Matrix Gas and Renewables Limited: Company Overview
Matrix Gas & Renewables Limited holds a prominent position in India’s energy sector, specializing in sourcing and marketing natural gas and Regasified Liquefied Natural Gas (R-LNG). With a focus on medium to long-term contracts, the company ensures a steady supply of natural gas from diverse sources at competitive prices, meeting the growing energy demands of Indian downstream customers. Led by a team of seasoned professionals with deep expertise in the Indian gas industry, Matrix Gas is committed to delivering reliable and innovative energy solutions.
Promoted by a diversified group that includes Gensol Engineering Ltd. and BluSmart Mobility, Matrix Gas benefits from a strong foundation in renewable energy and electric mobility sectors. Gensol Engineering is renowned for its expertise in solar EPC and O&M services, while BluSmart is a pioneer in India’s EV ride-hailing service and EV charging superhub infrastructure.
Matrix Gas aims to establish itself as the preferred supplier of natural gas aggregation services in India. The company strategically sources gas on medium to long-term contracts, ensuring consistent and dependable supply for its customers. It excels in developing flexible offtake contracts tailored to meet specific customer needs, offering options for weekly or fortnightly supply terms and flexibility in take or pay and LC requirements.
With a proven track record of handling gas volumes exceeding 100 million standard cubic meters (mmscm), the company’s commitment to flexibility and reliability in the gas supply chain has earned it a reputation as a trusted partner in the energy industry.
| Company Name | MATRIX GAS AND RENEWABLES LIMITED |
| Company Type | Unlisted Public Company(Buy Matrix Gas Unlisted Shares) |
| Industry | Renewable and Energy |
| Incorporation Year | 2018 |
| Registered Address | Ahmedabad, Gujarat ,India |
Matrix Gas & Renewables: Key Customer
Matrix Gas & Renewables: Key Milestone
Matrix Gas & Renewables: Business Operation
Matrix Gas & Renewables: Business Overview
1. Natural Gas Aggregations
Natural gas aggregation is the primary business for Matrix Gas. As of 2023, at its peak, gas aggregation reached 1.50 million metric standard cubic meters per day (mmscmd) of regasified liquefied natural gas (rLNG) and domestic gas from sources like Dahej, Hazira, RIL-bp, and ONGC. The distribution was as follows:
- Sale to Open Market Customers: 0.75 mmscmd
- Sale to Aggregators: 0.75 mmscmd
Sales were executed to 21 customers across seven states via five pipeline networks.
Artificial Intelligence Based Digital Natural Gas Aggregation
Matrix Gas and Renewables is developing an AI-based digital system for gas operations to provide the best services to its customers.
Matrix Gas oversees a gas distribution network where sources provide gas and send nominations to Matrix Gas. Customers submit their gas needs to Matrix Gas, which then allocates and confirms deliveries. Transporters manage the physical transportation of gas based on nominations and allocations from Matrix Gas. This system ensures streamlined distribution from sources to customers, efficiently coordinated by Matrix Gas.
Infrastructure for Distributing Natural Gas
The following chart summarizes the process of distribution of Natural Gas from the transmission system to the end consumer:
2. City Gas Distribution
City Gas Distribution (CGD) plays a crucial role in supplying natural gas efficiently to various sectors within urban areas. Here’s a breakdown of how it typically works:
- City Gate Station (CGS): Natural gas enters the distribution network at the City Gate Station. This facility receives gas from transmission pipelines that transport gas over long distances from production fields or import terminals.
- Gas Processing and Regulation: At the City Gate Station, the gas undergoes processing and regulation. This includes filtering to remove impurities, odorization (adding odorants for safety), and pressure regulation to ensure consistent supply to consumers.
- Distribution Network: Once processed and regulated, the natural gas is distributed through a network of pipelines. These pipelines vary in size and capacity to accommodate different levels of demand across the city.
- End-User Sectors:
- Domestic: Natural gas is supplied to residential areas for cooking, heating, and water heating purposes.
- Commercial: Commercial buildings, such as offices, restaurants, and hotels, use natural gas for heating, cooling, cooking, and other purposes.
