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Indian Energy Exchange Ltd

IEX

NSE

₹104.80-2.56%19 Oct 2026 at 3:58 PM

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Exchanges

Indian Energy Exchange Ltd

IEX

NSE

₹104.80

-2.56%

19 Oct 2026 at 3:58 PM

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Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Indian Energy Exchange is India’s largest electronic marketplace for physical electricity, a platform that replaced opaque bilateral phone calls with a transparent screen-based auction where prices are discovered competitively every 15 minutes. It was born in 2008 as the country’s first power exchange, created to bring efficiency to a sector locked into rigid long-term contracts, and has since expanded from a single day-ahead electricity market into a multi-commodity energy exchange group spanning gas, carbon certificates, and a forthcoming coal platform. The recurring approach is to build regulated, technology-led market infrastructure for a commodity that lacks it, attract liquidity from both buyers and sellers through network effects, and then use that installed base to launch the next adjacent market - electricity begat certificates, which begat gas, which is now begetting coal and carbon.

Business segments

Two engines of roughly equal weight - a dominant electricity exchange that is the group’s foundation, and a collection of newer commodity platforms in gas, carbon, and coal that extend the same market-infrastructure model to adjacent energy markets.

1. Electricity Exchange: the group’s core marketplace

A nationwide screen-based auction where over 9,000 participants trade physical electricity for delivery in time-blocks as short as 15 minutes, with the exchange collecting a transaction fee on every unit cleared.

Price discovery every 15 minutes - the Day-Ahead Market runs a closed, double-sided anonymous auction for 96 fifteen-minute blocks across the next 24 hours, while the Real-Time Market runs 48 half-hourly auctions each day with delivery within one hour of gate closure, letting distribution companies and industrial consumers balance their power needs near-instantaneously. In FY26, these two segments together traded ~103 billion units of electricity.
One grid, one price - because India’s national transmission network is congestion-free 99.9% of the time, the exchange can offer a single market-clearing price across the country, which has become the benchmark for all electricity transactions in India. That price signal tells generators where to invest and tells buyers what power actually costs.
Green power gets its own aisle - the Green Market, split into day-ahead and term-ahead segments, lets renewable generators sell electricity separately so that obligated entities can meet their Renewable Purchase Obligations; it traded 8.7 billion units in FY25. A companion certificate market trades Renewable Energy Certificates twice a month, with each REC representing one megawatt-hour from a renewable source and remaining valid until sold.
The moat is liquidity, not just regulation - with all of India’s distribution companies, over 1,500 conventional generators, and roughly 5,900 commercial and industrial entities already on the platform, every new participant makes the market more attractive for the next one. The exchange also benefits from regulatory mandates that push surplus power onto exchanges: generators with long-term contracts must offer un-requisitioned capacity on the platform or face penalties.
Technology that never goes down - the platform runs on a virtualised, clustered architecture with in-memory processing and sub-second trade execution, backed by a disaster-recovery site in Mumbai with a five-minute recovery objective and near-zero data loss. The matching engine uses a Mixed-Integer Linear Programming algorithm developed in partnership with N-SIDE for its day-ahead and real-time market segments.

2. Gas, Carbon and Coal platforms: the exchange model applied to new commodities

Three younger platforms - a gas exchange that already captures a fifth of India’s spot gas market, a carbon-certificate issuer that is the country’s sole accredited local issuer of international renewable energy certificates, and a coal exchange incorporated in mid-2026 - each replicating the electricity-exchange playbook in an adjacent energy commodity.

Gas: a nationwide spot market with 17 delivery points - Indian Gas Exchange (IGX), an associate company in which IEX holds a 47% stake, operates day-ahead, daily, weekly, fortnightly, monthly and long-duration contracts for physical gas delivery at five LNG terminals, nine domestic gas-field landfall points, and three pipeline interconnection points across six regional hubs. In FY'25 it traded 60 Million MMBtu, representing roughly 2% of India’s overall gas consumption and about 17% of the spot gas market.
Gas: an index that anchors the market - IGX launched the Gas Index of India in December 2022, a nation-wide price index calculated from IGX’s own discovered prices, which now underpins long-duration contracts of three to six months and gives the market a transparent benchmark it never had before.
Carbon: India’s sole I-REC issuer - ICX, a wholly owned subsidiary, is accredited by the International Tracking Standard Foundation as India’s first and only local issuer of International Renewable Energy Certificates, responsible for registering production facilities and issuing I-RECs on the global Evident registry. In FY26 it issued 17.9 million I-RECs, more than triple the prior year’s volume.
Coal: a regulated exchange under construction - Indian Coal Exchange Limited was incorporated on 1 June 2026 after the Ministry of Coal proposed regulations requiring all e-auction coal to be transacted through an exchange; the addressable market is roughly 80 million tonnes a year, with sellers including Coal India, captive mines and merchant mines, and buyers spanning thermal plants and industrial users. The subsidiary will need a licence from the Coal Controller once the draft rules are notified before it can commence operations.

