Manikaran Power

What Manikaran Power does

Manikaran Power Limited (MPL) is a privately-held Indian energy solutions company founded on October 28, 2005, headquartered in New Delhi, and operating across power, gas, coal, biomass, and renewable energy certificate services. The company holds a Category-1 Inter State Trading Licensee recognition from CERC, ranks as one of the top three Indian power trading companies, and is the first Trading and Clearing Member of the Indian Gas Exchange (IGX). It operates a multi-channel trading model that combines exchange-based trading on IEX (since 2009), PXIL, Hindustan Power Exchange (in which MPL holds a strategic equity investment), and IGX with bilateral third-party transactions. Cumulative disclosed scale includes 12,000+ Million Units of annual power trade, 35.98 million MMBTUs of gas traded, and 2.5 million metric tons of coal catered to industries and IPPs.

Its core product surface spans four pillars. Power Trading Solutions enable participation in Day-Ahead, Term-Ahead, Real-Time, and Green Market segments, plus group captive, power banking, and bilateral PPA structuring. Gas Trading Solutions offer Day-Ahead, Daily, Weekly, Week Day, Fortnightly, and Monthly natural gas contracts on IGX. Coal Trading Solutions provide tolling arrangements and supply for stressed power plants, having pioneered the coal tolling concept in India. A 400 TPD biomass pellet manufacturing facility in Nuhianwali, Sirsa (Haryana) provides physical clean-fuel output, with 70,000 MT cumulative production achieved and a Compressed Bio-Gas (CBG) project pipeline aligned with India's SATAT program. Technology platforms include a Smart Energy Meter Data Analysis System, RE SCADA integration work, and SEMS — a business tool for energy management and trading operations.

MPL's revenue model is predominantly transaction-fee based across trading verticals, supplemented by hardware sales in biomass pellets and CBG. Customer segments encompass state utilities and DISCOMs (KSEB, NPCL), Independent Power Producers (Adani Power, Bhilangana Hydro Power), industrial and C&I consumers, and city gas distribution entities. The company reports 251-500 employees, maintains eight regional offices across Indian metros, and is governed by Managing Director Navjeet Singh Kalsi. A Composite Scheme of Arrangement is in progress to consolidate five affiliated entities into the group, alongside a strategic partnership with Neometals for India's first lithium refinery and a stated 5 GW asset buildout target for 2026-2029.

Name

Manikaran Power

Legal name

Manikaran Power Ltd

Website

https://manikaranpowerltd.in

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

251–500 employees

Short description

Manikaran Power Limited is an Indian Category-1 Inter State Trading Licensee that facilitates power, gas, and coal trading on energy exchanges. It serves utilities, DISCOMs, IPPs, and industrial consumers with bilateral transactions, biomass pellet manufacturing, and renewable consultancy.

Ownership category

akta.pro rank

Product category

Energy Trading Services

NAICS

Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211), Natural Gas Distribution (2212)

SIC

Cogeneration Services & Small Power Producers (4991), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

Keywords

• Power trading services
• Gas trading solutions
• Coal supply solutions
• Biomass pellets manufacturing
• Energy consulting services

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Power Trading: Facilitates power trading through Power Exchanges (IEX, PXIL, Hindustan Power Exchange), Bilateral arrangements, Power Banking/Swapping & Group Captive solutions. Trading volume of 12,000+ Million Units annually.
2. Gas Trading: First Trading and Clearing Member of Indian Gas Exchange (IGX). Facilitates sale and purchase of Natural Gas. Achieved 35.98 Million MMBTUs gas traded till date. Registered 200+ clients on IGX platform.
3. Coal Trading: Facilitating uninterrupted coal supply and strategic tolling solutions for stressed power plants. Successfully catered 2.5 million metric tons (MMTs) of imported and domestic coal to industries and IPPs.
4. Biomass Pellets: Tier-1 manufacturer and supplier of premium-quality biomass pellets. Operating 400 TPD biomass pellet manufacturing facility with 70,000 MT cumulative production achieved.
5. Compressed Bio-Gas (CBG): Developing CBG projects using agricultural residues and organic waste streams aligned with India's SATAT program.
6. REC/RPO Trading: End-to-end consultancy services for Renewable Energy Certificate trading and Renewable Purchase Obligation compliance including liaising with Government Nodal Agencies.
7. ESCerts Trading: Consultancy including registration with Power Exchanges coupled with trading facilities for buying/selling of ESCerts under PAT scheme.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Manikaran Power Limited is a Category-1 Inter State Trading Licensee that facilitates power, gas, and coal trading for utilities, DISCOMs, IPPs, and large industrial consumers across India. It is the first Trading and Clearing Member of the Indian Gas Exchange (IGX) and trades 12,000+ Million Units of power and 35.98 Million MMBTUs of natural gas annually. The company also supplies biomass pellets from a 400 TPD manufacturing facility, develops Compressed Bio-Gas projects under India's SATAT program, and provides REC/RPO compliance and ESCerts trading consultancy.

