Indian Energy Exchange Ltd logo

Indian Energy Exchange Ltd

IEX NSE

Key Fundamentals

MicrocapExchangeCapital Markets
Market Cap
₹11,175 Cr
Volatility
Moderate
P/E Ratio
23.54
EBITDA
₹520 Cr
Return on Equity
36.08%
Debt to Equity
0.01
Book Value
₹15.3
EPS
₹4.17
52W High
₹211.75
52W Low
₹114.6

Technical Indicators

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 39.8%
  • Company has been maintaining a healthy dividend payout of 65.2%

Weaknesses

2
  • Stock is trading at 8.54 times its book value
  • Working capital days have increased from -149 days to 541 days

Growth Rate

Revenue Growth
-6.35% ↘
Net Income Growth
13.59% ↗
Cash Flow Change
43.15% ↗
ROE
4.68% ↘
ROCE
3.88% ↘
EBITDA Margin (Avg.)
-22.28% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
AI opinion · based on fundamentals
Risk medium
HOLD Worth holding, not adding Conviction 5/10

IEX is a high-quality, debt-free monopoly with 39% ROE and consistent 14% sales CAGR over 10 years, but the stock trades at an expensive 8.21x book value with a -31% one-year return, and 45% of analysts recommend selling. The valuation needs to compress further or growth needs to accelerate to justify fresh entry.

Bull Case 7
  • Exceptional return on equity of 39-42% sustained over 3, 5, and 10-year periods, indicating a capital-efficient business model
  • Company is virtually debt-free, eliminating balance sheet risk and interest cost burden on earnings
  • Consistent compounded sales growth of 14% over TTM, 3-year, 5-year, and 10-year periods demonstrates predictable revenue trajectory
  • Healthy dividend payout ratio of 65.2% with current dividend yield of 2.78%, rewarding shareholders while retaining enough for growth
  • Compounded profit growth of 17-20% across 3, 5, and 10-year horizons outpaces revenue growth, showing operating leverage
  • Market cap of Rs 11,261 Cr with monopoly-like positioning in India's power exchange market provides structural moat
  • PE ratio of 22.7x is reasonable relative to historical averages for the stock, given 39% ROE and asset-light model
Bear Case 8
  • Stock has delivered -31% return over the past 1 year, significantly underperforming broader indices
  • Trading at 8.21x price-to-book value is expensive and leaves limited margin of safety for new investors
  • 45.45% of analysts (5 out of 11) recommend selling the stock, reflecting consensus concern on valuation or growth outlook
  • Working capital days have deteriorated sharply from -149 days to 541 days, signaling potential cash flow collection issues
  • 3-year and 5-year stock CAGR is 0%, meaning shareholders have earned no capital appreciation over an extended period
  • Only 27% of analysts have a buy rating (3 out of 11 total), indicating limited institutional conviction at current levels
  • TTM profit growth of 14% does not justify a PE of 22.7x when risk-free rates in India are near 7%, giving a PEG ratio above 1.6x
  • Regulatory risk remains as government policies on open access and market coupling could disrupt IEX's near-monopoly status

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Headwinds 1
  • REC volumes plunge 65% YoY Jun 4

    Renewable Energy Certificates traded fell 65% YoY to 6.10 lakh in May 2026, with sell bids declining 85.3% YoY, indicating stress in the REC segment.

Positives 4
  • Record May volumes up 19% YoY Jun 4

    IEX achieved highest-ever monthly electricity volume of 12,983 MU in May 2026, up 18.6% YoY. DAM grew 24.9% to 4,417 MU and RTM rose 15.9% to 5,529 MU.

  • Q4 FY26 profit up 10.8% Jun 4

    Consolidated net profit rose 10.8% to ₹129.77 crore on 22.5% revenue growth to ₹174.30 crore in Q4 FY26, supported by India's electricity consumption rising 11.5% YoY.

  • Green market volumes up 13% Jun 4

    IEX Green Market achieved 1,034 MU in May 2026 vs 915 MU in May 2025, a 13% increase, with weighted average G-DAM price stable at ₹3.60 per unit.