Group structure and partners

A listed parent with a 47% stake in the gas exchange, full ownership of the carbon and coal platforms, and strategic co-ownership that brings the gas industry’s biggest players onto the gas exchange’s share register.

IGX ownership is deliberately shared with the industry - between January 2021 and January 2022, IEX sold stakes in IGX to NSE Investments (26%), Adani Total Gas (5%), Torrent Gas (5%), GAIL (5%), ONGC (5%), and Indian Oil Corporation (4.93%), turning competitors and customers into co-owners and bringing IEX’s holding below 50%. PNGRB regulations require IEX to dilute its stake below 25% by end-2025, and the IGX board has approved starting an IPO process via an offer for sale by existing shareholders.
ICX and the coal exchange are wholly owned - ICX Private Limited, incorporated in December 2022, and Indian Coal Exchange Limited, incorporated in June 2026, are both 100% held by IEX, giving the parent full control over the carbon-certificate and coal-exchange build-outs.
A small bet on waste markets - IEX acquired a 10% stake in Enviro Enablers India Private Limited through compulsory convertible preference shares in October 2023, gaining exposure to a company that is developing a digital material-waste platform.
An analytics partnership that sharpens the core - the Energy Analytics Lab at IIT Kanpur, a five-year collaboration established in 2017, supplies IEX with data insights, demand-supply dashboards, and a security-constrained economic despatch model that helps distribution utilities optimise their power procurement.

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Mkt Cap

Market Capitalization

₹9,345Cr

Close Price

₹104.80

Industry

Exchanges

Price To Earnings

18.39

Price To Sales

14.79

Revenue

₹632Cr

Rev Gr TTM

Revenue Growth TTM

13.74%

PAT Gr TTM

PAT Growth TTM

11.81%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	109	115	121	124	139	132	142	142	154	146	174	158
Growth YoY Revenue Growth YoY%	14.0	15.0	13.3	18.8	28.4	14.5	17.3	14.7	10.4	10.3	22.5	11.4
Expenses ExpensesCr	17	17	17	24	20	19	21	26	20	24	25	27
Operating Profit Operating ProfitCr	92	99	105	99	120	113	121	115	133	122	149	131
OPM OPM%	84.7	85.7	86.2	80.4	86.0	85.7	85.3	81.3	86.7	83.7	85.7	82.9
Other Income Other IncomeCr	28	29	30	34	31	32	37	49	34	42	27	53
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	5	5	5	5	5	5	5	5	6	6	6	6
PBT PBTCr	114	122	129	128	145	139	152	158	161	157	169	177
Tax TaxCr	28	30	32	31	37	32	35	38	38	38	39	42
PAT PATCr	86	92	97	96	108	107	117	121	123	119	130	135
Growth YoY PAT Growth YoY%	21.4	18.9	9.4	27.2	25.3	16.9	21.1	25.2	13.9	11.0	10.8	11.7
NPM NPM%	79.7	79.6	79.7	78.0	77.7	81.3	82.3	85.2	80.1	81.8	74.5	85.4
EPS EPS₹	1.0	1.0	1.1	1.1	1.2	1.2	1.3	1.4	1.4	1.3	1.4	1.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	109	115	121	124	139	132	142	142	154	146	174	158
Growth YoY Revenue Growth YoY%	14.0	15.0	13.3	18.8	28.4	14.5	17.3	14.7	10.4	10.3	22.5	11.4
Expenses ExpensesCr	17	17	17	24	20	19	21	26	20	24	25	27
Operating Profit Operating ProfitCr	92	99	105	99	120	113	121	115	133	122	149	131
OPM OPM%	84.7	85.7	86.2	80.4	86.0	85.7	85.3	81.3	86.7	83.7	85.7	82.9
Other Income Other IncomeCr	28	29	30	34	31	32	37	49	34	42	27	53
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	5	5	5	5	5	5	5	5	6	6	6	6
PBT PBTCr	114	122	129	128	145	139	152	158	161	157	169	177
Tax TaxCr	28	30	32	31	37	32	35	38	38	38	39	42
PAT PATCr	86	92	97	96	108	107	117	121	123	119	130	135
Growth YoY PAT Growth YoY%	21.4	18.9	9.4	27.2	25.3	16.9	21.1	25.2	13.9	11.0	10.8	11.7
NPM NPM%	79.7	79.6	79.7	78.0	77.7	81.3	82.3	85.2	80.1	81.8	74.5	85.4
EPS EPS₹	1.0	1.0	1.1	1.1	1.2	1.2	1.3	1.4	1.4	1.3	1.4	1.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	254	257	318	431	401	449	537	616	632
Growth Revenue Growth%		1.2	23.6	35.6	-7.0	12.1	19.6	14.6	13.7
Expenses ExpensesCr	51	55	67	67	64	72	84	96	96
Operating Profit Operating ProfitCr	203	202	251	364	336	377	454	520	536
OPM OPM%	79.8	78.6	78.8	84.4	83.9	83.9	84.4	84.5	84.8
Other Income Other IncomeCr	40	40	38	61	87	113	135	151	155
Interest Expense Interest ExpenseCr	1	2	2	2	2	3	3	2	2
Depreciation DepreciationCr	10	15	17	17	19	20	21	23	24
PBT PBTCr	232	226	270	405	402	466	565	646	664
Tax TaxCr	67	50	65	97	96	115	135	153	157
PAT PATCr	165	176	205	309	306	351	429	493	507
Growth PAT Growth%		6.5	16.9	50.2	-0.9	14.7	22.4	14.8	11.8
NPM NPM%	65.0	68.3	64.6	71.6	76.3	78.1	79.9	80.1	80.3
EPS EPS₹	1.8	2.0	2.3	3.5	3.4	3.9	4.8	5.5	5.7

