AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 6 Oct - IEX reports Q2FY27 traded volume of 39,685 MU; September volume 12,220 MU; RTM hit record 315 MU.
Source: Bse
Indian Energy Exchange Limited (IEX)
Large CapFinancial Services stocks · Large cap · NSE
Indian Energy Exchange (IEX) operates India's premier technology-led electricity marketplace, facilitating transparent trading of electricity, renewables, and certificates. Regulated by CERC since 2008, it also runs the Indian Gas Exchange (IGX) and is the sole issuer of International RECs (I-REC) in India.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result23 Jul, 10:30 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -9.0% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IEXD candles · FIT view-18.3%Latest close ₹103.28 on 2026-10-21
Bar
-1.6%
RSI
33
MACD hist
0.33
52W pos
1%
2026-10-21O ₹105.00H ₹105.74L ₹102.74C ₹103.28Vol 19.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IEXNifty Financial ServicesNifty 500
- IEX
- -17.0%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -10.5 pp
Chart stats
21 Oct 2026- From 52W high
- -35.6%
- 52W range position
- 1%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.56x
- Avg traded value
- ₹38 Cr
- 20D price channel
- ₹102.7 - ₹114.1
₹160.3
₹102.7 - ₹160.3
₹2.5
Latest completed session
20-session average
25.3% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +11.3% · PAT +11.6% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+28.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +11% YoY · PAT +12% YoY · margin expansion
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹158 Cr | +11.3% | -9.2% |
| EBITDA | ₹131 Cr | +13.9% | -12.1% |
| Operating margin | 83.0% | +200 bps | -300 bps |
| PAT | ₹135 Cr | +11.6% | +3.9% |
| PAT margin | 85.4% | +23 bps | +1073 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.00
- P/B
- 7.06
- EV/EBITDA
- 17.23
- Market Cap
- 9635.00Cr
Profitability
- ROE
- 39.40%
- ROCE
- 51.40%
- ROA
- 20.81%
- Dividend Y
- 3.24%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 268.00×
- Altman Z
- 7.31
- Book Value
- 15.30
Cash Flow
- FCF Yield
- 2.10%
- FCF Positive Y
- 8/5
- OCF
- 433.00 Cr
- EPS TTM
- 5.69
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 158-9.2% vs prev
Net Profit
₹ CrLatest: 135+3.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.9% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
15
RS percentile
Stage 4 Downtrend
1M return
-9.3%
3M return
-17.0%
6M return
-18.6%
1Y return
-30.5%
RS 1D
-1
RS 20D
-4
Sector rank
#10
Industry rank
-
Stage evidence
- Price is 15.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 76.97-0.53%
RS vs Nifty 50077
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation10/30
Growth19/25
Quality20/20
Balance Sheet10/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 28.8%.
- Quality contributes 20/20 to the score.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
19.0
PB
7.1
EV/EBITDA
17.2
ROE
39.4%
ROCE
51.4%
FCF Yield
2.1%
Debt/Equity
0.0
MoS
+28.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+28.8%
Previous: +27.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
70
70
70
67
67
67
67
67
67
67
71
71
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹44.26
-133.4% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹145.1
+28.8% MoS
PEG
0.97
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SPLPETRO
Large
Supreme Petrochem Limited
Power Generation
match 119
47
29.1
13.7%
+34%
FAIR VALUE
SANDUMA
Micro
Sandur Manganese & Iron Ores Limited
Power Generation
match 119
74
11.7
23.0%
+31%
UNDERVALUED
NAVA
Large
NAVA LIMITED
Power Generation
match 118
44
20.4
9.3%
+33%
WATCHLIST
JPPOWER
Large
Jaiprakash Power Ventures Limited
Power Generation
match 117
42
32.3
3.6%
-29%
WATCHLIST
POWERICA
Small
Powerica Limited
Power Generation
match 116
51
26.4
17.4%
+8%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:43:33.033Z
Management commentary snapshot
IEX reported robust FY26 financials with 17% YoY electricity volume growth to 141.1 BU and 5% YoY REC volume growth to 187 Lakh. Q4 FY26 revenue grew to Rs 196.4 Cr and PAT to Rs 129.8 Cr. Market clearing prices declined due to improved sell-side liquidity.
IEX continues to demonstrate strong volume growth in electricity and certificates, supported by favorable regulatory developments and energy transition tailwinds. While declining market clearing prices impact per-unit realization, the overall market deepening and diversification efforts are positive for long-term growth.
Current business mix
FY'26 Electricity Volumes and Certificates
Latest issuer-disclosed distribution across 6 reported categories.
DAM39.0%
RTM34.0%
TAM6.0%
DAC2.0%
Green7.0%
Certificates12.0%
Growth engines
Demand Increase
High GDP growth (6-7%) and electrification of economy (EVs, data centers) are projected to drive electricity demand to 2,300 BU by FY2030.
New Products & Regulatory Developments
Introduction of Long Duration Contracts, Green RTM, Peak DAM/RTM, and regulatory changes like REC fungibility and VPPAs are expected to boost volumes.
