Indian Energy Exchange Ltd

₹ 149 10.63%

06 Jan

🔗 Website | BSE: 540750 | NSE: IEX

Market Cap13,257

Current Price149

High / Low215

Stock P/E29.5

Book Value13.5

Dividend Yield2.02

ROCE53.6

ROE40.5

ABOUT

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]

Stock Analysis

### Description Indian Energy Exchange (IEX) provides an automated platform for trading electricity and renewable energy certificates, improving price discovery and market efficiency in India's energy sector. ### Key Growth Triggers Premier Energy Exchange with an 85% market share, offering a nationwide, automated trading platform for electricity, renewable power, REC, and energy-saving certificates. Focus on improving price discovery, market accessibility, and trade efficiency. ### Order Book Currently no data available for Order Book. ### Key Red Flags Stock is trading at 11.0 times its book value. ### Key Dates To Watch Currently no data available for Key Dates To Watch.

Peer Comparison

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)
1.	BSE	2706.30	61.31	110227.35	0.22	557.02	61.05	1068.39	31.36	46.57	3698.07	56.31	1797.89	558.43	21.12	14.03
2.	Multi Comm. Exc.	2246.00	82.27	57271.17	0.27	197.47	28.54	374.23	31.04	42.86	1340.15	62.43	696.16	197.47	27.44	14.48
3.	Indian Energy Ex	148.67	29.47	13256.80	2.02	121.61	14.64	152.24	9.34	53.61	564.80	85.11	449.79	121.61	11.05	21.23

Quarterly Results

Figures in Cr.

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	100	115	131	104	124	140	107	121	141	95	109	139	152
YOY Sales Growth %	-12.19%	14.98%	13.89%	5.79%	18.76%	13.3%	-4.21%	13.31%	16.47%	-12.79%	14%	28.3%	9.34%
Expenses	17	15	18	22	24	26	14	16	19	16	16	19	20
Material Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Employee Cost %	8.82%	7.81%	8.58%	9.48%	8.65%	8.55%	8.42%	8.31%	7.84%	9.24%	8.56%	8.59%	7.65%
Operating Profit	83	100	113	82	100	114	93	105	122	79	92	120	132
OPM %	83%	87%	86%	78%	81%	81%	87%	86%	86%	83%	85%	86%	87%
Other Income	17	26	29	23	31	43	23	28	31	19	24	29	34
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	17.07	25.84	28.55	23.24	30.78	42.52	22.52	28.19	30.98	18.57	24.36	28.61	34.49
Interest	1	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation	5	5	5	5	5	5	5	5	5	5	5	5	6
Profit before tax	95	120	135	99	125	150	110	127	147	92	111	143	160
Tax %	25%	25%	24%	25%	25%	25%	25%	25%	24%	24%	25%	26%	24%
Net Profit	71	89	103	74	93	113	83	95	112	70	83	106	122
EPS in Rs	0.79	1	1.16	0.83	1.05	1.27	0.93	1.07	1.26	0.78	0.93	1.19	1.36