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	254	257	318	431	401	449	537	616	632
Growth Revenue Growth%		1.2	23.6	35.6	-7.0	12.1	19.6	14.6	13.7
Expenses ExpensesCr	51	55	67	67	64	72	84	96	96
Operating Profit Operating ProfitCr	203	202	251	364	336	377	454	520	536
OPM OPM%	79.8	78.6	78.8	84.4	83.9	83.9	84.4	84.5	84.8
Other Income Other IncomeCr	40	40	38	61	87	113	135	151	155
Interest Expense Interest ExpenseCr	1	2	2	2	2	3	3	2	2
Depreciation DepreciationCr	10	15	17	17	19	20	21	23	24
PBT PBTCr	232	226	270	405	402	466	565	646	664
Tax TaxCr	67	50	65	97	96	115	135	153	157
PAT PATCr	165	176	205	309	306	351	429	493	507
Growth PAT Growth%		6.5	16.9	50.2	-0.9	14.7	22.4	14.8	11.8
NPM NPM%	65.0	68.3	64.6	71.6	76.3	78.1	79.9	80.1	80.3
EPS EPS₹	1.8	2.0	2.3	3.5	3.4	3.9	4.8	5.5	5.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	30	30	30	90	89	89	89	89
Reserves ReservesCr	334	350	486	601	696	869	1,030	1,257
Current Liabilities Current LiabilitiesCr	305	235	382	954	610	751	1,007	1,019
Non Current Liabilities Non Current LiabilitiesCr	30	44	47	39	44	50	54	53
Total Liabilities Total LiabilitiesCr	706	667	985	1,696	1,453	1,774	2,197	2,436
Current Assets Current AssetsCr	387	345	737	1,473	772	1,184	1,584	2,032
Non Current Assets Non Current AssetsCr	318	323	248	223	682	590	613	404
Total Assets Total AssetsCr	706	667	985	1,696	1,453	1,774	2,197	2,436

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	30	30	30	90	89	89	89	89
Reserves ReservesCr	334	350	486	601	696	869	1,030	1,257
Current Liabilities Current LiabilitiesCr	305	235	382	954	610	751	1,007	1,019
Non Current Liabilities Non Current LiabilitiesCr	30	44	47	39	44	50	54	53
Total Liabilities Total LiabilitiesCr	706	667	985	1,696	1,453	1,774	2,197	2,436
Current Assets Current AssetsCr	387	345	737	1,473	772	1,184	1,584	2,032
Non Current Assets Non Current AssetsCr	318	323	248	223	682	590	613	404
Total Assets Total AssetsCr	706	667	985	1,696	1,453	1,774	2,197	2,436

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	138	126	306	762	-23	298	427	433
Investing Cash Flow Investing Cash FlowCr	-62	-3	-196	-448	70	-25	-196	-231
Financing Cash Flow Financing Cash FlowCr	-78	-161	-77	-136	-215	-183	-272	-272
Net Cash Flow Net Cash FlowCr	-2	-38	33	178	-167	91	-41	-70
Free Cash Flow Free Cash FlowCr	135	118	285	751	-31	284	420	418
CFO To PAT CFO To PAT%	83.8	71.7	149.1	247.0	-7.4	85.1	99.5	87.8
CFO To EBITDA CFO To EBITDA%	68.2	62.3	122.2	209.6	-6.7	79.2	94.2	83.2