- Industrial: Industries use natural gas as a fuel for various manufacturing processes, heating, and powering equipment.
- CNG (Compressed Natural Gas): Natural gas is compressed and supplied to stations where it fuels vehicles, particularly in public transportation and private fleets.
Overall, City Gas Distribution networks are integral to urban infrastructure, providing clean and efficient energy to meet diverse energy needs across different sectors within cities and urban areas.
3. Hydrogen EPC Projects
- Developing hydrogen projects from concept to commissioning.
- Collaborating with state-owned companies such as NHPC, NTPC, and NCL.
Hydrogen EPC Projects(Under pipeline)
Project Synopsis of NHPC, Kargil
The NHPC Kargil Project has comprehensive scope which envisagesfrom Solar power generation to Green Hydrogen to
storage , compression and dispensing. This plant will become one of its kind 1st Green Hydrogen plant to boost green
hydrogen application in mobility sector significantly .
Project Synopsis of NCL, Pune
Scope :
- Design, Engineering, Manufacturing, Supply, Installation, Testing, Commissioning of Alkaline Electrolyser.
- Civil, Mechanical and electrical for hydrogen generation plant.
- Supply of Solar power generation system to the plant.
- 100% take or pay supply of Green Hydrogen to specialty chemical customers for 25years long-term
- Focused on developing green hydrogen infrastructure with guaranteed offtake from customers on long-term
basis.
4. Electrolyzer Manufacturing Plant
- Setting up an alkaline-based electrolyzer manufacturing plant with a capacity of 350 MW by 2024.
- Expanding the plant to 1 GW by 2026 and further to 2 GW by 2030.
Matrix Gas and Renewables is amongst the top achievers of PLI with conglomerates like Reliance , Adani and L&T.
5. Bio Hydrogen as Fuel for Mobility Solutions
- Executed an MOU with SGH2, a US-based company, to develop bio hydrogen as a fuel.
- Setting up a green hydrogen retail outlet for H2 cars, with an initial capacity to fuel 250 cars per day in NCR Delhi.
Matrix Gas & Renewables: Geographical Reach and Industry Diversification
They operate in Gujarat, Rajasthan, Maharashtra, Haryana, Punjab, Uttarakhand, Uttar Pradesh, and Himachal Pradesh. Their operations include the distribution of natural gas to:
- Crude Refineries
- Ceramic industries
- Fertilizer plants
- Petrochemical facilities
- Steel manufacturing units
- City Gas Grid Development (CGD) for industrial and commercial demand
- Glass manufacturing plants
- Power plants
- Fast Moving Consumer Goods (FMCG) sector
Matrix Gas & Renewables: Key Strengths
- Timely Delivery of Natural Gas: Ensures adherence to timely fulfillment through efficient gas operations and delivery mechanisms, prioritizing customer satisfaction and operational excellence.
- Strong Customer Relationships: Maintains a robust and long-term customer base across industrial and commercial sectors, enhancing customer retention and facilitating repeat business.
- Diverse Customer Portfolio: Boasts a diverse customer base across various industries and geographies, reducing dependence on any single sector and providing resilience against market fluctuations.
- Experience in Gas Aggregation: Demonstrates expertise in sourcing natural gas at competitive prices and flexible terms, supported by strong supplier relationships and effective management of gas operations.
- Organizational Stability and Management Expertise: Led by a seasoned management team with extensive industry experience, capable of strategic planning, operational efficiency, and navigating market dynamics effectively.
Matrix Gas & Renewables: Management of the Company
Anmol Singh Jaggi: Chairman & Director
- Bachelor of Technology in Petroleum Engineering
- Experience of 16 years in energy industry
- He leads a team of over 800 professionals and is known for his visionary leadership in the clean energy sector.
- He has been instrumental in launching impactful ventures, including BluSmart, India’s leading B2C electric mobility brand.
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Chirag Kotecha: Chief Executive Officer & Managing Director
- Holds degree in Master of Business Administration
- Experience of 18 years in marketing of Oil and Gas Industry
- Techno-Commercial professional, worked in the Integrated Energy Value Chain of Oil & Gas Industry in LNG / Natural Gas
- Strong background in both technical and commercial aspects.
