Indian Gas Exchange (IGX)
Indian Gas Exchange (IGX)
INE0BI301012
Incorporation Date: 06-Nov-2019
Listing Status: DRHP Filed
About Indian Gas Exchange (IGX)
Overview of Indian Gas Exchange (IGX)
Indian Gas Exchange Limited (IGX)
Indian Gas Exchange Limited (IGX) is India’s first and only authorised national-level physical delivery-based natural gas trading exchange, launched in 2020 and regulated by the Petroleum and Natural Gas Regulatory Board (PNGRB). IGX provides a transparent, technology-enabled marketplace where buyers and sellers can trade natural gas through standardised spot and forward contracts with compulsory physical delivery. The exchange is designed to facilitate transparent price discovery, improve supply flexibility and support the development of a more competitive and market-driven natural gas ecosystem in India.
🏢 Introduction & Infrastructure
Incorporated: 2019; commenced operations as a gas trading platform in June 2020 and received PNGRB authorisation in December 2020.
Corporate Office: Noida, Uttar Pradesh.
Regulatory Framework: Operates under the PNGRB Gas Exchange Regulations, 2020, as amended.
Exchange Infrastructure: Electronic trading platform supporting anonymous bidding, standardised contracts, price discovery and physical delivery.
Delivery Network: As of FY26, the exchange covered 19 delivery points across five regional hubs — Northern, Southern, Eastern, Western and Central.
Market Access: Participants can join as proprietary members, trading and clearing members or clients.
Digital Infrastructure: Provides web-based trading functionality along with market-data and participant-support platforms.
Market Integrity: Supported by defined margin requirements, risk-management mechanisms, clearing and settlement processes.
⚙️ Business Model & Operational Verticals
IGX operates an electronic gas-exchange marketplace, bringing together gas producers, marketers, consumers and other market participants for transparent trading and physical delivery.
1. Spot Gas Trading
Intraday contracts
Day-ahead contracts
Daily contracts
Balance of Month contracts
Weekly and fortnightly contracts
Monthly contracts
2. Forward Gas Trading
Three-month contracts
Six-month contracts
Longer-duration contracts subject to regulatory approvals and market development
Customised trading options for different procurement requirements
3. Physical Gas Delivery
Unlike a purely financial exchange, IGX contracts require physical delivery of the underlying natural gas. Delivery takes place at designated delivery points connected to India's gas transportation infrastructure.
4. Price Discovery & Market Benchmarking
Transparent market-based gas price discovery
Competitive bidding between buyers and sellers
Gas Index of India (GIXI) as a market benchmark reflecting gas prices across delivery points and regions
👥 Management Structure
IGX is led by professionals with extensive experience across energy markets, power trading, gas markets, regulation and exchange infrastructure.
Rajesh Kumar Mediratta — Managing Director & Chief Executive Officer
Supported by directors and professional teams across market operations, business development, technology, risk management, clearing and settlement, regulatory affairs and participant services.
Rajesh Kumar Mediratta has played a key role in the development of India's power and gas markets and was instrumental in establishing IGX from its conceptual stage.
📦 Key Product & Contract Portfolio
| Contract / Product | Key Purpose |
|---|---|
| Intraday Contract | Same-day gas procurement and supply balancing |
| Day-Ahead Contract | Gas procurement for the following day |
| Daily Contract | Short-term gas procurement |
| Balance of Month (BoM) | Procurement or sale for the remaining days of the current month |
| Weekly Contract | Gas procurement over a weekly period |
| Fortnightly Contract | Two-week gas procurement |
| Monthly Contract | Structured monthly gas procurement |
| 3-Month Contract | Forward gas procurement |
| 6-Month Contract | Longer-duration forward procurement |
| GIXI | Gas price benchmark reflecting market-based price discovery |
🌐 Market Participants & Application Ecosystem
IGX connects multiple participants across India's natural gas value chain, including:
Natural gas producers
Gas marketing companies
City Gas Distribution companies
Power generation companies
Fertilizer companies
Refineries
LNG terminal operators
Industrial consumers
Other eligible gas buyers and sellers
The exchange enables participants to manage short-term procurement requirements, supply flexibility, price discovery and gas portfolio balancing through a centralised marketplace.
💻 Technology & Market Capabilities
Anonymous electronic bidding, allowing participants to trade without knowing their counterparty during the bidding process.
