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Matrix Gas & Renewables Unlisted Shares
DRHP Status : Not Filed
22
Fundamentals About Matrix Gas & Renewables
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Matrix Gas & Renewables
P&L Statement
| P&L Statement | 2022 | 2023 |
|---|---|---|
| Revenue | 0.45 | 489 |
| Cost of Material Consumed | 0 | 443 |
| Gross Margins | 100 | 9.41 |
| Change in Inventory | 0 | 0 |
| Employee Benefit Expenses | 0 | 1 |
| Other Expenses | 0.04 | 0.5 |
| EBITDA | 0.41 | 44.5 |
| OPM | 91.11 | 9.1 |
| Other Income | 0.15 | 0.5 |
| Finance Cost | 0.43 | 3 |
| D&A | 0 | 0 |
| EBIT | 0.41 | 44.5 |
| EBIT Margins | 91.11 | 9.1 |
| PBT | 0.12 | 43 |
| PBT Margins | 26.67 | 8.79 |
| Tax | 0.03 | 11 |
| PAT | 0.09 | 32 |
| NPM | 20 | 6.54 |
| EPS | 90 | 11.85 |
Financial Ratios |
2022 | 2023 |
|---|---|---|
| Operating Profit Margin | 91.11 | 9.1 |
| Net Profit Margin | 20 | 6.54 |
| Earning Per Share (Diluted) | 90 | 11.85 |
Balance Sheet
| Assets | 2022 | 2023 |
|---|---|---|
| Fixed Assets | 0 | 0.07 |
| CWIP | 4.5 | 4.5 |
| Investments | 0 | 37 |
| Trade Receivables | 0.02 | 2 |
| Inventory | 0 | 0 |
| Other Assets | 17.58 | 41.43 |
| Total Assets | 22.1 | 85 |
| Liabilities | 2022 | 2023 |
|---|---|---|
| Share Capital | 0.01 | 27 |
| FV | 10 | 10 |
| Reserves | 0.09 | 17 |
| Borrowings | 22 | 29 |
| Trade Payables | 0 | 11 |
| Other Liabilities | 0 | 1 |
| Total Liabilities | 22.1 | 85 |
About Company
The following table shows a 10-point analysis of Matrix Gas and Renewables Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue est. ~₹600–700 Cr · PAT est. ~₹98 Cr · PAT Margin ~14–16% | Diversified clean energy & gas player with legacy LPG logistics/distribution and pivot to renewables (CBG plants, green hydrogen plans, solar IPP projects). Strategic shift toward sustainable energy with high growth potential but execution-intensive model. |
| Industry & Market Position | Emerging CBG/Green Hydrogen Player · Legacy LPG Marketing | Benefits from policy tailwinds (SATAT scheme, green energy push). Competitive via project pipeline & funding access. Faces execution risks, competition from larger players, and commodity volatility. |
| Revenue Growth Trend | FY23–FY25 CAGR >100%+ (₹0.5–1.5 Cr → ₹490 Cr FY23 → ₹609 Cr FY24 → Ramp-up FY25) | Hyper-growth driven by LPG scale-up and renewables expansion. Momentum supported by CBG/solar commissioning. Growth from low base but aligned with green energy boom; execution dependent. |
| Profitability & Margins | EBITDA Margin ~8–9% (FY24) · PAT Margin ~6–14% est. | Margins improving with operational leverage and scale. Strong FY25 PAT guidance (~₹98 Cr) despite capex phase. Earnings quality moderate during transition due to funding & provisioning impact. |
| Cash Flow Quality | OCF Improving · No Regular Dividends | Cash-intensive model due to project funding & acquisitions. Supported by equity raises (~₹350 Cr pre-IPO). Quality fair but cyclical due to capex timing. |
| Balance Sheet Strength | Net Worth ~₹300+ Cr est. · Debt Moderate (Project Funding) | Strengthened post equity infusions. Leverage manageable in growth phase. Asset-backed downside protection (plants, contracts) but execution & debt risks remain. |
| Valuation Comfort | Unlisted Price ₹16–28 (Feb 2026) · P/E ~5–10x FY25E · Market Cap ~₹50–100 Cr | Deep discount reflecting execution & transition risks. Attractive for high-growth renewable energy exposure. Potential re-rating on successful project milestones. |
| Management & Governance | Promoter-Led · Investor Backing · Prior DRHP Filed | Strategic pivot from LPG to renewables executed with transparency. Clean disclosures and funding track record. Governance appears stable; execution capability remains key monitorable. |
| Growth Triggers & Catalysts | CBG Commissioning · Green Hydrogen Tie-ups · Solar IPP Revenue | Upside from plant commissioning, policy incentives, and renewable expansion. Potential IPO revival could unlock value. Growth linked to milestone execution. |
| Liquidity & Exit Visibility | OTC Liquidity Only · No Active IPO/DRHP | Low-to-moderate unlisted trading activity. Exit via OTC or strategic interest. Liquidity risk high but upside possible upon project & policy catalysts. |
Matrix Gas & Renewables (MGRL) is an energy company focused on natural gas aggregation, city-gas distribution (CGD), and green-hydrogen infrastructure. It was incorporated on 6 March 2018. The following are the key verticals:
- Natural Gas Aggregation: Sourcing and supplying natural gas / RLNG to industrial customers.