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Industry Overview
- In FY 2022-23, India consumed around 63 billion cubic meters (BCM) of natural gas. Domestic production was approximately 34 BCM in FY 2022-23. India imported about 30 BCM of LNG in the same period to meet the demand.
- The demand in India is expected to grow at a CAGR of 4-5% over the next decade. By 2030, the demand for natural gas is projected to reach around 100 BC
- The government aims to expand the national gas grid to 34,500 km by 2024 from the existing 17,000 km. The City Gas Distribution network is expected to cover 70% of the population by 2030.
- Policies such as the Hydrocarbon Exploration and Licensing Policy and the Discovered Small Fields Policy aim to boost domestic gas production.
Matrix Gas & Renewables: Financial Highlights
₹ in crores
| Particulars | 31st March, 2023 | 31st March, 2022 |
| Revenue | 490 | 0.15 |
| EBITDA | 45.82 | 0.16 |
| PBT | 42.8 | -0.27 |
| PAT | 32 | -2 |
| EPS | 8.86 | 0 |
Revenue Breakup
₹ in crores
| Particulars | 31st March, 2023 | 31st March, 2022 |
| Natural Gas | 489.2 | – |
| Solar Power Services | 0.48 | 0.15 |
| Total Revenue | 490 | 0.15 |
Furthermore, contracts with Amber Technoplast Private Limited, PICL (India) Private Limited, and Amber Enterprises India Limited for the installation of a 5330 kWp Solar PV Power plant were executed by Gensol Consultants Pvt. Ltd. and subsequently novated by the Company. Revenue from the supply of electricity from the plant is anticipated to commence flowing to the Company in FY 2024-25 upon the plant’s commissioning.
Valuations
| Particulars | March 31st, 2024 |
| Share Price | ₹925 |
| Outstanding shares | 3,61,68,000 |
| MCAP | 3340 Cr |
| P/E Ratio | 104.35 |
| P/S Ratio | 5 |
| P/S Ratio | 6.81 |
Matrix Gas & Renewables: Funding
- Private placement of 5,64,800 Equity Shares at price of Rs. 132 issued by our Company has meeting held on July 06, 2023.
- Matrix Gas and Renewables Ltd has raised Rs 350 crore in the pre-IPO round to accelerate expansion of its gas business, acquisitions, and funding capital expenditure plans.
- The pre-IPO round saw participation from key investors like Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, NAV Capital Emerging Fund.
Peer Comparison
| Particulars | Revenue | PAT | EPS | CMP | MCAP | P/E |
| Matrix Gas and Renewables | 490 Cr | 32 | 8.86 | ₹925 | 3340 Cr | 104.35 |
| Sterlite Power transmission ltd | 6452 Cr | -33 | – | ₹685 | ₹8377Cr | – |
| Inox Wind Energy Ltd | 755 Cr | -664 | – | ₹7080 | ₹7945Cr | – |
| Reliance Power Ltd | 7882 Cr | -471 | – | ₹32 | ₹11953Cr | – |
| Tata Power Company Ltd | 56547 Cr | 3809 | 11.9 | ₹450 | ₹143864Cr | 38 |
| Power Grid Corporation of India Ltd | 46605 Cr | 15168 | 21.75 | ₹321 | ₹223912Cr | 14.75 |
Recent News
Matrix Gas & Renewables Raises Rs 350 Crore in Pre-IPO Funding Round
(March 2024) Matrix Gas & Renewables raised Rs 350 crore in a pre-IPO round. The funding will expand their gas aggregation and city gas distribution assets, accelerate green hydrogen production, and establish a hydrogen electrolyser plant. Key investors include Gunavanth Vaid and Sarda Group.
Gensol Engineering and Matrix Gas Consortium Secure PLI Bid for Hydrogen Electrolyser Manufacturing
(February 2024) Gensol Engineering and Matrix Gas Consortium have successfully secured a Production Linked Incentive (PLI) bid aimed at manufacturing hydrogen electrolysers. This initiative is part of India’s push towards green hydrogen technologies under the National Green Hydrogen Mission.
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