IEX
Large CapIndian Energy Exchange Limited
Power
Indian Energy Exchange (IEX) operates India's premier technology-led electricity marketplace, facilitating transparent trading of electricity, renewables, and certificates. Regulated by CERC since 2008, it also runs the Indian Gas Exchange (IGX) and is the sole issuer of International RECs (I-REC) in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 75/100Rev +23% YoY · PAT +11% YoY · margin expansion · +19% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹174 Cr | +22.5% | +19.2% |
| EBITDA | ₹149 Cr | +23.1% | +22.1% |
| Operating margin | 86.0% | +100 bps | +200 bps |
| PAT | ₹130 Cr | +11.1% | +9.2% |
| PAT margin | 74.7% | -768 bps | -680 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
IEX reported robust FY26 financials with 17% YoY electricity volume growth to 141.1 BU and 5% YoY REC volume growth to 187 Lakh. Q4 FY26 revenue grew to Rs 196.4 Cr and PAT to Rs 129.8 Cr. Market clearing prices declined due to improved sell-side liquidity.
IEX continues to demonstrate strong volume growth in electricity and certificates, supported by favorable regulatory developments and energy transition tailwinds. While declining market clearing prices impact per-unit realization, the overall market deepening and diversification efforts are positive for long-term growth.
FY'26 Electricity Volumes and Certificates
Latest issuer-disclosed distribution across 6 reported categories.
Demand Increase
High GDP growth (6-7%) and electrification of economy (EVs, data centers) are projected to drive electricity demand to 2,300 BU by FY2030.
New Products & Regulatory Developments
Introduction of Long Duration Contracts, Green RTM, Peak DAM/RTM, and regulatory changes like REC fungibility and VPPAs are expected to boost volumes.
Energy Transition
Future demand met by renewables, market-based RE models, Contract for Difference (CfD), and Battery Energy Storage Systems (BESS) offer significant growth avenues.
Increasing Sell Side Liquidity
Robust capacity additions in thermal (~9 GW in FY26) and renewables (~50 GW in FY26), along with healthy coal production, ensure ample supply for exchange trading.
Thermal Power
Approximately 41 GW of thermal power projects are under construction, with ~13 GW to be commissioned and ~27 GW under planning.
Renewable Energy
Around 50 GW of RE capacity was added in FY26, with CEA projecting ~50 GW annual additions until 2035-36.
Battery Energy Storage
CEA projects 47 GW/236 GWh of BESS storage required by 2032, with VGF-based tranches totaling 43,200 MWh from FY24 onwards.
Gas Infrastructure
LNG terminal capacity is expected to grow from 55.7 MMTPA to 70+ MMTPA, and the transmission pipeline network from ~25,000 km to 35,000 km+ in 3 years.
Economic Growth
High GDP growth of 6-7% is expected to drive overall electricity demand in India.
Energy Transition Drivers
Falling costs of renewables and batteries are driving higher penetration and integration of RE.
Power Sector Reforms
Improving credit ratings and profitability of distribution companies lead to timely payments to generators and optimized power procurement.
Fuel Availability
Adequate availability of fuels at reasonable prices, supported by Ministry of Coal's target of 1.5 BT coal production by FY2030.
Declining Market Prices
Market clearing prices on IEX declined in FY26 due to improved sell-side liquidity, potentially impacting revenue per unit.
Price Realization Impact
Declining market clearing prices on the exchange could negatively affect the company's revenue per unit, despite volume growth.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual figures provide a comprehensive view of market share and growth trends, while quarterly results offer insights into recent operational momentum and financial performance.
Electricity Volume
INTACTFY26 electricity volume grew 17.0% YoY to 141.1 BU.
Renewable Energy Certificates
INTACTFY26 REC volume grew 5.0% YoY to 187 Lakh.
Day-Ahead Market (DAM) Price
UNDER_STRESSFY26 DAM Market Clearing Price (MCP) declined to Rs 3.59/unit from Rs 4.28/unit in FY25.
Real-Time Market (RTM) Price
UNDER_STRESSFY26 RTM Market Clearing Price (MCP) declined to Rs 3.86/unit from Rs 4.47/unit in FY25.
Volume Growth Outlook
IEX volumes are expected to grow significantly on a business-as-usual basis, with further growth anticipated from additional levers.
Technology Focus
Management is focused on continuous improvements in availability, security, resilience, scalability, and performance of the exchange platform.
Diversification into Coal
IEX Board has accorded in-principle approval to explore establishing a Coal Exchange, aligning with proposed 'Coal Regulations 2025'.
IGX Market Share Target
IGX aims to increase its share in overall gas consumption from 3% to 4-5% by 2030, targeting ~250 Mn MMBTU (36% CAGR).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Electricity Volume Growth | 17.0% YoY (FY26) | Sustained double-digit growth in electricity trading volumes. |
| Market Clearing Prices | DAM: Rs 3.59/unit, RTM: Rs 3.86/unit (FY26) | Stabilization or increase in average market clearing prices. |
| New Product Adoption | Green RTM petition with CERC, Peak DAM/RTM segments filed | Successful implementation and volume contribution from new products like Long Duration Contracts and Green RTM. |
| IGX Volume Trajectory | 76.8 Mn MMBTU (FY26) | Progress towards 250 Mn MMBTU by 2030 and increasing market share in gas consumption. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +1.9% / mo · near 52W low
Technical chart
IEXweekly · 1Y-35.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 41. Wait for confirmation.
- SMA20 rising (~1.8% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 34.0%.
- Quality contributes 20/20 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 97th percentile within Power. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Power: 97th pctile, median 67 · Large: 95th pctile, median 74
203 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.50
- P/B
- 7.78
- EV/EBITDA
- 19.55
- Market Cap
- 10606.00Cr
Profitability
- ROE
- 39.40%
- ROCE
- 51.40%
- ROA
- 20.24%
- Dividend Y
- 2.94%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 260.00×
- Altman Z
- 7.83
- Book Value
- 15.30
Cash Flow
- FCF Yield
- 1.90%
- FCF Positive Y
- 8/5
- OCF
- 433.00 Cr
- EPS TTM
- 5.53
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.