Indian Energy Exchange

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Power Trading·Listed·Directness 40/100

Indian Energy Exchange

Power exchange; green markets, REC and term-ahead market growth.

Power Trading
Sell / Avoid
Last price
₹132.00
52W: ₹114 – ₹215
-38.6% from 52W high
Mkt Cap
₹11.73K Cr
P/E
23.8x
EV/EBITDA
22.6x
ROCE
51.4%
ROE
39.4%
Book Value
₹15.3
Promoter
0.0%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

D
Fundamental (30%)
85
Valuation (20%)
60
Technical (20%)
44
Solar exposure (10%)
40
Policy beneficiary (7.5%)
70
Project pipeline (5%)
65
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹114Current: ₹132₹215
P/E
23.8x
P/B
8.6x
Div Yield
2.67%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Indian Energy Exchange: green-market liquidity grows in lockstep with renewable penetration.

Bull case

Bull case for Indian Energy Exchange: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Indian Energy Exchange: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentPower Trading
Directness40/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)23.8x—
Forward P/E——
EV/EBITDA22.6x—
EV/Sales19.1x—
P/B8.6x—
FCF Yield1.7%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker IEX · last updated 2026-05-11

Open on Screener.in
Market Cap
₹11.73K Cr
Price
₹132.00
Stock P/E
23.8x
Book Value
₹15.3
ROCE
51.4%
ROE
39.4%
Div Yield
2.67%
52W Range
₹114 – ₹215

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y14.7%
Sales 3Y CAGR15.4%
Sales 5Y CAGR9.3%
PAT 1Y14.9%
PAT 3Y CAGR17.2%
PAT 5Y CAGR12.4%
Profitability
OPM latest84.0%
PAT margin latest80.0%
PAT margin 3Y avg79.4%
ROE39.4%
ROCE51.4%
Asset turnover0.25x
Leverage & cash
D / E0.01x
Net Debt / EBITDA0.02x
Borrowings / Assets0.5%
CFO / EBITDA0.83x
CFO / PAT0.88x
FCF (TTM proxy)₹202 Cr
Valuation
P/E23.8x
EV/EBITDA22.6x
EV/Sales19.05x
P/B8.63x
FCF Yield1.72%
Div Yield2.67%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales431401449537616
Operating Profit364336377454520
OPM %84%84%84%84%84%
Net Profit309306351429493
EPS (₹)3.443.433.934.815.53

Quarterly results · last 4 quarters

₹ Crore.

MetricDec 2024Mar 2025Jun 2025Sep 2025
Sales132142142154
OPM %86%85%81%87%
Net Profit107117121123

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital9089898989
Reserves6147108831,0471,275
Borrowings101410611
Fixed Assets—————
Total Assets1,6961,4531,7742,1962,436

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating762-23298427433
Investing-44870-24-196-231
Financing-136-215-183-272-272
Net Cash Flow178-16891-41-70

Shareholding pattern

Latest disclosed

Promoters
0.00%
FII
14.16%
DII
30.26%
Public
55.31%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

Renewable Purchase Obligation (RPO)
Ministry of Power · 2011-07-13
Confirmed

REC + green-market volumes