Double-sided auction and continuous trading mechanisms.
Automated pre-trade and post-trade processes.
Margin and risk-management mechanisms to support contract performance.
Integrated clearing and settlement processes.
Real-time market information and price visibility.
Mobile application providing access to market information, prices and trade-related updates.
IGX Academy and certification initiatives aimed at developing knowledge of India's gas market and exchange mechanisms.
⭐ Key Business Highlights
India's first and only authorised national-level physical delivery-based gas exchange.
Regulated by PNGRB under the Gas Exchange Regulations.
Provides a transparent alternative to traditional bilateral gas contracting.
Covers 19 delivery points across five regional gas hubs as of FY26.
Offers a broad range of spot and forward contracts with different delivery periods.
GIXI provides a market-based reference for natural gas prices.
Connects producers, marketers, CGD companies, power generators, refineries, fertiliser companies and industrial consumers.
Technology-driven platform focused on price discovery, transparency, market access and physical gas delivery.
Expanding role in the development of a more market-oriented natural gas ecosystem in India.
Insights of Indian Gas Exchange (IGX)
Indian Gas Exchange (IGX)
1. Financial Highlights – FY25 vs FY26
All monetary values are in ₹ Crore. FY26 figures are based on the standalone P&L provided.
| Metric | FY25 | FY26 | YoY Growth | Margin FY25 | Margin FY26 |
|---|---|---|---|---|---|
| Net Revenue | 48.80 | 61.01 | +25.02% | — | — |
| EBITDA | 25.81 | 34.77 | +34.71% | 52.89% | 56.99% |
| PBT | 40.30 | 55.83 | +38.54% | 82.58% | 91.51% |
| PAT | 30.79 | 42.02 | +36.47% | 63.09% | 68.88% |
Key Insight:
Revenue grew 25.0% in FY26 to ₹61.01 Cr, while EBITDA increased faster by 34.7%, resulting in EBITDA margin expanding from 52.9% to 57.0%.
PAT increased 36.5% to ₹42.02 Cr, with PAT margin improving from 63.1% to 68.9%.
The improvement was supported by strong operating growth as well as higher other income, while finance costs remained very low at ₹0.46 Cr.
2. Key Company Developments
Record trading volumes: IGX traded 76.8 million MMBtu of natural gas in FY26, its highest-ever annual volume and 28% higher YoY. The exchange executed 1,924 trades during the year.
Growing market position: IGX represented approximately 3% of India's overall gas consumption and around 20% of the spot gas market by FY26, highlighting its increasing role in India's gas trading ecosystem.
Strong Q1 FY27 performance: In Q1 FY27, IGX traded 27.5 million MMBtu, up 11.9% YoY, while PAT increased 15.5% YoY to ₹16.3 Cr.
Proposed IPO: IGX filed its Draft Red Herring Prospectus (DRHP) in July 2026 for a proposed IPO. Indian Energy Exchange, which holds approximately 47.3% in IGX, is required under applicable regulations to reduce its holding to 25%; the proposed offer includes an offer for sale by IEX.
Expansion of market participation: IGX continues to add market participants and proprietary members, supporting greater liquidity and adoption across domestic gas producers, power generators, city gas distribution companies and other gas consumers.
3. Industry Insights & Trends
Natural gas trading is becoming increasingly market-driven: The development of organised gas exchanges is improving price discovery and enabling buyers and sellers to access transparent market-based pricing.
India's gas infrastructure is expanding: New pipelines and gas infrastructure projects are increasing connectivity between production centres, LNG terminals and consumption markets, supporting the development of a more integrated domestic gas market.
Power and city-gas demand are important growth drivers: Gas demand from power generation and city gas distribution remains an important source of trading activity, particularly when power demand rises or regional supply conditions change.
Spot and short-term gas markets are gaining importance: Flexible contracts such as monthly, fortnightly, day-ahead and intraday contracts allow market participants to manage changing supply and demand requirements.
Gas-market reforms can expand the addressable market: Greater liberalisation, improved pipeline connectivity and increasing participation from domestic producers can support the transition toward deeper and more liquid gas markets.
4. Latest Funding & Valuation
IGX does not require a private funding/valuation section because the most relevant current development is its proposed IPO, rather than a private funding round.
