Indian Energy Exchange Ltd.

•

₹ 123.70.28%

2026-08-21

iexindia.comBSE: 540750NSE: IEX

Market Cap₹ 11,021 Cr.

Current Price₹ 123

High / Low₹ 160 / 115

Stock P/E0.0

Book Value₹ 16

Price to Book7.93

Dividend Yield2.83 %

ROCE52.2 %

ROE40.0 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

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

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

EDIT COLUMNS

Financial ServicesPowerPower Generation/Distribution

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	ADANIPOWER	203.70	27.56	392829.23	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	334.75	11.69	324595.90	2.69	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	262.45	15.36	244094.35	3.43	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1290.00	119.11	212485.72	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1540.00	64.52	188334.99	0.00	1236.56	129.44	9711.08	42.41	9.71	31.27
6.	TATAPOWER	378.20	31.28	120847.74	0.66	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	540.20	50.35	99044.74	0.37	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NTPCGREEN	91.62	127.19	77202.03	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
9.	NHPC	76.00	20.11	76342.26	2.12	1178.09	4.15	3808.31	18.50	6.16	61.80
10.	TORNTPOWER	1244.00	26.98	62685.60	1.61	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	269.55	11.65	37376.79	1.43	436.33	-48.01	4716.75	23.29	11.57	32.83
12.	IEX	123.60	21.74	11021.32	2.83	1347.57	1016.49	1578.77	1013.76	51.81	87.82

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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
	1	1	1	1	1	1	1	1	1	1	1	1	0
Equity Capital	89	89	89	89	89	89	89	89	89	89	89	89	89
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	89	89	89	89	89	89	89	89	89	89	89	89	89
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 104
: 22
Operating Profit: —
OPM %: —
Other Income: 23
Interest: 1
Depreciation: 5
: 99
Tax %: 25.18%
Net Profit: 74
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 109
: 16
Operating Profit: —
OPM %: —
Other Income: 24
Interest: 1
Depreciation: 5
: 111
Tax %: 25.20%
Net Profit: 83
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 115
: 15
Operating Profit: —
OPM %: —
Other Income: 26
Interest: 1
Depreciation: 5
: 120
Tax %: 25.45%
Net Profit: 89
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 121
: 16
Operating Profit: —
OPM %: —
Other Income: 28
Interest: 1
Depreciation: 5
: 127
Tax %: 25.19%
Net Profit: 95
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 124
: 24
Operating Profit: —
OPM %: —
Other Income: 31
Interest: 1
Depreciation: 5
: 125
Tax %: 25.21%
Net Profit: 93
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 139
: 19
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 1
Depreciation: 5
: 143
Tax %: 25.78%
Net Profit: 106
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 131
: 18
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 1
Depreciation: 5
: 135
Tax %: 23.77%
Net Profit: 103
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 141
: 19
Operating Profit: —
OPM %: —
Other Income: 31
Interest: 1
Depreciation: 5
: 147
Tax %: 23.85%
Net Profit: 112
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 140
: 26
Operating Profit: —
OPM %: —
Other Income: 43
Interest: 1
Depreciation: 5
: 150
Tax %: 24.85%
Net Profit: 113
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 152
: 20
Operating Profit: —
OPM %: —
Other Income: 34
Interest: 1
Depreciation: 6
: 160
Tax %: 24.13%
Net Profit: 122
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 144
: 24
Operating Profit: —
OPM %: —
Other Income: 37
Interest: 1
Depreciation: 6
: 151
Tax %: 23.88%
Net Profit: 115
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 172
: 25
Operating Profit: —
OPM %: —
Other Income: 22
Interest: 1
Depreciation: 6
: 163
Tax %: 23.91%
Net Profit: 124
: 1
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 156
: 33
Operating Profit: —
OPM %: —
Other Income: 45
Interest: 1
Depreciation: 6
: 168
Tax %: 24.72%
Net Profit: 127
: 0
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 89
Reserves: 0
Promoter Pledge %: 0.00%

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	178	210	243	245	300	418	410	480	574	650	—
OPM %	89	91	96	95	95	98	102	107	107	107	—
Other Income	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
	174	200	232	228	282	400	389	457	550	625	643
Tax %	35	34	29	22	24	24	25	25	25	24	24
Net Profit	114	132	165	178	213	303	293	341	415	474	487
EPS	38	4	5	6	2	3	3	4	5	5	—
Dividend Payout %	115	50	0	42	56	59	30	65	64	66	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1	1	2	2	2	3	3	4	5	5	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1	1	2	2	2	3	3	4	5	5	—

