IEX
Indian Energy Exchange share price & financials
- Price
- ₹122.8
- Market cap
- ₹10.6k Cr
- Sector
- Financial Services
- Calls analysed
- 7
Indian Energy Exchange Limited Q1 FY27
What went well
- FY26 annual electricity trade of 141 billion units, a growth of 17% over the previous year.
- FY26 consolidated revenue growth of 13.6% at ₹747 crore.
- FY26 PAT of ₹492 crore, an increase of almost 15%.
What to watch
- Uncertainty and potential delays surrounding the implementation of market coupling and its impact on IEX's Day-Ahead Market share.
- Delay in CERC approval for new products like Green RTM, Peak Power Contracts, and 11-month Term Ahead Market contracts.
What Indian Energy Exchange Limited does
IEX operates India's leading automated trading platform for the physical delivery of electricity, renewable energy and energy-saving certificates, regulated by the Central Electricity Regulatory Commission since 2008. It earns transaction/trading fees by connecting distribution companies, generators, industrial and commercial consumers, and renewable-energy entities across Day-Ahead, Real-Time, Term-Ahead and Green Market contracts. Through wholly-owned subsidiaries it also runs the Indian Gas Exchange (IGX), India's first national gas exchange for physical delivery of natural gas regulated by the PNGRB, and the International Carbon Exchange (ICX), which issues International Renewable Energy Certificates (I-REC) and is developing carbon and extended-producer-responsibility certificate trading.
Segments
- Electricity Market
- Renewable Energy & Energy Saving Certificates
- IGX (Indian Gas Exchange)
- ICX (International Carbon Exchange)
- Registered participants on the exchange
- 9,000+
- Commercial & industrial consumers on platform
- 5,900+
- RE generators & obligated entities on platform
- ~3,000
- Conventional generators on platform
- 1,500+
- Discoms trading on IEX
- 90+ (nearly all Discoms in India)
- Cross-border trading portfolios
- 20+
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 0 delivered 4 missed 9 open- REC Trading Volume missed said Q4 FY25 Promised: 20 billion units Q1 FY27: Promise for FY26 was missed. The topic is now concluded.
- Launch of 11-month TAM contracts delayed said Q3 FY25 Promised: 3-4 months Q1 FY27: For long-duration contracts approval, there are many issues that the Regulatory Commission will have to consider... So, it is difficult to say when this approval will come.
- Annual Electricity Volume Growth on track said Q3 FY25 Promised: 15-20% Q1 FY27: Q1 FY27 electricity volume grew 16% YoY.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 11.4%, net profit up 12.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 139 | 131 | 141 | 140 | 152 +9% | 144 +10% | 172 +22% | 156 +11% |
| EBITDA | 120 | 113 | 122 | 114 | 132 +10% | 120 +6% | 148 +21% | 130 +14% |
| Net profit | 106 | 103 | 112 | 113 | 122 +15% | 115 +12% | 124 +11% | 127 +12% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −21.3% 1Y
1Y: ₹144.74 on 10 Sept 2025 → ₹113.88. High ₹154.78 (7 Jan 2026), low ₹113.88 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.9%
- 24 Jul
- Q4 FY26
- −2.9%
- 24 Apr
- Q3 FY26
- −0.6%
- 30 Jan
- Q2 FY26
- −3.1%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 15.0% a year over 3 years, FY23 to FY26. Operating margin widened to 84.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹400 Cr | ₹449 Cr | ₹535 Cr | ₹608 Cr |
| Operating profit | ₹336 Cr | ₹379 Cr | ₹455 Cr | ₹514 Cr |
| Operating margin | 84.0% | 84.4% | 85.0% | 84.5% |
| Interest | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Depreciation | ₹19 Cr | ₹20 Cr | ₹20 Cr | ₹23 Cr |
| Net profit | ₹293 Cr | ₹341 Cr | ₹414 Cr | ₹474 Cr |
| Net margin | 73.3% | 75.9% | 77.4% | 78.0% |
| ROCE | 49.0% | 52.0% | 54.0% | 52.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹30 Cr | ₹90 Cr | ₹89 Cr | ₹89 Cr | ₹89 Cr | ₹89 Cr |
| Reserves | ₹502 Cr | ₹612 Cr | ₹695 Cr | ₹859 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Borrowings | ₹12 Cr | ₹10 Cr | ₹14 Cr | ₹10 Cr | ₹4 Cr | ₹11 Cr |
| Other liabilities | ₹384 Cr | ₹983 Cr | ₹640 Cr | ₹791 Cr | ₹631 Cr | ₹1.1k Cr |
| Total liabilities | ₹927 Cr | ₹1.7k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹2.4k Cr |
| Fixed assets | ₹115 Cr | ₹110 Cr | ₹110 Cr | ₹101 Cr | ₹91 Cr | ₹97 Cr |
| Capital work in progress | ₹6 Cr | ₹5 Cr | ₹4 Cr | ₹3 Cr | ₹1 Cr | ₹5 Cr |
| Investments | ₹710 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.9k Cr |
| Other assets | ₹96 Cr | ₹333 Cr | ₹120 Cr | ₹336 Cr | ₹127 Cr | ₹339 Cr |
| Total assets | ₹927 Cr | ₹1.7k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹2.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +8.56 pp while FIIs trimmed −5.90 pp.
