Indian Gas Exchange Limited Unlisted Shares Share Price
About The Company
Indian Gas Exchange Limited Unlisted Shares Unlisted Shares
Financials · IPO timeline · Growth projects
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Indian Gas Exchange Limited Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 |
|---|---|---|
| Revenue | 69.1 | 54.6 |
| Expense | 22.8 | 20.7 |
| EBITDA | 46.2 | 33.9 |
| Other Cost | 5.8 | 3.2 |
| PBT | 40.5 | 30.7 |
| Tax Expense | 9.5 | 7.7 |
| PAT | 30.9 | 23.1 |
| Other Inc./Exp. | 0.0 | 0.1 |
| Net Income | 31.0 | 23.1 |
| Shares O/S | 7.50 | 7.50 |
| EPS (₹) | 4.19 | 3.12 |
| Rev. Growth % | 26.6% | — |
| EBITDA Mgn % | 66.9% | 62.1% |
| Net Mgn % | 44.9% | 42.3% |
| EPS Growth | 34.3% | — |
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Indian Gas Exchange Limited Unlisted Shares Unlisted Shares
Indian Gas Exchange Limited (IGEL), as per its annual filings, is engaged in the business of gas exchange. It operates under the regulatory framework of the Petroleum and Natural Gas Regulatory Board (PNGRB). The company offers its services through the ‘igxindia.com’ platform. The company was incorporated in 2019 and has its registered office located in New Delhi.
What Does IGX Do?
Indian Gas Exchange (IGX) enables users to buy and sell natural gas through their established trading agreements, which require physical delivery at designated points. The market functions through buyers who submit bids, while sellers present their available stock, and trading activities occur when market prices reach an agreement.
The primary function of IGX is to provide transparent market value assessment. Prices emerge from actual market operations instead of private contract agreements.
The system provides both parties with the ability to adjust their positions. Buyers can purchase gas based on short-term needs instead of locking into long contracts. The platform allows sellers to reach multiple buyer groups, which eliminates their dependency on traditional customer relationships.
Key Business & Market Position
IGX holds an early position in India’s gas trading space as the first authorised exchange for physical gas transactions. The organisation started its operations before other companies, which enabled it to build strong customer relationships and attract more clients.
The business follows a simple cycle.
The trading volume increases when more people join the market.
The market shows better price discovery when it reaches higher activity levels.
The market attracts more participants because it offers better pricing opportunities.
A large percentage of gas purchases still occur through long-term contract agreements. User adoption of exchange-based buying methods will determine how fast IGX can grow.
Who Are the Core Customers of IGX?
IGX maintains partnerships with various gas market participants who participate in different segments of the market.
City Gas Distribution (CGD) companies operate as the largest users within their industry. Their demand shifts according to industrial operations and transportation operations, so they use IGX to handle immediate supply shortages instead of depending on their standard supply contracts.
Industrial users form the second essential group which operates in this market. These businesses focus on cost and flexibility. IGX allows them to monitor price changes so they can purchase gas on demand instead of signing extended contracts.
The supply side of the market enables producers and gas marketers to sell their gas through IGX. The platform enables them to access multiple customers while receiving market-based prices for their products.
The combination of buyers and sellers creates better trading conditions in the market. The platform achieves better functionality through its rising user base. This also strengthens its operational stability.
How Does IGX Revenue Model and Fee Structure Work?
IGX generates most of its revenue through transaction fees, typically in the range of ₹5–₹7 per MMBtu traded, depending on the contract type. The platform handled approximately 60 million MMBtu in FY25, demonstrating how small charges per unit can add up to substantial income as trading volume grows. The amount of trading activities directly determines the amount of revenue which a business will produce. The business experienced a 47% increase in sales volume during FY25. This should have resulted in a corresponding rise in transaction-based profitability.
The platform operates with a steady cost structure because its platform infrastructure base has reached full development. The system lets businesses handle more customers, which leads to better financial results without needing to spend extra money on infrastructure. The platform generates revenue through its transaction fees, and members must pay access charges, which create regular income for the business. The platform will generate new revenue streams from data services and price benchmarks because users will continue to use IGX for their price discovery needs. Additionally, India’s plan to increase the use of gas supports this shift. The increasing demand, together with flexible pricing structures, will probably expand IGX's responsibilities within the system.
