Indian Energy Exchange Ltd. share price target

In-line result; robust volume growth trends continue: Indian Energy Exchange (IEX) reported 2QFY26 standalone revenue of INR1.5b and EBITDA of INR1.3b, both in line with estimates, supported by traded electricity volumes of 35.2BUs, which were also in line with expectations.

Quarterly Update Q4FY25

Indian Energy Exchange (IEX) reported standalone revenue for 4QFY25 at INR1.4b (+16.5% YoY), below our estimate by 7%, due to a lower-thanestimated per-unit transaction fee (-8.6% YoY, -6.8% QoQ).

Indian Energy Exchange (IEX) reported standalone revenue for 3QFY25 at INR1,313m (+14% YoY), surpassing our estimate by 7%. Reported standalone PAT was 16% above our est. at INR1,031m (+28% YoY), primarily due to a 15.9% YoY rise in electricity volumes and other income.

Quarterly Update Q2FY25

IEX delivered standalone revenue of INR1,392m in 2QFY25 (+28% YoY), in line with our estimate. Reported standalone PAT of INR1,061m came in 3% above our est. of INR1,025m (+28% YoY), mainly led by higher other income.

Quarterly Update Q1FY25

Quarterly Update Q4FY24

Quarterly Update Q3FY24

Quarterly Update Q2FY24

Quarterly Update Q1FY24

Company Update

Quarterly Update Q4FY23

Initiating Coverage Report

of trading in the RECs and ESCerts. Cumulative volumes from RECs and ESCerts in this quarter were 4,072 MUs (RECs 3,574) which provided a boost for the company's growth momentum. While the volumes on traditional products such as DAM and TAM were subdued this quarter due...

INDIAN ENERGY EXCHANGE (IEX) | Power Exchange IEX reported a strong quarter with revenue growing by c.21% sequentially and c.56% over same period previous year. Margin expanded both sequentially by 387 bps and YOY by 790 bps to 86.1% led by lower other expenses and strong operating leverage. Volumes traded on platform continued their growth momentum with volumes growing by almost c.21% sequentially and...

The launch of Real-Time Market (RTM) has shaped up well, with the product adding 4.6BUs in 1Q and accounting for 22% of total electricity volumes. With an oversupplied market, new product launches, and 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 39x Sep'23 EPS and prices in this growth. We reiterate our Neutral rating, with revised TP of INR410/sh. Profitability rises on strong volumes...

INDIAN ENERGY EXCHANGE (IEX) | Power Exchange .....driven by customer centricity Another strong quarter for IEX with volume growth of almost 44% mainly driven by competitive power prices, increasing consumption of electricity and strong performance of the new market segments. The company has traded 21,266 MUs of power in this quarter as compared to 14,847 MUs in same period last year. The growth was mainly led by incremental volumes from Real time...