NSE/IEX

IEXIndian Energy Exchange Ltd

Power · NSE

₹135.81+1.04%

52-wk low52-WEEK RANGE52-wk high

₹114.75+18.4% from low ·-35.3% from high₹210.01

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

IEX-23.44% · 1Y

Range high ₹215.4Range low ₹114.6Latest ₹135.81252 bars · daily-close · NSE bhavcopy + 10Y history

PowerCapital MarketsMidcapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite50/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return -28.5% — underperformer
· Below 200-DMA (-8.8%) — downtrend

Valuation

Medium

Valuation close to the sector median.

· P/E 23.2 vs sector median 36.0 — 36% cheaper
· P/B 8.92 above sector median

Growth

Medium

Steady but not standout growth.

· Revenue YoY +19.6%
· Profit YoY +22.4%

Profitability

High

Showing good signs of profitability & efficiency.

· ROE 38.5% — high-quality compounder
· Net margin 79.9% — strong pricing power

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(65/100)

Durability

A+

92/100

Financially resilient — strong quality + solvency profile.

Show 4 drivers

Piotroski F-score7/9 (78pt)
Altman Z" score8.61 (100pt)
Debt/Equity0.00 (100pt)
ROE38.5% (100pt)

Valuation

60/100

Fairly priced — not a bargain, not stretched.

Show 4 drivers

P/E vs sector (23.2 / 36.0)64% (100pt)
P/B8.92 (6pt)
Dividend yield2.21% (55pt)
EV/EBITDA17.4 (40pt)

Momentum

43/100

Momentum is muted; trend is unclear or rolling over.

Show 5 drivers

52w change-28.5% (0pt)
DMA-trend alignmentsideways (50pt)
RSI (14)67.3 (88pt)
Price vs 200-DMA-4.3% (50pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)23.18

FAIR

CheapestP/E 23.2 near sector median.Most expensive

P/B8.92

OVERVALUED

CheapestP/B 8.92 at 87th %ile of sector.Most expensive

EV/EBITDA17.35

FAIR

Monthly seasonality

Avg monthly return over 9 years · historical — not a forecast

Best: Apr +9.72% · Worst: Jul -2.17%

Jan

-1.2%

22% win

Feb

-1.1%

33% win

Mar

-0.2%

56% win

Apr

+9.7%

78% win

May

-0.8%

25% win

Jun

-1.1%

Monthly return distribution

Distribution of 102 monthly returns

Mean

+1.46%

Median

+0.24%

Std dev

10.01%

Best

+27.9%

Worst

-29.9%

% positive

51%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 5

High-quality compounder (ROE 38.5%)
Above 20% ROE consistently flags capital-efficient businesses
Lean balance sheet (D/E 0.00)
Low leverage means earnings are less sensitive to rate cycles
Strong net margin (79.9%)
High margin indicates pricing power + operating efficiency
Financial quality score 7/9
Piotroski ≥7 historically associated with outperformance
Bankruptcy risk low (Altman Z″ 8.61)
Z″ above 2.60 sits squarely in the 'safe' zone

WEAKNESSES · 0

No material weaknesses flag from the numbers

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+1.0%

+4.5%

+12.9%

-9.5%

-3.8%

-23.2%

-3.2%

+6.1%

10Y

+11.4%

Fundamentals

VALUATION

Market cap

₹11,152 Cr

P/E (TTM)

23.2

P/E (fwd)

20.8

next 12m

P/B

8.92

EV/EBITDA

17.4

Book value

₹14.06

per share

PROFITABILITY · QUALITY

ROE

38.5%

ROCE

—

Net margin

79.9%

Op margin

83.7%

Gross margin

99.8%

D/E

0.00

GROWTH · MARKET

Rev YoY

+19.6%

Profit YoY

+22.4%

Div yield

2.21%

Payout

55.6%

52w change

-28.5%

Beta

0.28

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Trading at -35.7% vs sector median P/EP/E 23.2 vs Power median 36.0 — relative value on earnings
+Forward P/E materially below trailing (20.8x vs 23.2x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+High ROE of 38.5%Capital-efficient business — every rupee of equity generates 38.5 paise of earnings
+Strong operating margin (83.7%)Meaningful pricing power or cost discipline — above most Indian companies
+Nearly debt-free (D/E 0.00)Low financial risk — funds growth from internal accruals, resilient in downturns

CONS · 1

−Down -28.5% over the last yearSignificant underperformance — could be opportunity or warning depending on fundamentals

Sector-relative context

Power · 15 peers

P/E (TTM)

This stock

23.18

Sector median

36.02

Rank 5/15 (73th %ile)

