of the company.
Sushil Kumar Agrawal
Independent Director
Re-appointed for five years from June 23, 2025.
Vaishali Kale
Shareholder Director
Director on the board.
Suresh Babu Konakanchi
Shareholder Director
Director on the board.
Gopala Ramaratnam
Independent Director
Director on the board.
Shantanu Walke
Independent Director
Director on the board.
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Fusion Techstack unlisted shares: common questions
Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
