Power Exchange India Limited (PXIL), India’s first institutionally promoted power exchange, has demonstrated strong and consistent financial growth over the last four years. Its performance highlights rising participation in power markets, expansion in product offerings and improving operational leverage. A closer look at PXIL’s year-by-year financial journey reveals how the company has strengthened its market position.
FY22: Foundation of Steady Growth
FY22 marked the start of PXIL’s financial momentum.
Revenue stood at Rs 40.2 crore, supported by rising demand for transparent power trading mechanisms. EBITDA reached Rs 21.8 crore, representing healthy margins for an exchange platform. Profit after tax (PAT) was Rs 15.7 crore, and EPS was Rs 2.7.
This period reflected stable operations and a strong base for expansion.
FY23: Surge Driven by Market Activity
FY23 saw a sharp acceleration as revenue increased to Rs 55.5 crore, a strong 38% jump over the previous year. EBITDA rose to Rs 32.7 crore, and PAT increased to Rs 21.6 crore. EPS also improved to Rs 3.7.
The year marked PXIL’s strengthening presence in the Day Ahead (DAM) and REC (Renewable Energy Certificate) segments, which contributed to rising trading volumes. Operational efficiency remained strong, supported by an asset-light model.
FY24: Moderate Growth But Stable Margins
In FY24, revenue climbed further to Rs 63.2 crore, recording 13.9% growth. EBITDA increased marginally to Rs 33.4 crore, while PAT reached Rs 22.1 crore. EPS stood at Rs 3.8.
Although the growth rate slowed, PXIL maintained EBITDA margins above 50%, demonstrating its ability to sustain profitability even with moderate topline expansion. FY24 established PXIL as a stable and reliable platform within the energy ecosystem.
FY25: Breakout Year With Strong Upside
FY25 emerged as PXIL’s best year so far. Revenue surged to Rs 92.9 crore, reflecting an impressive 47% year-on-year increase driven by higher volume participation and improved market depth.
EBITDA rose significantly to Rs 49.8 crore, registering 49% growth over FY24. PAT jumped to Rs 34.5 crore, marking a strong 56% improvement. EPS increased sharply to Rs 5.91, reflecting enhanced profitability per share.
The only concern was cash flow volatility. Operating cash flow, which was a strong Rs 164.8 crore in FY24, fell to Rs -16.5 crore in FY25. Increased investing and financing outflows also pressured overall liquidity.
Should You Invest In PXIL?
The company’s financial story reflects rising market adoption, strong cost efficiency and robust earnings expansion. PXIL unlisted share price rising from Rs 330 to Rs 660 mirrors this growth trajectory.