IEX - Indian Energy Exchange Limited Share Price

Capital Markets

₹195.21+4.71(+2.47%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Indian Energy Exchange Limited do?

Exchange and Data Platform•Financial Services•Small Cap

Indian Energy Exchange Limited provides automated trading platform for physical delivery of electricity, renewable energy, and certificates. The company's platform offers customers with digital registration, market data insights, financial reconciliation, user access management, and web-based bidding services. Its products include Day-Ahead Market, a physical electricity trading market for deliveries for any/some/all 15 minute time blocks in 24 hours of next day starting from midnight; Term-Ahead-Market that provides a range of products allowing participants to buy/sell electricity on intra-day, day-ahead contingency, and term ahead contracts; Real-Time Market, an auction session every half an hour with power to be delivered after 4 time blocks or an hour after gate closure of the auction; Green Day-Ahead Market that allows anonymous and double-sided closed collective auction in renewable energy on a day-ahead basis; and Cross-Border Electricity Trade building an integrated South Asian Power Market; The Green-Term Ahead Market, a market solution for renewable energy trading which features contracts, including Green-Intraday, Green-Day-ahead Contingency, Green-Daily, and Green-Weekly. Indian Energy Exchange Limited was incorporated in 2007 and is based in Noida, India.

Industry Group:Capital Markets

Employees:170

Website:www.iexindia.com

Pros

Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.

Dividend: Dividend paying stock. Dividend yield of 2.1%.

Size: Market Cap wise it is among the top 20% companies of india.

Profitability: Very strong Profitability. One year profit margin are 65%.

Growth: Good revenue growth. With 38.5% growth over past three years, the company is going strong.

Balance Sheet: Strong Balance Sheet.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Momentum: Stock price has a strong positive momentum. Stock is up 11.1% in last 30 days.

Cons

No major cons observed.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: IEX vs Capital Markets

Comprehensive comparison against sector averages

Comparative Metrics

IEX metrics compared to Capital

Category	IEX	Capital
PE	41.56	25.50
PS	26.88	8.38
Growth	19 %	21.5 %

Performance Comparison

IEX vs Capital (2021 - 2025)

Key Insights

1. IEX is NOT among the Top 10 largest companies in Capital Markets.
2. The company holds a market share of 1.2% in Capital Markets.
3. The company is growing at an average growth rate of other Capital Markets companies.

Share Holdings

Understand Indian Energy Exchange ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
SBI MUTUAL FUND UNDER ITS VARIOUS SCHEMES	9.58%
DPVL VENTURES LLP	7.02%
PARAG PARIKH MUTUAL FUND UNDER ITS VARIOUS SCHEMES	5.06%
ICICI PRUDENTIAL MUTUAL FUND UNDER ITS VARIOUS SCHEMES	4.69%
DALMIA CEMENT BHARAT LIMITED	4.17%
DALMIA POWER LIMITED	3.74%
MIRAE ASSET MUTUAL FUND UNDER ITS VARIOUS SCHEMES	2.99%
MASSACHUSETTS INSTITUTE OF TECHNOLOGY	1.63%
AQUAMARINE MASTER FUND L.P	1.16%
CANARA ROBECO MUTUAL FUND UNDER ITS VARIOUS SCHEMES	1.08%
ABU DHABI INVESTMENT AUTHORITY - MONSOON	1.02%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Summary of Latest Earnings Report from Indian Energy Exchange

Summary of Indian Energy Exchange's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Jan 25

Management Outlook and Major Points:

The management remains optimistic about IEX's growth trajectory, driven by India's rising power demand, regulatory reforms, and a focus on sustainable energy transition. Key highlights include:

Power Demand Growth: Electricity demand grew 3% YoY in Q3 FY25 (5% in 9M FY25). MoP's push for 28 GW thermal and 40"“50 GW/year renewable capacity additions is expected to boost liquidity on exchanges.
Fuel Availability: Ample coal supply (726 MT production, +6.1% YoY) and competitive imported coal/gas prices ($50/ton coal, $14/MMBtu gas) are stabilizing prices and enhancing market participation.
Regulatory Tailwinds: LPSC rule amendments (mandating un-requisitioned power sales on exchanges), DSM 2024 (grid stability), and CERC's draft carbon market rules will deepen market liquidity.
Volume Growth: Electricity volumes rose 16% YoY (30.5 BU in Q3), driven by RTM (+30% YoY) and Green Market (+300% YoY). REC trading surged 31% YoY.
New Initiatives: Approval for Green RTM and 11-month contracts (pending CERC clearance) will unlock new opportunities. Coal exchange plans (2025) and battery storage integration (4,000 MWh tenders) are future growth drivers.
Financial Performance: Consolidated revenue grew 13.7% YoY (Rs.160.5 Cr), PAT up 16.9% (Rs.107.3 Cr). IGX volumes rose 93% YoY (162 lakh MMBtu).
Energy Transition: Focus on firm RE, VPPAs, and storage solutions to balance renewables and grid stability. IEX aims to lead India's net-zero journey with innovative market models.

