Whalesbook
Sabse pehle toh numbers dekho! IEX ka Q4 FY26 mein net profit 10.8% year-on-year badhkar ₹129.8 crore ho gaya hai. Revenue toh aur bhi zabardast 22.5% upar gaya, ₹174.3 crore tak pahunch gaya. EBITDA bhi 23.1% badhkar ₹149 crore raha aur margins bhi 85.68% se thoda badhkar 85.27% ho gaye. Company shareholders ko ₹2 per share ka final dividend bhi de rahi hai.
Itne acche results ke bawajood, stock mein sirf 0.91% ki halki tezi aayi, jabki Nifty 50 index 0.84% gir raha tha. Valuation ki baat karein toh, IEX ka current trailing twelve-month P/E ratio 24.2 hai, jo iske pichhle 3 saal ke average (37.7) aur 10 saal ke average (40.01) se kaafi kam hai. Company ki market cap ab ₹11,355.71 crore hai.
IEX electricity trading market mein 85% share ke saath dominate karta hai. FY26 mein iski electricity trading volume 141.1 billion units rahi, jo 17% zyada hai. Iska sabse bada competitor, Power Exchange India Ltd (PXIL), ka P/E toh 159.57 hai, jo kaafi zyada hai, aur market cap bhi sirf ₹3,508.20 crore hai.
Par ab ek badi chinta aa gayi hai - Central Electricity Regulatory Commission (CERC) ka 'market coupling' ka plan, jo July 2025 mein aa raha hai. Yeh reform saare power exchanges par ek hi clearing price compulsory kar dega. Isse IEX ka price discovery mein jo advantage hai woh khatam ho sakta hai aur market share ya profitability par bhi asar pad sakta hai. Yaad hai, pehle jab iski khabar aayi thi, tabhi stock 20% gir gaya tha!
Bade brokers aur analysts ka kehna hai ki market coupling se IEX ko adapt karna padega. Fir bhi, overall outlook positive hai aur kai analysts 'Moderate Buy' ya 'Buy' rating de rahe hain, jismein potential upside dikh raha hai. IEX ki position toh strong hai aur India mein electricity ki demand bhi badh rahi hai, lekin dekhte hain ki woh is naye regulatory environment mein kaise perform karta hai.