
Indian Gas Exchange Limited (IGX) is India's first automated national-level Gas Exchange, established to promote an efficient gas market and foster gas trading across the country.
Incorporated in 2019 and operational since June 2020, it functions under the regulatory framework of the PNGRB (govt. Gas regulator). It provides a transparent marketplace for buyers and sellers to trade in spot and forward contracts for natural gas, with key investors including NSE, GAIL, and Adani Gas.
IGX is like a stock exchange — but for natural gas. Just like how buyers and sellers trade shares on NSE or BSE, IGX is a platform where gas buyers (like city gas companies, fertilizer plants, power companies) and gas sellers (like ONGC, Reliance) come together to buy and sell natural gas. The entire process is transparent, anonymous, and regulated by the government body PNGRB — so no single party can manipulate prices.
The platform promotes gas market growth by providing flexibility, counterparty security, and nationwide access without long-term obligations.
IGX charges a small fee on every trade that happens on its platform — similar to how a stock broker charges brokerage:
₹4 per MMBtu for trades where the buyer arranges their own gas pickup (ex-hub)
₹6 per MMBtu for trades where gas is delivered directly to the buyer
Special rates for city gas distributors (CGD) to encourage wider adoption
Beyond trade fees, IGX also earns from:
Membership fees — companies pay ₹15–25 lakh to join, plus ₹5 lakh annually to stay active
Client fees — end-users pay ₹1 lakh/year to trade on the platform
In FY2025, these revenues added up to ₹69 crore, growing steadily as more gas trades shift to the exchange.
i) IGX offers flexible gas contracts to suit different buyer needs — from those who need gas just for tomorrow, to those planning a month ahead: Day-Ahead / Daily (1 day), Weekdays (5 Days), Weekly (7 days), Fortnightly (2 weeks), Monthly (Full calendar month).
ii) Trades happen at 6+ physical delivery hubs across India — key ones being Dahej, Hazira, and KG Basin (Oduru) — so buyers across the country can access gas near them.
iii) IGX also publishes GIXI, India's own natural gas price index, giving the market a reliable domestic price benchmark (similar to what Sensex does for equity markets).
IGX sits at the center of India's gas market growth story. As India pushes to increase natural gas's share in its energy mix from ~6.5% today to 15% by 2030, more gas will need to be traded — and IGX is the only regulated exchange to facilitate that.
More volume = more transaction fees = higher revenues.
It's a simple, scalable, fee-based model with strong regulatory backing.
India currently consumes roughly 190–297 million standard cubic meters of natural gas per day (mscmd) — making it one of the larger gas markets in Asia. However, natural gas still accounts for only about 6% of India's total energy consumption, which is quite low compared to the global average of ~25%.
Within this, IGX's spot trading segment is still small but punching above its weight:
IGX traded an average of 5.4 mscmd in 2025
It hit a peak of 8.8 million MMBtu in November 2025 — a massive 181% month-on-month jump
This still represents less than 3% of total gas demand — meaning there's a huge runway ahead
The growth story is compelling:
Metric | Today | By 2030 |
|---|---|---|
Gas Demand | ~190 mscmd | ~297–300 mscmd |
Gas in Energy Mix | ~6% | 15% (Govt. Target) |
IGX's Target Market Share | ~3% | 7% (~21 mscmd) |
India's gas demand is expected to grow 60% by 2030, driven by:
City Gas Distribution (CGD) expansion — more homes and vehicles running on CNG/PNG
Industrial users switching from coal/oil to cleaner gas
Power sector increasing gas-based generation
For IGX, this means the total addressable market is set to more than double in under 5 years — and as the only regulated gas exchange in the country, it is directly in the path of this growth.
Sellers (35+ on platform) — these are the companies that produce or import gas and want to sell it:
ONGC & Reliance Industries (RIL) — India's largest domestic gas producers
GAIL — India's biggest gas transporter and marketer
KG Basin HPHT sources — newer deepwater gas fields adding fresh supply
Buyers (190+ on platform) — these are companies that need gas to run their businesses:
City Gas Distributors (CGDs) like Adani Total Gas and Torrent Gas — supplying CNG to vehicles and PNG to homes
Fertilizer plants — using gas as raw material for urea production
Power plants and industrial units — using gas as fuel
IGX isn't just backed by financial investors — its shareholders are some of India's biggest names in energy and financial markets. This is a strong signal of the company's credibility and strategic importance.
