Positron Energy Limited, originally incorporated as Positron Energy Private Limited on February 15, 2008, under the Companies Act, 1956, is a company with a rich history in the Oil and Gas sector. It was converted into a Public Limited Company on January 02, 2024.

Founded by promoters Mr. Rajiv Menon, Mr. Manav Bahri, and Mr. Sujit K Sugathan, who boasts a collective experience of over 45 years in the Gas and Oil Industry. The promoters have been instrumental in the company’s growth, establishing a strong value system and ecosystem. Their vision and experience continue to guide the company’s expansion in the Oil & Gas industry. The company is ISO 9001:2015 and ISO 45001:2018 certified, underscoring its commitment to quality in the Oil & Gas sector.

Management and Technical Consultancy Services:

• Provides consultancy services to the Oil & Gas sector, covering regulatory, technical, and commercial aspects.
• Provides ‘Gas on Wheel’ solutions for areas without pipeline connectivity and LNG distribution solutions for industries and commercial clusters
• Specializes in Project Management Consultation (PMC) and operations and maintenance for City Gas Distribution (CGD) networks, among other services.

Gas Aggregation and Sales:

• Engages in the aggregation and distribution of Natural Gas, CBM Gas, and LNG.
• Manages a daily portfolio of 4000-5000 MMBTU of gas, with long-term contracts linked to mutually agreed formulas.

Positron Energy Limited has entered a collaboration with ICOM North America LLC to introduce Dual Fuel LNG conversion systems for heavy trucks in India, aimed at reducing emissions and enhancing fuel efficiency.

For year/ period ended (Rs. in lacs.)

For year/ period ended ( in Cr.)

• It offers innovative solutions, competitive pricing, and superior customer service to Oil and Gas sector
• Positron Energy embraces transformative reforms, particularly the Unified Tariff (UFT) implemented by PNGRB, unlocking potential and opportunities as it positions itself as forward-looking, capitalizing on regulatory reforms for market expansion, affordability, sustainability, and partnership development.
• Positron Energy has established competence in providing Management and Technical Advisory Services to major PSU and Private Sector companies in the Oil and Gas sector..
• The company is venturing into new product development in collaboration with international partners, providing a stable platform for future growth.
• Positron Energy has strong relationships with clients and a track record of executing projects in the industry.
• The company has a strong and technically sound execution team with experienced promotors focused on quality, expansion, and efficient project management.

The company intends to utilize the proceeds of the Issue to meet the following objectives: –

• For general corporate purpose
• To meet WC requirement worth INR~ 138.20 crs

The company has reported non-linear revenue growth, increasing from approximately ₹8.69 crs in FY22 to ₹134.73 crs in FY24 at a CAGR of approximately 149%, while PAT also increased from ₹0.57 lakh to ₹8.78 crs at same CAGR. Considering the higher end of the price band at ₹250, the stock would be listed at a 15.7x PE. We have a neutral view for listing gains, but those looking for long-term investment may consider accumulating the stock on dips.