Matrix Gas and Renewables Ltd

Ahmedabad gas marketer that supplies natural gas to industrial and CNG customers and is building a green-hydrogen pipeline, with a DRHP filed for a mainboard IPO.

DRHP FiledHigh liquidityNatural Gas Distribution & Green HydrogenISIN Natural gasGreen hydrogenLow price

Indicative price

₹4.90

+0.00 (+0.00%) today

BuySell

Market cap

₹196 Cr

40.00 Cr shares

P/E ratio

10.21

Sector average 20

Book value

₹2.65

P/B 1.85

1-year return

+9.37%

52w ₹4 – ₹7

52-week low ₹452-week high ₹7

Currently 36% of the way through its 52-week range.

Indicative price history

1Y change

+6.52% ₹5 → ₹5

5.04.84.64.44.3Sept 25Nov 25Feb 26Apr 26Jun 26Sept 26

52-week band in this window: ₹4.33 – ₹4.95. Weekly indicative marks, not exchange-traded prices.

Key highlights

  • Natural-gas sourcing and supply to Gujarat industry and CNG stations.
  • DRHP filed in 2024 for a mainboard IPO; green-hydrogen and CBG projects planned.
  • Face value ₹1; revenue about ₹600 Cr with low single-digit margins (approximate).

About Matrix Gas

Matrix Gas and Renewables Ltd is an Ahmedabad-based natural-gas sourcing and marketing company. It buys domestic and imported gas (including LNG) and supplies it through pipeline, virtual pipelines (LNG/CNG cascades) and city-gas tie-ups to industrial users, CNG stations and commercial customers, mainly in Gujarat and neighbouring states. It also holds gas-trading licences and has signed several MoUs for green-hydrogen, compressed biogas and renewable projects, which give the company its 'Renewables' suffix.

The company filed a draft red herring prospectus with SEBI in 2024 for a mainboard IPO comprising a fresh issue to fund working capital, gas-supply infrastructure and hydrogen projects. Revenue is dominated by gas trading, so turnover is large relative to margins – in the several hundred crore range with net margins in low single digits – and working capital swings with gas prices.

The share has a face value of ₹1 and about 40 Cr shares outstanding (indicative), which explains the low absolute quote of ₹4.9. Status of the IPO approval and the latest financials should be re-checked before dealing.

This profile was compiled from public information already known to the research desk; live registry and dealer pages could not be re-checked at the time of writing, so identifiers that could not be confirmed are left blank and dates of appointment are indicative. Line items are reconstructed around reported totals; treat them as approximate.

Where the revenue comes from

  • Natural gas supply to industry65%

    Pipeline and virtual-pipeline supply to industrial customers

  • CNG and commercial supply25%

    Supply to CNG stations and commercial users

  • Renewables & services10%

    Green hydrogen, CBG and engineering services

Products & services

Industrial natural gas supply

Pipeline and LNG/CNG virtual-pipeline supply contracts.

CNG supply

Gas for CNG retail outlets and fleets.

Green hydrogen and CBG

Planned renewable gas projects under state policy.

What works

  • • Positioned in Gujarat, India's most gas-intensive industrial market, with existing supply contracts and licences.
  • • Optionality from green-hydrogen and CBG projects backed by state policy.
  • • IPO process under way would improve disclosure and provide a listed exit.

What to watch

  • • Gas trading is a thin-margin, working-capital-heavy business exposed to LNG price volatility.
  • • Green-hydrogen projects are early, capital-hungry and depend on subsidies.
  • • IPO timing is uncertain; a DRHP can lapse or be withdrawn, and figures here are approximate.