| Margins | Strong PAT margins across core and new ventures (IGX, ICX). |
|---|---|
| Demand visibility | Strong, FY32 forecast demand ~2,700 BU. |
| Management confidence | High regarding ecosystem expansion and technology-led market share retention. |
Growth
FY26 electricity volumes reached 141 BU; RTM volumes grew 41% YoY to ~55 BU. ICX PAT grew to INR 4.7 Cr (+200% YoY).
Outlook
Targeting 2,700 BU power demand by FY32. Coal demand to grow to 2.0Bn MT by FY35. Carbon credit trading expected by FY27.
Risks
Regulatory uncertainty regarding Market Coupling implementation and potential loss of market share to a single Market Coupling Operator.
Last quarter's promises, checked
Delivered
- Targeting 15% to 20% volume growth → delivered 17% for FY26 (= BEAT)
- Expected India GDP growth of 7.6% for FY26 → delivered 7.6% (= BEAT)
- Targeting 50% renewable capacity by 2030 → delivered 50% in FY26 (= BEAT)
Partly delivered
- Targeting market coupling implementation by Jan 2026 → implementation delayed pending final CERC regulations (= PARTIAL)
Missed
- Expected Q1 FY27 growth in gas exchange → delivered no growth expected in Q1 (= MISS)
Investor Presentation filed with BSE, NSE: IEX. Summary written with AI assistance from the document.
Indian Energy Exchange Ltd: key numbers
- Share price
- ₹104.86
- Market cap
- ₹9,350 Cr
- Revenue (annual)
- ₹615.6 Cr
- Net profit (annual)
- ₹492.9 Cr
- P/E (TTM)
- 18.4×Sector 21.9×
- Promoter holding
- 0.00%+0.00% QoQ
- FII holding
- 12.63%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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