Indian Energy Exchange Limited (IEX)

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Indian Energy Exchange Limited (IEX) · mywealthgrid

About

Indian Energy Exchange operates as an exchange and data platform facilitating energy commodity trading and market data services in India's financial infrastructure. With a market capitalization of ₹11,123.96 Cr and an operating margin of 84%, IEX is a significant participant in India's capital markets.

Face value: ₹1

Market cap

₹9,450 Cr

P/E

18.6×

P/B

6.9×

Dividend yield

4.7%

ROE

39.4%

ROCE

48.2%

Debt / equity

OPM

84.5%

EPS (TTM)

₹5.7

Book value

₹15.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue swings from ₹143.9 Cr (Dec 2025) to ₹174.3 Cr (Mar 2026) indicate significant exposure to underlying energy-market volumes and cycles; verify whether this reflects seasonal patterns, structural shifts in energy trading, or concentration risk among counterparties.
Operating margins of 84% create sensitivity to even modest margin compression; a 2–3 percentage point decline would materially reduce net profit; assess regulatory or competitive pressures on exchange pricing and fee structures.
Negative 1-year return of -6.53% despite consistent profitability suggests the market may be discounting growth prospects, regulatory risks, or competitive pressures not yet visible in current financials.
Regulatory dependence: as a capital market exchange, IEX operates under regulatory oversight from SEBI; verify what regulatory changes or market-structure reforms could affect the business model.

Generated analysis · source review pending

Growth drivers

Profitability scales with trading volumes given the 84% operating margin, meaning incremental revenue flows directly to net profit; verify whether India's energy market volumes and exchange activity are growing or stabilizing.
Zero debt (D/E 0) and 39% ROE create balance-sheet capacity for growth investments or shareholder returns; verify what capex plans or acquisitions management is pursuing.
Dual model (exchange + data platform) creates revenue diversification; verify whether data subscriptions and market intelligence services are growing and represent a material revenue stream.
Regular dividend payouts throughout 2024–2026 demonstrate strong cash conversion; verify whether reinvested cash is being deployed into new product lines, market segments, or technology infrastructure.

Generated analysis · source review pending

2,206 historical price candles were omitted because the exchange source has not been verified.

₹106.0-0.4%1Y

Quick read

rule-based

Pros

+Strong return on equity of 39.9% (3-yr avg)
+High return on capital employed of 49.1%
+Healthy operating margin of 84.5%
+Profit CAGR of 19.1% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 275.5×
+Dividend yield of 4.7%
+Dividend payout of 87.9% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 100
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
National Stock Exchange of India LtdNSENSE	₹4,30,972 Cr	₹4,35,023 Cr	₹16,601 Cr	—	—	₹10,302 Cr	62.1%	3.3%	33%	—
ICICI Prudential Asset Management Company LimitedICICIAMCICICIAMC	₹1,52,462 Cr	₹1,52,462 Cr	₹5,765 Cr	₹4,294 Cr	74.5%	₹3,298 Cr	57.2%	—	85.8%	—
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Sbi Funds Management LimitedSBIFUNDSSBIFUNDS	₹1,01,911 Cr	—	₹4,389 Cr	₹3,472 Cr	79.1%	₹3,067 Cr	69.9%	—	43%	—
Multi Commodity Exchange Of India LimitedMCXMCX	₹81,702 Cr	₹81,702 Cr	₹2,302 Cr	₹1,643 Cr	71.3%	₹1,332 Cr	57.8%	46.7%	56.3%	-321
Nippon Life India Asset Management LimitedNAM-INDIANAM-INDIA	₹66,871 Cr	₹66,871 Cr	₹2,869 Cr	₹1,915 Cr	66.3%	₹1,637 Cr	56.5%	—	34.5%	—
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Aditya Birla Sun Life Amc LimitedABSLAMCABSLAMC	₹28,680 Cr	₹28,680 Cr	₹1,861 Cr	₹1,096 Cr	59.9%	₹1,007 Cr	52.9%	—	25.1%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
Anand Rathi Wealth LimitedANANDRATHIANANDRATHI	₹17,575 Cr	₹17,592 Cr	₹1,197 Cr	₹462 Cr	41.9%	₹465 Cr	34.6%	59.1%	47.4%	14