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	174	176	170	199	230	254	257	317	426	401	449	535	565
Sales Growth %	25.88%	1.26%	-3.69%	17.07%	16.01%	10.25%	1.16%	23.37%	34.2%	-5.8%	12.05%	19.2%	—
Expenses	38	41	45	55	46	51	53	58	60	64	71	80	84
Material Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Raw material cost	—	—	—	—	—	—	—	—	—	—	—	—	—
Change in inventory	—	—	—	—	—	—	—	—	—	—	—	—	—
Manufacturing Cost %	11.67%	11.44%	12.43%	0.7%	0.67%	0.91%	0.68%	0.43%	0.38%	0.44%	0.37%	0.28%	—
Employee Cost %	4.79%	6.7%	8.54%	8.03%	10.7%	9.92%	12.86%	12.58%	8.85%	8.78%	8.64%	8.53%	—
Other Cost %	5.64%	4.94%	5.26%	19.05%	8.4%	9.34%	6.9%	5.18%	4.87%	6.81%	6.7%	6.18%	—
Operating Profit	136	136	125	143	185	203	204	259	366	337	379	455	481
OPM %	78%	77%	74%	72%	80%	80%	80%	82%	86%	84%	84%	85%	85%
Other Income	0	0	25	34	26	40	40	40	52	73	102	119	137
Exceptional items	4	15	0	22	15	17	13	6	12	21	-0	0	—
Other income normal	-4	-15	25	12	11	23	28	34	41	52	102	119	—
Interest	0	0	0	0	0	1	2	2	2	2	3	3	2
Depreciation	3	3	3	3	10	10	15	16	16	19	20	21	22
Profit before tax	133	132	147	174	200	232	228	282	400	389	457	550	593
Tax %	31%	32%	32%	35%	34%	29%	22%	24%	24%	25%	25%	25%	—
Net Profit	92	90	100	114	132	165	178	213	303	293	341	415	450
Exceptional items AT	2	10	0	14	10	12	10	5	9	16	-0	0	—
Profit excl Excep	90	80	100	99	122	153	168	209	294	277	342	415	—
Profit for PE	90	80	100	99	122	153	168	209	294	277	342	415	—
Profit for EPS	92	90	100	114	132	165	178	213	303	293	341	415	—
EPS in Rs	1.12	1.1	1.16	1.31	1.45	1.81	1.98	2.38	3.37	3.28	3.83	4.65	5.05
Dividend Payout %	9%	88%	72%	113%	50%	0%	42%	56%	74%	30%	65%	64%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	27	27	29	29	30	30	30	30	90	89	89	89	89
Reserves	223	210	168	248	254	340	360	502	612	695	859	1,009	1,111
Borrowings	6	3	2	2	0	0	14	12	10	14	10	6	4
Long term Borrowings	—	—	—	—	—	—	—	—	—	—	—	—	—
Short term Borrowings	2.84	0	0	0	0	0	0	0	0	0	0	0	0
Lease Liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Borrowings	0	0	0	0	0	0	0	0	0	0.01	0	0	—
Other Liabilities	113	166	226	276	291	335	264	384	983	640	791	1,053	631
Trade Payables	29	34	59	172	85	134	76	165	635	402	3	3	11
Advance from Customers	0	0	0	0	0	0	1	5	3	2	2	1	—
Other liability items	84	131	167	104	206	201	187	215	345	236	786	1,049	620
Total Liabilities	369	406	424	554	574	706	668	927	1,695	1,439	1,749	2,157	1,835
Fixed Assets	10	14	11	8	119	111	119	115	110	110	101	87	91
Land	—	—	—	—	—	—	—	—	—	—	—	—	—
Building	1	3	3	2	3	3	3	5	5	30	30	25	—
Plant Machinery	—	—	—	—	—	—	—	—	—	—	—	—	—
Equipments	0	1	1	0	1	1	1	1	1	1	1	1	—
Furniture & fittings	—	—	—	—	—	—	—	—	—	—	—	—	—
Vehicles	1	1	1	1	2	2	2	3	3	3	3	3	—
Intangible Assets	0	0	0	0	0	0	0	0	0	115	115	115	76
Other fixed assets	11	11	11	4	122	123	141	144	153	29	34	38	—
Gross Block	17	23	24	12	132	134	157	164	175	193	201	202	—
Accumulated Depreciation	7	9	12	3	13	23	38	49	65	83	101	116	—
CWIP	0	0	0	1	1	1	1	6	5	4	3	4	1
Investments	247	254	281	383	268	475	514	710	1,247	1,204	1,310	1,597	1,615
Other Assets	111	137	131	162	186	118	35	96	333	120	336	469	127
Inventories	—	—	—	—	—	—	—	—	—	—	—	—	—
Trade receivables	0	0	1	0	0	46	0	3	87	7	1	2	1
Receivables under 6m	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables over 6m	—	—	—	—	—	—	—	—	—	—	—	—	—
Prow for Doubtful	—	—	—	—	—	—	—	—	—	—	—	—	—
Cash Equivalents	42	84	91	128	114	68	27	77	233	64	185	113	75
Loans & Advances	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Assets items	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Assets	369	406	424	554	574	706	668	927	1,695	1,439	1,749	2,157	1,835