ROE

This stock

38.5%

Sector median

9.1%

Rank 15/15 (7th %ile)

P/B

This stock

8.92

Sector median

3.29

Rank 13/15 (20th %ile)

Quality score · Piotroski F-score

7 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✓Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

SAFE8.61

Z″ = 8.61 — well inside the SAFE zone. Low bankruptcy risk signal across liquidity, profitability and solvency inputs.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.819	×6.56	5.370
Retained Earnings / Total Assets (B)	0.353	×3.26	1.152
EBIT / Total Assets (C)	0.204	×6.72	1.374
Book Equity / Total Liabilities (D)	0.684	×1.05	0.718

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

11 analysts · HOLD

Target mean

₹143.55

Target high

₹285.00

Target low

₹105.00

Upside vs today

+14.5%

Street consensus target is +14.5% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Capital Markets

Employees

179

Shares out

88.9

Revenue (TTM)

₹725 Cr

EBITDA

₹616 Cr

Total debt

₹4 Cr

Cash

₹1,388 Cr

Net debt

₹-1,385 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	139	132	142	142	146
Operating profit	115	108	116	110	116
OPM %	82.2%	81.6%	81.9%	77.5%	79.6%
Interest	1	1

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	431	401	449	537
Operating profit	347	318	356	432
OPM %	80.5%	79.4%	79.4%	80.6%
Interest	2	2	3	3
Depreciation

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
IEXTHIS Indian Energy Exchange Limited	₹135.81	-28.5%	11,152	23.2	8.92	38.5%	0.00	+19.6%
ADANIPOWER Adani Power Limited	₹198.5	-65.1%	3,87,295	34.3	6.63	19.4%	0.81	-8.9%
NTPC NTPC Limited	₹393.6	+8.0%	3,85,927	22.0	2.01	9.1%	1.18	+8.0%
POWERGRID Power Grid Corporation of India Limited	₹318.1	-0.6%	2,97,340	20.5	3.00	14.6%	1.41	+10.3%
ADANIGREEN Adani Green Energy Limited	₹1,127.3	+17.9%	1,89,870	134.5	10.07	7.5%	2.96	+10.7%
ADANIENSOL Adani Energy Solutions Limited	₹1,259.8	+34.4%	1,51,290	67.5	6.48	9.6%	1.87	+15.4%
JSWENERGY JSW Energy Limited	₹538.05	+3.2%	95,366	41.7	3.25	7.8%	2.19	+67.4%
NTPCGREEN NTPC Green Energy Limited	₹111.96	+4.2%	94,796	163.0	5.06	—	1.16	—
NHPC NHPC Limited	₹83.56	-4.7%	83,314	53.2	2.01	—	1.00	-6.6%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	1.31	1.34	+2.4%
-2q	1.43	1.39	-3.1%
-3q	1.20	1.27	+5.8%
-4q	1.25	1.32	+5.2%

Date	Amount
2026-02-04	₹1.50
2025-05-16	₹1.50
2025-01-31	₹1.50
2024-05-31	₹1.50
2024-02-02	₹1.00
2023-07-28	₹1.00
2022-08-11	₹1.00
2022-02-03	₹1.00
2021-08-18	₹0.50
2021-01-28	₹0.83
2020-03-19	₹0.83
2018-09-10	₹0.73

Date	Ratio
2021-12-03	3:1
2018-10-19	10:1

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	90	89	89	89
Reserves	599	693	866	1,029
Borrowings	10	14	10	6
Other liabilities	0	1	2	2
Total liabilities	1,696	1,453	1,774	2,197
Fixed assets	20	25	20	15
CWIP	—	2	—	—
Investments	69	484	236	359
Other assets	0	0	0	1
Total assets	1,696	1,453	1,774	2,197

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	762	-23	298	427
CF Investing	-448	70	-25	-196
CF Financing	-136	-215	-183	-272
Net cash flow	178	-167	91	-41
Free cash flow	751	-32	283	419

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	80.6%	79.4%	79.4%	80.5%
Net margin %	79.9%	78.2%	76.4%	71.8%
ROE %	41.4%	40.4%	41.6%	44.9%
ROCE %	54.3%	53.2%	54.1%	58.2%
Debt / Equity	0.01	0.01	0.02	0.01
Interest coverage	216.5×	165.7×	164.3×	206.7×
Revenue growth YoY	+19.6%	+12.0%	-7.0%	—
Profit growth YoY	+22.3%	+14.7%	-1.1%	—

IEXIndian Energy Exchange Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Power

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

SWOT analysis

Recent news

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Power