NSE: IEX · BSE: 540750
INDIAN ENERGY EXC LTD
Operates an electronic platform that matches electricity sellers and buyers in India across multiple segments, including the Day Ahead Market (DAM), Real-Time Market (RTM) and Term Ahead Market (TAM). FY26 electricity volumes traded on the platform reached 141 billion units (BU), up 17% YoY, with Q4 FY26 hitting a record 39.4 BU (+24.3% YoY); the RTM segment made up 39% of electricity volumes in FY26 and grew 48.2% YoY in Q4. Beyond electricity, it runs a carbon exchange that issues Renewable Energy Certificates (I-RECs) — FY26 I-REC issuance was up over 200% YoY with 5,000+ industrial consumers active — and a gas exchange (IGX) which traded 76.8 MMBtu in FY26 (+28% YoY). A wholly owned subsidiary, Indian Coal Exchange Limited, has been incorporated to enter coal trading after in-principle board approval, and the gas subsidiary IGX has filed a DRHP with SEBI for an IPO. Revenue is generated primarily from transaction fees on matched electricity trades; per F_SEGMENTS the Power Exchange contributed 100% of period segment revenue (₹474.0636 crore) while the Carbon and Gas exchanges contributed negligibly. Costs are dominated by employee expenses (8% of revenue) and other operating expenses (7.6%), with depreciation at 3.8% and capex at 2.4%, reflecting an asset-light, technology-driven model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power Exchange (100%), Carbon Exchange (0%), Gas Exchange (0%). Asset-light, technology-driven electronic exchange platform earning transaction fees on matched trades
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 431 | 401 | 449 | 537 | 616 |
| EBITDA (ex other income) | 370 | 336 | 377 | 454 | 520 |
| margin % | 85.8 | 83.9 | 83.9 | 84.4 | 84.5 |
| Owners' profit | 309 | 306 | 351 | 429 | 493 |
| EPS, as reported (₹) | 3.45 | 3.42 | 3.94 | 4.83 | 5.54 |
| ROE % · ROCE % | 43.9 · 54.7 | 38.3 · 46.4 | 36.1 · 44.8 | 37.8 · 46.4 | 36.1 · 44.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 762 | (23) | 298 | 427 | 433 |
| Capex | (11) | (9) | (15) | (8) | (15) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 139 | 132 | 142 | 142 | 154 | 146 | 174 | 158 |
| Profit before tax | 142 | 136 | 148 | 152 | 157 | 153 | 165 | 169 |
| Net profit | 108 | 107 | 117 | 121 | 123 | 119 | 130 | 135 |
| EPS (₹) | 1.22 | 1.21 | 1.32 | 1.36 | 1.39 | 1.34 | 1.45 | 1.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BSE LIMITED | 1,42,153 | 50.7 | 20.92 | 41.4 | 36.6 | 40.0 | 57.3 | 75.8 |
| MULTI COMMODITY EXCHANGE | 81,105 | 27.6 | 28.48 | 45.4 | 46.8 | 39.0 | 42.6 | 78.9 |
| INDIAN ENERGY EXC LTD ◆ | 9,150 | 18.0 | 6.71 | 14.0 | 36.1 | 44.2 | 14.1 | 111.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.0 | 19.6 | 25 of 58 | 58% |
| P/B | 6.7 | 2.8 | 50 of 65 | 23% |
| ROCE | 44.1 | 16.0 | 2 of 33 | 97% |
| ROE | 36.1 | 11.4 | 5 of 65 | 94% |
| Debt / Equity | 0.0 | 0.0 | 1 of 30 | 72% |
| EBITDA margin | 111.4 | 45.7 | 1 of 64 | 100% |
| Revenue growth | 11.4 | 23.1 | 41 of 58 | 30% |
| Profit growth | 11.7 | 17.6 | 39 of 61 | 37% |
| Market cap | 9150 | 940 | 20 of 69 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · IEX analyst call on Q2 FY27 results set for October 30, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 14 Oct 2026 · IEX files quarterly demat compliance certificate with exchanges | compliance | minimal | — | — |
| 13 Oct 2026 · Associate IGX receives SEBI observation letter on DRHP for proposed IPO | capital market events | high | — | — |
| 6 Oct 2026 · IEX Q2FY27 volumes up 12.7% YoY; Sep'26 sees record RTM day | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 28 Sept 2026 · IEX subsidiary seeks coal exchange licence from CCO | business updates | medium | — | — |
| 25 Sept 2026 · IEX to meet KAMS Family Office on September 28, 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · IEX subsidiary applies to CCO for Coal Exchange registration license | business updates | medium | — | — |
| 10 Sept 2026 · IEX shares webcast link of 20th AGM held on September 9, 2026 | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.