The July 2026 DRHP filing is therefore the key corporate development to track. The proposed IPO includes an offer for sale by IEX, rather than a primary capital raise by IGX.
5. Peer Comparison
A financial peer comparison is relevant, but direct Indian gas-exchange peers are limited because IGX operates in a specialised regulated gas-exchange segment. Therefore, Indian Energy Exchange (IEX) is the most relevant listed reference point because it is the parent/associate ecosystem company operating another exchange platform, while MCX and BSE provide broader exchange-business benchmarks.
| Metric – FY26 | Indian Gas Exchange (IGX) | Indian Energy Exchange (IEX) | MCX | BSE |
|---|---|---|---|---|
| Revenue / Revenue from Operations | 61.01 | 615.65 | ~2,302 | ~5,124 |
| Revenue Growth | 25.0% | 14.6% | ~106.8% | ~59.5% |
| Operating Profit / EBITDA | 34.77 | ~428.7* | ~1,560 | ~3,430 |
| Operating Margin | 57.0% | ~69.6% | ~67.8% | ~66.9% |
| PAT | 42.02 | 492.92 | ~1,336 | ~2,422 |
| PAT Margin | 68.9% | ~80.1% | ~57.8% | ~48.5% |
| Business | Gas Exchange | Power & Energy Exchange | Commodity Exchange | Multi-Asset Exchange |
| Listed | Proposed IPO | Yes | Yes | Yes |
*IEX operating-profit figure is based on the latest FY26 financial data available; IGX figures are from the standalone P&L provided.
Peer observation: IGX operates at a much smaller financial scale than established exchanges, but its 25% revenue growth and 36.5% PAT growth in FY26 reflect rapid expansion from a relatively small base. Its high margins are consistent with the asset-light economics of an exchange platform, while the proposed IPO could provide a clearer public-market benchmark for the company's valuation.
Key Takeaways
IGX delivered strong FY26 growth, with revenue increasing 25.0%, EBITDA increasing 34.7% and PAT increasing 36.5%.
The company's 76.8 million MMBtu FY26 trading volume, followed by 27.5 million MMBtu in Q1 FY27, indicates continued expansion in gas-market activity.
The proposed IPO is the major current development, while India's expanding gas infrastructure, growing market participation and increasing adoption of organised gas trading remain the key structural drivers for IGX.
Financial Charts of Indian Gas Exchange (IGX)
Balance Sheet of Indian Gas Exchange (IGX)
Profit and Loss of Indian Gas Exchange (IGX)
Ancillary of Indian Gas Exchange (IGX)
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Indian Gas Exchange (IGX)
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How to buy Indian Gas Exchange?
Below are three ways through which you can purchase Indian Gas Exchange:
- 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 Indian Gas Exchange, 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
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How to sell Indian Gas Exchange?
Below are three ways through which you can sell Indian Gas Exchange:
- 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 Indian Gas Exchange, 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
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What is the price of Indian Gas Exchange?
We provide a two way quote on all the shares we deal in. Your buy price for Indian Gas Exchange is ₹425 and your sell price for Indian Gas Exchange is ₹375. The price is based on our estimates and market conditions.
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What is the lock-in period of Indian Gas Exchange?
The lock-in period for Indian Gas Exchange 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 Indian Gas Exchange
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Indian Gas Exchange
- 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.
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How is the Indian Gas Exchange 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 Indian Gas Exchange. The price is also determined from the most recent funding round for Indian Gas Exchange. 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.
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What are the lot sizes of Indian Gas Exchange?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Indian Gas Exchange with us kindly click here.
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What are the financials of Indian Gas Exchange?
The financials of Indian Gas Exchange which includes the P/L of Indian Gas Exchange and the Balance Sheet of Indian Gas Exchange is in the financials section (Click on link).
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Where can I find the annual report of Indian Gas Exchange?
The annual report of Indian Gas Exchange is available in the annual report section (Click on link).
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Is buying Indian Gas Exchange 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.
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Short-term Capital Gain taxes to be paid on Indian Gas Exchange?
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.
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Long-term Capital Gain taxes to be paid on Indian Gas Exchange 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.
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Applicability of Taxes on Indian Gas Exchange 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 Indian Gas Exchange?
At Altius Investech, our approach to sourcing Indian Gas Exchange unlisted shares 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 Indian Gas Exchange unlisted shares. 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 Indian Gas Exchange 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.
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