Cash Flows

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	76	92	89	206	131	138	128	304	788	-22	300	430
Profit from operations	115	104	125	144	185	203	206	264	369	340	380	459
Receivables	0	1	-1	1	-0	-46	46	-3	-84	80	-1	-1
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Payables	0	0	0	0	-1	38	-73	115	606	-348	143	256
Loans Advances	—	—	—	—	—	—	—	—	—	—	—	—
Other WC items	4	29	10	122	-2	2	-2	-7	-1	-1	-116	-153
Working capital changes	4	30	9	123	-2	-5	-29	105	521	-269	26	102
Direct taxes	-42	-42	-46	-61	-52	-60	-49	-65	-103	-93	-106	-131
Cash from Investing Activity	-90	24	-23	-21	-33	-62	-5	-194	-473	70	-26	-199
Fixed assets purchased	-1	-7	-2	-1	-120	-4	-5	-16	-11	-9	-14	-8
Fixed assets sold	0	0	0	0	0	0	0	0	0	0	1	0
Investments purchased	-56	0	-49	-78	0	-107	-1	-163	-497	0	-30	-210
Investments sold	0	8	0	0	71	0	0	0	0	104	0	0
Interest received	3	4	13	13	3	8	2	2	10	7	22	41
Redeemp Cnce of Shares	—	—	—	—	—	—	—	—	—	—	—	—
Acquisition of companies	—	—	—	—	—	—	—	—	—	—	—	—
Other investing items	-47	11	0	42	13	41	-0	-17	25	-33	-5	-22
Cash from Financing Activity	-8	-106	-70	-109	-126	-78	-161	-77	-136	-215	-183	-272
Redemption of debentures	—	—	—	—	—	—	—	—	—	—	—	—
Proceeds from borrowings	3	0	0	0	0	0	0	0	0	0	0	0
Repayment of borrowings	0	-3	0	0	0	0	0	0	0	0	0	0
Interest paid fin	-0	-0	-0	-0	-0	-0	-1	-2	-2	-1	-1	-1
Dividends paid	-9	-65	-58	-90	-105	-66	-75	-75	-135	-90	-178	-267
Financial liabilities	0	0	0	0	0	0	-2	-3	-2	-3	-4	-4
Other financing items	-2	-38	-12	-19	-22	-14	-84	0	0	-122	0	0
Net Cash Flow	-22	10	-4	76	-29	-2	-38	33	179	-167	91	-41

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	1	1	2	0	0	66	0	4	75	6	1	1
Inventory Days	—	—	—	—	—	—	—	—	—	—	—	—
Days Payable	—	—	—	—	—	—	—	—	—	—	—	—
Cash Conversion Cycle	1	1	2	0	0	66	0	4	75	6	1	1
Working Capital Days	-197	-335	-384	-494	-322	-371	-326	-388	-733	-540	-501	-487
ROCE %	61%	48%	67%	64%	66%	66%	56%	59%	62%	49%	52%	54%

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	—	—	—	—	—	—	—	—	—	—	—	—
FIIs	15.49%	17.88%	17.28%	14.12%	13.37%	10.89%	11.66%	15.66%	16.24%	16.13%	18.53%	13.2%
Abu Dhabi Investment Authority - Monsoon	—	—	—	—	—	—	—	—	—	1.02	—	—
Aquamarine Master Fund L_P	1.47	1.48	1.48	1.48	1.48	1.48	1.48	1.48	1.35	1.16	1.05	1.05
Indus India Fund (Mauritius) Limited	1.09	1.31	1.31	1.55	1.55	—	—	—	—	—	—	—
Massachusetts Institute Of Technology	1.06	1.21	1.21	1.2	1.2	1.43	1.63	1.63	1.63	1.63	1.63	2.48
DIIs	21.73%	21.53%	21.11%	22.61%	26.34%	27.24%	31.24%	31.48%	32.78%	34.15%	34.12%	36.43%
Canara Robeco Mutual Fund A/C Canara Robeco Emergi	—	—	—	—	—	—	—	1.08	—	—	—	—
Canara Robeco Mutual Fund Under Its Various Schemes	—	—	—	—	—	—	—	—	1.08	1.08	—	—
Icici Prudential Life Insurance Company Limited	1.22	1.12	—	—	—	—	—	—	—	—	—	—
Icici Prudential Multicap Fund	—	—	—	—	—	—	—	1.6	—	—	—	—
Icici Prudential Mutual Fund Under Its Various Schemes	—	—	—	—	—	—	—	—	4.07	4.69	4.73	6.36
Life Insurance Corporation Of India	2.27	2.4	4.04	4.08	4.08	4.08	4.08	4.08	4.08	3.99	3.99	3.99
Mirae Asset Focused Fund	—	—	—	—	5.95	—	—	2.96	—	—	—	—
Mirae Asset Large Cap Fund	—	—	7.41	—	—	4.9	—	—	—	—	—	—
Mirae Asset Mutual Fund	—	—	—	—	—	—	3.31	—	—	—	—	—
Mirae Asset Mutual Fund Under Its Various Schemes	—	—	—	—	—	—	—	—	2.91	2.99	2.35	1.19
Mirae Asset Tax Saver Fund	8.16	8.26	—	—	—	—	—	—	—	—	—	—
Parag Parikh Flexi Cap Fund	5.02	5.06	5.06	—	5.06	5.06	5.06	5.06	—	—	—	—
Parag Parikh Mutual Fund Under Its Various Schemes	—	—	—	—	—	—	—	—	5.06	5.06	5.06	9.5
Sbi Arbitrage Opportunities Fund	—	—	—	—	3.35	6.68	—	—	—	—	—	—
Sbi Mutual Fund Under Its Various Schemes	—	—	—	—	—	—	9.36	9.11	9.48	9.58	9.57	8.77
Sbi Nifty Smallcap 250 Index Fund	—	—	1.14	—	—	—	—	—	—	—	—	—
Government	—	—	—	—	—	—	—	—	—	—	—	—
Public	62.49%	60.32%	61.33%	62.98%	60.01%	61.57%	56.82%	52.59%	50.72%	49.47%	47.07%	50.11%
Dalmia Cement Bharat Limited	4.14	4.17	4.17	4.17	4.17	4.17	4.17	4.17	4.17	4.17	—	—
Dalmia Power Limited	3.71	3.74	3.74	3.74	3.74	3.74	3.74	3.74	3.74	3.74	3.74	3.74
Dpvl Ventures Llp	6.96	7.02	7.02	7.02	7.02	7.02	7.02	7.02	7.02	7.02	7.02	7.02
Others	0.27%	0.28%	0.28%	0.28%	0.28%	0.28%	0.28%	0.28%	0.28%	0.27%	0.27%	0.27%
No. of Shareholders	17,12,825	16,30,991	16,32,597	16,01,518	15,18,597	15,98,631	15,13,307	14,72,727	14,39,967	14,13,444	13,88,447	14,38,943

