amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Power Exchange India Limited (PXIL) Unlisted Shares
DRHP Status : DHRP not filed
565
Fundamentals About Power Exchange India Limited (PXIL)
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Power Exchange India Limited (PXIL)
| P&L Statement | 2022 | 2023 |
|---|---|---|
| Revenue | 35.22 | 48 |
| Cost of Material Consumed | 0 | 0 |
| Gross Margins | 100 | 100 |
| Change in Inventory | 0 | 0 |
| Employee Benefit Expenses | 7.87 | 8.4 |
| Other Expenses | 10.51 | 14.4 |
| EBITDA | 16.84 | 25.2 |
| OPM | 47.81 | 52.5 |
| Other Income | 4.92 | 7.3 |
| Finance Cost | 0.44 | 0.4 |
| D&A | 2.86 | 3 |
| EBIT | 13.98 | 22.2 |
| EBIT Margins | 39.69 | 46.25 |
| PBT | 18.46 | 29 |
| PBT Margins | 52.41 | 60.42 |
| Tax | 2.7 | 7.4 |
| PAT | 15.76 | 21.6 |
| NPM | 44.75 | 45 |
| EPS | 2.7 | 3.69 |
Financial Ratios |
2022 | 2023 |
|---|---|---|
| Operating Profit Margin | 47.81 | 52.5 |
| Net Profit Margin | 44.75 | 45 |
| Earning Per Share (Diluted) | 2.7 | 3.69 |
| Assets | 2022 | 2023 |
|---|---|---|
| Fixed Assets | 6.63 | 5.4 |
| CWIP | 0 | 0 |
| Investments | 0 | 0.4 |
| Trade Receivables | 0.61 | 0.14 |
| Inventory | 0 | 0 |
| Other Assets | 197.76 | 167.06 |
| Total Assets | 205 | 173 |
| Liabilities | 2022 | 2023 |
|---|---|---|
| Share Capital | 58.47005 | 58.47005 |
| FV | 10 | 10 |
| Reserves | -10 | 11.4 |
| Borrowings | 0 | 14.5 |
| Trade Payables | 1.39 | 2.7 |
| Other Liabilities | 155.14 | 85.93 |
| Total Liabilities | 205 | 173 |
About Company
The following table shows a 10-point analysis of Orbis Financial Corporation Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹556 cr · PAT ₹205 cr · PAT Margin ~37% | Leading non-bank custodian, clearing member & RTA in India; offers custody, fund accounting, clearing (equity/commodity), debenture trustee, escrow & RTA services; strong institutional & FPI focus; AUC ~₹1.43 lakh cr; debt-free, high-margin financial infrastructure player. |
| Industry & Market Position | Dominant non-bank custodian · Significant share in non-bank segment | Agile alternative to bank custodians; edge in cost, tech & service; resilient recurring fee model; SEBI-regulated moat; benefits from rising demat accounts, FII inflows, bond issuances & digital market growth. |
| Revenue Growth Trend | FY23–FY25 CAGR ~37% · FY25 ~30% YoY growth | Strong expansion driven by higher volumes, 4,800+ custody clients, fee revisions & diversification (trustee/escrow); outperformed peers amid capital market tailwinds & AUC growth. |
| Profitability & Margins | EBITDA ₹379 cr (Margin ~68%) · ROE 25%+ · PAT Margin ~37% | High operating leverage & efficiency; PAT +45% YoY; stable, recurring earnings with low variable cost structure; superior ROCE/ROE compared to many financial services peers. |
| Cash Flow Quality | Strong OCF · Dividend ₹1.80/share (recommended) | Consistent cash generation from operations; supports dividends & growth; low working capital intensity; high earnings quality with debt-free operations. |
| Balance Sheet Strength | Net Worth ~₹900 cr · Book Value ~₹72/share · Debt near-nil | Conservative and robust financial position; high liquidity buffers; asset-light model provides downside protection; strong solvency and coverage metrics. |
| Valuation Comfort | Unlisted Price ₹410–470 (Feb 2026) · P/E ~25–30x · EPS ~₹16–17 | Premium valuation supported by quality growth & margins; Market Cap ~₹5,100–5,800 cr; attractive relative positioning vs. listed peers; re-rating potential if growth sustains. |
| Management & Governance | Professional management · SEBI-regulated · Clean disclosures | Strong execution track record; transparent reporting; excellent governance standards as regulated MII; regulatory compliance supports credibility. |
| Growth Triggers & Catalysts | Rising FPI inflows · Bond/securitization volumes · New services | Organic growth from expanding capital markets & demat penetration; tech upgrades & client additions; potential upside from sustained profitability; no confirmed IPO/DRHP yet. |
| Liquidity & Exit Visibility | OTC liquidity only · No confirmed IPO plans | Moderate unlisted trading activity; liquidity risk remains; exit primarily via OTC or strategic interest; strong fundamentals offer defensive comfort. |
Power Exchange India Limited (PXIL) is India’s first institutionally promoted power exchange. It provides a transparent, electronic marketplace for trading electricity under various products and segments. The following are key points about Power Exchange India Limited:
- Founded in 2008, PXIL was promoted by major financial and power-sector institutions including the National Stock Exchange (NSE) and NCDEX.
