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Indian Energy Exchange Ltd.
NSE: IEXFinancial ServicesCapital Markets
- Last close
- ₹100.90
- Day change
- −₹4.45 (−4.22%)vs
- Market cap
- ₹9,564 crIndian rupees
- Research updated
- 1 report
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About Indian Energy Exchange
Indian Energy Exchange Ltd. is a prominent energy trading platform based in India, catering to the electricity market segment. It primarily facilitates the trading of electricity and renewable energy certificates, functioning as a transparent and efficient marketplace for buyers and sellers of energy. The exchange is pivotal in promoting a competitive and fair electricity market, enabling participants to meet short-term energy demands through spot market trading. Notable for its innovative digital infrastructure, Indian Energy Exchange Ltd. offers diverse market products, including day-ahead, real-time, and term-ahead markets, which enhance market liquidity and price discovery. The exchange significantly impacts various industries by providing a reliable mechanism for price determination and power transactions, aiding industries such as utilities, industrial producers, and distribution companies in optimizing their cost structures. In the broader financial market, Indian Energy Exchange Ltd. plays a crucial role by providing a platform that ensures transparency and governance, thus fostering confidence among stakeholders. It is instrumental in the advancement of India's energy sector, facilitating the integration of renewable energy sources while contributing to sustainable economic development. Founded to cater to the dynamic energy needs of the country, it continues to expand its offerings to meet evolving market demands.
- Sector
- Financial Services
- Industry
- Capital Markets
- Listing
- NSE: IEX
- Chief executive
- Mr. Satyanarayan N. Goel
- Employees
- 179
- Headquarters
- Noida, India
- ISIN
- INE022Q01020
- Website
- iexindia.com
Public research · Report of
Business model & financial foundation
IEX (NSE: IEX), Power exchange (electricity, renewable energy and certificate trading platform): revenue of ₹615.6 crore in FY26 (+14.6% on FY25), an EBITDA margin of 84.5%, net profit of ₹492.9 crore and net cash of ₹1,974 crore.
- Revenue, FY26 (₹ crore)
- 615.6
- consolidated
- Revenue growth, FY26
- +14.6%
- on FY25
- EBITDA margin, FY26
- 84.5%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 492.9
- to owners
- Return on equity, FY26
- 39.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,974
- Net debt including leases less own liquidity
- Market capitalisation (₹ crore)
- 9,960
- at the close of 17 Oct 2026
Company profile
Indian Energy Exchange runs India's dominant power exchange, an automated nationwide platform for physical delivery of electricity (day-ahead, real-time, term-ahead and green markets) and renewable energy and energy-saving certificates, regulated by CERC since 2008. It earns a transaction fee of about 2 paise per kWh from each of buyer and seller, holding about 84% of exchange-traded electricity in FY25 and over 99% of day-ahead and real-time volumes. It owns 47.28% of Indian Gas Exchange and is building carbon and coal exchange businesses.
| Item | Value |
|---|---|
| Legal name | Indian Energy Exchange Limited |
| Exchange and ticker | NSE: IEX; BSE: 540750 |
| ISIN | INE022Q01020 |
| CIN | L74999DL2007PLC277039 |
| Sector | Financial services |
| Industry | Power exchange (electricity, renewable energy and certificate trading platform) |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since FY25) |
| Market capitalisation | ₹9,960 crore (17 Oct 2026) |
| Shares outstanding | 88.93 crore shares (FY26) |
| Price | ₹107.6 (close, 17 Oct 2026) |
| 52-week range | ₹103.1 - ₹160.3 (to 17 Oct 2026) |
| Website | https://www.iexindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| ICX Private Limited | 100% | International REC (I-REC) registry and carbon/clean-energy certificate services |
| IEX ESOP Trust | 100% | Employee stock option trust, consolidated |
| Indian Gas Exchange Limited (associate) | 47.28% | Gas exchange; equity-method associate, stake to be cut to 25% by 31 Dec 2026; DRHP filed 14 Jul 2026 |
| Indian Coal Exchange Limited | 100% | Coal exchange subsidiary incorporated 1 Jun 2026, licence applied 25 Sep 2026 |
No promoter; professionally managed with institutional shareholders (PPFAS MF 9.06%, DPVL Ventures 7.02% at Mar 2026).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 13.20% | 11.40% | 14.16% | 12.63% |
| Domestic institutions | 36.40% | 35.00% | 30.26% | 31.50% |
| of which mutual funds | 29.42% | 27.12% | 22.09% | 24.21% |
| Retail | 35.99% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IEX runs India's dominant CERC-regulated power exchange. Its markets are DAM (incl. HP-DAM), RTM, TAM (incl. DAC), green (G-DAM, G-TAM), and REC and ESCert certificates. It earns a transaction fee on cleared volume, capped by CERC at 2 paise/kWh per side. Electricity fees were 558.51 cr in FY26 and certificates 25.45 cr (standalone Note 28). Consolidated revenue was 615.65 cr in FY26, EBITDA (ex other income) 520.06 cr, and PAT to owners 492.92 cr; diluted EPS was 5.54. Treasury income on about 1,903 cr of investments adds 131.3 cr. The 47.28% IGX associate contributed 19.8 cr. IEX controls the platform's liquidity and technology. It does not control fees, product approvals or market design, all of which sit with CERC.
