IPO announced
Indian Gas Exchange is heading for an IPO
An IPO has been announced. Issue details are on the IPO page.
Indian Gas Exchange Unlisted Shares
Indian Gas Exchange runs India's first authorised national level physical delivery based gas trading exchange. It is a subsidiary of Indian Energy Exchange and has 360 registered participants as of FY26.
Read the full company profile
Key facts
Indian Gas Exchange share details
- Lot size
- 250 shares
- Min. investment
- ₹118,750
- Face value
- ₹10
- Implied market cap
- ₹3,563 Cr
- Shares outstanding
- 75,000,000
- Headquarters
- Noida, Uttar Pradesh
- Website
- igxindia.com
- ISIN
- INE0BI301012
- CIN
- U74999DL2019PLC357145
- Lock-in after IPO
- 6 months
Price history
Indian Gas Exchange share price chart
1Y change
+9.20%
High
₹475
Low
₹398
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
IPO journey
Indian Gas Exchange IPO status: DRHP filed with SEBI
Indian Gas Exchange has filed its draft offer document with SEBI. SEBI reviews it before the company can launch an IPO.
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29 Jul 2026DRHP filed with SEBI
About
About Indian Gas Exchange
Indian Gas Exchange Limited (IGX) runs an online marketplace where natural gas is bought and sold for physical delivery. The DRHP describes it as India's first and only authorised national level physical delivery based gas trading exchange. Gas producers, gas marketing companies, city gas distribution companies, power generation companies, refineries, fertilizer companies, LNG terminal operators and industrial consumers trade on it.
The company earns from transaction fees, annual subscription fees and membership, processing and transfer fees. It has one operating segment. Gas is delivered at 19 delivery points across India, connected to five regional hubs: Northern, Southern, Eastern, Western and Central. In FY26 the exchange traded 76.79 Mn MMBTu across 1,924 trades, with a total trade value of ₹71,815.36 million. It had 360 registered participants at the end of FY26.
On the restated financials in the DRHP, revenue from operations was ₹610.05 million in FY26, up from ₹488.01 million in FY25 and ₹348.49 million in FY24. Profit after tax was ₹420.22 million in FY26. The company has no borrowings in any of the three years.
The promoter is Indian Energy Exchange Limited (IEX), a listed power exchange, which holds 35,460,000 equity shares or 47.28% before the offer. NSE Investments Limited holds 24.75%, and Oil and Natural Gas Corporation Limited and GAIL (India) Limited hold 4.92% each. The company had 75,000,000 equity shares at the DRHP date, and 706 other public shareholders.
IGX filed its DRHP with SEBI on 29 July 2026 (the draft is dated July 14, 2026). The IPO is a pure offer for sale of up to 16,710,000 equity shares by IEX, so the company itself will not receive money from the issue. The lead managers are Axis Capital Limited and Motilal Oswal Investment Advisors Limited. Until it lists, shares of a company like this are dealt off-market through unlisted share dealers at indicative prices, which currently show around ₹475 with a lot size of 250 shares. These prices are not set by an exchange.
Strengths
- It is described in the DRHP as India's first and only authorised physical delivery based gas trading exchange, which gives it a first-mover position.
- Revenue from operations grew from ₹348.49 million in FY24 to ₹610.05 million in FY26, and profit after tax grew from ₹230.50 million to ₹420.22 million.
- The business is very profitable. EBITDA margin was 96.07% and net profit ratio was 68.88% in FY26.
- The company has no borrowings in FY24, FY25 and FY26, and net worth rose to ₹1,790.34 million in FY26.
- Trade volume rose from 40.84 Mn MMBTu in FY24 to 76.79 Mn MMBTu in FY26, and registered participants rose from 303 to 360.
- The industry report cited in the DRHP expects the addressable market for exchange based gas trading to grow at about 24.7% a year from FY26 to FY30, against about 11.7% for overall gas consumption.
- Return on net worth was 23.47% in FY26 and the promoter, IEX, is a listed exchange with domain and technology experience.
Risks
- Revenue depends on trading volumes. An inability to maintain or grow volumes on the exchange can hurt results.
- The top 10 participants accounted for 66.47% of revenue from operations in FY26, and the top five for 39.08%. Losing key participants would matter.
- The business depends on gas policy and rules from the MoPNG and the PNGRB. The current rule permits only up to 10% of domestic production to be traded through gas exchanges.
- The exchange depends on access to the national gas pipeline network and delivery points, and on global gas supply for contracts to be executed.
- Any failure or downtime of its IT systems, or of third party technology vendors, could disrupt trading.
- It benefits from support of its promoter IEX and from people associated with IEX. If IEX is not associated with it in future, the business could suffer.
- Its share of India's gas consumption was only about 2.82% in FY26, so growth depends on the market deepening.
- Net cash from operating activities swung widely, from ₹(1,898.19) million in FY24 to ₹32.87 million in FY25 and ₹1,566.85 million in FY26, so cash flow has not been steady.
- The statutory auditors included reporting matters about accounting software maintained by a third party for the year starting April 1, 2025, although no adjustment was needed.
- Directors face 3 criminal and 1 tax proceeding, with an aggregate amount involved of ₹1.89 million, and the promoter faces 1 tax proceeding involving ₹50.30 million.
Financials
Indian Gas Exchange financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 61.01 | 48.80 | 34.85 |
| EBITDA (₹ Cr) | 58.61 | 46.09 | 33.92 |
| PAT (₹ Cr) | 42.02 | 30.79 | 23.05 |
| EBITDA Margin (%) | 96.07 | 94.45 | 97.33 |
| PAT Margin (%) | 68.87 | 63.09 | 66.14 |
| RoNW (%) | 23.47 | 20.84 | 19.76 |
| EPS (₹) | 5.68 | 4.17 | 3.12 |
| Book Value (₹) | 23.87 | 19.69 | 15.55 |
| Debt / Equity | 0.00 | 0.00 | 0.00 |
| Net Worth (₹ Cr) | 179 | 148 | 117 |
Swipe the table sideways for earlier years →
Leadership
Management team
Rajesh Kumar Mediratta
Managing Director and Chief Executive Officer
Leads the company as MD and CEO.
Ramamurthy Vaidyanathan
Chairman and Independent Director
Chairs the board.
Deepak Sonthaliya
Chief Financial Officer
Key managerial personnel for finance.
Priyanka Nautiyal
Company Secretary and Compliance Officer
Key managerial personnel for compliance.
Satyanarayan Goel
Non-Executive Director
Nominee of the promoter, IEX.
Gautam Dalmia
Non-Executive Director
Nominee of the promoter, IEX.
Ian Desouza
Non-Executive Director
Nominee of NSE Investments Limited.
Corporate events
Events & announcements
Event
Date
File
DRHP filed with SEBI
IPO filing
29 Jul 2026
Indian Gas Exchange filed its draft red herring prospectus with SEBI, the first public step towards an IPO.
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FAQs
Indian Gas Exchange 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.