Indian Gas Exchange Limited Annual Report Analysis
Particulars (Rs. in Cr.) | FY24 | FY25 |
Revenue from operations | 34.8 | 48.8 |
Total income | 54.6 | 69.1 |
Total expenses | 23.9 | 28.6 |
PAT | 23.1 | 30.9 |
Earnings per share | 3.1 | 4.2 |
Revenue
The Indian Gas Exchange financials demonstrate that their operational revenue climbed from ₹34.8 Cr during FY24 to ₹48.8 Cr throughout FY25, which represents a 40% expansion. The platform's growing numbers probably show that more people trade on it, while more users join the system. The fee-based revenue system of IGX allows it to generate income through transaction fees. This results in revenue growth when their platform experiences increased user activity.
Total Income breakdown
Income type (Rs. in Cr.) | FY24 | FY25 | Growth |
Operational Income (Revenue) | 34.8 | 48.8 | 40% |
Non-Operational Income (Other Income) | 19.8 | 20.3 | 2-3% |
Total Income | 54.6 | 69.1 | 27% |
IGX has moved its revenue generation toward its main operational activities. The company achieved a 40% increase in operational income because more customers started trading and joining their platform. The business showed growth because more people started using exchange-based gas trading through their transaction-based system.
The non-operational income section stayed mainly unchanged as it increased by just 2 to 3%. The organization generates income through its interest operations and treasury activities, which depend on available funds and current market trends.
The operational income percentage rose from about 64% to about 71%. This shows the business achieved better earnings quality. The data shows that IGX depends more on its main business activities for growth instead of depending on outside revenue streams.
Expenses
The company reported expenses, which rose from Rs 23.9 Cr to Rs 28.6 Cr, showing a total increase of 16%. The expense growth rate remains below revenue growth because business operations do not generate equivalent expense increases.
The data shows that the company has developed strong operating leverage. Since IGX operates a platform-based model, most costs, such as technology, employee expenses, remain relatively fixed. The company experiences higher profitability because its revenue growth exceeds cost growth when it handles more products.
Margins
The company maintains its operating margins at very high levels because it achieves operating profit margins above 70%, which surpass the 67% achieved in FY24. The data demonstrates that the system's performance has improved its operational effectiveness.
The business maintains strong net margins because its operating income, together with treasury gains, supports its financial performance. The data shows that IGX keeps its profit levels high because it operates through a lightweight asset system, which generates revenue from fees.
Indian Gas Exchange Limited Cash Flow Analysis
Particulars (Rs. in Cr.) | FY24 | FY25 |
Operating cash flow | -189.8 | 3.3 |
Investing cash flow | 187.6 | -4.4 |
Financing cash flow | -1.0 | -1.2 |
Operating Cash Flow
The company reported a negative operating cash flow of ₹189.8 Cr in FY24, but generated a positive operating cash flow of ₹3.3 Cr in FY25. The situation has completely transformed.
Investing Cash Flow
The company showed an investing cash flow of ₹187.6 Cr during FY24, but they experienced an investing cash flow of minus ₹4.4 Cr during FY25. The sale of investments during FY24 resulted in a single-time change. This caused this transformation.
The lack of major business deals during FY25 points to typical investment activities throughout that year. The data shows treasury activities create major changes in annual comparisons because they do not affect the main business operations.
Financing Cash Flow
The company showed a negative operating cash flow of ₹189.8 Cr during FY24, but it managed to generate a positive operating cash flow of ₹3.3 Cr in FY25. The situation has completely transformed.
Indian Gas Exchange Unlisted Share Overview
Indian Gas Exchange unlisted shares trade between ₹425 and ₹430, which results in a market valuation of approximately Rs 3,375. The stock operates at 31 times its earnings, which shows investors expect the company to keep expanding at this price level. The current valuation levels appear elevated, but they match the performance of other exchange-based platforms. These generate substantial profits and maintain growth potential.
Reasons To Consider Buying IGX
IGX attracts interest because it operates in a market that is still growing and evolving.
The business model is simple and scalable. As trading activity increases, revenue can grow without a similar rise in costs.
The company benefits from being an early entrant. It has already built a base of participants across different sectors.
There is a gradual shift in how gas is being bought and sold. As more participants look for flexibility and better pricing, platforms like IGX become more relevant.
Growth still depends on adoption. If users continue to rely on traditional contracts, the pace of growth may remain gradual.
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