Indian Gas Exchange Limited
1 MAbout Indian Gas Exchange Limited
A Comprehensive Overview of Price & Journey
Understanding Indian Gas Exchange Limited Inception and Growth
Indian Gas Exchange Limited is an unlisted company trading in the private market. Unlike listed companies, the valuation and share price of unlisted or Pre-IPO companies are determined via negotiation and demand & supply of Indian Gas Exchange Limited unlisted shares.
Investors looking for diversification of their portfolio should carefully analyze the Indian Gas Exchange Limited unlisted share price, valuation, and research report for the latest year. This is the comprehensive coverage of the unlisted share of Indian Gas Exchange Limited that answers simple questions of investors, such as how to buy unlisted/pre-IPO shares of Indian Gas Exchange Limited, what Indian Gas Exchange Limited does, and How Indian Gas Exchange Limited has performed in recent years.
Section 1 – Overview
Indian Gas Exchange Limited unlisted share price is the first and only authorized and fully automated gas exchange in India. Before 2020, the market did not even exist, but India created this market in response to the government's vision to become a gas-based economy, increasing its share in the primary energy mix by 15% by 2030.
IGX was Incorporated as a wholly owned subsidiary of IEX on 6 November 2019. It was launched on 15 June 2020 by Dharmendra Pradhan, Minister of Petroleum and Natural Gas. IGX formally became the exchange on 10 December 2020 after receiving authorization from the Petroleum and Natural Gas Regulatory Board. As India's only authorized gas exchange, investor interest in IGX Share has grown alongside the development of the domestic gas trading market.
Section 2 – What does IGX do? – Operational Model
IGX provides the marketplace for the gas market where buyers and sellers of gas can interact and settle trades. Indian Gas Exchange Limited unlisted share is determined at the intersection of demand and supply.
Margin Check
Market participants are required to maintain sufficient funds in their accounts before placing any bids. After placing the bid, risk engine of the exchange runs in the background and calculates the margin requirement; if the funds are insufficient, the bid gets rejected automatically.
Anonymous Biding
Market participants are required to submit anonymous orders of a minimum of 50 MMBtu/day. There are various orders based on the maturity, such as Day ahead, daily, 3 months, and 6 months.
Price Discovery
Once the bidding window closes, the algorithm engine of the exchange aggregates all the buy-side orders to estimate demand and sell-side bids to determine supply strength, and then the Indian Gas Exchange Limited unlisted share price is discovered at the equilibrium.
Logistics Routing
Once the orders get cleared, the operating engine of the exchange divides it into A. Ex-hub Transaction—here the buyer handles the shipping under their own GTA (Gas Transmission Agreement); B. Delivered transaction—here IGX takes care of shipping of gas using its national GTA network.
Physical Delivery
After confirmation of the route, here comes the actual delivery day, where physical delivery of gas takes place. High-pressure pipelines are used to transmit gas from the hub to the buyer's terminal point.
Settlement
Post-delivery of gas, the settlement account of the buyer is debited, and funds are disbursed in the seller's bank account. Any imbalance is corrected financially.
Section 3 – How Does IGX Make Money – Revenue Model
Indian Gas Exchange—runs on an asset-light, transaction-volume-driven marketplace model. The company has high operating leverage, which means marginal fixed cost as compared to variable cost. The exchange bears a fixed cost at the initial establishment stage; afterwards, revenue is variable cost driven. Every incremental revenue generated by the company translates into pure revenue. IGX makes money from the following streams:
-
Transaction Fees: This is the primary revenue-generating driver for IGX; it heavily relies on the quantity of gas cleared through the platform. The exchange charges transaction fees from both parties—buyers and sellers—based per MMBtu of gas.
IN FY 2026: the exchange recorded 76.79 million MMBtu in total traded volume across 1924 trades settled on the platform, translating into 7182 cores in transacted value.
-
Registration Fees: To access the platform, players are required to get registered, which costs fees as follows:
-
One-Time Admission Fees: A one-time admission fee is charged to become a member and participate in the gas market. Players are required to get registered as per membership category:
-
Proprietary/Clearing Members: INR 5 lakh
-
Full Scale Trading & Clearing Membership: INR 25 lakh
-
Annual Membership Fees: This is the recurring revenue engine of IGX, where it charges an annual membership fee.
