Indian Gas Exchange

Name

Indian Gas Exchange

Legal name

Indian Gas Exchange Limited

Website

https://igxindia.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Energy Exchange / Natural Gas Trading Platform

NAICS

Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Physical Natural Gas Trading (Pipeline Gas) (EUAGAGAA)

akta.pro secondary industries

Energy Commodities Exchanges (Crude Oil, Refined Products, Natural Gas, Power) (FSAFAMAC), Natural Gas Risk Management, Analytics & Back-Office (ETRM/CTRM) (EUAGAGAJ)

Keywords

• Natural gas exchange
• Gas trading platform
• Physical gas delivery
• Gas price benchmark
• LNG capacity booking

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Trading Transaction Fees: IGX charges transaction fees on natural gas trades executed on its platform, generating revenue from spot, forward, and delivery-based contracts across multiple contract tenures.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

Indian Gas Exchange (IGX) operates India's first automated, national-level online trading platform for physical delivery of natural gas. It enables buyers and sellers to trade spot, forward, Balance of Month, long-duration, and futures contracts across six regional hubs with over 20 delivery points, using the proprietary GIXI benchmark price index for price discovery and settlement.

Product overview

Indian Gas Exchange (IGX) operates India's first online delivery-based natural gas trading platform offering spot, forward, and long-duration contracts across six regional hubs (Northern, North Eastern, Western, Eastern, Central, Southern) and over 20 delivery points. The core IGX Platform enables trading with GIXI as the benchmark price index, supplemented by the IGX Mobile App for mobile trading, IGX Academy for education, and Gas Analytics Platform for market insights. In collaboration with NSE, IGX launched Natural Gas Futures for risk management. The platform also introduced Balance of Month contracts and is developing LNG capacity booking platforms, long-duration contracts, and hydrogen index products.

Differentiator

Problem solved

Functional benefit

Products and services

• IGX Trading Platform India's first online delivery-based natural gas trading platform enabling spot, forward, and long-duration gas contracts across six regional hubs and over 20 delivery points, with automated order matching and settlement under PNGRB regulation.
• Balance of Month (BM) Contract Mid-month natural gas delivery contract allowing trading for the balance period of the current month, providing flexibility for short-term supply needs for registered members.
• Natural Gas Futures Exchange-traded derivatives contracts based on IGX's GIXI benchmark index, launched in collaboration with NSE, providing risk management tools and price transparency for India's domestic natural gas market.
• IGX Mobile App Mobile application for iOS and Android enabling registered members to trade natural gas contracts and access real-time market data on mobile devices.
• LNG Terminal Capacity Booking Platform Digital platform developed with HPCL for transparent market-based booking of regasification and storage capacity at the Chhara LNG terminal in Gujarat, allowing gas marketers, industrial consumers, and CGDs to access terminal capacity through market mechanisms.
• GIXI (IGX Gas Price Index) Benchmark domestic natural gas price index providing daily price reference for the Indian gas market, used for price discovery and settlement of natural gas contracts on the exchange.
• IGX Academy Training and education platform providing resources and programs for gas market participants to understand exchange-based natural gas trading.
• Gas Analytics Platform Market data and analytics platform providing insights and data visualization tools for gas market participants to support trading decisions and price analysis.

Quantifiable outcome

• 28% YoY volume growth in FY26 to 76.8 million MMBtu
• +4 more outcomes

Named customers16 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered minor and core.

• SUFIminorOthers · 16 June 2026NSE signed MoU with SUFI for steel commodity derivatives development, separate from IGX but within the broader exchange ecosystem.
• Trafigura India Private LimitedcoreChannel Partner/ Reseller/ Distributor · 5 June 2026Trafigura India Private Limited joined IGX as a proprietary member, bringing total registered members to 55 and adding significant trading expertise to the exchange.
• Petroleum and Natural Gas Regulatory Board (PNGRB)coreOthers · 27 April 2026Regulatory body overseeing IGX operations and enforcing norms including single-entity holding cap of 25%. NSE reduced its stake from 26% to exactly 25% to comply with PNGRB norms.
• National Stock Exchange of India (NSE)coreTechnology or Integration · 1 April 2026NSE partnered with IGX to launch natural gas futures contracts based on the domestic benchmark index GIXI, providing risk management tools and improving market liquidity. SEBI approved the launch of these contracts on April 1, 2026.
• Hindustan Petroleum Corporation Limited (HPCL)coreStrategic or Co-development Partner · 30 January 2026IGX and HPCL signed MoU at India Energy Week 2026 to enable market-based access to HPCL's Chhara LNG terminal in Gujarat. IGX developed a digital platform for transparent booking of regasification and storage capacity, allowing gas marketers, industrial consumers, and CGDs to access terminal capacity through market mechanisms.

Scale indicators16 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• CME Group: Largest global derivatives exchange complex with Henry Hub natural gas futures and options. CME is a comparator for benchmark licensing, clearing fees, and the ability to monetize index-based products across asset classes.
• Intercontinental Exchange (ICE): Global energy and commodity exchange operator with benchmark Henry Hub natural gas futures and TTF gas contracts. ICE is a useful analog for how a regulated exchange can scale energy-trading benchmarks globally — a trajectory IGX may emulate with GIXI.
• European Energy Exchange (EEX): Operates benchmark European natural gas markets (TTF, NCG, PSV) under the Deutsche Börse group. EEX is a strong peer for the combination of physical and financial gas products that IGX is building via spot, forward, futures, and capacity booking.
• National Stock Exchange of India (NSE): Co-promoter and 25% shareholder of IGX; NSE's clearing, technology, and listed-derivatives infrastructure power IGX's natural gas futures. NSE is both a strategic partner and a broader incumbent that could in principle host competing energy derivatives products.

Others

• Trayport: Energy and commodities trading network connecting brokers, exchanges and traders globally. Relevant as an enabling technology and network layer that exchanges like IGX rely on, and as a comparable B2B marketplace business model in energy trading.

Direct peers

• National Commodity & Derivatives Exchange (NCDEX): Indian commodity derivatives exchange operating under SEBI oversight with member clearing infrastructure comparable to IGX. NCDEX provides a benchmark for how a regulated multi-commodity exchange monetizes transaction fees, data, and member services in India.
• Indian Energy Exchange (IEX): Parent company of IGX (~47% stake) and India's largest power exchange. Operates day-ahead, term-ahead and real-time electricity markets using the same exchange/clearing model that IGX applies to natural gas, making it the closest direct operational peer.
• Multi Commodity Exchange of India (MCX): India's leading commodity derivatives exchange trading metals, energy and agricultural commodities. MCX is a comparable regulated exchange platform in India with overlapping clearing technology and members, and is a candidate venue for any expansion of natural gas derivatives beyond NSE.

Regional players

• GAIL (India) Limited: India's largest natural gas marketer and a shareholder in IGX. GAIL operates the dominant bilateral gas marketing channel; it is comparable as a domestic gas-trading counterparty but is primarily an upstream/midstream player rather than an exchange operator.
• Shanghai Petroleum and Natural Gas Exchange: China's national-level platform for trading pipeline natural gas and LNG. Provides a regional peer case study on how an emerging economy can develop a national gas exchange to support market-based pricing — directly analogous to IGX's positioning in India.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/IgxIndia
• YouTubeyoutube.com/@indiangasexchange3844
• Facebookfacebook.com/IndianGasExchange
• LinkedInlinkedin.com/company/igx-india

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indian Gas Exchange