Outlook: Management projects sustained volume growth (15"“20% annually), supported by competitive prices, regulatory reforms, and India's 458 GW peak demand by 2032. Liquidity from new products (carbon, coal exchanges) and RE integration will drive long-term value.

Q&A Session

Last updated: Jan 25

Question 1: What is the current revenue breakdown for IEX, IGX, ICX, and coal trading in terms of numbers and percentages?
Answer: IEX standalone PAT was INR103 crore (+15.5% YoY), while consolidated PAT was INR107.3 crore (+16.9% YoY). IGX standalone PAT stood at INR8.3 crore (+13% YoY), and ICX reported a profit of INR20 lakh vs. a loss of INR1 crore YoY. Coal trading remains inactive, pending government approval for the coal exchange.

Question 2: What are the expected revenues for FY26 and FY27 for IEX, IGX, and ICX?
Answer: Management refrained from specific projections but highlighted achievable growth of 15"“20% for IEX, driven by demand-supply dynamics. IGX growth depends on future gas price reductions (potentially $8"“9/MMBtu post-2026), while ICX remains in early stages.

Question 3: What is IEX's current market share in electricity and REC segments?
Answer: IEX holds ~84.5% market share in electricity (DAM/RTM dominate), ~60"“65% in REC markets. Term Ahead Market (TAM) share is ~38% across exchanges.

Question 4: What is the progress on regulatory approvals for long-duration (11-month) contracts and Green RTM?
Answer: The 11-month contract hearing is complete, with CERC's decision pending. Green RTM is undergoing public consultation; approval is expected in 2"“3 months. These could unlock ~40 BU annual trading potential.

Question 5: How is market coupling progressing, and what are the challenges?
Answer: CERC's simulation report (due July 2024) is delayed. Coupling faces technical/logistical hurdles (e.g., software development, settlement processes) and risks stifling competition. Implementation could take 2"“3 years if approved.

Question 6: Why did RTM volumes decline QoQ in Q3 FY25?
Answer: Seasonal factors: Q2's higher renewable generation (wind/hydro) boosts RTM liquidity, while Q3's lower renewables reduced volatility. DAM growth (+17% QoQ) offset RTM's dip (-13% QoQ).

Question 7: How sustainable is IEX's volume growth amid price declines?
Answer: Competitive prices (INR3.71/unit in Q3) drive demand from DISCOMs and industries. Volume growth (19% YoY for 9M FY25) correlates ~3x with India's power demand growth (4.8% YoY), likely sustaining 15"“20% growth.

Question 8: What explains the gap between volume growth (16%) and revenue growth (13.7%) in Q3?
Answer: Incentives in TAM/REC segments to retain market share amid competition slightly reduced realized fees.

Question 9: How does IEX plan to defend market share if coupling is implemented?
Answer: Focus on customer-centric services (training, analytics via IEX Academy) and platform reliability. Existing client loyalty (400+ generators, all DISCOMs registered) provides a moat.

Question 10: What role will battery storage and virtual PPAs (VPPAs) play in future volumes?
Answer: Storage enables non-solar hour trading, while VPPAs (~300"“400 MW already traded) and merchant renewables could add ~2 GW sell-side liquidity by FY25, boosting green market volumes (+300% YoY in Q3).