| Segment | revenue from operations, FY26 (₹ crore) | Share | transaction fees, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Power exchange operations, Ind AS108 single operating segment | 608.4 | 100.0% | 584.0 | 100.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Multi Commodity Exchange of India (MCX) | Regulated commodity exchange; near-monopoly in its segment, transaction-fee model, asset light |
| BSE Ltd (BSE) | Listed exchange; volume-driven transaction revenue with regulatory fee risk |
| Central Depository Services (India) (CDSL) | Market infrastructure institution; regulated, volume-linked fees, net cash |
| Computer Age Management Services (CAMS) | Capital-market infrastructure; regulated fee pool, high margin, asset light |
| KFin Technologies (KFINTECH) | Registrar/market infrastructure; fee-based, asset light |
| Power Trading Corporation of India (PTC) | Power-market intermediary exposed to same electricity short-term market |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 430.8 | 400.6 | 449.2 | 537.3 | 615.6 |
| Cost of revenue (vendor classification) * | 36.0 | 29.6 | 33.6 | 46.1 | 40.4 |
| Other operating costs (vendor classification) * | 23.7 | 28.6 | 32.5 | 47.1 | 45.7 |
| EBITDA (vendor classification) * | 381.5 | 384.8 | 435.4 | 588.4 | 605.6 |
| EBIT * | 407.2 | 404.3 | 469.0 | 567.2 | 647.9 |
| Finance costs | 1.97 | 2.46 | 2.83 | 2.62 | 2.28 |
| Reported PBT including net-of-tax associates | 405.2 | 401.8 | 466.1 | 564.5 | 645.6 |
| Total current and deferred tax expense | 96.6 | 95.9 | 115.4 | 135.4 | 152.6 |
| Reported consolidated profit after tax | 308.6 | 305.9 | 350.8 | 429.2 | 492.9 |
| Diluted earnings per equity share (₹) | 3.45 | 3.42 | 3.94 | 4.83 | 5.54 |
| Materials purchases and inventory change | 0.00 | 0.00 | 0.00 | ||
| Employee benefits expense | 39.0 | 46.1 | 49.0 | ||
| Other operating expenses | 33.3 | 37.5 | 46.6 | ||
| Operating EBITDA excluding other income | 376.9 | 453.7 | 520.1 | ||
| Other income including treasury income | 101.7 | 120.1 | 131.3 | ||
| Depreciation and amortisation expense | 20.5 | 21.3 | 23.3 | ||
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Share in associate profit net of tax | 10.9 | 14.6 | 19.8 | ||
| Profit attributable to owners | 350.8 | 429.2 | 492.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 703.4 | 799.1 | 972.2 | 1,136 | 1,365 |
| Bank borrowings excluding lease liabilities | 10.0 | 14.1 | 0.00 | 0.00 | 0.00 |
| Own cash equivalents excluding settlement accounts | 224.2 | 57.0 | 86.6 | 62.7 | 14.3 |
| Trade receivables excluding settlement obligations | 87.4 | 7.03 | 0.79 | 2.62 | 1.98 |
| Trade payables excluding settlement obligations | 635.2 | 402.4 | 2.59 | 3.50 | 4.69 |
| Net property, plant and equipment * | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 |
| Capital work in progress * | 0.00 | 2.47 | 0.00 | 0.00 | 0.38 |
| Total assets * | 1,696 | 1,453 | 1,774 | 2,197 | 2,436 |
| Inventories | 0.00 | 0.00 | 0.00 | ||
| Lease liabilities current plus non-current | 10.4 | 6.15 | 11.2 | ||
| Bank balances other than cash equivalents | 38.7 | 6.01 | 67.8 | ||
| Current and non-current investments excluding associate | 1,270 | 1,558 | 1,903 | ||
| Net debt including leases less own liquidity | -1,385 | -1,620 | -1,974 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 309.4 | 451.8 | 298.5 | 427.3 | 432.8 |
| Free cash flow (vendor definition) * | 751.0 | -31.6 | 283.2 | 419.4 | 418.0 |