- Its business model centers on facilitating market-based price discovery for electricity. It connects generators, distribution companies (DISCOMs), open-access consumers, and traders, offering a neutral, regulated platform.
- PXIL offers a variety of products: Day-Ahead Market (DAM), Term-Ahead Market (TAM — including weekly, intra-day, any-day), Renewable Energy Certificates (RECs), and Energy Saving Certificates (ESCerts).
- The company is regulated by the Central Electricity Regulatory Commission (CERC), which ensures that its operations conform to India’s power market regulatory framework.
Challenges in PXIL’s Business
- Competition from IEX: PXIL competes with Indian Energy Exchange (IEX), which historically has had much higher market share in power trading, making it challenging for PXIL to scale volume.
- Regulatory risk & shareholding constraints: There are regulatory limits on how much certain shareholders can hold (as per CERC), which can complicate capital structure decisions.
- Execution risk for new products: While PXIL is focusing on new areas like certificate trading and potentially carbon markets, scaling these will require market adoption and regulatory support
- Infrastructure & technology risk: Maintaining a robust, secure, and real-time trading infrastructure is critical. Any tech downtime or security breach could severely damage trust.
- Market-coupling dependency: PXIL is banking on market-coupling reforms (i.e., coupling day-ahead markets across exchanges) to significantly grow. If reforms are delayed or less impactful than expected, its growth projections could suffer.
Strategic Outlook & Future Growth
- Market Coupling: PXIL’s management is optimistic about “market coupling” (i.e., integrating day-ahead markets across exchanges) — they expect this could double the day-ahead market in 2-3 years, boosting PXIL’s volumes.
- Growth in Certificates: The CEO projects 30–40% growth in RECs and strong potential for carbon trading (carbon certificates), which could become a significant new revenue stream.
- Product Innovation: PXIL plans to introduce more sustainable trading products (e.g., virtual PPAs, peer-to-peer trading), and also invest in forecasting software for DISCOMs.
- Strategic Investors: In April 2025, Norwest Venture Partners acquired a 5% stake in PXIL.
- Regulatory Tailwinds: The power market is undergoing reforms, and CERC’s push for deeper market-based trading could benefit PXIL materially.
Quick Summary
Power Exchange India Limited is a niche but strategically important player in India’s evolving power markets. It offers a regulated, electronic platform for electricity trading, certificates, and energy-efficiency instruments. While competition and regulatory risks are real, PXIL is well-positioned for long-term growth — especially with anticipated reforms (market coupling) and a rising emphasis on green energy trading. For investors, it presents a pre-IPO or unlisted play in India’s energy infrastructure transformation.
Shareholding Pattern of Power Exchange India Limited (PXIL)
| Name | Holding |
|---|---|
| NSE Investments Limited | 29.21% |
| National Commodity & Derivatives Exchange Limited | 33.08% |
| GMR Energy Limited | 6.84% |
| West Bengal State Electricity Distribution Company Limited | 6.84% |
| Power Finance Corporation Limited | 5.51% |
| Tata Power Trading Company Limited | 4.28% |
| NTPC Vidyut Vyapar Nigam Limited | 5% |
| Gujarat Urja Vikas Nigam Limited | 4.28% |
| Others | 4.96% |
Promoters of Power Exchange India Limited (PXIL)
- Key Promoters: NSE (National Stock Exchange) and NCDEX.
- Satyajit Ganguly — Managing Director & CEO (as per UnlistedShareBrokers) with extensive power-sector experience
Click here to visit the official website of Power Exchange India Limited (PXIL).
Latest News
Latest Post
.webp)
Frequently Asked Questions
PXIL unlisted shares represent privately held equity in India’s regulated power trading platform. These shares are not listed on NSE or BSE and are accessible via private-market platforms like UnlistedKraft.
Yes, UnlistedKraft offers access to verified PXIL unlisted shares. After completing your KYC and placing an order, shares are usually credited to your demat account, typically within 24 hours.
Investing in unlisted shares involves risks like limited liquidity and less public disclosure. However, PXIL is backed by major institutions like NSE, NCDEX, and other power sector entities. Transactions via UnlistedKraft are secure, verified, and transparent.
PXIL share price is based on recent private transactions, company financials, investor interest, and demand in the unlisted market. Lot size and timing can influence the exact per-share price.
Yes, you must have a valid demat account to receive and hold PXIL unlisted shares after completing the transaction.
There is no mandatory holding period unless PXIL goes public. Investors generally hold until an IPO or strategic sale to benefit from potential capital appreciation.
Yes, resale is possible through UnlistedKraft’s resale network, depending on buyer demand and prevailing market conditions.
Yes, SEBI rules require a six-month lock-in for pre-IPO investors after the company lists on a stock exchange.
Holding over two years qualifies for long-term capital gains taxed at 20% with indexation. Sales within two years fall under short-term capital gains, taxed as per your income tax slab.
UnlistedKraft offers verified access to high-potential unlisted companies like PXIL, along with transparent pricing, expert support, secure processes, and fast share delivery to your demat account.
+91-9599071664
amit@unlistedkraft.in