Indian Energy Exchange Ltd. (IN:IEX)
:IEX
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Indian Energy Exchange Ltd.
(IEX)
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Rating:73Outperform
Price Target:
₹137.00
▼(-11.47% Downside)
Action:Reiterated
Date:04/25/26
The score is driven primarily by strong fundamentals—exceptional balance-sheet conservatism and high profitability—partly offset by cash-flow volatility and uneven growth. Technicals are neutral-to-weak versus longer-term averages, while valuation is reasonable with a modest dividend yield.
Positive Factors
Balance Sheet Strength
The company's ultra-conservative balance sheet with very low leverage and a steadily growing equity base provides durable financial resilience. Strong, stable ROE (~36–44%) indicates efficient capital use, enabling capital allocation flexibility for investment, dividends, or opportunistic M&A without straining liquidity.
Negative Factors
Uneven Revenue Growth
Revenue has been cyclical and uneven, reflecting sensitivity to traded volumes and market conditions. Such top-line volatility constrains predictability of earnings growth and makes multi-year planning and capacity investments harder, reducing confidence in steady long-term expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
The company's ultra-conservative balance sheet with very low leverage and a steadily growing equity base provides durable financial resilience. Strong, stable ROE (~36–44%) indicates efficient capital use, enabling capital allocation flexibility for investment, dividends, or opportunistic M&A without straining liquidity.
Read all positive factors
Indian Energy Exchange Ltd. (IEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹111.86B
Dividend Yield3.23%
Average Volume (3M)274.69K
Price to Earnings (P/E)19.8
Beta (1Y)1.33
Revenue Growth14.59%
EPS Growth14.87%
CountryIN
Employees170
SectorServices
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)5.28
Shares Outstanding891,692,750
10 Day Avg. Volume234,014
30 Day Avg. Volume274,691
Financial Highlights & Ratios
PEG Ratio1.41
Price to Book (P/B)7.48
Price to Sales (P/S)16.58
P/FCF Ratio20.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹100.00Price Target Upside-35.38% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)6
Revenue Forecast (FY)₹6.73B
Indian Energy Exchange Ltd. Business Overview & Revenue Model
Company Description
Indian Energy Exchange Limited operates a power trading platform. It enables trading and price discovery of electricity and related products with risk management for participants of the electricity market. The company's products include Day-Ahead ...
How the Company Makes Money
IEX makes money primarily by charging transaction-based fees for trades executed on its exchange platform. When market participants place buy/sell bids and trades get matched and cleared, IEX earns fees linked to the traded volumes and/or the valu...
Indian Energy Exchange Ltd. Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.70B | 6.16B | 5.37B | 5.51B | 4.01B | 4.31B |
| Gross Profit | 5.16B | 4.97B | 4.98B | 5.50B | 3.71B | 3.95B |
| EBITDA | 6.31B | 5.20B | 5.88B | 4.89B | 4.23B | 4.24B |
| Net Income | 4.68B | 4.93B | 4.29B | 3.51B | 3.06B | 3.09B |
Balance Sheet | ||||||
| Total Assets | 18.82B | 24.36B | 21.97B | 17.74B | 14.53B | 16.96B |
| Cash, Cash Equivalents and Short-Term Investments | 13.88B | 18.05B | 9.68B | 9.33B | 7.52B | 13.73B |
| Total Debt | 48.84M | 111.56M | 61.55M | 103.63M | 140.97M | 100.09M |
| Total Liabilities | 6.34B | 10.71B | 10.60B | 8.01B | 6.54B | 9.93B |
| Stockholders Equity | 12.48B | 13.65B | 11.36B | 9.72B | 7.99B | 7.03B |
Cash Flow | ||||||
| Free Cash Flow | -174.96M | 5.07B | 4.19B | 2.83B | -316.43M | 7.51B |
| Operating Cash Flow | -87.17M | 5.21B | 4.27B | 2.98B | -226.18M | 7.62B |
| Investing Cash Flow | 522.36M | -3.19B | -1.96B | -244.98M | 702.64M | -4.48B |
| Financing Cash Flow | -1.35B | -2.72B | -2.72B | -1.83B | -2.15B | -1.36B |
Indian Energy Exchange Ltd. Technical Analysis
Neutral
154.75
Price Trends
123.06
Positive
125.90
Negative
131.50
Negative
Market Momentum
0.45
Positive
50.07
Neutral
12.99
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IEX, the sentiment is Neutral. The current price of 154.75 is above the 20-day moving average (MA) of 125.62, above the 50-day MA of 123.06, and above the 200-day MA of 131.50, indicating a neutral trend. The MACD of 0.45 indicates Positive momentum. The RSI at 50.07 is Neutral, neither overbought nor oversold. The STOCH value of 12.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:IEX.
Indian Energy Exchange Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹24.66B | 13.44 | ― | 0.33% | 13.89% | 12.56% | |
73 Outperform | ₹111.86B | 19.78 | ― | 3.23% | 14.59% | 14.87% | |
70 Outperform | ₹296.22B | 16.16 | ― | 1.88% | -1.82% | -22.50% | |
68 Neutral | ₹255.94B | 51.30 | ― | 0.82% | 3.27% | -13.38% | |
56 Neutral | ₹105.02B | 17.80 | ― | 1.37% | 14.15% | 43.84% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
52 Neutral | ₹148.15B | 50.01 | ― | ― | 24.18% | 39.07% |
* Services Sector Average
IN:IEX
Indian Energy Exchange Ltd.
125.45
-68.42
-35.29%
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324.80
45.37
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1,224.60
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-14.87%
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665.00
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-5.05%
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110.95
14.17
14.64%
IN:MONARCH
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311.15
-1.41
-0.45%
Indian Energy Exchange Ltd. Corporate Events
Indian Energy Exchange Posts Record Power Volumes and Lower Prices in FY26
Apr 6, 2026
Indian Energy Exchange reported record operational performance in fiscal 2026, with its highest ever annual traded electricity volume of 141 billion units, a 17% year-on-year rise, and record yearly trading of 18.72 million Renewable Energy Certif...
Indian Energy Exchange Schedules Virtual Meet With Eastbridge Capital
Mar 20, 2026
Indian Energy Exchange Ltd. has announced the schedule of an upcoming interaction with market participants, stating it will hold a one-on-one virtual meeting with Eastbridge Capital on March 25, 2026. The company emphasized that no unpublished pri...
Indian Energy Exchange Schedules Analyst and Institutional Investor Meetings
Mar 19, 2026
Indian Energy Exchange Ltd. has announced a schedule of meetings with analysts and institutional investors, including Aequitas Investments and Prusik Investment Management, to be held on March 20 and March 24, 2026 in virtual and in-person formats...
Indian Energy Exchange Board Clears Q3 FY26 Results, Declares Interim Dividend
Jan 29, 2026
Indian Energy Exchange Ltd. has reported that its board has approved the standalone and consolidated unaudited financial results for the quarter ended 31 December 2025 at its meeting held on 29 January 2026, with the results to be made available o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.