The launch of the Real-Time Market (RTM) has shaped up well, with the product adding 3.8BUs in 4Q and accounting for 17% of the total electricity volumes. With an oversupplied market, new product launches, and a strong competitive positioning, we expect market share gains to continue for the company within the Short-Term (ST) Market. However, with the recent runup in stock price, IEX now trades at 36x FY23 EPS and prices in this growth. Accordingly, we Downgrade to Neutral, with revised TP of INR375/sh. Strong volumes drive growth in operational profit IEX's 4QFY21 S/A EBITDA was up 49% YoY to INR808m (in line with our est),...