Mar 2017

: 199
: 55
Operating Profit: 178
OPM %: 89
Other Income: 34
Interest: 0
Depreciation: 3
: 174
Tax %: 35
Net Profit: 114
EPS: 38
Dividend Payout %: 115
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2018

: 230
: 46
Operating Profit: 210
OPM %: 91
Other Income: 26
Interest: 0
Depreciation: 10
: 200
Tax %: 34
Net Profit: 132
EPS: 4
Dividend Payout %: 50
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2019

: 254
: 51
Operating Profit: 243
OPM %: 96
Other Income: 40
Interest: 1
Depreciation: 10
: 232
Tax %: 29
Net Profit: 165
EPS: 5
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2020

: 257
: 53
Operating Profit: 245
OPM %: 95
Other Income: 40
Interest: 2
Depreciation: 15
: 228
Tax %: 22
Net Profit: 178
EPS: 6
Dividend Payout %: 42
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2021

: 317
: 58
Operating Profit: 300
OPM %: 95
Other Income: 40
Interest: 2
Depreciation: 16
: 282
Tax %: 24
Net Profit: 213
EPS: 2
Dividend Payout %: 56
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2022

: 426
: 60
Operating Profit: 418
OPM %: 98
Other Income: 52
Interest: 2
Depreciation: 16
: 400
Tax %: 24
Net Profit: 303
EPS: 3
Dividend Payout %: 59
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2023

: 401
: 64
Operating Profit: 410
OPM %: 102
Other Income: 73
Interest: 2
Depreciation: 19
: 389
Tax %: 25
Net Profit: 293
EPS: 3
Dividend Payout %: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2024

: 449
: 71
Operating Profit: 480
OPM %: 107
Other Income: 102
Interest: 3
Depreciation: 20
: 457
Tax %: 25
Net Profit: 341
EPS: 4
Dividend Payout %: 65
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2025

: 535
: 80
Operating Profit: 574
OPM %: 107
Other Income: 119
Interest: 3
Depreciation: 21
: 550
Tax %: 25
Net Profit: 415
EPS: 5
Dividend Payout %: 64
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2026

: 608
: 95
Operating Profit: 650
OPM %: 107
Other Income: 137
Interest: 2
Depreciation: 23
: 625
Tax %: 24
Net Profit: 474
EPS: 5
Dividend Payout %: 66
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

TTM

: 624
: 101
Operating Profit: —
OPM %: —
Other Income: 139
Interest: 2
Depreciation: 24
: 643
Tax %: 24
Net Profit: 487
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: -2%
3 Years:: 0%
1 Year:: -14%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	29	30	30	30	30	90	89	89	89	89
	245	249	333	352	490	598	679	843	991	1,199
Trade Payables	172	85	134	76	165	635	402	3	3	4
	338	493	208	211	243	372	268	815	1,074	1,085
Total Liabilities	784	857	706	668	927	1,695	1,439	1,749	2,157	2,377
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	172	102	82	104	299	520	156	430	574	1,006
Contingent Liabilities	0	0	0	0	0	0	11	11	5	5
Book Value per Share	95.70	92.61	12.04	12.78	17.42	7.66	8.62	10.46	12.12	14.46
Face Value	10.00	10.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	172	102	82	104	299	520	156	430	574	1,006
Contingent Liabilities	0	0	0	0	0	0	11	11	5	5
Book Value per Share	95.70	92.61	12.04	12.78	17.42	7.66	8.62	10.46	12.12	14.46
Face Value	10.00	10.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Mar 2017

: 29
: 245
Trade Payables: 172
: 338
Total Liabilities: 784
: 8
Capital Work in Progress: 0
: 383
: 0
Cash & Bank: 128
: 264
Total Assets: 784
Total Debt: 0
Net Working Capital: 172
Contingent Liabilities: 0
Book Value per Share: 95.70
Face Value: 10.00
Total Debt: 0
Net Working Capital: 172
Contingent Liabilities: 0
Book Value per Share: 95.70
Face Value: 10.00

