Hindustan Power Exchange Ltd
India's third power exchange, promoted by PTC India, BSE and ICICI Bank, still loss-making as it fights IEX's dominance.
Market cap
₹248.04 Cr
10.60 Cr shares
P/E ratio
Loss making
Sector average 40
Book value
₹1.57
P/B 14.90
1-year return
-8.56%
52w ₹19 – ₹29
Currently 46% of the way through its 52-week range.
Indicative price history
1Y change
-7.62% ₹25 → ₹23
52-week band in this window: ₹20.69 – ₹25.59. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Promoted by PTC India, BSE and ICICI Bank; trading since 6 July 2022.
- Fastest growth in green and term-ahead contracts, but IEX still clears over 90% of exchange volumes.
- Annual losses in the ₹15–25 Cr range funded by promoter equity; market coupling is the key catalyst.
About HPX
Hindustan Power Exchange Limited (HPX) is a CERC-approved electricity exchange that began trading on 6 July 2022. Originally incorporated in 2018 as Pranurja Solutions Limited, it was renamed HPX in 2021 and is promoted by PTC India (about 25%), BSE (about 25%) and ICICI Bank (about 10%), with the balance held by other financial investors. It offers day-ahead, real-time, term-ahead, green and renewable-energy-certificate contracts in competition with the Indian Energy Exchange (IEX) and Power Exchange India (PXIL).
HPX has built market share fastest in the green and term-ahead segments, and its volumes surged during 2023–24 when it offered fee waivers to attract distribution companies and renewable generators. Even so, IEX still clears over 90% of India's exchange-traded power, so HPX's transaction income remains a few crore a year against a cost base of ₹25–35 Cr, producing annual losses in the ₹15–25 Cr range that have been funded by the promoters' equity.
The regulatory debate over market coupling, under which CERC would clear day-ahead bids across all exchanges centrally, is the single biggest swing factor: coupling would neutralise IEX's liquidity advantage and give HPX a fair share of day-ahead volumes. The unlisted share, with a face value of ₹10, trades around ₹23, implying a valuation of roughly ₹250 Cr on about 10.6 Cr shares.
Registry and financial data could not be verified in this session because the search budget was exhausted; capital, directors and all financial line items are reconstructed from general knowledge of the exchange and are approximate.
Where the revenue comes from
- Transaction fees55%
Day-ahead, real-time, term-ahead, green and REC contracts
- Membership & annual fees15%
Admission and subscription fees from trading members
- Treasury & other income30%
Interest on promoter equity held in deposits
Products & services
Day-ahead & real-time markets
Collective auctions for next-day and near-real-time electricity delivery.
Term-ahead & green contracts
Daily, weekly and monthly contracts including green day-ahead and green term-ahead.
Renewable energy certificates
Trading platform for RECs and energy-saving certificates.
What works
- • Strong institutional promoters (PTC India, BSE, ICICI Bank) with deep power-sector and exchange experience and capacity to fund losses.
- • Market coupling, if implemented by CERC, would structurally lift HPX's share of day-ahead volumes.
- • Early traction in green day-ahead, term-ahead and REC segments where IEX's incumbency is weaker.
What to watch
- • Persistent losses: transaction fees remain far below the fixed cost of running an exchange, and fee waivers used to win volume depress revenue.
- • IEX's liquidity moat and the uncertain timing of market coupling could keep HPX sub-scale for years.
- • Regulatory business: CERC rules on exchange fees, shareholding and coupling can change the economics overnight.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| HPXThis page | ₹23.40 | ₹248.04 Cr | — | 14.90 | +144.95% |
| MSEI | ₹7.38 | ₹8,114 Cr | — | 11.18 | -31.59% |
Latest reported year: FY25 ending 31 Mar 2025.