| Cash dividends paid net of ESOP trust receipts (outflow negative) | -134.5 | -89.7 | -178.0 | -267.0 | -267.0 |
| Gross PPE and intangible purchases (cash outflow negative) | -11.1 | -8.74 | -15.3 | -7.85 | -14.8 |
| Lease principal repayments (cash outflow negative) | -3.73 | -4.21 | -4.84 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 89.59 | 89.55 | 88.92 | 88.85 | 88.93 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 139.4 | 132.1 | 142.2 | 141.8 | 153.9 | 145.7 | 174.3 | 157.9 |
| Cost of revenue (vendor classification) * | 12.2 | 11.6 | 11.4 | 12.3 | 13.0 | 11.8 | 14.1 | |
| Other operating costs (vendor classification) * | 7.34 | 7.39 | 9.50 | 14.2 | 10.7 | 13.1 | 12.8 | |
| EBITDA (vendor classification) * | 151.2 | 145.5 | 157.9 | 164.4 | 163.5 | 175.9 | 183.6 | |
| EBIT * | 145.8 | 140.1 | 152.6 | 159.0 | 157.5 | 169.8 | 177.6 | |
| Finance costs | 0.66 | 0.67 | 0.61 | 0.58 | 0.53 | 0.52 | 0.65 | 0.77 |
| Reported PBT including net-of-tax associates | 145.2 | 139.5 | 152.0 | 158.4 | 161.1 | 156.9 | 169.1 | 176.8 |
| Total current and deferred tax expense | 36.8 | 32.2 | 34.9 | 37.7 | 37.8 | 37.8 | 39.4 | 42.0 |
| Reported consolidated PAT including associates | 108.3 | 107.3 | 117.1 | 120.7 | 123.3 | 119.1 | 129.8 | 134.8 |
| Diluted earnings per equity share (₹) | 1.22 | 1.21 | n.r. | 1.36 | 1.39 | 1.34 | 1.45 | 1.52 |
| Employee benefits expense | 12.2 | 11.6 | 11.4 | 12.3 | 11.8 | 13.0 | 11.8 | 14.1 |
| Other operating expenses | 7.34 | 7.39 | 9.50 | 14.2 | 8.62 | 10.7 | 13.1 | 12.8 |
| Operating EBITDA excluding other income | 119.9 | 113.1 | 121.3 | 115.3 | 133.5 | 121.9 | 149.4 | 130.9 |
| Other income including treasury income | 28.4 | 28.5 | 32.3 | 42.4 | 29.3 | 37.4 | 22.1 | 44.9 |
| Depreciation and amortisation expense | 5.33 | 5.41 | 5.27 | 5.45 | 5.69 | 6.05 | 6.13 | 6.01 |
| Share in associate profit net of tax | 2.89 | 3.94 | 4.23 | 6.68 | 4.53 | 4.17 | 4.41 | 7.72 |
| Profit attributable to owners | 108.3 | 107.3 | 117.1 | 120.7 | 123.3 | 119.1 | 129.8 | 134.8 |
| Materials purchases and inventory change | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 35.6% | -7.0% | 12.1% | 19.6% | 14.6% |
| EBITDA margin | 83.9% | 84.4% | 84.5% | ||
| Net margin | 78.1% | 79.9% | 80.1% | ||
| Return on equity | 39.6% | 40.7% | 39.4% | ||
| Return on capital employed | 63.6% | 53.0% | 52.5% | 53.8% | 51.8% |
| Return on assets | 21.7% | 21.6% | 21.3% | ||
| Net debt (₹ crore) | -1,385 | -1,620 | -1,974 | ||
| Net debt / EBITDA | -3.68x | -3.57x | -3.80x | ||
| Interest cover | 206.7x | 164.3x | 165.4x | 216.7x | 283.7x |
| Asset turnover | 0.32x | 0.25x | 0.28x | 0.27x | 0.27x |
| Receivable days | 74 | 6 | 1 | 2 | 1 |
| Inventory days (on revenue) | 0 | 0 | 0 | ||
| Payable days (on revenue) | 538 | 367 | 2 | 2 | 3 |
| Cash conversion | 0.85x | 1.00x | 0.88x | ||
| Capex intensity | 2.6% | 2.2% | 3.4% | 1.5% | 2.4% |
| Free cash flow (₹ crore) | 298.4 | 443.1 | 283.2 | 419.4 | 418.0 |
| Dividend payout | 50.7% | 62.2% | 54.2% | ||
| EPS, diluted (₹) | 3.45 | 3.42 | 3.94 | 4.83 | 5.54 |
| Book value per share (₹) | 7.85 | 8.92 | 10.93 | 12.79 | 15.34 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less own liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per equity share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Indian Energy Exchange includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Indian Energy Exchange
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.