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	138	126	306	762	-23	298	427	433
Investing Cash Flow Investing Cash FlowCr	-62	-3	-196	-448	70	-25	-196	-231
Financing Cash Flow Financing Cash FlowCr	-78	-161	-77	-136	-215	-183	-272	-272
Net Cash Flow Net Cash FlowCr	-2	-38	33	178	-167	91	-41	-70
Free Cash Flow Free Cash FlowCr	135	118	285	751	-31	284	420	418
CFO To PAT CFO To PAT%	83.8	71.7	149.1	247.0	-7.4	85.1	99.5	87.8
CFO To EBITDA CFO To EBITDA%	68.2	62.3	122.2	209.6	-6.7	79.2	94.2	83.2

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	4,986	3,831	9,972	20,171	11,405	11,975	15,663	10,228	9,345
Price To Earnings Price To Earnings	30.1	21.7	48.3	65.3	37.3	34.1	36.4	20.7	18.4
Price To Sales Price To Sales	19.6	14.9	31.4	46.8	28.4	26.7	29.1	16.6	14.8
Price To Book Price To Book	13.6	10.0	19.3	29.2	14.5	12.5	14.0	7.6	6.9
EV To EBITDA EV To EBITDA	24.3	18.9	39.4	54.9	33.8	31.3	34.3	19.5	17.7
Profitability Ratios Profitability Ratios
GPM GPM%	99.3	99.5	99.7	99.6	98.0	97.5	97.6	97.5	97.5
OPM OPM%	79.8	78.6	78.8	84.4	83.9	83.9	84.4	84.5	84.8
NPM NPM%	65.0	68.3	64.6	71.6	76.3	78.1	79.9	80.1	80.3
ROCE ROCE%	63.9	57.7	51.6	58.1	50.6	48.4	50.4	47.8	47.8
ROE ROE%	45.4	46.2	39.8	44.7	39.0	36.6	38.4	36.6	36.6
ROA ROA%	23.4	26.3	20.9	18.2	21.1	19.8	19.5	20.2	20.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	4,986	3,831	9,972	20,171	11,405	11,975	15,663	10,228	9,345
Price To Earnings Price To Earnings	30.1	21.7	48.3	65.3	37.3	34.1	36.4	20.7	18.4
Price To Sales Price To Sales	19.6	14.9	31.4	46.8	28.4	26.7	29.1	16.6	14.8
Price To Book Price To Book	13.6	10.0	19.3	29.2	14.5	12.5	14.0	7.6	6.9
EV To EBITDA EV To EBITDA	24.3	18.9	39.4	54.9	33.8	31.3	34.3	19.5	17.7
Profitability Ratios Profitability Ratios
GPM GPM%	99.3	99.5	99.7	99.6	98.0	97.5	97.6	97.5	97.5
OPM OPM%	79.8	78.6	78.8	84.4	83.9	83.9	84.4	84.5	84.8
NPM NPM%	65.0	68.3	64.6	71.6	76.3	78.1	79.9	80.1	80.3
ROCE ROCE%	63.9	57.7	51.6	58.1	50.6	48.4	50.4	47.8	47.8
ROE ROE%	45.4	46.2	39.8	44.7	39.0	36.6	38.4	36.6	36.6
ROA ROA%	23.4	26.3	20.9	18.2	21.1	19.8	19.5	20.2	20.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	NSE	BSE	MCX	IEX
Market CapitalizationMkt CapCr	4,27,160	1,36,070	81,202	9,345
Close PriceClose₹	1,725.90	3,336.00	3,184.50	104.80
IndustryIndustry	Exchanges	Exchanges	Exchanges	Exchanges
Price To EarningsPE	47.78	48.53	52.67	18.39
Price To SalesPS	25.73	25.00	30.87	14.79
RevenueRevenueCr	16,601	5,442	2,631	632
Revenue Growth TTMRev Gr TTM%		60.7%	110.2%	13.7%
PAT Growth TTMPAT Gr TTM%		76.8%	136.4%	11.8%

	NSE	BSE	MCX	IEX
Market CapitalizationMkt CapCr	4,27,160	1,36,070	81,202	9,345
Close PriceClose₹	1,725.90	3,336.00	3,184.50	104.80
IndustryIndustry	Exchanges	Exchanges	Exchanges	Exchanges
Price To EarningsPE	47.78	48.53	52.67	18.39
Price To SalesPS	25.73	25.00	30.87	14.79
RevenueRevenueCr	16,601	5,442	2,631	632
Revenue Growth TTMRev Gr TTM%		60.7%	110.2%	13.7%
PAT Growth TTMPAT Gr TTM%		76.8%	136.4%	11.8%

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