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Indian Energy Exchange Ltd.

•
iexindia.comBSE: 540750NSE: IEX
Market Cap₹ 10,531 Cr.
Current Price
High / Low₹ 160 / 115
Stock P/E21.6
Book Value₹ 16
Price to Book7.93
Dividend Yield2.96 %
ROCE52.2 %
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 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

Financial ServicesPowerPower Generation/Distribution
Part ofNIFTY SMLCAP 250NIFTY 500NIFTY TOTAL MKTNIFTY SML250 Q50
S.No.Name
1.ADANIPOWER214.5029.02413656.700.004866.6047.2418901.8933.9717.7942.67
2.NTPC333.2511.64323141.402.706896.44-88.7150740.967.818.5233.23
3.POWERGRID265.9515.56247349.563.383598.42-0.8911496.722.689.7482.97
4.ADANIGREEN1314.20121.34216471.890.009830.001092.9644310.001066.059.9091.24
5.ADANIENSOL1421.9059.57173891.900.001236.56129.449711.0842.419.7131.27
6.TATAPOWER369.0030.52117908.030.681400.8610.9819051.265.6311.6321.53
7.JSWENERGY534.6549.8398027.150.37532.70-36.275207.131.248.5055.22
8.NHPC76.8020.3277145.872.101178.094.153808.3118.506.1661.80
9.NTPCGREEN88.02122.2074168.550.003048.401282.6211068.601527.233.7391.95
10.TORNTPOWER1304.1528.2865716.581.53661.85-10.758124.152.7514.3718.93
11.NLCINDIA271.4511.7337640.251.42436.33-48.014716.7523.2911.2732.83
12.IEX118.1020.7710530.892.961347.571016.491578.771013.7651.8187.82
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
104109115121124139131141140152144172156
22161516241918192620242533
Operating Profit8292100105100120113122114132120148123
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%
23242628312929314334372245
Interest1111111111111
Depreciation5555555556666
Profit before Tax99111120127125143135147150160151163168
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 Profit7483899593106103112113122115124127
0.830.931.001.071.051.191.161.261.271.371.291.401.42

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
199230254257317426401449535608624
55465153586064718095101
Operating Profit143185203204259366336378455514523
OPM %72.22%80.22%79.83%79.55%81.81%85.91%83.95%84.27%85.01%84.46%83.82%
34264040405273102119137139
Interest00122223322
Depreciation310101516161920212324
Profit before Tax174200232228282400389457550625643
Tax %34.67%34.16%28.79%21.89%24.24%24.30%24.69%25.26%24.64%24.18%24.17%
Net Profit114132165178213303293341415474487
EPS37.674.415.465.962.383.383.273.834.655.32—
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

Corporate actions

2021

Dec 3

2:1

Bonus issue & Quarterly Results

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
29303030309089898989
2452493333524905986798439911,199
112141291310710
Trade Payables1728513476165635402334
3374922061972313632558051,0661,075
Total Liabilities7848577066689271,6951,4391,7492,1572,377
81191111191151101101018797
Capital Work in Progress0000002000
3832684755147101,2471,2041,3101,5971,936
0000000121
Cash & Bank12811468277723364185113104
2643555282510657153359239
Total Assets7848577066689271,6951,4391,7492,1572,377

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
26718319817736989070300430425
Cash from Investing-21-33-62-5-194-47370-26-199-223
Cash from Financing-109-126-78-161-77-136-215-183-272-272
76-29-2-3833179-16791-41-70

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 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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Indian Energy Exchange Ltd.

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