Mar 2018

: 30
: 249
Trade Payables: 85
: 493
Total Liabilities: 857
: 119
Capital Work in Progress: 0
: 268
: 0
Cash & Bank: 114
: 355
Total Assets: 857
Total Debt: 0
Net Working Capital: 102
Contingent Liabilities: 0
Book Value per Share: 92.61
Face Value: 10.00
Total Debt: 0
Net Working Capital: 102
Contingent Liabilities: 0
Book Value per Share: 92.61
Face Value: 10.00

Mar 2019

: 30
: 333
Trade Payables: 134
: 208
Total Liabilities: 706
: 111
Capital Work in Progress: 0
: 475
: 0
Cash & Bank: 68
: 52
Total Assets: 706
Total Debt: 0
Net Working Capital: 82
Contingent Liabilities: 0
Book Value per Share: 12.04
Face Value: 1.00
Total Debt: 0
Net Working Capital: 82
Contingent Liabilities: 0
Book Value per Share: 12.04
Face Value: 1.00

Mar 2020

: 30
: 352
Trade Payables: 76
: 211
Total Liabilities: 668
: 119
Capital Work in Progress: 0
: 514
: 0
Cash & Bank: 27
: 8
Total Assets: 668
Total Debt: 0
Net Working Capital: 104
Contingent Liabilities: 0
Book Value per Share: 12.78
Face Value: 1.00
Total Debt: 0
Net Working Capital: 104
Contingent Liabilities: 0
Book Value per Share: 12.78
Face Value: 1.00

Mar 2021

: 30
: 490
Trade Payables: 165
: 243
Total Liabilities: 927
: 115
Capital Work in Progress: 0
: 710
: 0
Cash & Bank: 77
: 25
Total Assets: 927
Total Debt: 0
Net Working Capital: 299
Contingent Liabilities: 0
Book Value per Share: 17.42
Face Value: 1.00
Total Debt: 0
Net Working Capital: 299
Contingent Liabilities: 0
Book Value per Share: 17.42
Face Value: 1.00

Mar 2022

: 90
: 598
Trade Payables: 635
: 372
Total Liabilities: 1,695
: 110
Capital Work in Progress: 0
: 1,247
: 0
Cash & Bank: 233
: 106
Total Assets: 1,695
Total Debt: 0
Net Working Capital: 520
Contingent Liabilities: 0
Book Value per Share: 7.66
Face Value: 1.00
Total Debt: 0
Net Working Capital: 520
Contingent Liabilities: 0
Book Value per Share: 7.66
Face Value: 1.00

Mar 2023

: 89
: 679
Trade Payables: 402
: 268
Total Liabilities: 1,439
: 110
Capital Work in Progress: 2
: 1,204
: 0
Cash & Bank: 64
: 57
Total Assets: 1,439
Total Debt: 0
Net Working Capital: 156
Contingent Liabilities: 11
Book Value per Share: 8.62
Face Value: 1.00
Total Debt: 0
Net Working Capital: 156
Contingent Liabilities: 11
Book Value per Share: 8.62
Face Value: 1.00

Mar 2024

: 89
: 843
Trade Payables: 3
: 815
Total Liabilities: 1,749
: 101
Capital Work in Progress: 0
: 1,310
: 1
Cash & Bank: 185
: 153
Total Assets: 1,749
Total Debt: 0
Net Working Capital: 430
Contingent Liabilities: 11
Book Value per Share: 10.46
Face Value: 1.00
Total Debt: 0
Net Working Capital: 430
Contingent Liabilities: 11
Book Value per Share: 10.46
Face Value: 1.00

Mar 2025

: 89
: 991
Trade Payables: 3
: 1,074
Total Liabilities: 2,157
: 87
Capital Work in Progress: 0
: 1,597
: 2
Cash & Bank: 113
: 359
Total Assets: 2,157
Total Debt: 0
Net Working Capital: 574
Contingent Liabilities: 5
Book Value per Share: 12.12
Face Value: 1.00
Total Debt: 0
Net Working Capital: 574
Contingent Liabilities: 5
Book Value per Share: 12.12
Face Value: 1.00

Mar 2026

: 89
: 1,199
Trade Payables: 4
: 1,085
Total Liabilities: 2,377
: 97
Capital Work in Progress: 0
: 1,936
: 1
Cash & Bank: 104
: 239
Total Assets: 2,377
Total Debt: 0
Net Working Capital: 1,006
Contingent Liabilities: 5
Book Value per Share: 14.46
Face Value: 1.00
Total Debt: 0
Net Working Capital: 1,006
Contingent Liabilities: 5
Book Value per Share: 14.46
Face Value: 1.00

