Indian Gas Exchange Ltd (IGX)
India's only PNGRB-authorised natural-gas exchange, promoted by the listed Indian Energy Exchange with NSE, GAIL, ONGC, IOC, Torrent Gas and Adani Total Gas as shareholders — now headed for an IPO via an offer for sale by IEX.
Market cap
₹3,467 Cr
7.39 Cr shares
P/E ratio
82.61
Sector average 42
Book value
₹27.32
P/B 17.17
1-year return
+13.85%
52w ₹398 – ₹469
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+13.85% ₹412 → ₹469
52-week band in this window: ₹389.04 – ₹478.40. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Only PNGRB-authorised gas exchange in India; live since June 2020.
- FY26 revenue ₹61.0 Cr and PAT ₹42.0 Cr (FY25: ₹48.8 Cr / ₹30.8 Cr); debt-free.
- IEX holds 47.3%; NSE Investments 26%; GAIL, ONGC, IOC, Torrent Gas and Adani Total Gas about 5% each.
- DRHP filed: offer for sale of up to 1.67 Cr shares by IEX; Axis Capital and Motilal Oswal are lead managers.
- UnlistedZone indicative ₹398 (30 Jul 2026), lot 250; implied market cap about ₹2,940 Cr.
About IGX
Indian Gas Exchange Limited (IGX) is a subsidiary of the listed Indian Energy Exchange (IEX) and India's first automated, national-level trading platform for natural gas. Incorporated in November 2019 as a wholly owned IEX subsidiary, the exchange went live in June 2020 and received formal authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB) in December 2020 — it remains the only authorised gas exchange in the country. Members trade standardised spot and forward contracts (day-ahead, daily, weekly, fortnightly, monthly and longer-duration) for delivery at hubs such as Dahej, Hazira, Ankot, KG Basin, Mundra, Jaigarh and Dabhol, with the exchange handling matching, clearing and settlement.
IEX seeded the exchange and later sold minority stakes to strategic partners across the gas value chain: NSE Investments (a National Stock Exchange arm) took 26%, while GAIL, ONGC, Indian Oil, Torrent Gas and Adani Total Gas bought about 5% each, leaving IEX with 47.3% today. Volumes grew sharply after the 2023 domestic gas-pricing reforms, the inclusion of ceiling-price domestic gas and the longer-duration products launched in FY25.
Revenue is transaction fees on traded volume plus membership, annual and data fees, with a sizeable treasury income on the exchange's own capital. Press summaries of the draft prospectus put revenue from operations at ₹48.8 Cr and profit after tax at about ₹30.8 Cr in FY25, rising to ₹61.0 Cr and ₹42.0 Cr in FY26 (year to March 2026) — a net margin near 70%, reflecting an asset-light, debt-free model. FY24 figures on this page (revenue about ₹38 Cr, PAT about ₹18.5 Cr) are approximate, and the balance-sheet and cash-flow lines are reconstructed estimates around the reported totals.
In 2026 IGX filed a draft red herring prospectus with SEBI for a main-board IPO consisting entirely of an offer for sale of up to 1.67 Cr equity shares by IEX; there is no fresh issue, so the exchange receives no proceeds. IEX must cut its holding to 25% under the gas-exchange ownership rules, which is the stated purpose of the sale. Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers.
Valuation at the listed rate: UnlistedZone's indicative price was ₹398 on 30 July 2026 (52-week range ₹398–460, lot 250), while wwipl last traded at ₹402 and InCred Money quoted ₹420 (market cap about ₹3,105 Cr, implying roughly 7.4 Cr shares). At ₹398 the implied market capitalisation is about ₹2,940 Cr — roughly 70 times FY26 profit and 95 times FY25 profit, and about 15–17 times estimated book value. That is a steep premium to parent IEX's own multiple and prices in continued 30%+ earnings growth plus IPO re-rating.
Verification status (10 Oct 2026): ISIN, the FY25/FY26 revenue and profit, the IEX stake of 47.3%, the OFS size and the lead managers are from press summaries of the DRHP (Groww, 5paisa, Venture Intelligence, InCred Money); PNGRB authorisation dates are public record. The exact incorporation date, CIN, share count, FY24 figures, the non-IEX shareholding split, headcount and every balance-sheet line are estimates and should be checked against the DRHP on SEBI's website before trading. The rate is UnlistedZone's July 2026 indicative level, not a live quote.
Where the revenue comes from
- Transaction fees75%
Fees on gas traded through spot and forward contracts (estimate)
- Membership, annual and data fees10%
Trading, proprietary and client members (estimate)
- Treasury and other income15%
Interest on own capital and margins (estimate)
Products & services
Spot gas contracts
Day-ahead and daily contracts for delivery at Dahej, Hazira, Ankot, Mundra, KG Basin, Jaigarh and Dabhol hubs.
Forward gas contracts
Weekly, fortnightly, monthly, quarterly and longer-duration contracts, including ceiling-price domestic gas.
Clearing and settlement
Central counterparty settlement of traded gas and payments for members.
What works
- • Regulatory moat: the only PNGRB-authorised gas exchange in India, built on IEX's exchange technology, clearing systems and member base.
- • Strategic shareholders across the gas chain (GAIL, ONGC, IOC, Torrent Gas, Adani Total Gas) and market infrastructure (NSE) bring liquidity and credibility.
- • Asset-light, debt-free and highly profitable: FY26 PAT of about ₹42 Cr on ₹61 Cr of revenue, up from ₹30.8 Cr on ₹48.8 Cr in FY25.
- • Clear path to listing: DRHP filed for an offer for sale by IEX, with IEX required to bring its stake down to 25% — creating a sustained seller but also price discovery on the exchanges.
What to watch
- • At ₹398 the stock trades at roughly 70x FY26 earnings and 95x FY25 earnings; the IPO price band could be set well below the unlisted rate, as often happens with pre-IPO quotes.
- • Volumes depend on policy: domestic gas allocation rules, pipeline tariffs and LNG prices swing traded quantities sharply, and fee per unit is small.
- • IEX must sell down to 25% — an overhang of 1.67 Cr shares in the OFS and possibly more later, with no fresh capital coming into the company.
- • A rival exchange or large bilateral contracting by GAIL, IOC and city-gas distributors could cap the exchange's fee pool.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| IGXThis page | ₹469.20 | ₹3,467 Cr | 82.61 | 17.17 | +26.70% |
| PXIL | ₹499.80 | ₹2,924 Cr | 84.71 | 21.51 | +28.80% |
| Hindustan Power Exchange (HPX) | ₹23.46 | ₹1,296 Cr | 293.25 | 18.05 | +35.16% |
| NCDEX | ₹248.88 | ₹1,261 Cr | — | 1.94 | -18.65% |
Latest reported year: FY26 ending 31 Mar 2026.