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

Indian Energy Exchange Files SEBI Compliance Certificate for Q3 FY26

12 Jan 2026

IEX Clarifies APTEL Hearing on Market Coupling, CERC Issues Corrigendum

9 Jan 2026

Indian Energy Exchange (IEX) Clarifies No Knowledge of NSE-IGX Natural Gas Futures Talks

9 Jan 2026

Indian Energy Exchange (IEX) Clarifies CERC's Market Coupling Order Terminology with Corrigendum

9 Jan 2026

Indian Energy Exchange (IEX) Clarifies CERC's Market Coupling Order Terminology with Corrigendum

9 Jan 2026

Other Websites

External media mentions

Coal Demand Drops Sharply; Power Sector Share Hits 2-Year Low

12 Jan 2026

Midday Meltdown: Nifty Crumbles, Stocks Reel on Earnings & Deal Woes

12 Jan 2026

IEX Faces Regulatory Crossroads: Jan 19 Hearing to Decide Windfall or Trap

12 Jan 2026

Indian Markets Hit 4-Month Low Amid Global Fears, Trade Tensions

9 Jan 2026

Power Market Coupling Delayed: APTEL Awaits CERC Regulations

9 Jan 2026

News Articles

Editorial & research coverage

Coal Demand Drops Sharply; Power Sector Share Hits 2-Year Low

12 Jan 2026

Midday Meltdown: Nifty Crumbles, Stocks Reel on Earnings & Deal Woes

12 Jan 2026

IEX Faces Regulatory Crossroads: Jan 19 Hearing to Decide Windfall or Trap

12 Jan 2026

Dalal Street Slumps 5 Days Straight as US Tariff Fears Grip Investors

9 Jan 2026

IEX Faces Tribunal Verdict on Market Coupling Dominance

8 Jan 2026

Documents

Announcements

Reply To Clarification Letter Dated January 06, 2026

9h - Confirms Jan 6, 2026 APTEL hearing on petition challenging CERC July 23, 2025 order; no UPSI.

Clarification sought from Indian Energy Exchange Ltd

11h - Exchange has sought clarification from Indian Energy Exchange Ltd on January 6, 2026, with reference to news appeared in https://www.angelone.in/ dated January 6, 2026 quoting …

Announcement under Regulation 30 (LODR)-Press Release / Media Release

1d - IEX Q3FY26 traded 34.08 BU (+11.9%); 9MFY26 101.68 BU (+14.3%); Dec'25 11.44 BU.

Closure of Trading Window

null

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

26 Dec - Schedule of Investor Meeting as on December 26, 2025.

Annual Reports

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Indian Energy Exchange Ltd

ABOUT

Stock Analysis

Peer Comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

News & Updates

BSE Announcements

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News Articles

Documents

Announcements

Annual Reports

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