-
Interest Income: Apart from standard registration and membership, participants are mandated to submit a certain deposit in their clearing bank accounts with a min lock-in of 1 year. All of this consolidated fund available with the exchange is invested in liquid bank instruments generating steady recurring revenue for the company.
Section 4 – Competitive Positioning
IGX is the first and only exchange operating in the Indian gas market—the exchange enjoys regulatory monopoly. Instead of directly competing with Indian Energy Giants like GAIL, ONGC , IOCL, Adani, Total Gas, and Torrent Power, IEX gave them equity of IGX to incentivize and benefit from the shareholding moat. This unique position has enabled IGX Market Share to remain dominant within the organized gas exchange ecosystem, making Indian Gas Exchange Unlisted Share an area of interest for investors tracking India's gas economy.
IGX does not have any direct competitor in the market but is challenged by bilateral trade and the OTC market.
Section 5 – Key Managerial Personnel
- Rajesh Kumar Mediratta – Managing Director & Chief Executive Officer (MD & CEO)
- Deepak Agarwal – Chief Financial Officer (CFO)
- Priyanka Nautiyal – Company Secretary & Compliance Officer
- Satyanarayan Goel – Director (Chairman of the Board)
Section 6 – Shareholding pattern
Investors evaluating IGX Unlisted Share and Indian Gas Exchange Share opportunities often review the company's shareholding structure, regulatory positioning, and growth potential within the evolving natural gas trading market.
SHOW MORE...
Indian Gas Exchange Limited is an unlisted company trading in the private market. Unlike listed companies, the valuation and share price of unlisted or Pre-IPO companies are determined via negotiation and demand & supply of Indian Gas Exchange Limited unlisted shares.
Investors looking for diversification of their portfolio should carefully analyze the Indian Gas Exchange Limited unlisted share price, valuation, and research report for the latest year. This is the comprehensive coverage of the unlisted share of Indian Gas Exchange Limited that answers simple questions of investors, such as how to buy unlisted/pre-IPO shares of Indian Gas Exchange Limited, what Indian Gas Exchange Limited does, and How Indian Gas Exchange Limited has performed in recent years.
Section 1 – Overview
Indian Gas Exchange Limited unlisted share price is the first and only authorized and fully automated gas exchange in India. Before 2020, the market did not even exist, but India created this market in response to the government's vision to become a gas-based economy, increasing its share in the primary energy mix by 15% by 2030.
IGX was Incorporated as a wholly owned subsidiary of IEX on 6 November 2019. It was launched on 15 June 2020 by Dharmendra Pradhan, Minister of Petroleum and Natural Gas. IGX formally became the exchange on 10 December 2020 after receiving authorization from the Petroleum and Natural Gas Regulatory Board. As India's only authorized gas exchange, investor interest in IGX Share has grown alongside the development of the domestic gas trading market.
Section 2 – What does IGX do? – Operational Model
IGX provides the marketplace for the gas market where buyers and sellers of gas can interact and settle trades. Indian Gas Exchange Limited unlisted share is determined at the intersection of demand and supply.
Margin Check
Market participants are required to maintain sufficient funds in their accounts before placing any bids. After placing the bid, risk engine of the exchange runs in the background and calculates the margin requirement; if the funds are insufficient, the bid gets rejected automatically.
Anonymous Biding
Market participants are required to submit anonymous orders of a minimum of 50 MMBtu/day. There are various orders based on the maturity, such as Day ahead, daily, 3 months, and 6 months.
Price Discovery
Once the bidding window closes, the algorithm engine of the exchange aggregates all the buy-side orders to estimate demand and sell-side bids to determine supply strength, and then the Indian Gas Exchange Limited unlisted share price is discovered at the equilibrium.
Logistics Routing
Once the orders get cleared, the operating engine of the exchange divides it into A. Ex-hub Transaction—here the buyer handles the shipping under their own GTA (Gas Transmission Agreement); B. Delivered transaction—here IGX takes care of shipping of gas using its national GTA network.
Physical Delivery
After confirmation of the route, here comes the actual delivery day, where physical delivery of gas takes place. High-pressure pipelines are used to transmit gas from the hub to the buyer's terminal point.