Shareholder | Stake | Why They're Invested |
|---|---|---|
Indian Energy Exchange (IEX) | ~47% (Promoter) | Founded IGX; runs India's largest power exchange |
National Stock Exchange (NSE) | ~26% | Strategic bet on exchange infrastructure |
GAIL | ~5% | India's largest gas pipeline company |
ONGC | ~5% | India's largest gas producer |
Adani Total Gas | ~5% | Major city gas distributor & buyer on IGX |
Torrent Gas | ~5% | Leading CGD company & active IGX participant |
Indian Oil (IOCL) | ~4.93% | Strategic gas market participation |
i) The biggest news for IGX is its upcoming IPO, which marks a major milestone in the company's journey from a startup exchange to a publicly listed institution.
ii) IPO Approved — IGX board gave the green light on December 2, 2025 to initiate the IPO process via an Offer for Sale (OFS) by existing shareholders.
iii) IGX plans ₹600–700 crore IPO by Dec 2026 (22% OFS),
iv) with SEBI filing in Q2 2026; valued at ₹2,200–3,000 crore.
v) IEX to cut stake from 47% to 25%; NSE from 26% to 25%.
vi) No new investors or fundraising beyond IPO prep; extension sought from original 2025 timeline.
Initiative | What It Means |
|---|---|
1–2 Year Contracts | Longer-duration trades for more stable volumes |
LNG Terminal Booking Platform | Letting companies book LNG import slots via IGX |
Compressed Biogas (CBG) Trading | Tapping India's renewable gas segment |
Renewable Energy Certificates | Diversifying into green energy markets |
Hydrogen Price Index (FY27) | Positioning early in India's hydrogen economy |
Green Hydrogen Platform | Future-ready infrastructure for clean energy trading |
i) West Asia War — Biggest Near-Term Risk
India imports ~45–50% of its gas as LNG, mostly through the Strait of Hormuz. The ongoing conflict has disrupted tanker routes, cut Qatar's output by ~17%, and spiked spot prices by up to 50%. When prices spike, buyers shift to long-term contracts and avoid spot trading — directly hurting IGX volumes. This is what caused the 36% volume drop in Feb 2026.
ii) Regulatory Caps
PNGRB's price caps and priority allocation rules keep a large portion of India's gas outside the open market — limiting IGX's addressable volume to just ~3% of total consumption today.
iii) Infrastructure Gaps
Pipeline delays and the absence of GST on natural gas restrict IGX's reach. Gas remains the only major commodity outside GST — creating tax inefficiencies that discourage exchange-based trading.
| Particulars | FY23 | FY24 | FY25 | FY26Latest |
|---|---|---|---|---|
| Revenue | 42.7 | 34.8 | 48.8 | 61▲25% |
| EBITDA | 21 | 14.2 | 26.1 | 34.8▲33% |
| OPM (%) | 49.18 | 40.8 | 53.48 | 57.05▲7% |
| PBT | 37.6 | 30.7 | 40.5 | 55.8▲38% |
| PAT | 28 | 23 | 31 | 42▲35% |
| EPS (₹) | 3.79 | 3.11 | 4.19 | 5.68▲36% |
Official annual reports and financial statements filed by Indian Gas Exchange Limited, year by year. PDFs open in a new tab.
Please find below the procedure for buying Indian Gas Exchange Limited at UnlistedZone.
Please find below the procedure for selling Indian Gas Exchange Limited at UnlistedZone.
The lock-in period for Indian Gas Exchange Limited varies depending on the category of investors:
This regulation was introduced by SEBI in August 2021. The rule change, which reduced the lock-in period from one year to six months, was aimed at encouraging more investments in startups that are preparing for public offerings or IPOs. This reduction in the lock-in period is seen as a significant step forward, and since its introduction, many Portfolio Management Services (PMS) have been advising their clients to invest in Pre-IPO shares to capitalize on the benefits of early-stage investments.
However, for SME IPOs, the lock-in period is of One year.
DIS, or Delivery Instruction Slip, is a tool used by investors to sell or transfer Indian Gas Exchange Limited from their demat account to another. There are two types of DIS Methods:
1. Offline-DIS: This is a traditional, paper-based method for transferring shares. When using Offline-DIS, investors are required to fill out a DIS form and submit it to their broker. The necessary fields in the form include:
a. ISIN number of Indian Gas Exchange Limited.
b. Name of Indian Gas Exchange Limited.
c. Quantity of Indian Gas Exchange Limited.
d. Consideration Amount.
e. Target DP ID and Client ID.
f. Annexure.
