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Power Exchange India Limited (PXIL) is India’s first institutionally promoted power exchange, established to provide an electronic platform for efficient, transparent, and competitive trading of electricity. Over the years, it has gained traction as one of the key players in India’s evolving energy trading market.
In FY 24–25, PXIL delivered strong revenue growth but also showed volatility in operating margins and cash flow patterns. Let’s break down the company’s latest financial performance.
Financial Results FY 24–25 Analysis
Particulars (In Rs Crores) | FY 22 | FY 23 | FY 24 | FY 25 |
|---|---|---|---|---|
Revenue | 40.2 | 55.5 | 63.2 | 92.9 |
EBITDA | 21.8 | 32.7 | 33.4 | 49.8 |
Profit After Taxes (PAT) | 15.7 | 21.6 | 22.1 | 34.5 |
EPS (Rs/Share) | 2.7 | 3.7 | 3.8 | 5.91 |
A) Revenue Growth
PXIL reported revenue of Rs 40.2 cr. in FY 22, which rose sharply to Rs 55.5 cr. in FY 23 (+38%). In FY 24, revenue increased further to Rs 63.2 cr. (+13.9%). By FY 25, revenue surged to Rs 92.9 cr., reflecting an impressive 47% growth year-on-year.
This consistent upward trend highlights PXIL’s strong market positioning in the energy trading segment.
B) EBITDA
EBITDA stood at Rs 21.8 cr. in FY 22, climbing to Rs 32.7 cr. in FY 23. Growth slowed in FY 24, with EBITDA rising only slightly to Rs 33.4 cr. However, FY 25 saw a healthy jump to Rs 49.8 cr., a 49% increase year-on-year.
Margins remained robust, with EBITDA margin consistently above 50%, showing operational efficiency despite fluctuations.
C) Profit After Tax (PAT)
PAT grew steadily across the years. From Rs 15.7 cr. in FY 22, it rose to Rs 21.6 cr. in FY 23, and Rs 22.1 cr. in FY 24. In FY 25, PAT reached Rs 34.5 cr., reflecting 56% year-on-year growth.
PXIL’s profitability trend shows resilience and steady shareholder value creation.
D) Earnings Per Share (EPS)
EPS improved from Rs 2.7 in FY 22 to Rs 3.7 in FY 23, then Rs 3.8 in FY 24. In FY 25, EPS increased sharply to Rs 5.91, a 55.5% rise compared to FY 24.
For investors, this signals sustained earnings growth per share, making PXIL attractive in the unlisted share market.
Cash Flow Analysis
Cash Flow (In Rs Crores) | FY 24 | FY 25 |
|---|---|---|
Operating Activity | 164.8 | -16.5 |
Investing Activity | -7.0 | -13.2 |
Financing Activity | -1.0 | -9.9 |
Net Cash Flow | 156.8 | -39.7 |
Operating Cash Flow
In FY 24, PXIL reported a strong OCF of Rs 164.8 cr. But in FY 25, OCF turned negative at Rs -16.5 cr. This sharp reversal indicates challenges in converting accounting profits into actual cash inflows from core operations.
Investing Cash Flow
Investing outflows increased from Rs 7.0 cr. in FY 24 to Rs 13.2 cr. in FY 25, suggesting higher spending on investments, capex, or financial placements.
Financing Cash Flow
Cash outflows under financing rose from Rs 1.0 cr. in FY 24 to Rs 9.9 cr. in FY 25. This likely reflects debt repayments, dividend payouts, or reduced external funding.
Net Cash Flow
Despite robust profits, PXIL’s net cash flow declined from a positive Rs 156.8 cr. in FY 24 to a negative Rs 39.7 cr. in FY 25. This swing was driven by weak operating cash flows and higher financing outflows, highlighting a gap between profit growth and cash liquidity.
PXIL Unlisted Share Price Overview
On May 25, the PXIL unlisted share was trading around Rs 330 per share. From June, the share began rising by Rs 480 per share. By July end, PXIL reached Rs 600 per share. Currently, the share is trading at Rs 660 per share. This growth in financials and share price can be directly related to the increased operational performance of PXIL.
