Indian Gas Exchange Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹430
- Market Cap
- ₹3,187.64 Cr
- ISIN
- INE0BI301012
- Face Value
- ₹10
- P/E Ratio
- 31.39
- EPS
- 13.7
- P/B Ratio
- 33.73
- Book Value
- 12.75
- Debt / Equity Ratio
- 0.8
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 |
|---|---|---|
| Revenue from Operations | 48.8 | 34.8 |
| Growth % | 40.03% | - |
| Operating Expenses | 13.3 | 11.5 |
| Growth % | 15.98% | - |
| Operating Profit | 35.5 | 23.4 |
| Operating Profit Margin % | 72.76% | 67.12% |
| Other Income | 20.3 | 19.8 |
| Finance Costs | 0.6 | 0.4 |
| Depreciation | 5.2 | 2.8 |
| Exceptional Items | -0.3 | -0.1 |
| Profit Before Tax | 49.7 | 39.9 |
| Tax | 9.5 | 7.7 |
| Tax % | 19.15% | 19.23% |
| Profit After Tax | 18.5 | 12.3 |
| Growth % | 51.10% | - |
| PAT % | 37.93% | 35.15% |
| Diluted EPS | 13.7 | 9.83 |
Company Financials
| Metric | FY2025 | FY2024 |
|---|---|---|
| Equity Capital | 14.9 | 6.6 |
| Reserves and surplus | 79.6 | 36.3 |
| Total Equity | 94.5 | 42.9 |
| Long term Borrowings | 3.1 | 4.0 |
| Long term Provisions | 0.0 | 0.0 |
| Other Non-Current Liabilities | 0.4 | 0.4 |
| Total Non current Liabilities | 3.5 | 4.4 |
| Short term Borrowings | 81.2 | 53.7 |
| Short term Provisions | 6.6 | 4.8 |
| Trade Payables | 52.7 | 21.5 |
| Other Current Liabilities | 2.0 | 2.5 |
| Total current Liabilities | 142.5 | 82.5 |
| Equity + Liabilities | 240.5 | 129.8 |
| Fixed Assets (incl. WIP) | 17.8 | 14.4 |
| Other Non Current Assets | 6.8 | 3.9 |
| Total Non current Assets | 24.6 | 18.3 |
| Inventories | 150.0 | 94.2 |
| Trade Receivables | 41.9 | 1.8 |
| Cash & Cash Equivalents | 6.8 | 4.8 |
| Short term loans and advances | 5.4 | 1.4 |
| Other Current Assets | 11.9 | 9.2 |
| Total current Assets | 216.0 | 111.5 |
| Total Assets | 240.6 | 129.8 |
Shareholding Pattern
- Indian Energy Exchange Limited
- 47.96%%
- NSE Investments Limited
- 25.98%%
- Others
- 26.06%%
Strengths & Weaknesses
Strengths
- Strong Revenue Growth with Improving Profitability: Revenue from operations surged 40% YoY from Rs. 34.85 Cr in FY24 to Rs. 48.80 Cr in FY25, reflecting accelerating gas trading volumes on the exchange platform. PAT has also increased 51% to reach Rs. 18.5 Cr in FY25
- High-Margin Business Model: IGX operates as a digital trading platform with low physical inventory. PAT Margin of ~45% underscores the viability of the business model.
- First-Mover Advantage in India's Gas Exchange Market: IGX is India's first and only PNGRB-approved automated national gas exchange. It received PNGRB approval in December 2020 and enables multi-buyer, multi-seller spot and forward gas trading at designated physical hubs. This creates a durable competitive advantage as India's gas infrastructure expands.
- Introduction of Derivatives contracts: National Stock Exchange of India announced a collaboration with the Indian Gas Exchange (IGX) on Wednesday to introduce exchange-traded derivatives based on natural gas traded and delivered on the IGX platform.
Weaknesses
- Revenue Concentration in a Single, Nascent Market: IGX derives a sizeable portion of its revenue from gas exchange transaction fees, annual subscriptions, and membership fees. A slowdown in gas demand, pricing disruptions, or regulatory changes could materially impair revenues with no diversification buffer.
About Indian Gas Exchange Ltd
The Indian Gas Exchange (IGX) is India’s first authorized, fully automated, and online delivery-based trading platform for natural gas, launched to enable fair market-driven pricing and enhance domestic gas trading.
Board of Directors
- Rajesh Kumar Mediratta - Managing Director
- Prof. R. Vaidyanathan - Chairman and Independent Director
- Bharathi Sivaswami Sihag - Independent Director
- Neeraj Chandra - Independent Director
- Dinesh Kumar Sarraf - Non Executive Director
- Ian de Souza - Non Executive Director
- Gautam Dalmia - Non Executive Director
Senior Management
- Rajesh Kumar Mediratta - Chief Executive Officer
- Deepak Mehta - Chief Business Officer
- Deepak Sonthaliya - Chief Financial Officer