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
	206	131	138	128	304	788	-22	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
Free Cash Flow	206	11	136	106	297	777	-43	294	428	407
OCF / Net Profit	1.81	1.00	0.84	0.72	1.43	2.60	-0.08	0.88	1.04	0.90
Cumulative 5-Year FCF	0	0	0	0	755	1,327	1,273	1,431	1,753	1,864
OCF / Net Profit	1.81	1.00	0.84	0.72	1.43	2.60	-0.08	0.88	1.04	0.90
Cumulative 5-Year FCF	0	0	0	0	755	1,327	1,273	1,431	1,753	1,864

Mar 2017

: 206
Cash from Investing: -21
Cash from Financing: -109
: 76
Free Cash Flow: 206
OCF / Net Profit: 1.81
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.81
Cumulative 5-Year FCF: 0

Mar 2018

: 131
Cash from Investing: -33
Cash from Financing: -126
: -29
Free Cash Flow: 11
OCF / Net Profit: 1.00
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.00
Cumulative 5-Year FCF: 0

Mar 2019

: 138
Cash from Investing: -62
Cash from Financing: -78
: -2
Free Cash Flow: 136
OCF / Net Profit: 0.84
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.84
Cumulative 5-Year FCF: 0

Mar 2020

: 128
Cash from Investing: -5
Cash from Financing: -161
: -38
Free Cash Flow: 106
OCF / Net Profit: 0.72
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.72
Cumulative 5-Year FCF: 0

Mar 2021

: 304
Cash from Investing: -194
Cash from Financing: -77
: 33
Free Cash Flow: 297
OCF / Net Profit: 1.43
Cumulative 5-Year FCF: 755
OCF / Net Profit: 1.43
Cumulative 5-Year FCF: 755

Mar 2022

: 788
Cash from Investing: -473
Cash from Financing: -136
: 179
Free Cash Flow: 777
OCF / Net Profit: 2.60
Cumulative 5-Year FCF: 1,327
OCF / Net Profit: 2.60
Cumulative 5-Year FCF: 1,327

Mar 2023

: -22
Cash from Investing: 70
Cash from Financing: -215
: -167
Free Cash Flow: -43
OCF / Net Profit: -0.08
Cumulative 5-Year FCF: 1,273
OCF / Net Profit: -0.08
Cumulative 5-Year FCF: 1,273

Mar 2024

: 300
Cash from Investing: -26
Cash from Financing: -183
: 91
Free Cash Flow: 294
OCF / Net Profit: 0.88
Cumulative 5-Year FCF: 1,431
OCF / Net Profit: 0.88
Cumulative 5-Year FCF: 1,431

Mar 2025

: 430
Cash from Investing: -199
Cash from Financing: -272
: -41
Free Cash Flow: 428
OCF / Net Profit: 1.04
Cumulative 5-Year FCF: 1,753
OCF / Net Profit: 1.04
Cumulative 5-Year FCF: 1,753

Mar 2026

: 425
Cash from Investing: -223
Cash from Financing: -272
: -70
Free Cash Flow: 407
OCF / Net Profit: 0.90
Cumulative 5-Year FCF: 1,864
OCF / Net Profit: 0.90
Cumulative 5-Year FCF: 1,864