Product overview

Manikaran Power Limited operates as a diversified energy solutions company with a portfolio across Power, Gas, Biomass, and Coal sectors. The core offering consists of Power Trading Solutions (Category-1 Inter State Trading Licensee) facilitating trading on IEX, PXIL, and Hindustan Power Exchange, complemented by Gas Trading Solutions as the first Trading and Clearing Member of Indian Gas Exchange. The company provides ancillary services including REC/RPO Consultancy, ESCerts Trading, and Captive & Group Captive Solutions. Its product portfolio extends into clean energy with Biomass Pellets manufacturing (400 TPD facility) and Compressed Bio-Gas development. A proprietary Smart Energy Meter Data Analysis System supports analytics capabilities. The company also offers Coal Trading Solutions and Compliance & Regulatory services.

Differentiator

Problem solved

Functional benefit

Products and services

• Power Trading Solutions

Quantifiable outcome

• 12,000+ Million Units annual power trade volume
• +4 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core, minor and secondary.

• Hindustan Power ExchangecoreStrategic or Co-development Partner · 1 January 2020Strategic investment in Hindustan Power Exchange as part of strategic expansion (2020-2024). MPL facilitates trading on this platform and leverages it for power market participation.
• NeometalsminorStrategic or Co-development PartnerManikaran Power/Neometals partnership for lithium mining and processing in India. MPL pursuing India's first lithium refinery. India projected to grow 20% annually in lithium sector.
• Indian Gas Exchange (IGX)coreTechnology or IntegrationFirst Trading and Clearing Member of Indian Gas Exchange. First company to register 200+ clients on IGX platform. MPL introduced the first gas consumer on the Gas Trading Platform.
• Indian Energy Exchange (IEX)coreChannel Partner/ Reseller/ DistributorMPL has been associated with IEX since 2009 as a Category-1 Inter State Trading Licensee. Received multiple Excellence Awards including Maximum Registered Clients and Highest Electricity/REC Volume.
• Power Exchange of India Limited (PXIL)secondaryChannel Partner/ Reseller/ DistributorMPL facilitates power trading through PXIL platform for Day-Ahead, Term-Ahead, and Real-Time markets.
• Farmers and Agricultural StakeholdersminorStrategic or Co-development PartnerBiomass pellet supply chain partnerships with farmers for procurement of agricultural residues including Mustard Husk, Paddy Residue, Cotton Stalk. Provides additional income opportunities for farmers through sale of crop residues.

Scale indicators10 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• PTC India Limited: India's largest power trading company and a government-backed Category-1 Inter State Trading Licensee. Most directly comparable to MPL on power trading, RECs, and bilateral power procurement from IPPs and DISCOMs.
• NTPC Vidyut Vyapar Nigam (NVVN): Trading arm of NTPC, one of India's largest power trading licensees. Comparable to MPL on bilateral power sales, REC trading, and exchange-based power procurement for utilities and industrial consumers.
• Tata Power Trading: Captive and third-party power trading arm of Tata Power, with similar Category-1 license, open-access, and IPP-to-DISCOM intermediation activities as MPL.

Broad incumbents

• Indian Energy Exchange (IEX): India's leading electricity exchange platform where MPL trades DAM, RTM, TAM, and REC segments. IEX is a platform/marketplace incumbent rather than a direct competitor, but its fee structure and market design directly shape MPL's economics.
• Adani Enterprises (Energy Vertical): Vertically integrated energy conglomerate with IPP, trading, and renewable development arms. Comparable to MPL on power marketing and IPP offtake, but operates at vastly larger scale across generation, transmission and trading.
• Indian Gas Exchange (IGX): India's first natural gas exchange platform where MPL is the first Trading & Clearing Member. As an exchange, IGX is an infrastructure incumbent enabling MPL's gas-trading franchise rather than a direct competitor.
• Reliance Industries (Energy / Gas trading vertical): Operates India's largest private gas-marketing and trading operations alongside refining, petrochemicals, and renewables. Comparable to MPL on natural gas trading volumes and counterparty relationships with CGDs and industrial consumers.

Regional players

• Hindustan Power Exchange (HPX): India's third power exchange in which MPL holds a strategic equity stake. Operates DAM, RTM, TAM and Green segments; relevant as both a peer trading venue and a partial MPL portfolio company.

Emerging players

• Greenko Group: Renewable energy IPP and energy storage developer with hybrid wind-solar-storage portfolios. Comparable to MPL on the asset-pivot roadmap — MPL's 5 GW plan overlaps with Greenko's integrated clean-energy platform strategy.
• Husk Power Systems: Distributed renewable energy and biomass-gasification operator serving rural and industrial customers. Adjacent to MPL's biomass pellet and CBG initiatives under India's SATAT program and comparable on agricultural-residue-to-energy business models.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/manikaran_power
• Facebookfacebook.com/people/Manikaran-Power-Limited/100063509783417
• LinkedInin.linkedin.com/company/manikaran-power-ltdd

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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 Manikaran Power