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	254	257	318	431	401	449	537	616
	51	55	67	66	51	61	69	76
	203	202	251	365	350	388	468	540
OPM %	79.8%	78.6%	78.9%	84.7%	87.2%	86.3%	87.2%	87.7%
Depreciation	10	15	17	17	19	20	21	23
Interest	1	2	2	2	2	3	3	2
	40	40	38	59	73	102	120	131
Profit before tax	232	226	270	405	402	466	565	646
Tax	67	50	65	97	96	115	135	153
Tax %	28.9%	22.1%	24%	23.8%	23.9%	24.8%	24%	23.6%
	165	176	205	309	306	351	429	493
PAT margin %	65%	68.3%	64.6%	71.6%	76.3%	78.1%	79.9%	80.1%
EPS (₹)	5.5	5.9	6.9	3.5	3.4	3.9	4.8	5.5
EPS adjusted (₹)	1.8	2	2.3	3.4	3.4	3.9	4.8	5.5
	0%	42.4%	57.9%	58%	29.2%	63.5%	62.1%	63.2%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	30	30	30	90	89	89	89	89
Reserves	340	358	496	614	710	883	1,047	1,275
Minority interest	—	—	30	—	—	—	—	—
	—	—	0	0	0	0	0	0
	335	279	429	993	654	801	1,060	1,071
Total equity & liabilities	706	667	985	1,696	1,453	1,774	2,197	2,436
	111	106	121	110	110	101	87	97
CWIP	0	0	0	0	2	0	0	0
Investments	475	509	713	1,248	1,219	1,331	1,634	1,993
	119	53	151	338	122	342	476	346
Total assets	706	667	985	1,696	1,453	1,774	2,197	2,436

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2023 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Power Exchange	474.06	391.12	—	654.29
Carbon Exchange	0.04	-0.09	—	0.02
Gas Exchange	0	0

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	79.8%	78.6%	78.9%	84.4%	83.9%	83.9%	84.4%	84.5%
EBIT margin %	75.7%	72.7%	73.7%	80.4%	79.3%	79.3%	80.5%	80.7%
PAT margin %	65%	68.3%	64.6%	71.6%	76.3%	78.1%	79.9%	80.1%
Working capital
Receivable days	66	0	4	74	6	70	2	1
Inventory days	—	—	0	0	0	0	0	0
Payable days	953	508	901	3,441	2,278	2,841	15	18
NWC days	—	—	-897	-3,367	-2,272	-2,770	-14	-17
Leverage
Current ratio	1.27	1.46	1.93	1.54	1.26	1.58	1.57	2
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	318.5	144.7	132.9	202.9	159	161.9	210.9	275.5
Asset turnover	0.36	0.39	0.32	0.25	0.28	0.25	0.24	0.25
Return ratios
Return on assets %	23.4%	26.3%	20.9%	18.2%	21%	19.8%	19.5%	20.2%
Return on capital employed %	58.1%	54.6%	52.7%	59.4%	49.3%	49.1%	49.9%	48.2%
Return on equity %	44.6%	45.3%	39%	43.9%	38.3%	36.1%	37.8%	36.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	14.12%	13.37%	10.9%	11.67%	15.66%	16.24%	16.12%	18.53%	13.19%	11.41%	14.16%	12.63%
	22.62%	26.34%	27.26%	31.27%	31.5%	32.78%	34.14%	34.12%	36.43%	34.95%	30.26%	31.46%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	62.98%	60.01%	61.56%	56.78%	52.56%	50.7%	49.47%	47.08%	50.11%	53.37%	55.31%	55.64%
No. of shareholders	—	—	—	—	—	—	—	—	14,38,943	14,07,546	14,09,806	13,96,607

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹107.0 · volume and open interest in contracts

2

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size	History
27 Oct 2026	₹107.4	-0.3	-0.3%	₹107.4	18,308	-10	664	4350
23 Nov 2026	₹107.9	-0.5	-0.5%	₹107.9	488	+13	48	4350

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 16 fund houses

Held by these funds

18.35%

of the company's equity

All mutual funds

24.21%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

53 schemes · 16 fund houses

		Shares
Parag Parikh Flexi Cap Fund	PPFAS Mutual Fund	8.41 Cr	1,013.36	0.69%	9.431%	-0
India Opportunities Fund	ICICI Prudential Mutual Fund	1.83 Cr	220.5	0.58%	2.052%	-0
Contra Fund	SBI Mutual Fund	1.12 Cr	134.63	0.28%	1.253%	-0
Multi Asset Allocation Fund	SBI Mutual Fund	85 L	102.43	0.49%	0.953%	-0
Focused Fund	Old Bridge Mutual Fund	80.94 L	97.53	2.24%	0.908%	-0
Energy Opportunities Fund	SBI Mutual Fund	57.05 L	68.74	0.83%	0.64%	-0
Parag Parikh ELSS Tax Saver Fund	PPFAS Mutual Fund	39.52 L	47.62	0.85%	0.443%	-0
Business Cycle Fund	ICICI Prudential Mutual Fund	38.18 L	46	0.29%	0.428%	-0

