Power Exchange India Ltd (PXIL)
NSE- and NCDEX-promoted power exchange with 60%+ EBITDA margins, positioned to gain from CERC's market-coupling reform.
Market cap
₹2,890 Cr
5.85 Cr shares
P/E ratio
83.73
Sector average 40
Book value
₹23.24
P/B 21.26
1-year return
-2.85%
52w ₹440 – ₹672
Currently 23% of the way through its 52-week range.
Indicative price history
1Y change
-4.28% ₹516 → ₹494
52-week band in this window: ₹494.00 – ₹652.46. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 revenue ₹92.9 Cr and PAT ₹34.5 Cr, up 42% and 56% respectively, with EBITDA margins above 60%.
- Promoted by NSE (25%) and NCDEX (17.06%); NTPC's NVVN, Norwest and the Poonawalla Vision Fund are also shareholders.
- Market coupling of the day-ahead market, upheld by the Supreme Court in 2026, pools bids across exchanges and is expected to lift PXIL's volume share.
About PXIL
Power Exchange India Ltd (PXIL) is India's first institutionally promoted power exchange, set up in 2008 by the National Stock Exchange of India and NCDEX and regulated by the Central Electricity Regulatory Commission (CERC). It runs electronic platforms for day-ahead, term-ahead, real-time and green electricity contracts, renewable energy certificates (RECs) and energy-saving certificates, competing with the listed Indian Energy Exchange (IEX) and Hindustan Power Exchange (HPX).
After a decade of losses that once prompted NSE to consider a sale, PXIL has turned into a compact, high-margin business. Revenue rose from about ₹56 Cr in FY23 to ₹63 Cr in FY24 and ₹92.9 Cr in FY25, while PAT grew from roughly ₹16 Cr to ₹22.1 Cr and ₹34.5 Cr, with EBITDA margins in the 62-68% band and almost no debt. Trading volumes grew across conventional and green segments as India's short-term power market expanded to 238 BU in FY25.
Ownership has been reshaped to meet CERC's Power Market Regulations, 2021: NSE now holds 25% and NCDEX 17.06%, NTPC's trading arm NVVN 5%, and in April 2025 Norwest Venture Partners (5%) and the Poonawalla Vision Fund joined through a private placement alongside family offices, while Ambit Global Private Client sold a 13% block. Market coupling of the day-ahead market, approved by CERC in July 2025 and upheld by the Supreme Court in 2026, is expected to pool bids across exchanges and shift volume share towards PXIL.
Figures on this page come from dealer research pages, registry snippets and press reports. FY23 totals and all balance-sheet line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Transaction fees - collective and term-ahead contracts65%
Day-ahead, real-time, term-ahead and green market contracts
- Certificates (REC / ESCert) trading15%
Renewable energy and energy-saving certificate sessions
- Membership, annual and data fees10%
Admission and subscription fees from members and clients
- Treasury and other income10%
Interest on surplus funds and deposits
Products & services
Day-ahead and real-time markets
Collective auction contracts for delivery the next day and within the hour, including green DAM/RTM.
Term-ahead and contingency contracts
Intraday, day-ahead contingency, daily, weekly and monthly contracts; extension to 11-month tenors sought from CERC.
Certificates
Trading sessions for renewable energy certificates and energy-saving certificates.
What works
- • Strong institutional parentage (NSE, NCDEX, NTPC's NVVN) and a CERC licence that is hard to replicate; only three exchanges operate in India.
- • Operating leverage: FY25 PAT rose 56% on 42% revenue growth, with EBITDA margins above 60% and a debt-light balance sheet.
- • Market coupling of the day-ahead market removes IEX's liquidity advantage and gives PXIL a structural route to higher volumes.
What to watch
- • Revenue base is small (₹93 Cr) and IEX still handles more than 90% of exchange volumes; gains from coupling depend on the final CERC rules and fee rationalisation.
- • Transaction fees are regulated and CERC has signalled fee rationalisation, which could compress margins across all exchanges.
- • The unlisted quote has traded in a wide range (₹450-670) and there is no confirmed IPO; exits depend on dealer liquidity.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| PXILThis page | ₹494.00 | ₹2,890 Cr | 83.73 | 21.26 | +28.80% |
| MSEI | ₹7.38 | ₹8,114 Cr | — | 11.18 | -31.59% |
Latest reported year: FY25 ending 31 Mar 2025.