Power Exchange India (PXIL) Unlisted Shares
Power Exchange India Limited runs a CERC-regulated electricity trading platform called PRATYAY, along with a renewable energy certificate market. It reported revenue from operations of ₹8,638.16 lakh and profit of ₹3,704.73 lakh in FY26.
Read the full company profile
Key facts
Power Exchange India (PXIL) share details
- Lot size
- 100 shares
- Min. investment
- ₹49,800
- Face value
- ₹10
- Implied market cap
- ₹2,912 Cr
- Shares outstanding
- 58,470,050
- Founded
- 2008
- Headquarters
- Mumbai, Maharashtra
- Website
- powerexindia.in
- ISIN
- INE03N601010
- CIN
- U74900MH2008PLC179152
- Lock-in after IPO
- 6 months
Price history
Power Exchange India (PXIL) share price chart
1Y change
-13.39%
High
₹625
Low
₹498
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Power Exchange India (PXIL)
Power Exchange India Limited (PXIL) runs a power exchange in India. Buyers and sellers of electricity, such as distribution companies, generators and large industrial users, trade on its PRATYAY platform. Trades cover the day-ahead market, the real-time market and term-ahead contracts, and the exchange also runs auctions of renewable energy certificates. It is regulated by the Central Electricity Regulatory Commission (CERC). The company was incorporated in 2008 and its FY26 annual report is its eighteenth.
The numbers below are from the audited standalone financial statements for the year ended 31 March 2026. Revenue from operations was ₹8,638.16 lakh, up from ₹7,707.60 lakh a year earlier. Profit for the year was ₹3,704.73 lakh against ₹3,454.44 lakh. Other income, mostly treasury returns on cash and investments, added ₹14.07 crore to total income of ₹100.45 crore. The company has no bank borrowings; its only debt-like items are lease liabilities and customer deposits.
Volumes grew in FY26. Total traded volume on PXIL was 18,462.88 MUs against 14,270.46 MUs in FY25, with most of it in bilateral contingency and term-ahead contracts. In renewable energy certificates, the market grew but PXIL's share fell from 38% to 33% as competition increased.
The company is led by Mr. Vivek Singla as Managing Director and CEO. Mr. Alok Kumar is Chairman and an Independent Director. The annual report names the National Stock Exchange as one of its promoters. CERC's power market rules cap how much any one shareholder can hold, so several shareholders had to reduce their stakes in earlier years. The company paid a dividend of ₹993.99 lakh in FY26 and has recommended a final dividend of ₹2 per share for the year.
As of 31 March 2026 the company had 58,470,050 equity shares of ₹10 each. PXIL has not filed a DRHP with SEBI according to our records, and there is no IPO date or price to report. Its shares trade off-market through unlisted dealers. The indicative price on IPO Guru is ₹498 per share with a lot size of 100 shares, which works out to a market cap of about ₹2,911.81 crore. Such prices are indicative and not exchange-traded.
Strengths
- Revenue from operations rose from ₹7,707.60 lakh in FY25 to ₹8,638.16 lakh in FY26, and profit for the year rose from ₹3,454.44 lakh to ₹3,704.73 lakh.
- The balance sheet carries no bank borrowings. Total equity was ₹144.77 crore against total assets of ₹249.05 crore on 31 March 2026.
- Traded volume grew from 14,270.46 MUs in FY25 to 18,462.88 MUs in FY26, with real-time market volume rising from 55.49 to 139.45 MUs.
- The company paid dividends of ₹993.99 lakh in FY26 and ₹877.05 lakh in FY25, and has recommended a further ₹2 per share.
- It is one of the CERC-regulated exchanges and has a large renewable energy certificate business, with 123.68 lakh certificates traded in FY26.
- It has a services agreement with NSE, one of its promoters, which helped NSE launch monthly electricity futures from 14 July 2025.
Risks
- Profit depends partly on treasury returns. Other income of ₹14.07 crore was about 14% of total income in FY26.
- Market share in renewable energy certificates fell from 38% in FY25 to 33% in FY26 as competition increased, and bilateral trading through licensees also competes with exchanges.
- The business is regulated by CERC, and rule changes can affect it. A CERC order of 23 July 2025 directs market coupling in the day-ahead market, which PXIL has said still needs final regulations.
- PXIL has asked CERC and RBI for exemption from the Payment and Settlement Systems Act for its clearing and settlement, and is still awaiting directions.
- Operating cash flow was negative at ₹8,422.91 lakh in FY26 against profit of ₹3,704.73 lakh, mainly because money held on behalf of members in other financial liabilities fell from ₹17,577.37 lakh to ₹6,510.83 lakh.
- Its volumes are small next to the larger exchange mentioned in the annual report, which is listed, and market share data in the segments is not disclosed beyond renewable certificates.
- CERC has previously penalised PXIL ₹1 lakh over a delay in shareholding compliance; the review petition on the penalty was dismissed as time barred on 24 October 2025.
- Unlisted shares trade off-market without exchange price discovery, so the indicative price may differ from any later listing price and can be hard to sell.
Financials
Power Exchange India (PXIL) financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 |
|---|---|---|
| Revenue (₹ Cr) | 86.38 | 77.08 |
| PAT (₹ Cr) | 37.05 | 34.54 |
| PAT Margin (%) | 42.89 | 44.81 |
| RoNW (%) | 25.59 | 29.37 |
| EPS (₹) | 6.34 | 5.91 |
| Total Assets (₹ Cr) | 249 | 326 |
| Net Worth (₹ Cr) | 145 | 118 |
Swipe the table sideways for earlier years →
Leadership
Management team
Mr. Vivek Singla
Managing Director & CEO
Leads the company as Managing Director and Chief Executive Officer.
Mr. Alok Kumar
Chairman & Independent Director
Chairs the board as an Independent Director.
Mr. Shekhar Rao
Chief Financial Officer
Heads finance as Chief Financial Officer.
Mr. Sujayendra Guttal
Chief Technology Officer
Heads technology at the exchange.
Mr. Anil V. Kale
VP, Strategy & Regulatory
Handles strategy and regulatory matters.
Mr. Sunil Hingwani
Company Secretary
Company Secretary of the company.
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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.
