Matrix Gas And Renewables Unlisted Shares
Matrix Gas and Renewables is an Ahmedabad-based natural gas aggregator. It sources gas and sells it to industrial customers and city gas distributors through common carrier pipelines. Its FY23 restated revenue was ₹489.70 crore.
Read the full company profile
Key facts
Matrix Gas And Renewables share details
- Lot size
- 5,000 shares
- Min. investment
- ₹18,750
- Face value
- ₹10
- Implied market cap
- ₹6 Cr
- Shares outstanding
- 15,574,800
- Founded
- 2018
- Headquarters
- Ahmedabad, Gujarat
- Website
- matrixgas.in
- ISIN
- INE0PO201010
- CIN
- U74999GJ2018PLC101075
- Lock-in after IPO
- 6 months
Price history
Matrix Gas And Renewables share price chart
1Y change
-86.61%
High
₹44.00
Low
₹3.75
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Matrix Gas And Renewables
Matrix Gas and Renewables Limited is an Ahmedabad-based company in natural gas aggregation. In simple words, it buys natural gas and regasified LNG from upstream producers and LNG importers, and sells it to industrial and city gas customers, delivered to their plant gate. Its customers include refineries, ceramics, fertilizer, petrochemicals, steel, glass, power, FMCG and city gas distribution companies.
The company was incorporated on March 06, 2018 as Gensol Renewables Private Limited and first worked on solar project construction. In December 2021 it changed its main object to trading in fuels including natural gas, and it took its present name in 2022. It became a public limited company on March 31, 2023. It moves gas mainly through pipelines run by GAIL, Gujarat State Petronet, GSPL India Gasnet, Pipeline Infrastructure and Reliance Gas Pipelines. It has also been a member of the Indian Gas Exchange since December 13, 2022, which it uses for short-term gas needs.
The numbers in the DRHP filed with NSE Emerge are restated and stated in lakh. Revenue from operations jumped from ₹1.50 lakh in FY22 to ₹48,969.85 lakh in FY23, which is about ₹489.70 crore. Profit after tax was ₹3,201.99 lakh, about ₹32.02 crore. This is a trading model, so purchase of stock in trade of ₹43,103.20 lakh took most of the revenue. The company reports EBITDA of ₹4,547.98 lakh for FY23.
The four promoters are Anmol Singh Jaggi, Puneet Singh Jaggi, Chirag Nareshbhai Kotecha and Disha Chirag Kotecha. Together they held 1,38,75,244 of the 1,55,74,800 equity shares before the issue, which is 89.09%. The public held the remaining 10.91%.
On the IPO, the company filed its DRHP with the NSE Emerge platform for a fresh issue of up to 56,00,000 equity shares, mainly to fund working capital for sourcing gas. We have no confirmed issue dates or price band to report. The figures above are from the DRHP and are older than today's date.
Unlisted shares of a company like this are traded off-market through dealers and platforms. The price shown on this page is indicative, not an exchange price, and can differ from what a seller or buyer actually gets.
Strengths
- Revenue from operations grew from ₹1.50 lakh in FY22 to ₹48,969.85 lakh in FY23 after the company moved into gas aggregation in December 2021.
- Profit after tax was ₹3,201.99 lakh in FY23 against a loss of ₹19.85 lakh in FY22, with a PAT margin of 6.54% on a trading business.
- Cash flow from operating activities was positive at ₹6,273.84 lakh in FY23, reversing a negative ₹1,336.44 lakh in FY22.
- Net worth rose to ₹3,183.55 lakh at March 31, 2023, from a negative ₹18.44 lakh a year earlier.
- The company has an Indian Gas Exchange membership from December 13, 2022 and uses common carrier pipelines of several operators, which gives it more than one route to source and deliver gas.
- It says it has supplied more than 85 mmscm of gas till March 31, 2023 and is empanelled with most industrial customers and city gas distributors.
Risks
- The top ten customers gave 95.58% of revenue in FY23, so losing even one large buyer could hurt sales and profit.
- The company depends on third parties for sourcing and transporting gas. A disruption in supply or pipeline delivery could stop its own deliveries.
- The track record is short. Revenue was only ₹1.50 lakh in FY22, so the FY23 jump comes from a business that began in December 2021.
- Margins are thin. FY23 EBITDA margin was 9.29% and purchases of stock in trade took ₹43,103.20 lakh of revenue, so small price swings in gas can change profit.
- Short-term borrowings were ₹2,881.52 lakh at March 31, 2023, and finance costs were ₹324.24 lakh in FY23, against net worth of ₹3,183.55 lakh.
- Non-current investments of ₹3,690.03 lakh and short-term loans and advances of ₹2,976.27 lakh sit on the balance sheet. These are large against total assets of ₹8,310.73 lakh.
- Global LNG and natural gas prices can be volatile, and cheaper alternative fuels or more solar and wind power could cut gas demand.
- Promoters and directors are named in outstanding criminal, tax and other cases through group companies. The DRHP also lists cases against group companies, including 5 criminal complaints of ₹676.11 lakh.
- Promoters hold 89.09% before the issue, so they keep strong control over decisions.
- The financials come from a 2023 DRHP, so later results may differ materially. The unlisted price is indicative and the shares are illiquid.
Financials
Matrix Gas And Renewables financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY23Latest | FY22 | FY21 |
|---|---|---|---|
| Revenue (₹ Cr) | 490 | 0 | 0 |
| EBITDA (₹ Cr) | 45.48 | 0.01 | 0.00 |
| PAT (₹ Cr) | 32.02 | -0.20 | 0.00 |
| EBITDA Margin (%) | 9.29 | 50.00 | 0.00 |
| PAT Margin (%) | 6.54 | -1,000.00 | 0.00 |
| RoNW (%) | 100.57 | 111.11 | 0.00 |
| EPS (₹) | 21.33 | — | 1.38 |
| Debt / Equity | 0.91 | -121.44 | 0.00 |
| Total Assets (₹ Cr) | 83.11 | 21.83 | 4.87 |
| Net Worth (₹ Cr) | 31.84 | -0.18 | 0.01 |
Swipe the table sideways for earlier years →
Leadership
Management team
Mr. Anmol Singh Jaggi
Chairman cum Managing Director
Promoter and chairman of the board.
Mr. Chirag Nareshbhai Kotecha
Whole-Time Director
Promoter and whole-time director.
Mrs. Disha Chirag Kotecha
Non-Executive Director
Promoter and non-executive director.
Mr. Gaurav Kharbanda
Independent Director
Independent director on the board.
Mr. Arun Menon
Independent Director
Independent director on the board.
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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.