  • Coal trading subsidiary launched Jun 1

    IEX incorporated Indian Coal Exchange Limited on June 1, 2026, with ₹100 crore authorized capital to operate an online coal trading platform, pending regulatory approvals under Draft Coal Exchange Rules, 2025.

Neutral 3
  • Trading window closed for Q1FY26 Jun 23

    IEX shut its trading window from July 1, 2026, until 48 hours after Q1FY26 results are declared, per SEBI insider trading regulations.

  • Multiple analyst meets scheduled Jun 23

    IEX held meetings with Eternity Capital (Jun 24), Cooper Investors (Jun 15), Dalal Broacha (Jun 3), and Ambit Capital (May 27), indicating steady institutional interest.

  • US IEX Group wins options ruling May 29

    US-based IEX Group (unrelated to Indian IEX) won a court battle against Citadel Securities to launch a speed-bump options exchange, the 19th in the US. No impact on Indian Energy Exchange.

TL;DR: IEX is delivering strong volume growth with record May 2026 electricity volumes up 19% YoY and solid Q4 FY26 financials. The coal exchange subsidiary adds a new revenue diversification avenue. The key risk is the sharp 65% decline in REC trading volumes, though this is a small segment relative to core electricity markets. The trend is clearly improving on the back of rising power demand, with the stock well-positioned heading into Q1FY26 results.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
107
104
109
115
121
124
139
131
141
140
152
144
172
Expenses
14
22
16
15
16
24
19
18
19
26
20
24
25
Operating Profit
93
82
92
100
105
100
120
113
122
114
132
120
148
OPM %
87%
78%
85%
87%
86%
81%
86%
86%
86%
81%
87%
84%
86%
Other Income
23
23
24
26
28
31
29
29
31
43
34
37
22
Interest
1
1
1
1
1
1
1
1
1
1
1
1
1
Depreciation
5
5
5
5
5
5
5
5
5
5
6
6
6
PBT
110
99
111
120
127
125
143
135
147
150
160
151
163
Tax %
25%
25%
25%
25%
25%
25%
26%
24%
24%
25%
24%
24%
24%
Net Profit
83
74
83
89
95
93
106
103
112
113
122
115
124
EPS in Rs
0.93
0.83
0.93
1
1.07
1.05
1.19
1.16
1.26
1.27
1.36
1.29
1.39
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
176
170
199
230
254
257
317
426
401
449
535
608
Expenses
41
45
55
46
51
53
58
60
64
71
80
95
Operating Profit
136
125
143
185
203
204
259
366
337
379
455
514
OPM %
77%
74%
72%
80%
80%
80%
82%
86%
84%
84%
85%
84%
Other Income
0
25
34
26
40
40
40
52
73
102
119
137
Interest
0
0
0
0
1
2
2
2
2
3
3
2
Depreciation
3
3
3
10
10
15
16
16
19
20
21
23
PBT
132
147
174
200
232
228
282
400
389
457
550
625
Tax %
32%
32%
35%
34%
29%
22%
24%
24%
25%
25%
25%
24%
Net Profit
90
100
114
132
165
178
213
303
293
341
415
474
EPS in Rs
1.1
1.16
1.31
1.45
1.81
1.98
2.38
3.37
3.28
3.83
4.65
5.31
Div. Payout %
88%
72%
113%
50%
0%
42%
56%
74%
30%
65%
64%
66%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
27
29
29
30
30
30
30
90
89
89
89
89
Reserves
210
168
248
254
340
360
502
612
695
859
1,009
1,218
Borrowings
3
2
2
0
0
14
12
10
14
10
6
11
Other Liabilities
166
226
276
291
335
264
384
983
640
791
1,053
1,059
Total Liabilities
406
424
554
574
706
668
927
1,695
1,439
1,749
2,157
2,377
Fixed Assets
14
11
8
119
111
119
115
110
110
101
87
102
CWIP
0
0
1
1
1
1
6
5
4
3
4
0
Investments
254
281
383
268
475
514
710
1,247
1,204
1,310
1,597
1,936
Other Assets
137
131
162
186
118
35
96
333
120
336
469
339
Total Assets
406
424
554
574
706
668
927
1,695
1,439
1,749
2,157
2,377
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
92
89
206
131
138
128
304
788
-22
300
430
425
Investing
24
-23
-21
-33
-62
-5
-194
-473
70
-26
-199
-223
Financing
-106
-70
-109
-126
-78
-161
-77
-136
-215
-183
-272
-272
Net Cash Flow
10
-4
76
-29
-2
-38
33
179
-167
91
-41
-70
Free Cash Flow
85
87
205
11
135
123
288
777
-31
287
422
410
CFO/OP
99
108
186
99
98
87
142
244
21
107
123
113
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
1
2
0
0
66
0
4
75
6
1
1
1
Cash Conversion Cycle
1
2
0
0
66
0
4
75
6
1
1
1
Working Capital Days
-335
-384
-494
-322
-371
-326
-388
-733
-540
-501
-487
541
ROCE %
48%
67%
64%
66%
66%
56%
59%
62%
49%
52%
54%
52%