2. Online DIS: Some brokers offer the facility to transfer Indian Gas Exchange Limited through an online DIS system. It's advisable to check with your broker if such a facility is available.
For instance, platforms like Angel Broking provide an Online-DIS feature. In this method, an investor simply needs to add a beneficiary and transfer Indian Gas Exchange Limited by filling in details similar to those required in the Offline-DIS.
For a more comprehensive understanding of this process, you can refer to our detailed article: https://unlistedzone.com/how-do-i-sell-my-unlisted-shares/
In recent years, the unlisted share market has expanded significantly, leading to a reduction in the minimum investment amount. Previously, the typical investment ticket size ranged from 5-10 Lakhs, but in the current market scenario, it has decreased to between 35-50k. Therefore, through our UnlistedZone platform, if someone wishes to invest in Indian Gas Exchange Limited, the minimum investment required would now be in the range of 35-50k
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates:
Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favorable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period:
The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance.
When you purchase Indian Gas Exchange Limited through UnlistedZone, it's important to note that, as per SEBI regulations, these shares can only be transferred to a demat account.
There are two primary ways to check the credit of Indian Gas Exchange Limited in your account:
1. Using NSDL or CDSL Applications:
Download the NSDL or CDSL application from the Google Play Store.
To determine whether your stock broker is registered with NSDL or CDSL, you can examine the format of your Demat Account number. The Demat Account number consists of 16 characters, combining the DP ID and Client ID.
DP ID is the unique identification number of the Broker, assigned by CDSL or NSDL.
Client ID is the unique identification number of the Client, representing their portfolio.
In CDSL, the Demat Account number is entirely numeric (e.g., 12345678 for DP ID and 91234567 for Client ID).
In NSDL, the first two characters are alphabetic, representing the country (e.g., 'IN' for India), followed by a 6-digit unique number for the Broker (DP ID) and an 8-digit Client ID (e.g., IN123456 for DP ID and 78912345 for Client ID).
2. Checking in Broker's Application:
The credit of Indian Gas Exchange Limited can also be checked in your broker's application. However, it's important to note that it may take T+2 days for the shares to show up in the application after the transaction.
The Indian Gas Exchange Limited are credited in the demat account on the same day as the transfer of funds into our company's bank account.
"The price of Indian Gas Exchange Limited can be checked in two ways. First, you can join our Telegram channel, where we share the latest prices of all unlisted shares daily in the morning. Secondly, you can check price on our UnlistedZone platform to view historical graphs and prices of all shares in one place."
Investing in Indian Gas Exchange Limited, like any investment, carries certain risks that should be carefully considered:
1. Liquidity Risk: Unlisted shares, by their nature, are not traded on public stock exchanges. This can result in lower liquidity compared to listed shares, meaning it might be more challenging to find buyers when you wish to sell your shares.
2. Price Volatility: The price of Indian Gas Exchange Limited can be more volatile compared to listed shares. This is partly due to the lack of regular public trading and potentially limited information available about the company's financial health and performance.
3. Regulatory Risk: Unlisted shares are subject to different regulatory frameworks than listed shares. Any changes in regulations or compliance requirements can impact the value and tradeability of these shares.
4. Limited Information: There may be less publicly available information about unlisted companies. This can make it more difficult to assess the company's true value and potential for growth, increasing the risk of investment.
5. No Guarantee of Future Listing: Investing in Indian Gas Exchange Limited with the expectation of future listing on a public exchange carries the risk that the listing may not occur. This can affect both the liquidity and potential value appreciation of the shares.
6. Company-Specific Risks: Each company has its own set of risks based on its industry, management, financial health, and market position. These risks can significantly impact the performance of your investment in Indian Gas Exchange Limited.
UnlistedZone: Pioneering Excellence in India's Unlisted Share Market
UnlistedZone stands as India's fastest-growing and leading marketplace for buying and selling unlisted shares. Over the past 5 years, we have carved a niche in the financial market, website hit user inflows over a 2 million users on our platform since inception. This remarkable journey is underscored by the sheer volume of transactions facilitated through UnlistedZone, which has already surpassed the 300 Crore mark.
At the helm of our success are our esteemed co-founders, Mr. Umesh Paliwal and Dinesh Gupta. Their insights and expertise are regularly sought after by leading financial publications such as MoneyControl, Business Standard, and The Economic Times, particularly for their authoritative views on IPOs and the unlisted market. Our journey over these 5 years has not just been about numbers; it's been about building trust and reliability.
