Want to see IN:IEX full AI Analyst Report?
Top Page
Indian Energy Exchange Ltd.
(IEX)
Select Model
Select Model
Rating:79Outperform
Price Target:
₹148.00
▲(19.11% Upside)
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
IEX's exceptionally conservative balance sheet with ultra-low leverage provides durable financial flexibility. It supports investment in platform upgrades, resilience to trading-volume shocks, and capacity for returns to shareholders without relying on external funding, underpinning long-term stability.
Negative Factors
Uneven Revenue Growth
Revenue is sensitive to traded volumes and product adoption, producing episodic growth. This uneven top-line trend limits visibility into sustainable expansion, constrains medium-term earnings predictability, and makes long-term growth contingent on market development rather than controllable operating levers.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
IEX's exceptionally conservative balance sheet with ultra-low leverage provides durable financial flexibility. It supports investment in platform upgrades, resilience to trading-volume shocks, and capacity for returns to shareholders without relying on external funding, underpinning long-term stability.
Read all positive factors
Indian Energy Exchange Ltd. (IEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹106.56B
Dividend Yield2.98%
Average Volume (3M)316.40K
Price to Earnings (P/E)20.9
Beta (1Y)1.28
Revenue Growth13.74%
EPS Growth11.96%
CountryIN
Employees179
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)5.70
Shares Outstanding891,692,750
10 Day Avg. Volume369,532
30 Day Avg. Volume316,400
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
₹108.00Price Target Upside-13.08% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)6.13
Revenue Forecast (FY)₹6.92B
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...
How the Company Makes Money
IEX primarily makes money by charging fees associated with facilitating electricity trades on its exchange. The core revenue stream is transaction-based: when participants place and execute buy/sell orders, the exchange earns exchange/transaction ...
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. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹106.56B | 20.86 | ― | 2.98% | 13.74% | 11.96% | |
71 Outperform | ₹291.47B | 61.84 | ― | 1.78% | 3.27% | -13.39% | |
62 Neutral | ₹272.28B | 26.41 | ― | 1.66% | 9.28% | 3.02% | |
61 Neutral | ₹107.32B | 18.62 | ― | 0.88% | -4.46% | -19.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹623.40B | 31.50 | ― | 0.57% | 14.81% | -29.13% | |
46 Neutral | ₹128.73B | 18.34 | ― | 1.13% | 16.27% | 44.44% |
* General Sector Average
IN:IEX
Indian Energy Exchange Ltd.
117.45
-21.51
-15.48%
IN:ANGELONE
Angel One Limited
304.00
74.72
32.59%
IN:CDSL
Central Depository Services (India) Limited
1,414.90
-120.00
-7.82%
IN:EDELWEISS
Edelweiss Financial Services Limited
133.00
18.91
16.57%
IN:IIFLCAPS
IIFL Capital Services Ltd
340.25
45.10
15.28%
IN:MOTILALOFS
Motilal Oswal Financial Services Limited
1,057.00
179.43
20.45%
Indian Energy Exchange Ltd. Corporate Events
Indian Energy Exchange Publishes Audio of 2026 Analyst Meet
Jul 24, 2026
Indian Energy Exchange Ltd. has announced that the audio recording of its IEX Analyst Meet 2026, held on July 24, 2026, with analysts and investors is now available on the company’s website. The disclosure, made in line with SEBI listing and...
Indian Energy Exchange clears unaudited June-quarter results with clean review
Jul 23, 2026
Indian Energy Exchange Ltd. announced that its Board of Directors has approved the company’s unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, at a meeting held on July 23, 2026. The results, prepar...
Heatwaves and Record Power Demand Lift IEX Volumes and Prices in Q1 FY27
Jul 3, 2026
Indian Energy Exchange reported strong growth in the first quarter of FY27, with electricity traded volume rising 15.9% year-on-year to 37.5 billion units, driven by elevated power demand and higher prices in both day-ahead and real-time markets. ...
Indian Energy Exchange Schedules Virtual Meet With DALAL BROACHA on June 3
Jun 1, 2026
Indian Energy Exchange Ltd. has announced that it will hold a one-on-one virtual meeting with DALAL BROACHA on June 3, 2026, as part of its scheduled interactions with analysts and institutional investors. The company emphasized that no unpublishe...
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.