Indian Energy Exchange Ltd logo

Indian Energy Exchange Ltd

IEX NSE

Key Fundamentals

MicrocapExchangeCapital Markets
Market Cap
₹11,088 Cr
Volatility
Moderate
P/E Ratio
22.7
EBITDA
₹520 Cr
Return on Equity
37.77%
Debt to Equity
0.01
Book Value
₹15.3
EPS
₹4.17
52W High
₹160.27
52W Low
₹114.6

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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48 extracted metrics + investor summaries across FY10–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

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 8.55 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 20d ago
AI opinion · based on fundamentals
Risk medium

Indian Energy Exchange Ltd operates as a near-monopoly electronic power trading platform with a market cap of ₹11,572 Cr, trading at a PE of 22.3x and delivering consistent ROE of ~39-40%. The company is virtually debt-free with a 65% dividend payout ratio, though its stock has underperformed with a -9% one-year return and faces regulatory and competitive headwinds.

Bull Case 8
  • Exceptional return on equity consistency — 3-year ROE of 40%, 5-year ROE of 40%, and 10-year ROE of 42%, indicating a highly capital-efficient business model
  • Company is almost debt-free, providing financial resilience and eliminating interest cost burden on earnings
  • Healthy dividend payout of 65.2% with a current dividend yield of 2.76%, offering meaningful cash returns to shareholders
  • Compounded sales growth of 14% over 5 years and 14% over 10 years demonstrates sustained and predictable revenue expansion
  • Compounded profit growth of 18% over 5 years and 17% over 10 years, outpacing revenue growth and reflecting operating leverage
  • TTM revenue growth of 13% and profit growth of 12% indicate continued momentum in the current period
  • PE ratio of 22.3x is moderate for a high-ROE, asset-light platform business with dominant market position in power exchange
  • India's push toward renewable energy integration, real-time markets, and power sector reforms structurally increases demand for exchange-traded electricity volumes over time
Bear Case 8
  • Stock is trading at 8.28x book value, reflecting rich valuation relative to tangible assets and leaving limited margin of safety
  • Working capital days have deteriorated sharply from -149 days to 541 days, signaling potential cash flow quality issues or changes in settlement dynamics
  • Stock price CAGR of -9% over 1 year and -3% over 5 years shows sustained underperformance despite decent earnings growth
  • Last year ROE of 39% shows marginal decline from the 10-year average of 42%, suggesting returns may have peaked
  • TTM profit growth of 12% has decelerated compared to the 3-year CAGR of 20%, indicating slowing earnings momentum
  • Regulatory risk remains elevated as CERC policies on market coupling, cross-subsidy surcharges, and new exchange licenses could erode IEX's near-monopoly position
  • 3-year stock CAGR of just 1% despite 20% profit CAGR over the same period suggests meaningful PE compression has already occurred
  • Market cap of ₹11,572 Cr for a company growing profits at 12% TTM implies the market is pricing in limited acceleration from current levels

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

AI News Digest

Anthropic anthropic claude-opus-4.6 15d ago
Positives 3
  • Q1 profit up, strong earnings Jul 24

    IEX reported consolidated net profit of ₹1,347.57 crore for Q1FY26, up from ₹1,206.97 crore YoY. Total income stood at ₹20,280.94 lakh for the quarter ended June 30, 2026.

  • IGX IPO DRHP filed Jul 15

    Indian Gas Exchange filed DRHP with SEBI on July 14, 2026 for an IPO involving offer for sale of 16,710,000 equity shares by IEX, unlocking value from its associate.

  • Mineral exchange launch planned Jul 24

    IEX is set to launch a mineral exchange and expects high power demand outlook to support its exchange operations and expansion plans.

Neutral 3
  • SC declines stay on coupling case Jul 27

    Supreme Court declined interim orders or stay in the market coupling case involving IEX but recognized it as an important matter deserving full hearing on merits.

  • Analyst meet hosted Jul 24-28 Jul 27

    IEX held its 2026 Annual Analyst Meet on July 24 in Mumbai and scheduled a one-on-one with Pari Washington on July 28 in Noida.

  • Q1FY27 earnings call scheduled Jul 15

    IEX scheduled its Q1FY27 earnings call and annual analyst meet for July 24, 2026, with the board considering financial results on July 23.

TL;DR: IEX delivered solid Q1 results with consolidated net profit rising to ₹1,347.57 crore and is actively pursuing growth via a mineral exchange launch and IGX IPO filing. The Supreme Court's market coupling case remains a watch item but no adverse interim order was passed. The trend is positive with earnings momentum and diversification moves, though the coupling case outcome could reshape the competitive landscape.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
104
109
115
121
124
139
131
141
140
152
144
172
156
Expenses
22
16
15
16
24
19
18
19
26
20
24
25
26
Operating Profit
82
92
100
105
100
120
113
122
114
132
120
148
130
OPM %
78%
85%
87%
86%
81%
86%
86%
86%
81%
87%
84%
86%
83%
Other Income
23
24
26
28
31
29
29
31
43
34
37
22
45
Interest
1
1
1
1
1
1
1
1
1
1
1
1
1
Depreciation
5
5
5
5
5
5
5
5
5
6
6
6
6
PBT
99
111
120
127
125
143
135
147
150
160
151
163
168
Tax %
25%
25%
25%
25%
25%
26%
24%
24%
25%
24%
24%
24%
25%
Net Profit
74
83
89
95
93
106
103
112
113
122
115
124
127
EPS in Rs
0.83
0.93
1
1.07
1.05
1.19
1.16
1.26
1.27
1.36
1.29
1.39
1.42
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
176
170
199
230
254
257
317
426
401
449
535
608
624
Expenses
41
45
55
46
51
53
58
60
64
71
80
95
94
Operating Profit
136
125
143
185
203
204
259
366
337
379
455
514
530
OPM %
77%
74%
72%
80%
80%
80%
82%
86%
84%
84%
85%
84%
85%
Other Income
0
25
34
26
40
40
40
52
73
102
119
137
139
Interest
0
0
0
0
1
2
2
2
2
3
3
2
2
Depreciation
3
3
3
10
10
15
16
16
19
20
21
23
24
PBT
132
147
174
200
232
228
282
400
389
457
550
625
643
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
487
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
5.46
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 Jun 2026
Public 37.46%
DIIs 31.46%
Others 18.45%
FIIs 12.63%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
12.63%
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%
31.46%
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%
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%
37.46%
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%
18.45%
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
13,96,610

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 Capital Markets sector within the Exchange 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 ₹11088.20 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 22.70. 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 ₹160.27. 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 2.79%. 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 37.77%. 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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