Hindustan Power Exchange Limited - - HPX India
Hindustan Power Exchange Limited - HPX India
INE07WD01012
Incorporation Date: 24-Apr-2018
Listing Status: DRHP Not Filed
About Hindustan Power Exchange Limited - - HPX India
Overview of Hindustan Power Exchange Limited - - HPX India
🏢 Company Overview: Hindustan Power Exchange Limited (HPX)
Hindustan Power Exchange Limited (HPX) is a technology-driven electricity trading platform operating in India’s evolving power market. It is India’s third licensed power exchange, established to promote transparent price discovery, efficient power procurement, and greater market competition. HPX aims to strengthen India’s short-term electricity markets while supporting the country’s transition toward renewable energy.
The company was originally incorporated in 2018 as Pranurja Solutions Limited and was later rebranded as Hindustan Power Exchange Limited to reflect its core focus on power market operations. HPX commenced commercial operations in July 2022 after receiving regulatory approval from the Central Electricity Regulatory Commission (CERC).
⚡ What HPX Does
HPX operates an electronic exchange platform that enables market participants to buy and sell electricity in a transparent, competitive, and standardized manner. It serves a wide range of participants, including:
-
Power generators
-
Distribution companies (DISCOMs)
-
Power traders
-
Large industrial and commercial consumers
-
Renewable energy producers
By providing a neutral and automated trading environment, HPX helps participants optimize procurement costs, manage demand-supply imbalances, and improve grid efficiency.
📊 Market Products & Trading Segments
HPX offers multiple electricity trading products designed to meet short-term and near-term power requirements:
-
Day-Ahead Market (DAM): Trading electricity for delivery the next day
-
Green Day-Ahead Market (G-DAM): Day-ahead trading of renewable power
-
Real-Time Market (RTM): Power trading close to real-time to manage sudden demand or supply changes
-
Term-Ahead Market (TAM): Contracts ranging from intraday to a few days ahead
-
Contingency & Green Contingency Markets: For last-minute and emergency power needs
-
Renewable Energy Certificates (RECs): Instruments to meet renewable purchase obligations
These segments allow flexibility in procurement and help integrate renewable energy into the grid more effectively.
🧠 Technology & Platform Capabilities
HPX operates on a modern, high-performance trading platform designed for reliability, scalability, and fast execution. Key features include:
-
Advanced market-clearing and price-matching algorithms
-
High transaction throughput with low latency
-
Secure and automated order matching
-
Robust risk management and settlement systems
-
Real-time market data and analytics
The platform architecture is comparable to systems used by major financial exchanges, enabling efficient price discovery and operational stability.
🏗️ Position in India’s Power Market
HPX is positioned as a challenger to the established power exchanges in India. It operates alongside:
-
Indian Energy Exchange (IEX)
-
Power Exchange India Limited (PXIL)
Its entry has increased competition in the power exchange space, encouraging better pricing, improved service quality, and greater product innovation. HPX also aligns closely with government objectives of market liberalization and renewable energy integration.
🤝 Promoters & Strategic Shareholders
HPX is backed by a consortium of strong institutional and strategic investors from the power and financial services ecosystem. Key shareholders include:
-
PTC India Limited – a leading power trading company
-
Bombay Stock Exchange (BSE) – one of India’s premier financial market institutions
-
ICICI Bank – a major private-sector bank
-
Other power sector entities, utilities, traders, and independent power producers
This diverse ownership structure provides HPX with credibility, market access, and strategic depth.
📈 Business Model & Revenue Streams
HPX follows a scalable exchange-led business model with revenues primarily derived from:
-
Transaction Fees: Charged per unit of electricity traded on the platform
-
Membership Fees: From market participants seeking access to the exchange
-
Technology & Data Services: Market data, analytics, and system access
-
Value-Added Services: Ancillary and customized services for participants
As trading volumes grow and new products are introduced, HPX’s operating leverage is expected to improve due to the low marginal cost nature of exchange operations.
🌱 Strategic Importance & Growth Drivers
HPX plays an important role in India’s power market transformation by:
-
Promoting transparent and competitive price discovery
-
Supporting short-term power balancing and grid stability
-
Facilitating renewable energy integration
-
Improving efficiency in power procurement for DISCOMs and industries
Key long-term growth drivers include rising electricity demand, increasing renewable capacity, regulatory support for market-based pricing, and expansion of short-term power markets.
