Power Exchange India Limited (PXIL): Company Overview 🏢
Power Exchange India Limited (PXIL), founded in 2008, is India’s second power exchange following IEX. It operates a fully automated electronic trading platform regulated by the Central Electricity Regulatory Commission (CERC). Backed by institutional promoters including NSE, NCDEX, Power Finance Corporation, JSW, and Tata Power, PXIL facilitates day-ahead, term-ahead, renewable energy certificate trading, ancillary services, and energy analytics for generators and consumers.
📈 Financial Highlights (FY22–FY24)
- Revenue grew from approximately ₹40 cr to ₹63 cr
- Profit After Tax (PAT) rose from ₹15.7 cr to ₹22.1 cr
- Earnings Per Share (EPS) increased from ₹2.7 to ₹3.8
- Return on Equity (ROE) is approximately 24%
These metrics show consistent growth backed by robust operating performance.
💰 Current Unlisted Share Prices
- 200-share lot: ₹485 per share
- 5,000-share lot: ₹475 per share
This pricing reflects liquidity premiums for smaller lots and volume discounts for larger blocks.
📊 Price–Quantity Table
| Quantity (Shares) | Price per Share (₹) | Total Investment (₹) |
|---|---|---|
| 200 | 485 | 97,000 |
| 500 | 480 | 240,000 |
| 1,000 | 478 | 478,000 |
| 5,000 | 475 | 23,75,000 |
Pricing is indicative; actuals may vary based on platform and negotiation.
🧩 Why the Price Differential?
- Volume Discounts: Bulk buyers enjoy favorable per-share pricing due to lower transaction costs.
- Liquidity Premium: Smaller lots trade at a premium because of faster availability and less negotiation needed.
🔍 Investment Insights
- Valuation: Using ₹485/share and EPS ₹3.8, implied P/E ratio is ~128×. Alternative analyses estimate around ~94×
- Peer Comparison: Listed peer IEX trades around 40–50× P/E, so PXIL carries a premium, likely due to future growth expectations .
- Regulatory Tailwinds: SEBI approval for electricity futures and possible market-coupling with IEX could significantly boost trade volumes .
⚠️ Risks & Considerations
- Low Liquidity: Being unlisted, shares can be challenging to sell quickly at fair prices.
- High Valuation: A stretched P/E ratio requires strong execution to justify.
- Regulatory Lock-in: SEBI rules typically mandate a ~6-month lock-in post-listing.
- Market & Policy Risk: Changes in power trading regulations or CERC guidelines could impact finance metrics.
🧠 StartupLanes Takeaway
PXIL exhibits strong financial growth with institutional backing and promising regulatory developments. While ₹475–₹485 per share may appear expensive, informed investors betting on the electricity markets’ expansion and market reforms could realize substantial gains. Bulk purchases provide better pricing and may be ideal for long-term holdings heading toward listing.
📌 Next Steps for Investors
- Process: Complete KYC with PAN, demat Client Master List (CML), and enable off-market RTGS/NEFT settlements.
- Settlement: Shares transferred via demat within 1–5 business days.
- Strategy: Consider staggered investment with a mix of small and bulk lots to balance entry price and liquidity.
🛒 How to Invest in PXIL Unlisted Shares
Document Submission (KYC Process)
Required Documents:
- PAN Card (Mandatory)
- Aadhaar Card (mask last 4 digits)
- Bank Statement or Cancelled Cheque
- CML (Client Master List) – from your Demat account
- Nominee details (PAN & Aadhaar)
How to Proceed:
- Download your CML from your broker platform
- Email all the documents to:
ceo.startuplanes@gmail.com
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