- Gas Distribution / CGD: Building out infrastructure for clean gas access.
- Green Hydrogen: Developing green-H₂ production via electrolyzer manufacturing + BOO (build-own-operate) hydrogen projects.
- Biogas / Solar: Exploring biogas plants (CBG) and solar-generation / EPC (engineering-procurement-construction).
Financials & Capital Structure
- As per Instafinancials, MGRL has authorized capital of ₹35.00 Cr, and paid-up capital of ₹28.70 Cr.
- In a pre-IPO round, the company raised ₹ 350 crore to fund gas-aggregation expansion, CGD acquisitions, and its green hydrogen capex (electrolyzer + hydrogen plants).
- According to a company deck: Matrix claims gas-aggregation volumes of ~85 mmscm currently.
- The same source (investor deck) claims that Matrix is currently zero-debt; for future hydrogen-capex projects, it plans a 70:30 Debt-to-Equity ratio.
Key Strengths & Growth Drivers
- Strong Promoter Backing & Expertise: Promoted by Gensol Group (Gensol Engineering) with deep experience in solar EPC.
- Energy Transition Play: Natural gas (transition fuel) + green hydrogen makes it relevant in India’s decarbonization roadmap.
- Diversified Clean-Energy Portfolio: Beyond gas aggregation - exposure to hydrogen, biogas, and solar.
- Strong Financial Support: ₹ 350 Cr pre-IPO funding gives itthe runway to invest in large hydrogen infrastructure.
- Proprietary Gas Sourcing Capability: IGX (Indian Gas Exchange) membership allows flexible short-term gas sourcing.
Risks & Challenges
- High CapEx Risk: Building hydrogen production infrastructure + electrolyzer manufacturing is capital-intensive.
- Execution Risk: Delivering on hydrogen project pipeline (25+ H₂ projects) may face regulatory, technical, or financial hurdles.
- Gas Supply Risk: Aggregation business depends on sourcing stable gas; price swings or supply disruptions could hurt.
- Competition: In CGD and hydrogen space, there are many competitors (large energy firms, PSUs).
- IPO Risk: While they raised pre-IPO funds, the success of their IPO will be critical for future scaling.
Quick Summary
Matrix Gas & Renewables Ltd is a high-ambition energy company playing in a sweet spot of India’s energy transition: combining natural gas aggregation with green hydrogen infrastructure. With strong promoter backing (Gensol Engineering + BluSmart group), no current debt, and a recent ₹ 350 Cr pre-IPO round, the company is well-positioned to scale. However, it faces typical risks of capex-intensive green projects, supply volatility, and execution load. For unlisted-share investors, MGRL is a long-term clean-energy play, though one with significant risk — especially around hydrogen.
Shareholding Pattern of Matrix Gas & Renewables
| Name | Holding |
|---|---|
| Anmol Singh Jaggi | 25% |
| Puneet Singh Jagg | 24% |
| Chirag Kotecha | 22% |
| Disha Kotecha | 22% |
| Others | 7% |
Promoters of Matrix Gas & Renewables
| Name | Role / Position | Notes |
|---|---|---|
| Anmol Singh Jaggi | Chairman & Director | Co-founder, Gensol Group. |
| Puneet Singh Jaggi | Promoter | Significant shareholder per company deck. |
| Chirag Kotecha | CEO & MD | Whole-Time Director. |
| Disha Chirag Kotecha | Director | On board as non-executive / promoter-related. |
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Frequently Asked Questions
Matrix Gas & Renewables Limited unlisted shares represent equity in a privately held company operating in the clean energy and gas distribution sector. These shares are not listed on NSE or BSE and are available through private-market platforms like UnlistedKraft.
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Unlisted shares typically come with limited liquidity and fewer public disclosures. However, Matrix Gas & Renewables operates in a growing renewable energy sector with promising demand, and investing via UnlistedKraft ensures secure, verified, and transparent transactions.
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Yes. According to SEBI regulations, pre-IPO investors must observe a six-month lock-in period once the company is listed on a public exchange.
If held for more than two years, gains are taxed as long-term capital gains at 20 percent with indexation. If sold within two years, gains are considered short-term and taxed according to your income tax slab.
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