Power Exchange India (PXIL) Unlisted Shares
About Power Exchange India (PXIL) Unlisted Shares
About PXIL
Power Exchange India Limited (PXIL), established in 2008, is India’s first institutionally promoted power exchange. Operating under the regulations of CERC, PXIL provides a transparent, efficient, and technology-driven platform for trading electricity and energy certificates. It serves power generators, distribution utilities, open access consumers, and other market participants.
Business Divisions
a. Electricity Trading Platform
PXIL facilitates power trading across various segments such as Day-Ahead Market (DAM), Term-Ahead Market (TAM), and Green Markets.
b. Renewable and Energy Efficiency Instruments
Enables trading of Renewable Energy Certificates (RECs) and Energy Saving Certificates (ESCerts), supporting compliance with RPO and PAT schemes.
c. Advisory and Ancillary Services
Offers market insights, data analytics, compliance support, and strategic consulting to energy sector participants.
Financial Highlights
P&L Statement Summary (₹ Crores)
Revenue Growth: Increased from ₹35.22 Cr (2022) to ₹54 Cr (2024), showing a healthy business expansion.
Consistent Gross Margins: Maintained a strong 100% gross margin over the last three years.
EBITDA Movement: EBITDA peaked in 2023 at ₹25.2 Cr, with a slight dip to ₹24 Cr in 2024.
Operating Profitability: OPM was strong at 52.5% in 2023 but reduced to 44.44% in 2024.
Profit After Tax (PAT): PAT grew from ₹15.76 Cr (2022) to ₹22 Cr (2024), indicating robust net profitability.
EPS Growth: EPS improved from ₹2.7 in 2022 to ₹3.76 in 2024, reflecting value creation for shareholders.
Other Income Contribution: Other income rose from ₹4.92 Cr to ₹9 Cr in 2024, boosting bottom-line margins.
Balance Sheet Summary (₹ Crores)
Total Assets: Increased significantly from ₹205 Cr (2022) to ₹353 Cr (2024), mainly due to higher other assets.
Fixed Assets Decline: Reduced from ₹6.63 Cr in 2022 to ₹4 Cr in 2024, signaling a shift towards asset-light operations.
Investments: PXIL increased its investments to ₹1.6 Cr in 2024, reflecting growth intent.
Receivables Reduction: Trade receivables dropped to ₹0.03 Cr, showcasing efficient collections.
Reserves Growth: PXIL turned around its reserves from -₹10 Cr to ₹33 Cr in two years.
Liabilities Surge: Other liabilities rose sharply to ₹237.53 Cr in 2024, pointing to higher deferred revenue or payables.
Debt Introduction: Borrowings increased from ₹0 Cr in 2022 to ₹15 Cr in 2024, adding financial leverage.
Pros
- Regulated & Transparent: Operates under CERC, ensuring transparency and reliability for all participants.
- Product Diversity: Offers multiple market segments—DAM, TAM, RECs, ESCerts—supporting wide trading needs.
- Strong Profitability: High PAT margins (above 40%) and consistent growth in EPS and revenues.
Cons
- Asset-Light Model Risks: Reduced fixed assets may affect long-term infrastructure development.
- High Other Liabilities: Rising liabilities could indicate dependency on short-term obligations or advances.
- Moderate EBITDA Dip: EBITDA declined slightly in 2024 despite revenue growth, showing potential cost pressures
Key Details
| Share Name | Particulars |
|---|---|
| PXIL Unlisted | ₹415 |
| Shares Price | Per Equity Share |
| Lot Size | 100 Shares |
| 52 Week High | ₹425 |
| 52 Week Low | ₹300 |
| Depository | NSDL |
| PAN Number | AAECP6452C |
| ISIN Number | INE03N601010 |
| CIN | U74900MH2008PLC179152 |
| RTA | MUFG Intime India |
| Fundamentals | Value |
|---|---|
| Market Cap (in Cr.) | ₹2,426.51 |
| P/E Ratio | 109.79 |
| P/B Ratio | 26.53 |
| Debt to Equity | 0.16 |
| ROE (%) | 24% |
| Book Value | ₹15.64 |
| EPS | ₹3.78 |
| Face Value | ₹2 |
| Total Shares | 5,84,70,050 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 54.00 | 48.00 | 35.22 |
| Cost of Material Consumed | 0.00 | 0.00 | 0.00 |
| Gross Margins (%) | 100 | 100 | 100 |
| Change in Inventory | 0.00 | 0.00 | 0.00 |
| Employee Benefit Expenses | 11.00 | 8.40 | 7.87 |
| Other Expenses | 19.00 | 14.40 | 10.51 |
| EBITDA | 24.00 | 25.20 | 16.84 |
| OPM (%) | 44.44 | 52.50 | 47.81 |
| Other Income | 9.00 | 7.30 | 4.92 |
| Finance Cost | 0.50 | 0.40 | 0.44 |
| D&A (Depreciation & Amort.) | 3.30 | 3.00 | 2.86 |
| EBIT | 20.70 | 22.20 | 13.98 |
| EBIT Margins (%) | 38.33 | 46.25 | 39.69 |
| PBT (Profit Before Tax) | 29.00 | 29.00 | 18.46 |
| PBT Margins (%) | 53.70 | 60.42 | 52.41 |
| Tax | 7.00 | 7.40 | 2.70 |
| PAT (Profit After Tax) | 22.00 | 21.60 | 15.76 |
| NPM (Net Profit Margin %) | 40.74 | 45.00 | 44.75 |
| EPS (Earnings Per Share) | ₹3.76 | ₹3.69 | ₹2.70 |
| Financial Ratios | 2024 | 2023 | 2022 |
|---|---|---|---|
| Operating Margin | 48% | 53% | 55% |
| Net Profit Margin | 35% | 39% | 39% |
| Return on Equity | 24% | 31% | 33% |
| Debt-Equity | 0.16 | 0.21 | 0 |
| Current Ratio | 1.46 | 1.51 | 1.17 |
| Dividend Payout | 0% | 0% | 0% |
| Company | PXIL | IEX |
|---|---|---|
| Market Cap (₹ Crores) | 2,427 | 17,275 |
| Profitability Margin (%) | 35.00% | 78.00% |
| ROCE (%) | 28.00% | 54.00% |
| ROE (%) | 24.00% | 41.00% |
| D/E Ratio | 0.16 | 0.01 |
| P/E Ratio | 109.79 | 41.70 |
| P/B Ratio | 26.53 | 15.70 |
| Book Value per Share (₹) | ₹15.64 | ₹12.30 |
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Fixed Assets | 4.00 | 5.40 | 6.63 |
| CWIP | 0.00 | 0.00 | 0.00 |
| Investments | 1.60 | 0.40 | 0.00 |
| Trade Receivables | 0.03 | 0.14 | 0.61 |
| Inventory | 0.00 | 0.00 | 0.00 |
| Other Assets | 347.37 | 167.06 | 197.76 |
| Total Assets | 353.00 | 173.00 | 205.00 |
| Liabilities | 2024 | 2023 | 2022 |
|---|---|---|---|
| Share Capital | 58.47 | 58.47005 | 58.47005 |
| FV (Face Value) | 10 | 10 | 10 |
| Reserves | 33.00 | 11.40 | -10.00 |
| Borrowings | 15.00 | 14.50 | 0.00 |
| Trade Payables | 9.00 | 2.70 | 1.39 |
| Other Liabilities | 237.53 | 85.93 | 155.14 |
| Total Liabilities | 353.00 | 173.00 | 205.00 |
