IEX

Indian Energy Exchange Limited

Electronic exchange platform for electricity and environmental certificates

Financial Services›Financial Services›Capital Markets›Exchange and Data Platform

iexindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹107.55
Market cap
9,535 Cr
Stock P/E
18.8
P/B
7.05
Dividend yield
2.8%
ROE (FY26)
36.1%
ROCE (FY26)
47.5%
Operating margin (FY26)
80.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

IEX (Indian Energy Exchange) runs electronic exchange platforms in India where electricity, renewable energy certificates and related energy products are traded between buyers such as power distribution companies and industrial users, and sellers such as generators.

Company snapshot

3rdBy market cap

Ranked among 3 companies in Exchange and Data Platform.

Segment mix

Reportable segments as of 2023-03-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 118.3% of revenue

SegmentRevenue shareRevenuePBTAssets
Carbon Exchange
0.0%
0.04 Cr-0.09 Cr—
Gas Exchange—0 Cr0 Cr—
Power Exchange
118.3%
474 Cr391 Cr—

Shares add up to 118% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 80.1% — the business keeps a healthy share of every rupee it earns.
3 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales109 Cr115 Cr121 Cr124 Cr139 Cr132 Cr142 Cr142 Cr154 Cr146 Cr174 Cr158 Cr
Operating expenses (approx.)17 Cr17 Cr17 Cr24 Cr20 Cr19 Cr21 Cr26 Cr20 Cr24 Cr25 Cr27 Cr
EBITDA92 Cr99 Cr105 Cr99 Cr120 Cr113 Cr121 Cr115 Cr133 Cr122 Cr149 Cr131 Cr
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 income24 Cr26 Cr28 Cr31 Cr28 Cr28 Cr32 Cr42 Cr29 Cr37 Cr22 Cr45 Cr
Interest0.70 Cr0.71 Cr0.72 Cr0.67 Cr0.66 Cr0.67 Cr0.61 Cr0.58 Cr0.53 Cr0.52 Cr0.65 Cr0.77 Cr
Depreciation5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr6 Cr6 Cr6 Cr6 Cr
Profit before tax114 Cr122 Cr129 Cr128 Cr145 Cr139 Cr152 Cr158 Cr161 Cr157 Cr169 Cr177 Cr
Tax %24.4%24.9%24.9%24.6%25.4%23.1%23.0%23.8%23.4%24.1%23.3%23.8%
Net profit86 Cr92 Cr97 Cr96 Cr108 Cr107 Cr117 Cr121 Cr123 Cr119 Cr130 Cr135 Cr
EPS (₹)₹0.97₹1.03₹1.09₹1.08₹1.22₹1.21₹1.32₹1.36₹1.39₹1.34₹1.45₹1.52

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales254 Cr257 Cr318 Cr431 Cr401 Cr449 Cr537 Cr616 CrSign in free for the trailing twelve months
Operating expenses (approx.)51 Cr55 Cr67 Cr67 Cr64 Cr72 Cr84 Cr96 CrSign in free for the trailing twelve months
EBITDA203 Cr202 Cr251 Cr364 Cr336 Cr377 Cr454 Cr520 CrSign in free for the trailing twelve months
OPM %79.8%78.6%78.9%84.4%83.9%83.9%84.4%84.5%Sign in free for the trailing twelve months
Other income40 Cr40 Cr38 Cr53 Cr73 Cr102 Cr120 Cr131 CrSign in free for the trailing twelve months
Interest0.73 Cr2 Cr2 Cr2 Cr2 Cr3 Cr3 Cr2 CrSign in free for the trailing twelve months
Depreciation10 Cr15 Cr17 Cr17 Cr19 Cr20 Cr21 Cr23 CrSign in free for the trailing twelve months
Profit before tax232 Cr226 Cr270 Cr405 Cr402 Cr466 Cr565 Cr646 CrSign in free for the trailing twelve months
Tax %28.8%22.1%24.0%23.8%23.9%24.7%24.0%23.6%Sign in free for the trailing twelve months
Net profit165 Cr176 Cr205 Cr309 Cr306 Cr351 Cr429 Cr493 CrSign in free for the trailing twelve months
EPS (₹)₹5.47₹5.89₹6.91₹3.45₹3.42₹3.94₹4.83₹5.54Sign in free for the trailing twelve months
Dividend payout %——36.4%43.6%29.3%50.7%62.2%54.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital30 Cr30 Cr30 Cr90 Cr89 Cr89 Cr89 Cr89 Cr
Reserves340 Cr358 Cr496 Cr614 Cr710 Cr883 Cr1,047 Cr1,275 Cr
Borrowings————————
Other liabilities335 Cr279 Cr429 Cr993 Cr654 Cr801 Cr1,060 Cr1,071 Cr
Total liabilities706 Cr667 Cr985 Cr1,696 Cr1,453 Cr1,774 Cr2,197 Cr2,436 Cr
Fixed assets (net)7 Cr22 Cr25 Cr20 Cr23 Cr20 Cr15 Cr29 Cr
CWIP0.35 Cr0.03 Cr0.17 Cr0 Cr2 Cr0 Cr0 Cr0 Cr
Investments475 Cr509 Cr713 Cr1,248 Cr1,219 Cr1,331 Cr1,633 Cr1,993 Cr
Loans & advances—2 Cr2 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Trade receivables46 Cr0.19 Cr3 Cr87 Cr7 Cr86 Cr3 Cr2 Cr
Cash & bank51 Cr13 Cr46 Cr224 Cr57 Cr148 Cr107 Cr37 Cr
Other assets127 Cr122 Cr196 Cr116 Cr145 Cr188 Cr438 Cr374 Cr
Total assets706 Cr667 Cr985 Cr1,696 Cr1,453 Cr1,774 Cr2,197 Cr2,436 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity138 Cr126 Cr306 Cr762 Cr-23 Cr298 Cr427 Cr433 Cr
Cash from investing-62 Cr-3 Cr-196 Cr-448 Cr70 Cr-24 Cr-196 Cr-231 Cr
Cash from financing-78 Cr-161 Cr-77 Cr-136 Cr-215 Cr-183 Cr-272 Cr-272 Cr
Net cash flow-2 Cr-38 Cr33 Cr178 Cr-167 Cr91 Cr-41 Cr-70 Cr
Free cash flow (OCF − Capex)135 Cr118 Cr285 Cr751 Cr-31 Cr283 Cr419 Cr418 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %62.8%58.6%49.0%57.9%50.6%48.2%49.9%47.5%
ROE %44.6%45.3%37.1%44.0%38.3%36.1%37.8%36.1%
Debtor days66047467021
Inventory days—0000000
Days payable19210919053636545723
Cash conversion cycle-126-108-186-463-359-387-1-2
Debt / equity————————
Current ratio1.271.461.931.541.261.581.572.00
Net debt / EBITDA-0.25-0.06-0.18-0.62-0.17-0.39-0.24-0.07