1–8 of 53

1 / 7

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

28 Sept 2026, 12:39 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	79.8%	78.6%	78.9%	84.4%	83.9%	83.9%	84.4%	84.5%
EBIT margin %	75.7%	72.7%	73.7%	80.4%	79.3%	79.3%	80.5%	80.7%
PAT margin %	65%	68.3%	64.6%	71.6%	76.3%	78.1%	79.9%	80.1%
Working capital
Receivable days	66	0	4	74	6	70	2	1
Inventory days	—	—	0	0	0	0	0	0
Payable days	953	508	901	3,441	2,278	2,841	15	18
NWC days	—	—	-897	-3,367	-2,272	-2,770	-14	-17
Leverage
Current ratio	1.27	1.46	1.93	1.54	1.26	1.58	1.57	2
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	318.5	144.7	132.9	202.9	159	161.9	210.9	275.5
Asset turnover	0.36	0.39	0.32	0.25	0.28	0.25	0.24	0.25
Return ratios
Return on assets %	23.4%	26.3%	20.9%	18.2%	21%	19.8%	19.5%	20.2%
Return on capital employed %	58.1%	54.6%	52.7%	59.4%	49.3%	49.1%	49.9%	48.2%
Return on equity %	44.6%	45.3%	39%	43.9%	38.3%	36.1%	37.8%	36.1%

158 deals · 1 Sept 2021 – 12 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Jan 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	59,54,333	₹141.39	₹84.19 Cr
12 Jan 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	59,54,333	₹141.27	₹84.12 Cr
9 Jan 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,22,71,195	₹146.35	₹179.59 Cr
9 Jan 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	1,21,24,415	₹146.96	₹178.18 Cr
9 Jan 2026	MATHISYS ADVISORS LLP	Bulk	NSE	Buy	98,42,702	₹147.36	₹145.04 Cr
9 Jan 2026	MATHISYS ADVISORS LLP	Bulk	NSE	Sell	97,98,894	₹147.81	₹144.84 Cr
9 Jan 2026	QE SECURITIES LLP	Bulk	NSE	Sell	80,66,408	₹148.16	₹119.51 Cr
9 Jan 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	78,45,894	₹154.82	₹121.47 Cr
9 Jan 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	78,45,894	₹154.85	₹121.49 Cr
9 Jan 2026	QE SECURITIES LLP	Bulk	NSE	Buy	75,16,776	₹147.50	₹110.87 Cr

1–10 of 158

1 / 16

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

42

27 Oct 2026 23 Nov 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	90	₹0.3	182	+4	42
0	0	0	₹0.0	92	₹0.0	0	0	0
0	0	0	₹0.0	94	₹0.0	0	0	0
0	0	0	₹0.0	95	₹0.6	212	+50	102
0	0	0	₹0.0	96	₹0.0	0	0	0
0	0	0	₹0.0	97	₹0.0	0	0	0
0	0	0	₹0.0	98	₹0.0	0	0	0
0	0	0	₹0.0	98	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
28 Sept 2026, 12:39 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 8:43 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
10 Sept 2026, 6:09 pm	AGM/EGM AGM	Webcast Link Of The 20Th Annual General Meeting	PDF
9 Sept 2026, 3:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
9 Sept 2026, 3:38 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
3 Sept 2026, 4:24 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
21 Aug 2026, 3:00 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
18 Aug 2026, 6:14 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	138	126	306	762	-23	298	427	433
	-62	-3	-196	-448	70	-25	-196	-231
	-78	-161	-77	-136	-215	-183	-272	-272
Net cash flow	-2	—	33	178	-167	91	-41	-70
Free cash flow	135	118	285	751	-31	283	419	418
CFO / Operating profit %	68.2%	62.3%	122.2%	209.6%	-6.7%	79.2%	94.2%	83.2%

Indian Energy Exchange Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

2

Fund holders

Documents

Announcements

Events

Announcements

Announcements

2

Annual reports

Investor Presentation and earnings call

13

1

1

42

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Carbon Exchange · revenue

Indian Energy Exchange Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures2

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Announcements

Quarterly record

Futures2

Annual reports

Investor Presentation and earnings call

Dividends13

Board meetings1

Stock splits1

Bulk & block deals

Board and management

Option chain42

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Carbon Exchange · revenue

2

2

13

1

1

42