- FIIs
- 12.6%
- DIIs
- 31.5%
- Public
- 55.6%
- Others
- 0.3%
Since Jun 2025
- Public +8.56 pp
- FIIs −5.90 pp
- DIIs −2.65 pp
How it drifted, 12 quarters
Over this window DIIs went from 22.6% to 31.5% — +8.9 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 14.1%, DIIs 22.6%, Public 63.0%, Others 0.3%.Dec '23: FIIs 13.4%, DIIs 26.3%, Public 60.0%, Others 0.3%.Mar '24: FIIs 10.9%, DIIs 27.2%, Public 61.6%, Others 0.3%.Jun '24: FIIs 11.7%, DIIs 31.2%, Public 56.8%, Others 0.3%.Sep '24: FIIs 15.7%, DIIs 31.5%, Public 52.6%, Others 0.3%.Dec '24: FIIs 16.2%, DIIs 32.8%, Public 50.7%, Others 0.3%.Mar '25: FIIs 16.1%, DIIs 34.1%, Public 49.5%, Others 0.3%.Jun '25: FIIs 18.5%, DIIs 34.1%, Public 47.1%, Others 0.3%.Sep '25: FIIs 13.2%, DIIs 36.4%, Public 50.1%, Others 0.3%.Dec '25: FIIs 11.4%, DIIs 35.0%, Public 53.4%, Others 0.3%.Mar '26: FIIs 14.2%, DIIs 30.3%, Public 55.3%, Others 0.3%.Jun '26: FIIs 12.6%, DIIs 31.5%, Public 55.6%, Others 0.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Mutual Fund Under Its Various Schemes Mutual fund newly disclosed 1.27% held
- Invesco Mutual Fund Under Its Various Schemes Mutual fund newly disclosed 1.09% held
- Parag Parikh Mutual Fund Under Its Various Schemes Mutual fund +0.37 pp 9.87% held
- SBI Mutual Fund Under Its Various Schemes Mutual fund +0.20 pp 3.38% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indian Energy Exchange Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Parag Parikh Mutual Fund Under Its Various Schemes Mutual fund | 9.87% | +0.37 pp |
| Dpvl Ventures Llp | 7.02% | unchanged |
| Life Insurance Corporation Of India Insurer | 3.99% | unchanged |
| Dalmia Power Limited | 3.74% | unchanged |
| SBI Mutual Fund Under Its Various Schemes Mutual fund | 3.38% | +0.20 pp |
| ICICI Prudential Mutual Fund Under Its Various Schemes Mutual fund | 3.13% | −0.53 pp |
| Massachusetts Institute Of Technology Endowment | 2.48% | unchanged |
| Kotak Mutual Fund Under Its Various Schemes Mutual fund | 1.27% | newly disclosed |
| Invesco Mutual Fund Under Its Various Schemes Mutual fund | 1.09% | newly disclosed |
| Mirae Asset Mutual Fund Under Its Various Schemes Mutual fund | 1.08% | −0.11 pp |
| Canara Robeco Mutual Fund Under Its Various Schemes | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in IEX
Filings to Aug 2026
0 new, 5 added, 2 trimmed, 0 sold out — net +31.93 L shares (+8.9%).
- Held by funds
- ₹479 Cr
- 12 schemes
- Biggest holder
- SBI Contra Fund
- ₹135 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Contra Fund SBI Mutual Fund | ₹135 Cr | held | Nov '23 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹102 Cr | held | Nov '23 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹100 Cr | +31.71 L | Dec '22 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹69 Cr | held | Feb '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹29 Cr | held | Oct '21 |
| SBI Comma Fund SBI Mutual Fund | ₹20 Cr | held | Jul '25 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹15 Cr | +0.15 L | Mar '23 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹8 Cr | +0.07 L | Mar '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 2 trimmed — net +31.93 L shares (+8.9%)
- Funds are sitting on
- -14%
- vs est. average cost
- Held by funds
- ₹479 Cr
- 12 schemes · ≈ 4.5% of the company
- Biggest holder
- SBI Contra Fund
- ₹135 Cr · 0.3% of that fund
- Longest holder
- SBI Arbitrage Fund
- 4y 11m · since Oct '21
Shares held by these funds +256%
Aug '23 3.90 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Indian Energy Exchange Limited
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