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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BSE LIMITED | 1,38,033 | 49.2 | 20.31 | 40.2 | 36.6 | 40.0 | 57.3 | 75.8 |
| MULTI COMMODITY EXCHANGE | 83,538 | 28.5 | 29.33 | 46.8 | 46.8 | 39.0 | 42.6 | 78.9 |
| INDIAN ENERGY EXC LTD ◆ | 10,146 | 20.0 | 7.43 | 15.5 | 36.1 | 44.2 | 14.1 | 111.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · IEX shares webcast link of 20th AGM held on September 9, 2026 | investor communications | low | — | — |
| 9 Sept 2026 · AGM 2026 voting results: all 3 resolutions passed, Rs 3.50 total dividend confirmed | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · IEX 20th AGM held Sept 9, 2026; FY26 total dividend Rs 3.50 per share | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · IEX hits record monthly power volume of 13.94 BU in Aug 26, up 20% YoY | business updates | medium | — | — |
| 21 Aug 2026 · IEX schedules investor meetings with Quantum Advisors and Ten Core Partners | general | low | — | — |
| 18 Aug 2026 · IEX: 20th AGM notice and e-voting details published in newspaper | compliance | minimal | — | — |
| 17 Aug 2026 · IEX schedules investor meeting with Ambit on Aug 18 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · IEX 20th AGM on September 9, 2026; FY26 PAT up 13.6% to Rs 492.9 Cr | board shareholder meetings | low | — | — |
| 13 Aug 2026 · IEX appoints Mr. Alok Kumar Jha as Head Business Development (SVP) | management changes | medium | — | — |
| 4 Aug 2026 · IEX July 26 Power Market Update: Volumes Up 7.7%, DAM and REC Decline | business updates | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| Metric | Company | Group median | Rank | Better than |
|---|
| P/E (TTM) | 20.0 | 20.3 | 31 of 62 | 51% |
| P/B | 7.4 | 3.0 | 49 of 65 | 25% |
| 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 65 | 33% |
| 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 | 10146 | 990 | 20 of 69 | 72% |
| 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 |
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.