UnlistedZone has established a formidable reputation in the industry, earning the trust and confidence of our users. This trust is our cornerstone, ensuring that new investors can engage with us without the apprehensions of fraud that are often associated with unknown brokers in the market.
At UnlistedZone, we are committed to maintaining the highest standards of transparency and integrity, ensuring that your investment journey is not just profitable but also secure and trustworthy.
Valuation Methodology at UnlistedZone for Indian Gas Exchange Limited
At UnlistedZone, we employ a meticulous and strategic approach to valuing Indian Gas Exchange Limited, utilizing two primary methods: Benchmark Valuation Based on Latest Funding:
1. Our first step is to examine the most recent funding round for Indian Gas Exchange Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts. This method is particularly effective in capturing the latest market sentiment and financial health of the company.
2. Comparison with Listed Peers: In cases where there hasn't been recent funding for Indian Gas Exchange Limited, we adopt a comparative approach. This involves identifying a business in the listed market that closely resembles Indian Gas Exchange Limited in terms of industry, size, and business model. By comparing and contrasting the two, we can ascertain a fair valuation for Indian Gas Exchange Limited, drawing on the market data and performance metrics of its listed counterpart.
Investor Advisory: As experts in the unlisted space, we at UnlistedZone emphasize the importance of thorough risk assessment to all our investors. It's crucial to evaluate all risk parameters carefully before investing in unlisted shares. This due diligence is key to making informed and strategic investment decisions in the dynamic and evolving unlisted market.
"At UnlistedZone, our approach to sourcing Indian Gas Exchange Limited involves a strategic and direct method. Primarily, we acquire these shares from two key groups:
1. Employees of the Company: Often, employees of a company receive shares as part of their compensation or through employee stock option plans (ESOPs). Over time, some of these employees may decide to liquidate their holdings for various reasons, such as financial needs or portfolio diversification. We engage with these employees, providing them a platform to sell their shares.
2. Initial Investors: These are the early-stage investors or angel investors who provided capital to the company during its initial phases. As the company grows and evolves, these initial investors might look to sell part or all of their stake in the company. This could be for reasons like capitalizing on their investment, reallocating assets, or other strategic financial decisions.
By connecting with these groups, UnlistedZone ensures a reliable and consistent supply of Indian Gas Exchange Limited for our clients. This method not only helps employees and initial investors in liquidating their assets but also provides our clients with access to shares that are not readily available in the public market. It's a win-win for both the sellers and buyers, facilitated efficiently through our platform."
"The Securities and Exchange Board of India (SEBI) does have a regulatory influence on the unlisted market, though it's not as comprehensive as its oversight of the listed markets.
Key aspects of SEBI's involvement in the unlisted space include:
1. Applicable Rules and Regulations: Certain SEBI regulations are indeed applicable to transactions in the unlisted market. This includes the mandatory lock-in period of 6 months, the requirement to pay stamp duty, and depository participant (DP) charges for every transaction. These measures are in place to ensure a certain level of standardization and protection in the unlisted market, similar to those in the listed markets.
2. Lack of Specific Regulation for Unlisted Brokers: As of now, SEBI does not have specific regulations for becoming an unlisted broker. This means that while certain SEBI rules apply to transactions within the unlisted market, the process of becoming a broker in this space is not directly regulated by SEBI. This lack of direct regulation highlights the importance of due diligence by investors when engaging with brokers in the unlisted market.
3. Investor Protection and Transparency: The regulations that do apply, such as the lock-in period and transaction charges, are designed to protect investors and add a layer of transparency to these transactions. They aim to mitigate some of the risks inherent in trading unlisted securities, which typically don't have the same level of public scrutiny and regulatory oversight as listed securities. In summary, while SEBI's regulatory framework does extend to certain aspects of the unlisted market, it does not comprehensively regulate all aspects of it, particularly concerning the accreditation of unlisted brokers. This underscores the need for investors to exercise caution and conduct thorough research when participating in the unlisted market."
"For comprehensive and up-to-date news and information about Indian Gas Exchange Limited, we have several platforms to keep you informed. Our website is regularly updated with the latest insights and developments. For real-time updates and engaging discussions, you can join our Telegram channel. Additionally, follow us on Twitter for quick news bites and industry trends. And for more in-depth analysis and informative content, subscribe to our YouTube channel. These resources are designed to provide you with a well-rounded understanding of the unlisted market, ensuring you have access to all the information you need about Indian Gas Exchange Limited."
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