Company Full Name: Hindustan Power Exchange Limited (formerly Pranurja Solutions Limited)
Founder / Promoters:PTC India Ltd, Bombay Stock Exchange (BSE), and ICICI Bank
Incorporation Year:2018
Industry:Power / Electricity Market Infrastructure — operates an electronic power exchange platform
ISIN:AAJCP8333P

HPX financial performance and growth

Rapid growth since operational launch in 2022 — traded 1 billion+ units within six months of
launch; revenue increased from ₹17 crore (FY23) to ~₹43 crore (FY24) with net profit turning
positive (₹15 crore FY24) and total assets ~₹315 crore, reflecting strong scale-up momentum.

HPX pre-IPO investment insights

Attractive pre-IPO opportunity backed by strong promoters (PTC, BSE, ICICI Bank) and positioned
to benefit from market-coupling reforms and India’s growing short-term electricity trade;
unlisted shares actively traded.

HPX future potential

Poised for sustained growth driven by increasing open-access power trading, renewable integration,
and regulatory reforms; aims to capture significant market share post-market-coupling implementation.

HPX latest market trends and updates

Operational since July 2022; achieved milestone trading volumes quickly; onboarding new participants across
states; expected to gain 40–45% market share post-coupling as per management commentary; benefitting
from digital and real-time power trading demand.

HPX future plans

Plans to diversify into green power and longer-duration contracts, expand participant base, and
enhance trading technology and analytics platform to strengthen its competitive positioning
in India’s evolving power-exchange ecosystem.

HPX market opportunity

Well-placed to tap into India’s rapidly expanding short-term electricity market (₹25,000 + crore annual size
and growing ~20–25% YoY) amid energy transition, renewable energy growth, and rising institutional
participation.