Energy Transition
Future demand met by renewables, market-based RE models, Contract for Difference (CfD), and Battery Energy Storage Systems (BESS) offer significant growth avenues.
Increasing Sell Side Liquidity
Robust capacity additions in thermal (~9 GW in FY26) and renewables (~50 GW in FY26), along with healthy coal production, ensure ample supply for exchange trading.
Capacity and execution
Thermal Power
Approximately 41 GW of thermal power projects are under construction, with ~13 GW to be commissioned and ~27 GW under planning.
Renewable Energy
Around 50 GW of RE capacity was added in FY26, with CEA projecting ~50 GW annual additions until 2035-36.
Battery Energy Storage
CEA projects 47 GW/236 GWh of BESS storage required by 2032, with VGF-based tranches totaling 43,200 MWh from FY24 onwards.
Gas Infrastructure
LNG terminal capacity is expected to grow from 55.7 MMTPA to 70+ MMTPA, and the transmission pipeline network from ~25,000 km to 35,000 km+ in 3 years.
Tailwinds
Economic Growth
High GDP growth of 6-7% is expected to drive overall electricity demand in India.
Energy Transition Drivers
Falling costs of renewables and batteries are driving higher penetration and integration of RE.
Power Sector Reforms
Improving credit ratings and profitability of distribution companies lead to timely payments to generators and optimized power procurement.
Fuel Availability
Adequate availability of fuels at reasonable prices, supported by Ministry of Coal's target of 1.5 BT coal production by FY2030.
Headwinds
Declining Market Prices
Market clearing prices on IEX declined in FY26 due to improved sell-side liquidity, potentially impacting revenue per unit.
Risk radar
Price Realization Impact
Declining market clearing prices on the exchange could negatively affect the company's revenue per unit, despite volume growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual figures provide a comprehensive view of market share and growth trends, while quarterly results offer insights into recent operational momentum and financial performance.
Sector KPIs management disclosed
Electricity Volume
INTACTFY26 electricity volume grew 17.0% YoY to 141.1 BU.
Renewable Energy Certificates
INTACTFY26 REC volume grew 5.0% YoY to 187 Lakh.
Day-Ahead Market (DAM) Price
UNDER_STRESSFY26 DAM Market Clearing Price (MCP) declined to Rs 3.59/unit from Rs 4.28/unit in FY25.
Real-Time Market (RTM) Price
UNDER_STRESSFY26 RTM Market Clearing Price (MCP) declined to Rs 3.86/unit from Rs 4.47/unit in FY25.
Management forward view
Volume Growth Outlook
IEX volumes are expected to grow significantly on a business-as-usual basis, with further growth anticipated from additional levers.
Technology Focus
Management is focused on continuous improvements in availability, security, resilience, scalability, and performance of the exchange platform.
Diversification into Coal
IEX Board has accorded in-principle approval to explore establishing a Coal Exchange, aligning with proposed 'Coal Regulations 2025'.
IGX Market Share Target
IGX aims to increase its share in overall gas consumption from 3% to 4-5% by 2030, targeting ~250 Mn MMBTU (36% CAGR).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Electricity Volume Growth | 17.0% YoY (FY26) | Sustained double-digit growth in electricity trading volumes. |
| Market Clearing Prices | DAM: Rs 3.59/unit, RTM: Rs 3.86/unit (FY26) | Stabilization or increase in average market clearing prices. |
| New Product Adoption | Green RTM petition with CERC, Peak DAM/RTM segments filed | Successful implementation and volume contribution from new products like Long Duration Contracts and Green RTM. |
| IGX Volume Trajectory | 76.8 Mn MMBTU (FY26) | Progress towards 250 Mn MMBTU by 2030 and increasing market share in gas consumption. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 99th percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
190 docs text-extracted · 71 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Financial Services: 99th pctile, median 62 · Large: 94th pctile, median 73
Evidence depth
Financial-only
190 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.1%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indian Energy Exchange Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Sep - Schedule of Investor Meeting as on September 25, 2026.
Source: Bse
Annual reportSep 2026
Sep 2026 · Indian Energy Exchange Limited Annual Report For The FY 2025-26 14 Aug - IEX submitted FY2025-26 annual report and AGM notice; 20th AGM on September 9, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 28 Sep - Subsidiary Indian Coal Exchange applied for CCO licence to launch coal trading exchange.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 3 Sep - IEX reported record August’26 power traded volume of 13.94 BU, up 20.2% YoY; RTM volume rose 10.6%.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug - IEX scheduled analyst/institutional meetings with Quantum Advisors on August 24 and Ten Core Partners on August 26, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Aug - Schedule of Investor Meeting as on August 17, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug - Newspaper publication of Notice of the 20th Annual General Meeting and E-Voting infromation.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Newspaper publication of 20th Annual General Meeting, Final Dividend FY25-26, Record Date and E-Voting.
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jul - Schedule of Annual Analyst Meet and Quarterly Earnings Call Q1FY27.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.