Hindustan Power Exchange Limited Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Hindustan Power Exchange Limited Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Revenue | 40.6 | 43.6 | 17.4 | 2.3 |
| Expense | 23.6 | 21.8 | 21.6 | 5.1 |
| EBITDA | 17.0 | 21.8 | -4.2 | -2.7 |
| Other Cost | 3.6 | 5.1 | 5.9 | 0.3 |
| PBT | 13.4 | 16.7 | -10.0 | -3.1 |
| Tax Expense | 2.7 | 1.8 | 0.0 | 0.0 |
| PAT | 10.7 | 14.9 | -10.0 | -3.1 |
| Other Inc./Exp. | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | 10.7 | 14.9 | -10.0 | -3.1 |
| Shares O/S | 55.25 | 55.25 | 55.25 | 55.25 |
| EPS (₹) | 0.19 | 0.27 | -0.18 | -0.06 |
| Rev. Growth % | -6.9% | 150.6% | 656.5% | — |
| EBITDA Mgn % | 41.9% | 50.0% | -24.1% | -117.4% |
| Net Mgn % | 26.4% | 34.2% | -57.5% | -134.8% |
| EPS Growth | -29.6% | -250.0% | 200.0% | — |
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Hindustan Power Exchange Limited Unlisted Shares Unlisted Shares
India is the third-largest producer and consumer of electricity in the world, with over 472 gigawatts (GW) of installed capacity as of April 2025.
Power demand has surged by 33% in the last five years and is expected to rise by another 6% annually as electrification and per-capita usage expand.
Amid this energy boom, one company is quietly transforming how electricity is traded: Hindustan Power Exchange Limited (HPX).
Backed by ICICI Bank, BSE, and PTC India, HPX is building the future of power trading faster, smarter, and more efficiently than ever before.
Let’s explore how this young exchange is shaking up the power sector.
About Hindustan Power Exchange (HPX)
Founded in July 2022, HPX (formerly known as Pranurja Solutions Limited) is India’s third licensed power exchange, operating under the approval of the Central Electricity Regulatory Commission (CERC).
Promoters and Founding Institutions
PTC India Ltd, a pioneer in power trading and a key player in South Asia’s energy markets
BSE Investments Ltd, Asia’s oldest stock exchange, is bringing deep capital market expertise
ICICI Bank Ltd, India’s largest private bank, offering financial credibility and infrastructure support
HPX enables trading of electricity between generators, distribution companies (DISCOMs), and large industrial consumers across:
Day-Ahead Market (DAM)
Real-Time Market (RTM)
Term-Ahead Market (TAM)
Renewable Energy Certificates (REC)
Think of it as the NSE of India’s power market, where instead of equities, electricity is the commodity being traded.
HPX Business Model
HPX operates on a transaction-driven exchange model, earning through:
Transaction fees charged per trade
Membership and connectivity fees from participants
Clearing and settlement charges ensure secure trade completion
Value-added services like analytics, mock trading, and regulatory support
It’s a scalable, high-margin business model. Once the platform infrastructure is established, incremental trades directly boost profitability.
What Makes HPX Stand Out?
HPX’s USP lies in its technology and design:
Advanced trading platform operating 24×7
Efficient pricing mechanism ensuring optimal benefit-to-risk ratio
Smart margining system minimizing transaction costs
Dedicated platforms for Green and Energy Saving Certificates
End-to-end regulatory and portfolio support
HPX isn’t just matching trades; it is modernizing the power market ecosystem.
Shareholding Structure
Shareholder | Holding % |
|---|---|
PTC India Ltd | 22.6% |
BSE Investments Ltd | 22.6% |
ICICI Bank Ltd | 9.0% |
Others (Institutional & Private Investors) | 45.7% |
Total | 100% |
This balanced ownership, blending energy expertise, financial infrastructure, and banking discipline, ensures strong governance and long-term stability.
HPX Financial Performance
HPX’s financial performance shows a stunning growth trajectory since its inception.
Year | Revenue | EBITDA | EBITDA Margin | PAT | Net Margin | EPS (Rs) |
|---|---|---|---|---|---|---|
2022 | 2.3 | -2.7 | -117.4% | -3.1 | -134.8% | -0.06 |
2023 | 17.4 | -4.2 | -24.1% | -10.0 | -57.5% | -0.18 |
2024 | 43.6 | 21.8 | 50.0% | 14.9 | 34.2% | 0.27 |
Revenue Growth: From Rs 2.3 Cr in FY22 to Rs 43.6 Cr in FY24, an 18× increase in two years
EBITDA Turnaround: From a loss of Rs 2.7 Cr to a profit of Rs 21.8 Cr
Profit After Tax: Rs 14.9 Cr in FY24 with strong 34% net margins
Earnings Per Share (EPS): Rebounded from -Rs 0.18 to Rs 0.27, a 250% swing to profitability
HPX’s financials clearly indicate a shift from startup losses to sustainable profitability.
Share Price Overview
Hindustan Power Exchange unlisted share price showed short-term volatility, dropping to Rs 25 in early September 2025 before rebounding to Rs 60 by October. This 100% recovery highlights strong investor confidence backed by improving fundamentals and profitability.
The stock now consolidates around Rs 55–60, suggesting stability and market trust.
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