Settlement
Post-delivery of gas, the settlement account of the buyer is debited, and funds are disbursed in the seller's bank account. Any imbalance is corrected financially.
Section 3 – How Does IGX Make Money – Revenue Model
Indian Gas Exchange—runs on an asset-light, transaction-volume-driven marketplace model. The company has high operating leverage, which means marginal fixed cost as compared to variable cost. The exchange bears a fixed cost at the initial establishment stage; afterwards, revenue is variable cost driven. Every incremental revenue generated by the company translates into pure revenue. IGX makes money from the following streams:
-
Transaction Fees: This is the primary revenue-generating driver for IGX; it heavily relies on the quantity of gas cleared through the platform. The exchange charges transaction fees from both parties—buyers and sellers—based per MMBtu of gas.
IN FY 2026: the exchange recorded 76.79 million MMBtu in total traded volume across 1924 trades settled on the platform, translating into 7182 cores in transacted value.
-
Registration Fees: To access the platform, players are required to get registered, which costs fees as follows:
-
One-Time Admission Fees: A one-time admission fee is charged to become a member and participate in the gas market. Players are required to get registered as per membership category:
-
Proprietary/Clearing Members: INR 5 lakh
-
Full Scale Trading & Clearing Membership: INR 25 lakh
-
-
Annual Membership Fees: This is the recurring revenue engine of IGX, where it charges an annual membership fee.
-
-
Interest Income: Apart from standard registration and membership, participants are mandated to submit a certain deposit in their clearing bank accounts with a min lock-in of 1 year. All of this consolidated fund available with the exchange is invested in liquid bank instruments generating steady recurring revenue for the company.
Section 4 – Competitive Positioning
IGX is the first and only exchange operating in the Indian gas market—the exchange enjoys regulatory monopoly. Instead of directly competing with Indian Energy Giants like GAIL, ONGC , IOCL, Adani, Total Gas, and Torrent Power, IEX gave them equity of IGX to incentivize and benefit from the shareholding moat. This unique position has enabled IGX Market Share to remain dominant within the organized gas exchange ecosystem, making Indian Gas Exchange Unlisted Share an area of interest for investors tracking India's gas economy.
IGX does not have any direct competitor in the market but is challenged by bilateral trade and the OTC market.
Section 5 – Key Managerial Personnel
- Rajesh Kumar Mediratta – Managing Director & Chief Executive Officer (MD & CEO)
- Deepak Agarwal – Chief Financial Officer (CFO)
- Priyanka Nautiyal – Company Secretary & Compliance Officer
- Satyanarayan Goel – Director (Chairman of the Board)
Section 6 – Shareholding pattern
Investors evaluating IGX Unlisted Share and Indian Gas Exchange Share opportunities often review the company's shareholding structure, regulatory positioning, and growth potential within the evolving natural gas trading market.
About Indian Gas Exchange Limited
IPO Details, Price movement
How is IGX positioned against Bilateral Trade?
IGX enjoys absolute advantage over bilateral trade:
- Price Transparency: IGX is equitable for all market participants; Indian Gas Exchange Limited unlisted share price are uniform and transparent as compared to the OTC market, where prices are opaque and vary trade to trade.
- Contract Flexibility: IGX trades are highly flexible—they match the buyers' and sellers' requirements immediately—no need for rigid, long-term contracts.
- Counterparty Risk: IGX is the mediator and facilitator of trades, ensuring zero default by collecting margins upfront. Bilateral trades always carry the risk of default since they rely on the creditworthiness of the counterparty.
- Sourcing Speed: IGX takes minutes to match orders and schedule routing and delivery, while bilateral generally requires weeks.
Fundamentals
Financials
All values are INR Cr except per share value
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Promoter Holdings | Promoter | 47.97% |
| Public Shareholding | public | 52.03% |
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Indian Gas Exchange varies depending on the category of the investor:
-
Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
-
For AIF investors of Category-II are not subject to any lock-in.
-
Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
-
You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
-
Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
-
You would also get email confirmation of credit of shares via email.
-
The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
-
When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
-
Liquidity risk, unlisted shares are difficult to buy and sell,
-
Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
-
Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
-
Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.