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Indian Energy Exchange Ltd.
(IEX)
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Rating:79Outperform
Price Target:
₹116.00
▼(-6.64% Downside)
Action:Reiterated
Date:08/06/26
The score is led by strong financial performance—exceptional balance-sheet strength and very high profitability—partly offset by cash-flow volatility and uneven revenue growth. Technical indicators are moderately supportive with price above key moving averages and positive MACD, while valuation is fair (P/E ~23.2) with a supportive ~2.65% dividend yield.
Positive Factors
Balance Sheet Strength
Exceptionally low leverage gives IEX substantial financial resilience and flexibility because limited debt reduces balance-sheet pressure. The steadily expanding equity base and consistently strong returns indicate efficient capital use, supporting continued operations and investment through normal market cycles.
Negative Factors
Cash-Flow Volatility
Although recent cash generation has generally tracked net income, the negative operating and free-cash-flow year in FY2023 and large growth swings reduce confidence in consistency. Volatility can complicate internal funding, capital allocation, and forecasting over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Exceptionally low leverage gives IEX substantial financial resilience and flexibility because limited debt reduces balance-sheet pressure. The steadily expanding equity base and consistently strong returns indicate efficient capital use, supporting continued operations and investment through normal market cycles.
Read all positive factors
Indian Energy Exchange Ltd. (IEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹90.06B
Dividend Yield3.46%
Average Volume (3M)241.72K
Price to Earnings (P/E)17.2
Beta (1Y)1.38
Revenue Growth13.15%
EPS Growth11.72%
CountryIN
Employees179
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)5.70
Shares Outstanding891,692,750
10 Day Avg. Volume218,638
30 Day Avg. Volume241,716
Financial Highlights & Ratios
PEG Ratio1.41
Price to Book (P/B)7.48
Price to Sales (P/S)16.58
P/FCF Ratio20.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹100.00Price Target Upside-19.52% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)6.05
Revenue Forecast (FY)₹6.86B
Indian Energy Exchange Ltd. Business Overview & Revenue Model
Company Description
Indian Energy Exchange Limited (IEX) operates a prominent digital platform for electricity trading, facilitating efficient buying, selling, and price discovery of power and related products. It offers robust risk management solutions for all parti...
Indian Energy Exchange Ltd. Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.32B | 6.16B | 5.37B | 5.51B | 4.01B | 4.31B |
| Gross Profit | 5.12B | 4.97B | 4.98B | 5.50B | 3.71B | 3.95B |
| EBITDA | 6.29B | 6.71B | 5.88B | 4.89B | 4.23B | 4.24B |
| Net Income | 5.07B | 4.93B | 4.29B | 3.51B | 3.06B | 3.09B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 24.36B | 21.97B | 17.74B | 14.53B | 16.96B |
| Cash, Cash Equivalents and Short-Term Investments | 18.05B | 18.05B | 9.68B | 9.33B | 7.52B | 13.73B |
| Total Debt | 0.00 | 111.56M | 61.55M | 103.63M | 140.97M | 100.09M |
| Total Liabilities | -13.65B | 10.71B | 10.60B | 8.01B | 6.54B | 9.93B |
| Stockholders Equity | 13.65B | 13.65B | 11.36B | 9.72B | 7.99B | 7.03B |
Cash Flow | ||||||
| Free Cash Flow | -174.96M | 5.07B | 4.19B | 2.83B | -316.43M | 7.51B |
| Operating Cash Flow | -87.17M | 5.21B | 4.27B | 2.98B | -226.18M | 7.62B |
| Investing Cash Flow | 522.36M | -3.19B | -1.96B | -244.98M | 702.64M | -4.48B |
| Financing Cash Flow | -1.35B | -2.72B | -2.72B | -1.83B | -2.15B | -1.36B |
Indian Energy Exchange Ltd. Technical Analysis
Negative
124.25
Price Trends
111.99
Negative
118.12
Negative
121.45
Negative
Market Momentum
-2.51
Negative
36.39
Neutral
39.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IEX, the sentiment is Negative. The current price of 124.25 is above the 20-day moving average (MA) of 104.72, above the 50-day MA of 111.99, and above the 200-day MA of 121.45, indicating a bearish trend. The MACD of -2.51 indicates Negative momentum. The RSI at 36.39 is Neutral, neither overbought nor oversold. The STOCH value of 39.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IEX.
Indian Energy Exchange Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹90.06B | 17.16 | ― | 3.46% | 13.15% | 11.72% | |
71 Outperform | ₹263.97B | 56.01 | ― | 2.00% | 3.27% | -13.39% | |
69 Neutral | ₹109.58B | 17.74 | ― | 0.86% | 7.60% | 3.87% | |
67 Neutral | ₹258.83B | 22.26 | ― | 2.28% | 21.45% | 46.53% | |
58 Neutral | ₹564.99B | 21.02 | ― | 0.64% | 44.44% | 32.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹114.72B | 16.35 | ― | 1.24% | 16.27% | 44.44% |
* General Sector Average
IN:IEX
Indian Energy Exchange Ltd.
101.00
-35.18
-25.84%
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Indian Energy Exchange Ltd. Corporate Events
Indian Energy Exchange posts double-digit power volume growth as demand and prices surge
Oct 6, 2026
Indian Energy Exchange reported strong growth in power trading volumes for the first half and second quarter of FY27, with H1 volumes reaching 77.2 billion units and Q2 volumes at 39.7 billion units, reflecting year-on-year gains of 14.2% and 12.7...
Indian Energy Exchange moves into coal trading with new subsidiary licence bid
Sep 28, 2026
Indian Energy Exchange has moved to extend its energy-market reach by having its wholly owned subsidiary, Indian Coal Exchange Ltd, apply for a licence from the Coal Controller Organisation, the regulator for coal exchanges. Incorporated in June 2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.