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Indian Energy Exchange Limited (IEX) is India's first and largest power exchange, holding over 98% market share in traded electricity volume. It provides an automated trading platform for physical delivery of electricity, enabling efficient price discovery and trading in various electricity contracts, Renewable Energy Certificates, and Energy Saving Certificates. IEX offers multiple market segments including day-ahead, term-ahead, real-time, and green markets for electricity trading. The exchange is regulated by the Central Electricity Regulatory Commission and has been operational since June 2008. IEX also facilitates cross-border electricity trade with Nepal, Bangladesh, and Bhutan. The company has expanded its services to include gas trading through its associate company, Indian Gas Exchange Limited (IGX). IEX has introduced several innovations such as the Real-Time Market, Green Monthly contracts, and PowerX, India's first electricity price index.
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Company insights, generated from the most recent coverage.
IEX trades at a deep discount (21.7x P/E) due to limited electricity-only exposure and modest 13.9% growth, though it offers a higher 2.8% dividend yield.
The Quarter story
The two most recent quarterly results, compared side-by-side.
Trading volumes and renewable capacity drive steady revenue and profit growth, though ancillary income declines.
Transaction Fees grow from 74% in Q1 FY26 to 85.4% in Q4 FY26, reflecting higher trading activity.
Other Income drops from 23% in Q1 FY26 to 11.4% in Q4 FY26, indicating reduced ancillary earnings.
Total Revenue rises from 184.2 INR in Q1 FY26 to 196.4 INR in Q4 FY26, signaling strong demand recovery.
Inventory Days revert to 25 days in Q4 FY26 after a dip to 19 days in Q2, suggesting normalized stock cycles.
PAT climbs from 120.2 INR in Q1 FY26 to 135 INR in Q1 FY27, confirming earnings growth.
Installed Capacity [RE & Hydro] expands from 234 GW in Q1 FY26 to 275 GW in Q4 FY26, highlighting green energy momentum.
EBITDA increases from 164.4 INR in Q1 FY26 to 175.9 INR in Q4 FY26, confirming profit expansion.