Investor Care
Dividend Yield	2.1%
Dividend/Share (TTM)	4
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	4.6

Financial Health
Current Ratio	1.8
Debt/Equity	0.00
Debt/Cashflow	0.00

Valuation
Market Cap	16.99 kCr
Price/Earnings (Trailing)	41.56
Price/Sales (Trailing)	26.88
EV/EBITDA	30.74
Price/Free Cashflow	51.24
MarketCap/EBT	32.13

Fundamentals
Revenue (TTM)	632.06 Cr
Rev. Growth (Yr)	13.68%
Rev. Growth (Qtr)	-4.31%
Earnings (TTM)	408.74 Cr
Earnings Growth (Yr)	16.87%
Earnings Growth (Qtr)	-0.95%

Profitability
Operating Margin	83.66%
EBT Margin	83.66%
Return on Equity	39.14%
Return on Assets	23.63%
Free Cashflow Yield	1.95%

Income Statement for Indian Energy Exchange

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	12%	449	401	426	317	257	254
Other Income	40.3%	102	73	52	40	40	40
Total Income	16.3%	551	474	478	357	297	294
Employee Expense	8.8%	38	35	37	39	33	25
Finance costs	25.3%	2.83	2.46	1.97	2.05	1.57	0.73
Depreciation and Amortization	5.6%	20	19	16	16	15	10
Other expenses	6.9%	32	30	23	19	20	26
Total Expenses	10.7%	94	85	78	76	69	62
Profit Before exceptional items and Tax	17.5%	457	389	400	282	228	232
Total profit before tax	17.5%	457	389	400	282	228	232
Current tax	11.6%	107	96	102	66	50	57
Deferred tax	696.9%	8.64	-0.28	-4.77	2.48	0.14	9.8
Total tax	20%	115	96	97	68	50	67
Total profit (loss) for period	16.4%	341	293	303	213	178	165
Other comp. income net of taxes	11.2%	0.21	0.11	0.11	0.25	-0.4	-0.14
Total Comprehensive Income	16.8%	342	293	303	214	178	165
Earnings Per Share, Basic	25.1%	3.84	3.27	3.38	2.38333333	1.98666667	1.82333333
Earnings Per Share, Diluted	25.1%	3.84	3.27	3.38	2.38333333	1.98666667	1.82

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-5.8%	131	139	124	121	115	109
Other Income	0%	29	29	31	28	26	24
Total Income	-4.8%	160	168	154	149	141	133
Employee Expense	-9.1%	11	12	11	10	9	9.29
Finance costs	2.9%	0.67	0.66	0.67	0.72	0.71	0.7
Depreciation and Amortization	1.6%	5.39	5.32	5.23	5.21	5.17	5.06
Other expenses	3.7%	7.22	7	13	6.33	6.42	7.04
Total Expenses	0%	25	25	29	22	21	22
Profit Before exceptional items and Tax	-5.6%	135	143	125	127	120	111
Total profit before tax	-5.6%	135	143	125	127	120	111
Current tax	-14.7%	30	35	30	28	29	26
Deferred tax	-9.6%	2.03	2.14	1.87	4.18	1.36	1.64
Total tax	-13.9%	32	37	31	32	30	28
Total profit (loss) for period	-2.9%	103	106	93	95	89	83
Other comp. income net of taxes	13.3%	0.22	0.1	-0.34	0.03	0.19	0.18
Total Comprehensive Income	-2.9%	103	106	93	95	90	83
Earnings Per Share, Basic	-15.8%	1.16	1.19	1.05	1.07	1	0.93
Earnings Per Share, Diluted	-15.8%	1.16	1.19	1.05	1.07	1	0.93

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	12%	449	401	431	318	257	-
Other Income	40.3%	102	73	53	38	40	-
Total Income	16.3%	551	474	484	356	297	-
Employee Expense	11.8%	39	35	42	44	33	-
Finance costs	25.3%	2.83	2.46	1.97	2.05	1.57	-
Depreciation and Amortization	5.6%	20	19	17	17	15	-
Other expenses	10.3%	33	30	26	23	22	-
Total Expenses	11.8%	96	86	87	86	72	-
Profit Before exceptional items and Tax	17%	455	389	398	270	226	-
Exceptional items before tax	-	0	0	5.98	0	0	-
Total profit before tax	17%	455	389	404	270	226	-
Current tax	11.6%	107	96	103	66	50	-
Deferred tax	683.8%	8.59	-0.3	-6.04	-0.91	0.15	-
Total tax	20%	115	96	97	65	50	-
Total profit (loss) for period	14.8%	351	306	309	205	176	-
Other comp. income net of taxes	12.4%	0.22	0.11	0.09	0.19	-0.4	-
Total Comprehensive Income	14.8%	351	306	309	206	175	-
Earnings Per Share, Basic	21.5%	3.94	3.42	3.45	2.30333333	1.96333333	-
Earnings Per Share, Diluted	21.5%	3.94	3.42	3.45	2.3	1.96333333	-