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	39.17	43.66	5.47	5.96	7.15	3.37	3.29	3.83	4.65	5.32
Book Value (₹)	95.70	92.61	12.04	12.78	17.42	7.66	8.62	10.46	12.12	14.46
Dividend per Share (₹)	45.00	22.00	0.00	2.50	4.00	2.00	1.00	2.50	3.00	3.50
Cash EPS (₹)	1.36	1.57	1.94	2.16	2.56	3.55	3.49	4.06	4.89	5.58
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	89.45%	91.34%	95.60%	95.16%	94.51%	98.20%	102.21%	84.27%	85.01%	84.46%
Net Margin %	57.18%	57.14%	64.96%	69.22%	67.32%	71.09%	73.02%	76.02%	77.45%	77.86%
ROE %	48.28%	47.62%	51.35%	47.77%	47.37%	50.10%	40.21%	40.17%	41.22%	40.01%
ROCE %	73.16%	71.26%	71.10%	60.32%	61.60%	65.12%	52.62%	53.06%	54.04%	52.16%
	16.50%	16.05%	21.12%	25.90%	26.76%	23.08%	18.68%	21.42%	21.23%	20.90%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	1	0	33	33	2	39	43	3	1	1
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	1	0	33	33	2	39	43	3	1	1
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	418.91x	883.59x	316.64x	146.49x	138.14x	203.34x	159.22x	162.16x	211.26x	274.65x
	1.41x	1.25x	1.27x	1.45x	1.85x	1.54x	1.26x	1.57x	1.57x	1.99x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	13.49%	16.01%	10.25%	1.16%	23.38%	34.19%	-5.80%	12.05%	19.20%	13.64%
Operating Profit Growth %	18.23%	18.46%	15.40%	0.70%	22.53%	39.44%	-1.96%	17.19%	19.56%	13.30%
Net Profit Growth %	13.43%	15.94%	25.33%	7.80%	19.99%	41.70%	-3.24%	16.65%	21.44%	14.24%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.66%	21.44%	14.24%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	35.04x	37.74x	21.57x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.84x	14.49x	7.93x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.86%	1.71%	3.05%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	24.53x	27.06x	15.55x

Mar 2017

EPS (₹): 39.17
Book Value (₹): 95.70
Dividend per Share (₹): 45.00
Cash EPS (₹): 1.36
Operating Margin %: 89.45%
Net Margin %: 57.18%
ROE %: 48.28%
ROCE %: 73.16%
: 16.50%
Debtor Days: 1
Inventory Days: 0
Payable Days: 0
: 1
Debt to Equity (x): 0.00x
Interest Coverage (x): 418.91x
: 1.41x
Revenue Growth %: 13.49%
Operating Profit Growth %: 18.23%
Net Profit Growth %: 13.43%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 43.66
Book Value (₹): 92.61
Dividend per Share (₹): 22.00
Cash EPS (₹): 1.57
Operating Margin %: 91.34%
Net Margin %: 57.14%
ROE %: 47.62%
ROCE %: 71.26%
: 16.05%
Debtor Days: 0
Inventory Days: 0
Payable Days: 0
: 0
Debt to Equity (x): 0.00x
Interest Coverage (x): 883.59x
: 1.25x
Revenue Growth %: 16.01%
Operating Profit Growth %: 18.46%
Net Profit Growth %: 15.94%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 5.47
Book Value (₹): 12.04
Dividend per Share (₹): 0.00
Cash EPS (₹): 1.94
Operating Margin %: 95.60%
Net Margin %: 64.96%
ROE %: 51.35%
ROCE %: 71.10%
: 21.12%
Debtor Days: 33
Inventory Days: 0
Payable Days: 0
: 33
Debt to Equity (x): 0.00x
Interest Coverage (x): 316.64x
: 1.27x
Revenue Growth %: 10.25%
Operating Profit Growth %: 15.40%
Net Profit Growth %: 25.33%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 5.96
Book Value (₹): 12.78
Dividend per Share (₹): 2.50
Cash EPS (₹): 2.16
Operating Margin %: 95.16%
Net Margin %: 69.22%
ROE %: 47.77%
ROCE %: 60.32%
: 25.90%
Debtor Days: 33
Inventory Days: 0
Payable Days: 0
: 33
Debt to Equity (x): 0.00x
Interest Coverage (x): 146.49x
: 1.45x
Revenue Growth %: 1.16%
Operating Profit Growth %: 0.70%
Net Profit Growth %: 7.80%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 7.15
Book Value (₹): 17.42
Dividend per Share (₹): 4.00
Cash EPS (₹): 2.56
Operating Margin %: 94.51%
Net Margin %: 67.32%
ROE %: 47.37%
ROCE %: 61.60%
: 26.76%
Debtor Days: 2
Inventory Days: 0
Payable Days: 0
: 2
Debt to Equity (x): 0.00x
Interest Coverage (x): 138.14x
: 1.85x
Revenue Growth %: 23.38%
Operating Profit Growth %: 22.53%
Net Profit Growth %: 19.99%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 3.37
Book Value (₹): 7.66
Dividend per Share (₹): 2.00
Cash EPS (₹): 3.55
Operating Margin %: 98.20%
Net Margin %: 71.09%
ROE %: 50.10%
ROCE %: 65.12%
: 23.08%
Debtor Days: 39
Inventory Days: 0
Payable Days: 0
: 39
Debt to Equity (x): 0.00x
Interest Coverage (x): 203.34x
: 1.54x
Revenue Growth %: 34.19%
Operating Profit Growth %: 39.44%
Net Profit Growth %: 41.70%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 3.29
Book Value (₹): 8.62
Dividend per Share (₹): 1.00
Cash EPS (₹): 3.49
Operating Margin %: 102.21%
Net Margin %: 73.02%
ROE %: 40.21%
ROCE %: 52.62%
: 18.68%
Debtor Days: 43
Inventory Days: 0
Payable Days: 0
: 43
Debt to Equity (x): 0.00x
Interest Coverage (x): 159.22x
: 1.26x
Revenue Growth %: -5.80%
Operating Profit Growth %: -1.96%
Net Profit Growth %: -3.24%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 3.83
Book Value (₹): 10.46
Dividend per Share (₹): 2.50
Cash EPS (₹): 4.06
Operating Margin %: 84.27%
Net Margin %: 76.02%
ROE %: 40.17%
ROCE %: 53.06%
: 21.42%
Debtor Days: 3
Inventory Days: 0
Payable Days: 0
: 3
Debt to Equity (x): 0.00x
Interest Coverage (x): 162.16x
: 1.57x
Revenue Growth %: 12.05%
Operating Profit Growth %: 17.19%
Net Profit Growth %: 16.65%
: 16.66%
P/E (x): 35.04x
P/B (x): 12.84x
Dividend Yield %: 1.86%
: 24.53x

