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Indian Energy Exchange

IEX NSE
₹111.27 +2.27 (+2.08%)
P/E
20.38
View as Markdown
MCP
Close 4 Nov 2026 ₹111.27 −26.87 −19.5% 1Y
Start ₹138.14

Key Fundamentals

MicrocapCapital MarketsFinancial Services

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
51.80%
Debt to Equity
0.01
EPS (TTM)
₹5.46
Book Value
₹16.38
Market Cap
—
P/E (TTM)
20.38
P/B
6.79
ROE
39.40%
Dividend Yield
3.21%
EBITDA
₹651 Cr
52W High
₹160.27
52W Low
₹99.50
Day Range
₹108.18 – ₹111.47
Volume
40,79,197

Tapetide Score

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

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
83
Strong
Returns, margins, earnings quality 22% weight
Valuation
57
Good
Cheap vs sector & own history 24% weight
Growth
47
Average
Sales & profit trajectory 9% weight
Financial Health
83
Strong
Solvency, leverage, coverage 9% weight
Momentum
15
Poor
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.34%.
  • 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

1
  • Stock is trading at 7.15 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish739
OscillatorsNeutral333
Moving AveragesStrong Bullish406

Key readings

RSI (14)
57.84
Neutral
MACD (12,26,9)
−0.97
Bullish
SMA (50)
111.08
Bullish
SMA (200)
121.77
Bearish

As of

Analyst Rating

Based on 12 analysts
HOLD42%

4 of 12 analysts rate Buy, 5 Hold, 3 Sell.

As of

BUY
4
33%
HOLD
5
42%
SELL
3
25%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.59%
5Y+13.91%
3Y+14.88%
1Y+13.64%
TTM+13.25%

Net profit

Net profit growth by window
10Y+16.84%
5Y+17.35%
3Y+17.39%
1Y+14.22%
TTM+12.44%

Operating cash flow

Operating cash flow growth by window
10Y+16.92%
5Y+6.93%
3YTurned positive
1Y−1.16%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+11.01 pp
5Y+2.84 pp
3Y+0.50 pp
1Y−0.51 pp
TTM−0.18 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹199 Cr
Mar 2018₹230 Cr
Mar 2019₹254 Cr
Mar 2020₹257 Cr
Mar 2021₹317 Cr
Mar 2022₹426 Cr
Mar 2023₹401 Cr
Mar 2024₹449 Cr
Mar 2025₹535 Cr
Mar 2026₹608 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹114 Cr
Mar 2018₹132 Cr
Mar 2019₹165 Cr
Mar 2020₹178 Cr
Mar 2021₹213 Cr
Mar 2022₹303 Cr
Mar 2023₹293 Cr
Mar 2024₹341 Cr
Mar 2025₹415 Cr
Mar 2026₹474 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹582 Cr −10.6% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 28 Jul 2026
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 7
  • 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

94d ago

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.

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.

Quarterly Results

₹ Cr
IEX quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
104
109
115
121
124
139
131
141
140
152
144
172
156
165
Expenses
22
16
15
16
24
19
18
19
26
20
24
25
26
25
Operating Profit
82
92
100
105
100
120
113
122
114
132
120
148
130
140
OPM %
78%
85%
87%
86%
81%
86%
86%
86%
81%
87%
84%
86%
83%
85%
Other Income
23
24
26
28
31
29
29
31
43
34
37
22
45
42
Interest
1
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
6
PBT
99
111
120
127
125
143
135
147
150
160
151
163
168
174
Tax %
25%
25%
25%
25%
25%
26%
24%
24%
25%
24%
24%
24%
25%
24%
Net Profit
74
83
89
95
93
106
103
112
113
122
115
124
127
133
EPS (₹)
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
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
IEX profit and loss, annual, ₹ crore
Particulars 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 (₹)
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%
—

Balance Sheet

₹ Cr
IEX balance sheet, annual, ₹ crore
Particulars 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
97
CWIP
0
0
1
1
1
1
6
5
4
3
4
5
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

Cash Flow

₹ Cr
IEX cash flow, annual, ₹ crore
Particulars 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/EBITDA
99
108
186
99
98
87
142
244
21
107
123
113

Ratios

IEX financial ratios, annual
Particulars 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
−475
ROCE %
48%
67%
64%
66%
66%
56%
59%
62%
49%
52%
54%
52%

Insights

Beta

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

Log in to view Indian Energy Exchange insights

57 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 37.86%
  • DIIs 31.79%
  • Others 18.34%
  • FIIs 12.02%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Indian Energy Exchange

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
Where is Indian Energy Exchange Ltd (IEX) listed?
Indian Energy Exchange Ltd trades as IEX on the NSE and under code 540750 on the BSE.
Which sector does Indian Energy Exchange Ltd belong to?
Indian Energy Exchange Ltd is classified under the Capital Markets sector, in the Exchange industry.
What is the PE ratio of Indian Energy Exchange Ltd?
Indian Energy Exchange Ltd trades at a PE ratio of 20.38 as of 4 Nov 2026, on earnings per share of ₹5.46, against a book value of ₹16.38 per share.
What is the 52-week high and low of Indian Energy Exchange Ltd?
Over the last 52 weeks Indian Energy Exchange Ltd has traded between ₹99.5 and ₹160.27 as of 4 Nov 2026.
Does Indian Energy Exchange Ltd pay dividends?
Indian Energy Exchange Ltd has a dividend yield of 3.21%.
What is the Return on Equity (ROE) of Indian Energy Exchange Ltd?
Indian Energy Exchange Ltd reported a return on equity of 39.40%. Its debt-to-equity ratio is 0.01.

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

Website iexindia.com
CEO Mr. Satyanarayan N. Goel
Employees 179
Listed 23 Oct 2017
Face Value ₹1

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