Indian Energy Exchange Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Power Exchange: 100.0% • Carbon Exchange: 0.0%
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 53.1%
- Company has a good return on equity (ROE) track record: 3 Years ROE 40.5%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.94x)
- Company has been maintaining a healthy dividend payout of 65.8%
CONS
- Working capital days have increased from 391 to 603 days
- Operating margins have contracted to 84.5% from 102.2%
- Stock is trading at 7.9x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 214.50 | 29.02 | 413656.70 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.25 | 11.64 | 323141.40 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 265.95 | 15.56 | 247349.56 | 3.38 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1314.20 | 121.34 | 216471.89 | 0.00 | 9830.00 | 1092.96 | 44310.00 | 1066.05 | 9.90 | 91.24 |
| ADANIENSOL | 1421.90 | 59.57 | 173891.90 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 369.00 | 30.52 | 117908.03 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 534.65 | 49.83 | 98027.15 | 0.37 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.80 | 20.32 | 77145.87 | 2.10 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 88.02 | 122.20 | 74168.55 | 0.00 | 3048.40 | 1282.62 | 11068.60 | 1527.23 | 3.73 | 91.95 |
| TORNTPOWER | 1304.15 | 28.28 | 65716.58 | 1.53 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 271.45 | 11.73 | 37640.25 | 1.42 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| IEX | 118.10 | 20.77 | 10530.89 | 2.96 | 1347.57 | 1016.49 | 1578.77 | 1013.76 | 51.81 | 87.82 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 104 | 109 | 115 | 121 | 124 | 139 | 131 | 141 | 140 | 152 | 144 | 172 | 156 | |
| 22 | 16 | 15 | 16 | 24 | 19 | 18 | 19 | 26 | 20 | 24 | 25 | 33 | |
| Operating Profit | 82 | 92 | 100 | 105 | 100 | 120 | 113 | 122 | 114 | 132 | 120 | 148 | 123 |
| OPM % | 78.39% | 84.94% | 86.63% | 86.47% | 80.96% | 86.39% | 85.93% | 86.33% | 81.36% | 86.71% | 83.63% | 85.67% | 79.13% |
| 23 | 24 | 26 | 28 | 31 | 29 | 29 | 31 | 43 | 34 | 37 | 22 | 45 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 |
| Profit before Tax | 99 | 111 | 120 | 127 | 125 | 143 | 135 | 147 | 150 | 160 | 151 | 163 | 168 |
| Tax % | 25.18% | 25.20% | 25.45% | 25.19% | 25.21% | 25.78% | 23.77% | 23.85% | 24.85% | 24.13% | 23.88% | 23.91% | 24.72% |
| Net Profit | 74 | 83 | 89 | 95 | 93 | 106 | 103 | 112 | 113 | 122 | 115 | 124 | 127 |
| 0.83 | 0.93 | 1.00 | 1.07 | 1.05 | 1.19 | 1.16 | 1.26 | 1.27 | 1.37 | 1.29 | 1.40 | 1.42 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 199 | 230 | 254 | 257 | 317 | 426 | 401 | 449 | 535 | 608 | 624 | |
| 55 | 46 | 51 | 53 | 58 | 60 | 64 | 71 | 80 | 95 | 101 | |
| Operating Profit | 143 | 185 | 203 | 204 | 259 | 366 | 336 | 378 | 455 | 514 | 523 |
| OPM % | 72.22% | 80.22% | 79.83% | 79.55% | 81.81% | 85.91% | 83.95% | 84.27% | 85.01% | 84.46% | 83.82% |
| 34 | 26 | 40 | 40 | 40 | 52 | 73 | 102 | 119 | 137 | 139 | |
| Interest | 0 | 0 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 2 |
| Depreciation | 3 | 10 | 10 | 15 | 16 | 16 | 19 | 20 | 21 | 23 | 24 |
| Profit before Tax | 174 | 200 | 232 | 228 | 282 | 400 | 389 | 457 | 550 | 625 | 643 |
| Tax % | 34.67% | 34.16% | 28.79% | 21.89% | 24.24% | 24.30% | 24.69% | 25.26% | 24.64% | 24.18% | 24.17% |
| Net Profit | 114 | 132 | 165 | 178 | 213 | 303 | 293 | 341 | 415 | 474 | 487 |
| EPS | 37.67 | 4.41 | 5.46 | 5.96 | 2.38 | 3.38 | 3.27 | 3.83 | 4.65 | 5.32 | — |
| Dividend Payout % | 114.89% | 50.39% | 0.00% | 41.92% | 55.93% | 59.36% | 30.44% | 65.23% | 64.46% | 65.82% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 14%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 17%
- 5 Years:
- 17%
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -10%
- 3 Years:
- -6%
- 1 Year:
- -19%
RETURN ON EQUITY
- 10 Years:
- 45%
- 5 Years:
- 42%
- 3 Years:
- 40%
- Last Year:
- 40%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 29 | 30 | 30 | 30 | 30 | 90 | 89 | 89 | 89 | 89 | |
| 245 | 249 | 333 | 352 | 490 | 598 | 679 | 843 | 991 | 1,199 | |
| 1 | 1 | 2 | 14 | 12 | 9 | 13 | 10 | 7 | 10 | |
| Trade Payables | 172 | 85 | 134 | 76 | 165 | 635 | 402 | 3 | 3 | 4 |
| 337 | 492 | 206 | 197 | 231 | 363 | 255 | 805 | 1,066 | 1,075 | |
| Total Liabilities | 784 | 857 | 706 | 668 | 927 | 1,695 | 1,439 | 1,749 | 2,157 | 2,377 |
| 8 | 119 | 111 | 119 | 115 | 110 | 110 | 101 | 87 | 97 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| 383 | 268 | 475 | 514 | 710 | 1,247 | 1,204 | 1,310 | 1,597 | 1,936 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | |
| Cash & Bank | 128 | 114 | 68 | 27 | 77 | 233 | 64 | 185 | 113 | 104 |
| 264 | 355 | 52 | 8 | 25 | 106 | 57 | 153 | 359 | 239 | |
| Total Assets | 784 | 857 | 706 | 668 | 927 | 1,695 | 1,439 | 1,749 | 2,157 | 2,377 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 267 | 183 | 198 | 177 | 369 | 890 | 70 | 300 | 430 | 425 | |
| Cash from Investing | -21 | -33 | -62 | -5 | -194 | -473 | 70 | -26 | -199 | -223 |
| Cash from Financing | -109 | -126 | -78 | -161 | -77 | -136 | -215 | -183 | -272 | -272 |
| 76 | -29 | -2 | -38 | 33 | 179 | -167 | 91 | -41 | -70 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Webcast of 20th Annual General Meeting of Indian Energy Exchange Limited held on September 09, 2026.
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 - Indian Energy Exchange Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 09, 2026
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 - Indian Energy Exchange Limited has informed the Exchange about Schedule of meet
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 - Indian Energy Exchange Limited has informed the Exchange about Schedule of meet
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 - 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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