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Company Overview
Power Exchange India Limited (PXIL) is one of India’s leading electronic platforms for electricity trading, enabling transparent, efficient, and competitive transactions in the power sector. Established in 2008, PXIL operates as a public–private partnership under the framework of the Power Market Regulations and is regulated by the Central Electricity Regulatory Commission (CERC). The exchange plays a pivotal role in connecting power generators, distribution companies, industrial consumers, and other stakeholders, fostering market-driven price discovery and enhancing overall energy efficiency.
PXIL offers a technologically advanced and secure platform for trading electricity and associated instruments across multiple market segments. Its key offerings include the Day-Ahead Market (DAM), which allows trading of electricity for next-day delivery; the Term-Ahead Market (TAM), enabling transactions up to 11 days in advance; Renewable Energy Certificates (REC), which help obligated entities comply with Renewable Purchase Obligations (RPOs); and Energy Saving Certificates (ESCerts), traded under the Perform, Achieve, and Trade (PAT) scheme to incentivize energy efficiency. Through these products, PXIL facilitates renewable energy integration into the national grid while promoting sustainability and operational efficiency.
The company’s revenue model is structured around transaction-based and service-driven income. Major sources include platform access fees charged to participants, transaction fees based on trading volume, and ancillary services such as REC/ESCert facilitation, market intelligence, and data analytics. PXIL also emphasizes product innovation, introducing solutions like the Green Day-Ahead Market to meet the evolving needs of India’s energy ecosystem. This combination of regulatory compliance, governance, and innovation ensures market integrity and long-term growth.
PXIL’s ownership structure is supported by some of the most credible institutions in India’s financial and power sectors. Key investors include the National Stock Exchange of India (NSE), bringing unmatched financial market expertise; the National Commodity & Derivatives Exchange Limited (NCDEX), contributing deep experience in exchange operations; and NTPC Vidyut Vyapar Nigam Ltd. (NVVN), a wholly-owned subsidiary of NTPC Ltd., which acquired a 5% stake in January 2022. This strong shareholder base reinforces PXIL’s credibility and positions it as a vital player in shaping the future of India’s electricity markets.
Fundamentals
| Parameter | Details | Parameter | Details |
|---|---|---|---|
| Price (Per Equity Share) | Contact us to know share price | P/E Ratio | 150.27 |
| Lot Size | 1000 Shares | P/B Ratio | 32.56 |
| 52 Week High | ₹645 | Debt to Equity | 0.16 |
| 52 Week Low | ₹300 | ROE (%) | 24.05 |
| Depository | Only NSDL | Book Value | ₹17.35 |
| PAN Number | AAECP6452C | Face Value | ₹10 |
| ISIN Number | INE03N601010 | Total Shares | 5,84,70,050 |
| CIN | U74900MH2008PLC179152 | Market Cap (in ₹ Cr.) | ₹3,304 |
| RTA | MUFG Intime India |
Promoters & Managements
| Name | Designation | Experience |
|---|---|---|
| Ashok Sethi | Chairman | 40+ Years |
| Satyajit Ganguly | MD & CEO | 35+ Years |
P&L Statement (₹ in Cr.)
| Particulars | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 35.22 | 48.00 | 54.00 |
| Cost of Material Consumed | 0 | 0 | 0 |
| Gross Margins (%) | 100 | 100 | 100 |
| Change in Inventory | 0 | 0 | 0 |
| Employee Benefit Expenses | 7.87 | 8.40 | 11.00 |
| Other Expenses | 10.51 | 14.40 | 19.00 |
| EBITDA | 16.84 | 25.20 | 24.00 |
| OPM (%) | 47.81 | 52.50 | 44.44 |
| Other Income | 4.92 | 7.30 | 9.00 |
| Finance Cost | 0.44 | 0.40 | 0.50 |
| D&A | 2.86 | 3.00 | 3.30 |
| EBIT | 13.98 | 22.20 | 20.70 |
| EBIT Margins (%) | 39.69 | 46.25 | 38.33 |
| PBT | 18.46 | 29.00 | 29.00 |
| PBT Margins (%) | 52.41 | 60.42 | 53.70 |
| Tax | 2.70 | 7.40 | 7.00 |
| PAT | 15.76 | 21.60 | 22.00 |
| NPM (%) | 44.75 | 45.00 | 40.74 |
| EPS (₹) | 2.70 | 3.69 | 3.76 |
Balance Sheet (₹ in Cr.)
| Assets | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 6.63 | 5.40 | 4.00 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0.40 | 1.60 |
| Trade Receivables | 0.61 | 0.14 | 0.03 |
| Inventory | 0 | 0 | 0 |
| Other Assets | 197.76 | 167.06 | 347.37 |
| Total Assets | 205 | 173 | 353 |
| Liabilities | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 58.47 | 58.47 | 58.47 |
| FV (₹) | 10 | 10 | 10 |
| Reserves | -10.00 | 11.40 | 33.00 |
| Borrowings | 0 | 14.50 | 15.00 |
| Trade Payables | 1.39 | 2.70 | 9.00 |
| Other Liabilities | 155.14 | 85.93 | 237.53 |
| Total Liabilities | 205 | 173 | 353 |
Cash Flow Statement (₹ in Cr.)