Insights of Hindustan Power Exchange Limited - - HPX India
📊 Financial Snapshot (₹ crore)
| Metric | FY25 (₹ cr) | FY24 (₹ cr) | YoY Growth |
|---|---|---|---|
| Revenue | 40.43 | 36.46 | +10.9% |
| EBITDA | 16.79 | 14.64 | +14.7% |
| Profit After Tax (PAT) | 10.67 | 14.93 | –28.6% |
⚡ Industry Overview: Power Exchange & Electricity Trading in India
The Indian power exchange industry operates at the intersection of electricity generation, transmission, distribution, and consumption, providing a transparent and market-based platform for buying and selling electricity. Power exchanges enable short-term and near-term electricity trading through standardized contracts, helping market participants efficiently manage demand-supply mismatches, optimize procurement costs, and improve grid reliability.
India’s electricity market has traditionally been dominated by long-term power purchase agreements between generators and distribution companies. Over the past decade, regulatory reforms and market liberalization have steadily expanded the role of short-term power markets, including day-ahead, real-time, and term-ahead trading. Power exchanges play a central role in this transition by facilitating competitive price discovery and increasing liquidity in short-term electricity contracts.
The industry is regulated by the Central Electricity Regulatory Commission (CERC), which sets the framework for market design, trading products, participation norms, and settlement mechanisms. Exchanges operate as neutral market infrastructure institutions, similar in structure to financial exchanges, with revenues largely linked to transaction volumes and membership fees.
Key structural drivers for the growth of power exchanges in India include rising electricity demand, increasing penetration of renewable energy, greater volatility in supply due to weather-dependent generation, and the need for flexible, short-term balancing mechanisms. The rapid expansion of solar and wind capacity has made real-time and day-ahead markets increasingly important for maintaining grid stability and ensuring efficient power dispatch.
The industry is also evolving toward deeper market development, with the introduction of new trading segments such as green power markets, ancillary services, and longer-duration contracts. Over time, the share of electricity traded through exchanges is expected to increase as India moves toward a more market-oriented power sector with higher transparency, efficiency, and competition.
Financial Charts of Hindustan Power Exchange Limited - - HPX India
Balance Sheet of Hindustan Power Exchange Limited - - HPX India
Profit and Loss of Hindustan Power Exchange Limited - - HPX India
Ancillary of Hindustan Power Exchange Limited - - HPX India
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Hindustan Power Exchange Limited - - HPX India
-
How to buy Hindustan Power Exchange Limited?
Below are three ways through which you can purchase Hindustan Power Exchange Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Hindustan Power Exchange Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
-
How to sell Hindustan Power Exchange Limited?
Below are three ways through which you can sell Hindustan Power Exchange Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Hindustan Power Exchange Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
-
What is the price of Hindustan Power Exchange Limited?
We provide a two way quote on all the shares we deal in. Your buy price for Hindustan Power Exchange Limited is ₹27.5 and your sell price for Hindustan Power Exchange Limited is ₹20. The price is based on our estimates and market conditions.
-
What is the lock-in period of Hindustan Power Exchange Limited?
The lock-in period for Hindustan Power Exchange Limited varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Hindustan Power Exchange Limited
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Hindustan Power Exchange Limited
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
-
How is the Hindustan Power Exchange Limited price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Hindustan Power Exchange Limited. The price is also determined from the most recent funding round for Hindustan Power Exchange Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
-
What are the lot sizes of Hindustan Power Exchange Limited?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Hindustan Power Exchange Limited with us kindly click here.
-
What are the financials of Hindustan Power Exchange Limited?
The financials of Hindustan Power Exchange Limited which includes the P/L of Hindustan Power Exchange Limited and the Balance Sheet of Hindustan Power Exchange Limited is in the financials section (Click on link).
-
Where can I find the annual report of Hindustan Power Exchange Limited?
The annual report of Hindustan Power Exchange Limited is available in the annual report section (Click on link).
-
Is buying Hindustan Power Exchange Limited legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
-
Short-term Capital Gain taxes to be paid on Hindustan Power Exchange Limited?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
-
Long-term Capital Gain taxes to be paid on Hindustan Power Exchange Limited and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
-
Applicability of Taxes on Hindustan Power Exchange Limited once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Hindustan Power Exchange Limited?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Hindustan Power Exchange Limited from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
Press of Hindustan Power Exchange Limited - - HPX India
Featured Blogs of Hindustan Power Exchange Limited - - HPX India
Annual Report of Hindustan Power Exchange Limited - - HPX India
Company Information of Hindustan Power Exchange Limited - - HPX India
Featured Companies