Mar 2025

EPS (₹): 4.65
Book Value (₹): 12.12
Dividend per Share (₹): 3.00
Cash EPS (₹): 4.89
Operating Margin %: 85.01%
Net Margin %: 77.45%
ROE %: 41.22%
ROCE %: 54.04%
: 21.23%
Debtor Days: 1
Inventory Days: 0
Payable Days: 0
: 1
Debt to Equity (x): 0.00x
Interest Coverage (x): 211.26x
: 1.57x
Revenue Growth %: 19.20%
Operating Profit Growth %: 19.56%
Net Profit Growth %: 21.44%
: 21.44%
P/E (x): 37.74x
P/B (x): 14.49x
Dividend Yield %: 1.71%
: 27.06x

Mar 2026

EPS (₹): 5.32
Book Value (₹): 14.46
Dividend per Share (₹): 3.50
Cash EPS (₹): 5.58
Operating Margin %: 84.46%
Net Margin %: 77.86%
ROE %: 40.01%
ROCE %: 52.16%
: 20.90%
Debtor Days: 1
Inventory Days: 0
Payable Days: 0
: 1
Debt to Equity (x): 0.00x
Interest Coverage (x): 274.65x
: 1.99x
Revenue Growth %: 13.64%
Operating Profit Growth %: 13.30%
Net Profit Growth %: 14.24%
: 14.24%
P/E (x): 21.57x
P/B (x): 7.93x
Dividend Yield %: 3.05%
: 15.55x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.66	15.63	16.21	16.12	18.53	13.20	11.42	14.16	12.63
	31.24	31.48	32.75	34.12	34.12	36.43	34.95	30.26	31.47
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	57.10	52.86	51.01	49.76	47.34	50.38	53.64	55.58	55.91

Jun 2024

Promoters: 0.00
: 11.66
: 31.24
Government: 0.00
: 57.10

Sep 2024

Promoters: 0.00
: 15.63
: 31.48
Government: 0.00
: 52.86

Dec 2024

Promoters: 0.00
: 16.21
: 32.75
Government: 0.00
: 51.01

Mar 2025

Promoters: 0.00
: 16.12
: 34.12
Government: 0.00
: 49.76

Jun 2025

Promoters: 0.00
: 18.53
: 34.12
Government: 0.00
: 47.34

Sep 2025

Promoters: 0.00
: 13.20
: 36.43
Government: 0.00
: 50.38

Dec 2025

Promoters: 0.00
: 11.42
: 34.95
Government: 0.00
: 53.64

Mar 2026

Promoters: 0.00
: 14.16
: 30.26
Government: 0.00
: 55.58

Jun 2026

Promoters: 0.00
: 12.63
: 31.47
Government: 0.00
: 55.91

Documents

Announcements

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.
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-17 - Indian Energy Exchange Limited has informed the Exchange about Schedule of meet

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Jul 2026
Transcript PPTREC
Apr 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC