amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Hindustan Power Exchange Limited (HPX India) Unlisted Shares
DRHP Status : Not Filed
27
Fundamentals About Hindustan Power Exchange Limited (HPX India)
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Key Financials of Hindustan Power Exchange Limited (HPX India)
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 15.5 | 36.4 | 31.4 |
| Cost of Material Consumed | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 |
| Employee Benefit Expenses | 9 | 10.3 | 11 |
| Other Expenses | 12 | 11.5 | 12.5 |
| EBITDA | -5.5 | 14.6 | 7.9 |
| OPM | -35.48 | 40.11 | 25.16 |
| Other Income | 1.9 | 7 | 9 |
| Finance Cost | 0 | 0.2 | 0.26 |
| D&A | 6 | 5 | 3.33 |
| EBIT | -11.5 | 9.6 | 4.57 |
| EBIT Margins | -74.19 | 26.37 | 14.55 |
| PBT | -10 | 17 | 13.4 |
| PBT Margins | -64.52 | 46.7 | 42.68 |
| Tax | 0 | 2 | 2.7 |
| PAT | -10 | 15 | 10.7 |
| NPM | -64.52 | 41.21 | 34.08 |
| EPS | -0.18 | 0.27 | 0.19 |
Financial Ratios |
2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | -35.48 | 40.11 | 25.16 |
| Net Profit Margin | -64.52 | 41.21 | 34.08 |
| Earning Per Share (Diluted) | -0.18 | 0.27 | 0.19 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 15.3 | 11 | 10.5 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Trade Receivables | 2.4 | 1.5 | 1.8 |
| Inventory | 0 | 0 | 0 |
| Other Assets | 127.3 | 302.5 | 353.7 |
| Total Assets | 145 | 315 | 366 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 55.25 | 55.25 | 55.25 |
| FV | 1 | 1 | 1 |
| Reserves | -14 | 1.3 | 12 |
| Borrowings | 0 | 0 | 0 |
| Trade Payables | 13 | 5 | 1.6 |
| Other Liabilities | 90.75 | 253.45 | 297.15 |
| Total Liabilities | 145 | 315 | 366 |
About Company
Hindustan Power Exchange Limited (HPX India), formerly Pranurja Solutions Limited, is a prominent, fast-growing electronic power exchange launched in July 2022. Promoted by PTC India, BSE Investments, and ICICI Bank, it provides a transparent, tech-driven platform for trading electricity contracts and green energy certificates. With rapid volume growth and a strong financial turnaround, it aims to challenge incumbent power exchanges, notes VaultStreet Advisors LLP
The following table shows a 10-point analysis of Hindustan Power Exchange Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 2018 | A new-age power exchange platform enabling transparent electricity trading in India’s evolving power markets. |
| Industry | Power Exchange · Energy Trading | Operates in a regulated, high-growth segment driven by increasing short-term electricity trading volumes. |
| Core Business | Electricity trading platform | Facilitates buying and selling of electricity through digital exchange mechanisms. |
| Promoters | PTC India · BSE · ICICI Bank | Strong institutional backing provides credibility, governance, and market access advantages. |
| Market Presence | 400+ members | A growing participant base including DISCOMs, traders, and industrial users supports liquidity. |
| Revenue | ₹43.6 Cr (FY24) | Strong growth driven by higher trading volumes and increasing adoption of exchange-based power trading. |
| Profitability | ₹14.9 Cr PAT (FY24) | Significant turnaround from losses indicates strong operating leverage in the platform-based model. |
| EBITDA | ₹14.6 Cr (FY24) | Positive EBITDA reflects improved efficiency and cost control as scale increases. |
| Debt Position | Debt-free | Asset-light and debt-free structure enhances financial stability and scalability. |
| Outlook | High-growth potential | Positioned to benefit from regulatory reforms like market coupling and rising electricity demand. |
Company Overview
(i) Hindustan Power Exchange Limited (HPX) is a power trading platform that enables the buying and selling of electricity through an electronic exchange.
(ii) Incorporated in 2018, the company operates in the short-term electricity market, offering contracts such as day-ahead, real-time, and term-ahead trading.
(iii) HPX is backed by strong institutional promoters including PTC India, BSE, and ICICI Bank, providing strategic, financial, and technological support.
(iv) The company follows an asset-light, transaction-based business model, earning revenue through trading fees charged on electricity transactions.
(v) With increasing adoption of exchange-based power procurement and regulatory reforms, HPX is emerging as a fast-growing competitor in India’s power exchange ecosystem.
Challenges in Hindustan Power Exchange Limited’s Business
- Strong competition from established players: Faces intense competition from dominant exchanges like IEX with strong liquidity advantage.
- Regulatory dependence: Business performance is highly influenced by regulatory changes in the power market.
- Liquidity and network effects: Success depends on attracting more participants to improve trading volumes and price discovery.
- Market share expansion challenges: Scaling market share in a network-driven exchange business requires sustained growth in participants and volumes.
Financial Review of Hindustan Power Exchange Limited
Here are some highlights of the financial performance of Hindustan Power Exchange Limited over the past few years.
FY24 Performance
• Revenue from operations stood at ₹43.6 crore
• Profit before tax stood at ₹16.7 crore
• Profit after tax reported at ₹14.9 crore
• EBITDA stood at ₹14.6 crore reflecting strong turnaround
FY23 Performance
• Revenue from operations stood at ₹17.4 crore
• Profit after tax reported at ₹-10 crore
• Loss due to early-stage scaling and lower volumes
• Transition phase before profitability
FY22 Performance
• Revenue from operations stood at ₹2.3 crore
• Profit after tax reported at ₹-3.1 crore
• Initial operational phase with limited scale
Quick Summary
Hindustan Power Exchange Limited is a high-growth, asset-light energy platform benefiting from India’s evolving electricity markets. The company has shown a sharp turnaround to profitability with strong operating leverage, though competition and regulatory dependence remain key risks.
Click here to visit the official website of Hindustan Power Exchange Limited.
Promoters of Hindustan Power Exchange Limited
Given below are the active promoters of the company:
| Name | Designation |
|---|---|
| PTC India Limited | Promoter |
| BSE Limited | Promoter |
| ICICI Bank Limited | Promoter |
Shareholding Pattern of Hindustan Power Exchange Limited (HPX India)
| Name | Holding |
|---|---|
| PTC India Limited | 22.62% |
| BSE Investments Limited | 22.62% |
| ICICI Banks Limited | 9.04% |
| Others | 45.72% |
Promoters of Hindustan Power Exchange Limited (HPX India)
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Mr. Harish Saran | Managing Director | 35+ |  |
| Niraj Nabh Kumar | Director | 35+ | |
| Amit Ghai | CFO | 25+ | |
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Frequently Asked Questions
These are equity shares of the company that are not listed on NSE or BSE and are traded privately.
Yes, these shares can be purchased through private market platforms, subject to availability.
Yes, a demat account is required to hold these unlisted shares.
The company operates in a high-growth segment with strong profitability potential, but faces competition and regulatory risks, making it a moderate-to-high risk investment.
Yes, these shares can be sold in the secondary market depending on buyer availability.
Yes, as per SEBI regulations, pre-IPO investors are subject to a six-month lock-in period after listing.
If held for more than two years, gains are taxed at 20% with indexation; otherwise taxed as per income slab.
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