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-5.1%	132	139	124	121	115	109
Other Income	0%	28	28	31	28	26	24
Total Income	-4.2%	161	168	154	149	141	133
Employee Expense	0%	12	12	11	10	9.33	9.51
Finance costs	2.9%	0.67	0.66	0.67	0.72	0.71	0.7
Depreciation and Amortization	1.8%	5.41	5.33	5.24	5.22	5.19	5.07
Other expenses	0.8%	7.39	7.34	13	6.4	7.19	7.07
Total Expenses	0%	25	25	30	23	22	22
Profit Before exceptional items and Tax	-4.3%	136	142	124	127	119	111
Total profit before tax	-4.3%	136	142	124	127	119	111
Current tax	-14.7%	30	35	30	28	29	26
Deferred tax	-10.5%	2.02	2.14	1.86	4.17	1.34	1.59
Total tax	-13.9%	32	37	31	32	30	28
Total profit (loss) for period	-0.9%	107	108	96	97	92	86
Other comp. income net of taxes	12.4%	0.22	0.11	-0.34	0.03	0.2	0.19
Total Comprehensive Income	0%	108	108	96	97	92	87
Earnings Per Share, Basic	-4.5%	1.21	1.22	1.08	1.09	1.03	0.97
Earnings Per Share, Diluted	-4.5%	1.21	1.22	1.08	1.09	1.03	0.97

Cash Flow for Indian Energy Exchange

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	25.3%	2.83	2.46	1.97
Depreciation	5.6%	20	19	16
Dividend income	-42.9%	0.3	0.51	0.38
Adjustments for interest income	232.1%	3.59	1.78	1.55
Share-based payments	-67.9%	0.06	0.44	0.25
Net Cashflows from Operations	487%	406	70	890
Income taxes paid (refund)	14.1%	106	93	103
Net Cashflows From Operating Activities	1372.9%	300	-22.49	788
Proceeds from sales of PPE	-	0.71	0	0
Purchase of property, plant and equipment	68%	14	8.74	11
Dividends received	-42.9%	0.3	0.51	0.38
Interest received	230.2%	22	7.36	9.93
Other inflows (outflows) of cash	-152.5%	-35.72	71	-472.47
Net Cashflows From Investing Activities	-139.4%	-26.16	70	-473
Proceeds from exercise of stock options	-1150%	0	0.92	2.22
Payments of lease liabilities	147.8%	4.94	2.59	1.72
Dividends paid	98.9%	178	90	135
Interest paid	-282.6%	0.16	1.46	1.75
Other inflows (outflows) of cash	99.2%	0	-121.97	0
Net Cashflows from Financing Activities	14.7%	-183.09	-214.79	-135.77
Net change in cash and cash eq.	153.5%	91	-167.27	179

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	25.3%	2.83	2.46	1.97
Depreciation	5.6%	20	19	17
Dividend income	53.6%	0.3	-0.51	-0.38
Adjustments for interest income	-91.6%	3.59	32	15
Share-based payments	-67.9%	0.06	0.44	0.25
Net Cashflows from Operations	485.5%	405	70	866
Income taxes paid (refund)	14.1%	106	93	103
Net Cashflows From Operating Activities	1357.4%	298	-22.62	762
Proceeds from sales of PPE	-	0.71	0	0
Purchase of property, plant and equipment	80.9%	15	8.74	11
Dividends received	-42.9%	0.3	0.51	0.38
Interest received	230.2%	22	7.36	9.93
Other inflows (outflows) of cash	-148.2%	-32.72	71	-447.66
Net Cashflows From Investing Activities	-137%	-24.5	70	-448.42
Proceeds from exercise of stock options	-1150%	0	0.92	2.22
Payments of lease liabilities	-	4.94	0	0
Dividends paid	98.9%	178	90	135
Interest paid	-282.6%	0.16	1.46	1.75
Other inflows (outflows) of cash	99.2%	0	-121.97	0
Net Cashflows from Financing Activities	14.7%	-183.09	-214.79	-135.77
Net change in cash and cash eq.	153.5%	91	-167.15	178