Shareholding Pattern

As of Mar 2026
Public 36.93%
DIIs 30.26%
Others 18.65%
FIIs 14.16%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
14.12%
0.00%
10.90%
11.67%
15.66%
16.24%
16.12%
18.53%
13.19%
11.41%
14.16%
DIIs
15.13%
15.63%
15.87%
12.58%
13.87%
15.53%
21.60%
21.75%
21.54%
21.13%
22.62%
24.98%
27.26%
31.27%
31.50%
32.78%
34.14%
34.12%
36.43%
34.95%
30.26%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
11.90%
18.00%
19.37%
30.64%
33.04%
36.70%
41.10%
41.77%
39.21%
40.83%
42.35%
38.93%
40.75%
36.25%
31.75%
30.76%
29.66%
30.98%
33.54%
36.03%
36.93%
Others
72.97%
66.37%
64.76%
56.77%
53.09%
47.76%
37.30%
36.49%
39.25%
38.04%
20.91%
36.09%
21.10%
20.81%
21.08%
20.22%
20.07%
16.36%
16.84%
17.61%
18.65%
No. of Shareholders
1,43,678
2,72,940
4,06,214
9,39,394
14,73,390
16,44,730
17,13,910
17,12,820
16,30,990
16,32,600
16,01,520
15,18,600
15,98,630
15,13,310
14,72,730
14,39,970
14,13,440
13,88,450
14,38,940
14,07,550
14,09,810

Documents

Frequently Asked Questions about Indian Energy Exchange Ltd

What does Indian Energy Exchange Ltd do?
Incorporated in 2007, Indian Energy Exchange Ltd provides an automated platform and infrastructure for carrying out trading in electricity units for physical delivery of electricity[1]
Where is Indian Energy Exchange Ltd (IEX) listed?
Indian Energy Exchange Ltd is listed on the Indian stock exchanges. It is listed on NSE: IEX and BSE: 540750. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indian Energy Exchange Ltd belong to?
Indian Energy Exchange Ltd operates in the Financial Services sector within the Capital Markets industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indian Energy Exchange Ltd?
Indian Energy Exchange Ltd has a market capitalisation of approximately ₹11174.69 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Indian Energy Exchange Ltd?
The Price-to-Earnings (PE) ratio of Indian Energy Exchange Ltd is 23.54. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indian Energy Exchange Ltd?
Over the past 52 weeks, Indian Energy Exchange Ltd has traded between a low of ₹114.6 and a high of ₹211.75. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indian Energy Exchange Ltd pay dividends?
Yes, Indian Energy Exchange Ltd has a dividend yield of 2.80%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indian Energy Exchange Ltd?
Indian Energy Exchange Ltd has a Return on Equity (ROE) of 36.08%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indian Energy Exchange Ltd on Tapetide?
On Tapetide, you can view Indian Energy Exchange Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 2007, Indian Energy Exchange Ltd provides an automated platform and infrastructure for carrying out trading in electricity units for physical delivery of electricity[1]

Website iexindia.com
CEO Mr. Satyanarayan N. Goel
Employees 179
Listed 2017-10-23
Face Value ₹ 1
Issued Size 89,16,92,735

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