| Particulars | 2022 | 2023 | 2024 |
|---|---|---|---|
| PBT | 15.73 | 29.10 | 29.00 |
| OPBWC | 18.60 | 26.70 | 24.00 |
| Change in Receivables | -0.59 | 0.40 | 0.11 |
| Change in Inventories | 0 | 0 | 0 |
| Change in Payables | 0.40 | 0 | 0 |
| Other Changes | 69.40 | -60.50 | 147.89 |
| Working Capital Change | 69.21 | -60.10 | 148.00 |
| Cash from Operations | 87.81 | -33.40 | 172.00 |
| Tax | 0.50 | -3.70 | -7.00 |
| CFO | 88.31 | -37.10 | 165.00 |
| Purchase of PPE | -1.70 | -2.10 | -2.36 |
| Sale of PPE | 0 | 0 | 0 |
| Cash from Investments | -12.10 | -19.50 | -7.00 |
| Borrowing | 0 | 0 | 0 |
| Dividend | 0 | 0 | 0 |
| Equity | 0 | 0 | 0 |
| Others from Financing | 0.75 | -0.95 | 0.90 |
| CFF | 0.75 | -0.95 | 0.90 |
| Net Cash Generated | 76.96 | -57.55 | 158.90 |
| Cash at Start | 24.00 | 99.40 | 42.00 |
| Cash at End | 100.96 | 41.85 | 200.90 |
Share Holding Pattern
| Shareholder | 2022 | 2023 | 2024 |
|---|---|---|---|
| NSE Investments Ltd. | 29.21 | 29.21 | 29.21 |
| National Commodity & Derivatives Exchange Ltd. | 34.21 | 34.21 | 33.08 |
| GMR Energy Ltd. | 6.84 | 6.84 | 6.84 |
| West Bengal State Electricity Distribution Co. Ltd. | 6.84 | 6.84 | 6.84 |
| Power Finance Corporation Ltd. | 5.51 | 5.51 | 5.51 |
| Gujarat Urja Vikas Nigam Ltd. | 4.28 | 4.28 | 4.28 |
| Tata Power Trading Co. Ltd. | 4.28 | 4.28 | 4.28 |
| NTPC Vidyut Vyapar Nigam Ltd. | 5.00 | 5.00 | 5.00 |
| Others | 3.82 | 3.82 | 4.96 |
Frequently Asked Questions (FAQ)
Find answers to common questions, providing clarity and insights to address any queries on your mind.
Contact Us: Reach out to Unlistify to confirm availability and agree on a price.
Provide KYC: Submit your Client Master Report, PAN card, and a cancelled cheque.
Make Payment: Transfer funds to our designated bank account (RTGS/NEFT/IMPS/cheque). Ensure the payment originates from the same account where you want the shares credited.
Receive Shares: We’ll transfer the shares to your Demat account within 24 hours of payment confirmation.
Get a Quote: Unlistify will provide a buyback price for your holding shares.
Share Details: Submit your Client Master Report.
Transfer Shares: Transfer the said shares to our Demat account using a DIS (Delivery Instruction Slip).
Receive Payment: We’ll transfer funds to your bank account within 24 hours of receiving the shares (RTGS/NEFT/IMPS/cheque). For security reasons, payment will only be made to the account linked to your Demat
DIS (Delivery Instruction Slip): A DIS is a form used to authorize the transfer of shares from your Demat account.
Methods:
Offline DIS: Fill out a physical DIS form with details like the ISIN number, quantity, price of your shares, and our account information. Submit this to your broker.
Online DIS: Some brokers offer online DIS systems for easier transfers.
Unlistify aims to make unlisted share investing accessible. The current minimum investment for Unlisted Shares is approximately 35,000 – 50,000 INR. It will also vary as per shares because every share has a different price.
Limited Liquidity: Unlisted shares are not traded on public exchanges, making it potentially harder to find buyers when you want to sell.
Price Volatility: Prices can fluctuate more than listed shares due to less publicly available information.
Regulatory Changes: Regulations for unlisted shares can change, affecting their value and trading.
Company-Specific Risks: Each company has its own risks related to its industry, financials, and management.
No Guarantee of Listing: There’s no assurance that unlisted shares will ever be listed on a public exchange.
Market Leader: Unlistify is one of India’s fastest-growing unlisted share platforms.
Transparency: We provide clear information about each unlisted share, including potential risks.
Security: We prioritize the protection of your financial information.
Customer Support: Our team is dedicated to guiding you through the investment process.
Latest Funding: We consider the valuation from most recent funding round.
Comparable Companies: If there’s no recent funding, we analyze similar listed companies to estimate a fair value.
SEBI’s Influence: SEBI regulations do apply to some aspects of unlisted share trading, such as lock-in periods and transaction charges. However, there are no specific SEBI regulations for becoming an unlisted broker.
We aim for same-day transfer of Unlisted Shares to your Demat account after your payment is confirmed.
Tax Transition: Once your unlisted shares are listed and sold on an exchange, standard listed share tax rules apply.
Holding Period: Your holding period (for determining long-term vs. short-term capital gains tax) starts from the original unlisted purchase date.