Balance Sheet for Indian Energy Exchange

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-87.8%	19	148	122	57	78	224
Current investments	17.8%	1,015	862	876	685	762	1,142
Loans, current	-	0	0	0	0	0	0
Total current financial assets	-1.1%	1,123	1,136	1,017	757	874	1,465
Total current assets	-3.8%	1,136	1,181	1,024	767	879	1,473
Property, plant and equipment	-21.1%	16	20	21	23	25	20
Capital work-in-progress	-	1.3	0	2.07	2.47	0	0
Non-current investments	1.8%	456	448	422	520	207	105
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	0.6%	467	464	464	558	209	106
Total non-current assets	-0.7%	564	568	573	672	330	222
Total assets	-2.8%	1,700	1,749	1,597	1,439	1,209	1,695
Total non-current financial liabilities	-20%	6.55	7.94	10	12	13	8.94
Provisions, non-current	24.2%	11	9.05	9.19	8.71	8.34	7.79
Total non-current liabilities	8.2%	54	50	46	44	46	39
Total current financial liabilities	-18.1%	593	724	666	584	384	930
Provisions, current	22.2%	0.44	0.28	0.3	0.23	0.2	0.46
Current tax liabilities	169.4%	17	6.94	13	6.25	9.5	3.42
Total current liabilities	-16%	631	751	698	610	411	954
Total liabilities	-14.5%	685	801	744	654	456	993
Equity share capital	0%	89	89	89	89	90	90
Total equity	7.1%	1,015	948	853	784	752	702
Total equity and liabilities	-2.8%	1,700	1,749	1,597	1,439	1,209	1,695

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-87.1%	20	148	122	57	78	224
Current investments	17.6%	1,015	863	881	689	762	1,142
Loans, current	-	0	0	0	0	0	0
Total current financial assets	-1.2%	1,124	1,138	1,022	762	874	1,465
Total current assets	-4%	1,137	1,184	1,029	772	879	1,473
Property, plant and equipment	-21.1%	16	20	21	23	25	20
Capital work-in-progress	-	1.3	0	2.07	2.47	0	0
Non-current investments	1.7%	415	408	437	529	210	106
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	0.7%	427	424	479	568	212	107
Total non-current assets	0.3%	592	590	588	682	333	223
Total assets	-2.5%	1,730	1,774	1,617	1,453	1,212	1,696
Total non-current financial liabilities	-20%	6.55	7.94	10	12	13	8.94
Provisions, non-current	19.9%	11	9.34	9.47	8.71	8.34	7.79
Total non-current liabilities	8.2%	54	50	47	44	46	39
Total current financial liabilities	-18.1%	593	724	666	584	384	930
Provisions, current	21.1%	0.44	0.29	0.31	0.23	0.2	0.46
Current tax liabilities	169.4%	17	6.94	13	6.25	9.5	3.42
Total current liabilities	-16%	631	751	698	610	411	954
Total liabilities	-14.5%	685	801	744	654	456	993
Equity share capital	0%	89	89	89	89	90	90
Non controlling interest	-	0	0	0	-	0	0
Total equity	7.4%	1,044	972	873	799	755	703
Total equity and liabilities	-2.5%	1,730	1,774	1,617	1,453	1,212	1,696

Is Indian Energy Exchange Better than it's peers?

Detailed comparison of Indian Energy Exchange against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
NTPC	NTPCPower Generation	3.51 LCr	1.89 LCr	+1.09%	+1.54%	15.55	1.86	+6.49%	+14.37%
POWERGRID	POWER GRID Corp OF INDIAPower - Transmission	2.87 LCr	47.17 kCr	+6.27%	+5.58%	18.46	6.08	+0.02%	-1.16%
BSE	BSEOther	4.83 kCr	2.88 kCr	+19.79%	+104.48%	8.1	2.39	+114.54%	+24.18%
MCX	Multi Commodity Exchange of IndiaExchange and Data Platform	30.41 kCr	986.26 Cr	+16.18%	+48.06%	174.41	35.95	+38.26%	+51128.99%
PTC	PTC IndiaPower Trading	5.33 kCr	16.76 kCr	+10.11%	-20.52%	7.67	0.32	-2.66%	+21.72%

IEX - Indian Energy Exchange Limited Share Price

What does Indian Energy Exchange Limited do?

Sector Comparison: IEX vs Capital Markets

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Summary of Latest Earnings Report from Indian Energy Exchange

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Income Statement for Indian Energy Exchange

Cash Flow for Indian Energy Exchange

Balance Sheet for Indian Energy Exchange

Is Indian Energy Exchange Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)