Indian Gas Exchange Limited
DRHP · filed 29 Jul 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Indian Gas Exchange Limited operates an electronic platform for trading natural gas, with revenue of Rs 61.005 crore and a 32.31 percent revenue CAGR. The offer structure includes a fresh issue and an offer for sale, with the company reporting a profit of Rs 42.022 crore and a 23.47 percent ROE. The company's business is materially exposed to risks regarding the inability to maintain trading volumes, low liquidity, and dependence on third-party gas infrastructure and supply chains.
What stands out
Risk factor. An inability to maintain or grow trading volumes on our electronic exchange platform may adversely affect our business, financial condition, results of operations and cash flows.
Risk factor. Trading volumes on our Exchange are impacted by changes in consumption, disruption to supply, inadequacies in infrastructure network, high price of gas, inadequate delivery points or connections to India's national pipeline network, an inability to access natural gas markets across geographically di
Risk factor. Any inability of counterparties, or of our Exchange, to perform delivery obligations under gas trade agreements in a timely manner may undermine Participant confidence in the Exchange and adversely impact trading activity.
Strong revenue growth. Restated revenue CAGR of 32.3%.
Healthy return on equity. ROE of 23.5%.
How the offer is structured
- carry out the Offer for Sale of up to 16,710,000 Equity Shares of face value of ₹ 10 each by the Promoter Selling Shareholder aggregating up to ₹ [●] million
- achieve the benefits of listing the Equity Shares on the Stock Exchange
Restated financials
Revenue
₹61.0 Cr
Latest fiscal year
Profit after tax
₹42.0 Cr
Revenue CAGR
32.3%
Return on equity
23.5%
PAT CAGR
35.0%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹34.8 Cr | ₹23.1 Cr | ₹117 Cr | |
| 2025 | ₹48.8 Cr | ₹30.8 Cr | ₹148 Cr | |
| 2026 | ₹61.0 Cr | ₹42.0 Cr | ₹179 Cr |
Risks the company discloses
An inability to maintain or grow trading volumes on our electronic exchange platform may adversely affect our business, financial condition, results of operations and cash flows.(Trading Volumes)
Trading volumes on our Exchange are impacted by changes in consumption, disruption to supply, inadequacies in infrastructure network, high price of gas, inadequate delivery points or connections to India's national pipeline network, an inability to access natural gas markets across geographically dispersed regions, adverse general economic conditions, our inability to offer an effective and liquid trading platform that facilitates efficient price discovery, inability to offer competitive membership and transaction fees, the entry of competing exchanges into the market, regulatory or legislative changes, and reduced preference for exchange-based trading owing to factors beyond our control, including logistical convenience and bilateral relationships between Participants in the natural gas market.(Trading Volumes)
Any inability of counterparties, or of our Exchange, to perform delivery obligations under gas trade agreements in a timely manner may undermine Participant confidence in the Exchange and adversely impact trading activity.(Trading Volumes)
Low liquidity, insufficient market depth, concentration of bids and offers, limited participation across products or delivery points, and lower-than-expected trading activity may adversely affect price discovery, market confidence and our trading volumes.(Trading Volumes)
A general decline in gas supply, including due to macroeconomic conditions such as global instability, or reduced demand or trading volumes which could be influenced by external factors may lower our revenues and may have an adverse effect on our business, financial condition, results of operations and cash flows.(Trading Volumes)
In addition, we incur certain costs relating to technology infrastructure, personnel and platform operations and a sustained decline in trading volumes without a corresponding reduction in our costs may disproportionately impact our profitability and operating leverage, thereby exacerbating the adverse effect on our results of operations.(Trading Volumes)
While our transaction fees are primarily linked to the traded volumes on our Exchange, any disruption in the supply of natural gas globally could disrupt the execution of contracts formed on our Exchange and adversely affect our reputation, business, financial condition, results of operations and cash flows.(Supply Disruption)
The gas bought and sold on our Exchange is not procured by us, but sold by suppliers of gas such as gas importers, resellers and gas producing companies, who rely on the availability and functioning of pipelines, liquefied natural gas (LNG) terminals and regasification facilities to perform delivery of contracts executed on our platform. Consequently, our business is dependent on the uninterrupted sourcing of natural gas and infrastructure over which we have no control.(Supply Disruption)