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Indian Energy Exchange Ltd.

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iexindia.comBSE: 540750NSE: IEX
Market Cap₹ 10,161 Cr.
Current Price
High / Low₹ 160 / 113
Stock P/E20.0
Book Value₹ 17
Price to Book7.59
Dividend Yield3.07 %
ROCE51.8 %
ROE40.0 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Power Exchange: 100.0% • Carbon Exchange: 0.0%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence
84%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 52.9%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 40.6%
  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.91x)
  • Company has been maintaining a healthy dividend payout of 63.3%

CONS

  • Working capital days have increased from 392 to 601 days
  • Operating margins have contracted to 84.5% from 102.2%
  • Stock is trading at 7.6x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesPowerPower Generation/Distribution
Part ofNIFTY TOTAL MKTNIFTY SML250 Q50NIFTY 500NIFTY SMLCAP 250
S.No.Name
1.ADANIPOWER209.8528.39404689.320.004866.6047.2418901.8933.9717.7942.67
2.NTPC333.3011.64323189.882.706896.44-88.7150740.967.818.5233.23
3.POWERGRID269.1015.74250279.253.343598.42-0.8911496.722.689.7482.97
4.ADANIGREEN1282.00118.37211167.980.009830.001092.9644310.001066.059.9091.24
5.ADANIENSOL1373.7557.55168003.370.001236.56129.449711.0842.419.7131.27
6.TATAPOWER365.0030.19116629.890.681400.8610.9819051.265.6311.6321.53
7.JSWENERGY525.4548.9796340.350.38532.70-36.275207.131.248.5055.22
8.NHPC76.3020.1976643.622.111178.094.153808.3118.506.1661.80
9.NTPCGREEN86.90120.6473224.800.003048.401282.6211068.601527.233.7391.95
10.TORNTPOWER1298.2028.1565416.761.54661.85-10.758124.152.7514.3718.93
11.NLCINDIA264.2511.4236641.871.46436.33-48.014716.7523.2911.2732.83
12.IEX113.9520.0410160.843.071347.571016.491578.771013.7651.8187.82
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
104109115121124139132142142154146174158
22171717242019212620242534
Operating Profit82929910599120113121115133122149124
OPM %78.38%84.72%85.67%86.21%80.40%86.01%85.65%85.29%81.34%86.70%83.71%85.69%78.64%
23242628312828324229372245
Interest1111111111111
Depreciation5555555556666
Profit before Tax99111119127124142136148152157153165177
Tax %25.19%25.20%25.66%25.29%25.32%25.89%23.73%23.61%24.84%24.11%24.76%23.90%23.78%
Net Profit000096108107117121123119130135
0.850.971.031.091.081.221.211.321.361.391.341.451.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
254257318431401449537616632
5155676764728496103
Operating Profit203202251364336377454520529
OPM %79.83%78.62%78.85%84.37%83.91%83.90%84.44%84.47%83.72%
4040385973102120131134
Interest122223322
Depreciation101517171920212324
Profit before Tax232226270405402466565646651
Tax %28.79%22.12%24.04%23.84%23.88%24.75%23.98%23.64%24.12%
Net Profit165176205309306351429493494
EPS5.465.892.303.453.423.944.825.53—
Dividend Payout %0.00%42.44%57.94%58.06%29.12%63.49%62.27%63.26%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
14%
3 Years:
15%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
19%
3 Years:
17%

STOCK PRICE CAGR

10 Years:
—
5 Years:
-11%
3 Years:
-5%
1 Year:
-21%

RETURN ON EQUITY

10 Years:
—
5 Years:
43%
3 Years:
41%
Last Year:
40%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2021

Dec 3

2:1

Bonus issue & Quarterly Results

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital3030309089898989
Minority Interest003000000
3333494855996948671,0301,257
2141391310710
Trade Payables13477166635402335
2061982593632558051,0671,075
Total Liabilities7066679821,6961,4531,7742,1962,436
1111191211101101018797
Capital Work in Progress00002000
4755097131,2481,2191,3311,6331,993
00000132
Cash & Bank682810423365187113105
52124310657154360239
Total Assets7066679821,6961,4531,7742,1962,436

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
19817537186670298427433
Cash from Investing-62-3-196-44870-24-196-231
Cash from Financing-78-161-77-136-215-183-272-272
-2-3833178-16791-41-70

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters0.000.000.000.000.000.000.000.000.00
11.6615.6316.2116.1218.5313.2011.4214.1612.63
31.2431.4832.7534.1234.1236.4334.9530.2631.47
Government0.000.000.000.000.000.000.000.000.00
57.1052.8651.0149.7647.3450.3853.6455.5855.91

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Shareholders meeting

2026-09-10 - Webcast of 20th Annual General Meeting of Indian Energy Exchange Limited held on September 09, 2026.

2026-09-09
Shareholders meeting

2026-09-09 - Indian Energy Exchange Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 09, 2026. Further, the company has informed the Exchange regarding voting results.

2026-09-09
Shareholders meeting

2026-09-09 - Indian Energy Exchange Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 09, 2026

2026-09-03
Press Release

2026-09-03 - Indian Energy Exchange Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "IEX POWER MARKET UPDATE, AUGUST 26".

2026-08-21
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Indian Energy Exchange Limited has informed the Exchange about Schedule of meet

2026-08-18
Copy of Newspaper Publication

2026-08-18 - Indian Energy Exchange Limited has informed the Exchange about Copy of Newspaper Publication of Notice of the 20th Annual General Meeting and E-Voting Information.

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Indian Energy Exchange Limited has informed the Exchange about Schedule of meet

2026-08-15
Copy of Newspaper Publication

2026-08-15 - Indian Energy Exchange Limited has informed the Exchange about Copy of Newspaper Publication Public Notice of Information Regarding 20th Annual General Meeting, Final Dividend FY25-26, Record Date And E-Voting.

2026-08-14
Shareholders meeting

2026-08-14 - Indian Energy Exchange Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 09, 2026

News

Recent coverage and analyst commentary for IEX

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