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POWER EXCHANGE INDIA LIMITED
Last Traded Price
₹595.00 ( 0.00 % )
Principles
Company NamePOWER EXCHANGE INDIA LIMITED
Market Cap₹ 3362.00
ISIN No.INE03N601010
No. of Outstanding SharesNone
PAN No.AAECP6452C
PE ratio98.87
CINU74900MH2008PLC179152
Book value₹ 21.80
SectorPower Exchange
P/BVNone
DRHP Filed?No
P/S RatioNone
Available on
EPS₹ None
Registration DateNone
Face Value₹ 10.00
Stock Performance
Company Details
INDUSTRY OUTLOOK
1. Industry Structure & Players
India currently has two operational power exchanges:
Indian Energy Exchange (IEX) – ~90% market share, dominant player.
Power Exchange India Ltd. (PXIL) – niche player, growing in REC and green energy trades.
A third exchange, Hindustan Power Exchange (HPX), launched in 2022, is slowly scaling up.
2. Key Drivers of Growth
| Driver | Impact |
|---|---|
| Decarbonization | Rising demand for green power trading (solar, wind), especially via Renewable Energy Certificates (RECs). |
| Electricity Demand Growth | Industrialization, EV penetration, and rising per capita usage are expanding grid demand. |
| Digital Infrastructure | Advanced algorithms and automation are improving price discovery and trading efficiency. |
| Market Reforms | Introduction of market coupling will unify pricing across exchanges by Jan 2026. |
| Open Access Policies | Easier grid access for large consumers promotes competitive power procurement. |
3. Market Coupling – Game Changer (2025–26)
CERC & Grid-India plan to implement market coupling to align power prices across exchanges.
This is expected to:
Level the playing field between IEX, PXIL, and HPX.
Boost price transparency and liquidity.
Encourage fair competition and reduce dominance of any single exchange.
4. Growth Opportunities
| Segment | Outlook |
|---|---|
| Day-Ahead & Real-Time Markets | Moderate growth, but more competitive pricing expected post-coupling. |
| Renewable Energy Markets (RECs, G-DAM) | High growth due to clean energy mandates and ESG focus. |
| Cross-Border Power Trade (BBIN region) | Emerging opportunity with Nepal, Bhutan, Bangladesh. |
| Green Term-Ahead Market (GTAM) | Attractive for corporates meeting RE targets voluntarily. |
5. Challenges
Regulatory Risks: Frequent policy changes and uncertainty around market coupling mechanics.
Liquidity Fragmentation: New exchanges could divide volume until coupling is implemented.
Integration & Infrastructure: Needs better grid management and forecasting tools.
Summary Outlook (2024–2026)
| Factor | Outlook |
|---|---|
| Industry Growth | Positive (10–15% CAGR) |
| Market Reforms | Disruptive but constructive |
| Green Energy Trading | High-potential segment |
| Competitive Landscape | More balanced post-coupling |
| Long-Term Prospects | Strong – aligned with India’s energy transition |
Latest shareholding pattern of Power Exchange India Ltd.
| Shareholder | Approx. Stake (%) |
|---|---|
| National Stock Exchange Investments Ltd (NSE Investment) | 29.2% |
| National Commodity & Derivatives Exchange Ltd (NCDEX) | 24.2% |
| GMR Energy Ltd | 6.84% |
| West Bengal State Electricity Distribution Co. Ltd. | 6.84% |
| Power Finance Corporation Ltd. | 5.51% |
| Tata Power Trading Company Ltd. | 4.28% |
| NTPC Vidyut Vyapar Nigam Ltd. (NVVN, NTPC arm) | *5.00% |
| Gujarat Urja Vikas Nigam Ltd. (GUVNL) | 4.28% |
| Others (public/institutional/strategic/ESOP) | ~19.0% |
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