# Indian Energy Exchange (IEX) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/iex

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹109.5
- Change: -2.41%
- As of: 2026-11-06
- 1D return: -2.41%
- 5D return: +8.52%
- 1M return: +5.54%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

IEX (₹109.50) shows a conflicting technical setup as of 2026-11-06, characterized by short-term resilience within a broader downtrend. On the daily chart, price remains above the 20-period EMA and SMA while trading above the Supertrend, supported by an established trend strength (ADX 27.73). This aligns with a recent high-severity upward volume spike on 2026-11-02 (+6.6% return, 2.06x volume ratio) and an active weekly Morning Star pattern. However, this short-term bounce is constrained by resistance at ₹110.11 (0.55% above) and ₹111.15 (1.51% above), while the stock trades below key longer-term averages including the 50-period and 200-period SMAs.

The broader context remains bearish; the monthly Supertrend is down, and the stock sits near the lower end of its 252-day range (+16.5%). A significant downward gap opened on 2026-11-06 (-2.4% return, +10.6% range), indicating heightened volatility and selling pressure despite the daily bullish indicators. With annualized volatility at 39.2% and a current drawdown of -47.9%, risk remains elevated. The immediate bias is cautiously neutral-to-bullish only if price can sustain levels above the 20-period moving averages, but the structural trend favors downside until higher timeframes confirm a reversal.

- Short-term structure: Price holds above daily 20-period EMA/SMA and Supertrend, with ADX at 27.73 indicating established trend strength.
- Broader context: Monthly and weekly trends remain bearish (Supertrend down); price is in the lower 16.5% of its 252-day range.
- Key levels: Immediate resistance at ₹110.11 and ₹111.15; support at ₹108.88 (0.56% below) and ₹103.05 (5.89% below).
- Risk signals: High-severity downward gap on 2026-11-06 (-2.4% return) and 39.2% annualized volatility highlight elevated downside risk.

- Morning Star
- Doji
- Inside Bar
- Outside Bar
- Bearish Engulfing Reversal

### Official Filings

Indian Energy Exchange (IEX) reported strong Q2 FY27 financials, with consolidated revenue rising 10.7% to ₹203 crore and PAT increasing 12.9% to ₹139.2 crore, driven by a 12.7% YoY surge in electricity trading volumes to 39.7 billion units. This growth was supported by higher market clearing prices, which rose 149% YoY in the Day-Ahead Market due to El Niño-related demand and supply constraints. Beyond core operations, IEX advanced its diversification strategy by incorporating Indian Coal Exchange Limited as a wholly owned subsidiary and reporting significant volume growth in its IGX gas segment. However, regulatory compliance remains a focus area; the company disclosed insider-trading violations involving two executives and noted that PNGRB requires IEX’s holding in IGX to be reduced from 47.3% to 25% by December 2026 ahead of an IPO. Management also confirmed that a buyback is under evaluation.

- Q2 FY27 Consolidated PAT grew 12.9% YoY to ₹139.2 crore on revenue of ₹203 crore, supported by 12.7% volume growth and elevated power prices.
- PNGRB mandates reduction of IEX’s stake in IGX from 47.3% to 25% by end-December 2026 prior to the proposed IPO.
- Two Assistant Vice Presidents were issued strict warning letters for Code of Conduct violations; one remitted ₹1,230 profit to SEBI’s fund.
- IEX incorporated Indian Coal Exchange Limited as a wholly owned subsidiary following license application in September 2026.

- [INDIAN ENERGY EXCHANGE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_15538_WebXMLFile_20261105_110947644.xml)
- [Indian Energy Exchange Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IEX_05112026110840_IEX_Intimation_EarningCall_Transcript_Q2_Sep26Signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "IEX Power Market Update, October'26". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IEX_03112026164846_IEX_Media_Release_Power_Market_Update_October26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Copy of Newspaper Publication of finacial results for the quarter and half year ended September 30, 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IEX_30102026120417_IEX_Intimation_NPPublication_FR_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IEX_30102026183359_IEX_Intimation_Audio_Recording_Earning_Call_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding 'Code of Conduct under SEBI (Prohibition of Insider Trading) Regulations, 2015'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IEX_30102026183858_IEX_Intimation_PIT_violation_Final_Signed.pdf)
- [Indian Energy Exchange Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IEX_29102026165756_IEX_BM_Outcome_Q2Sep26_signed1.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/IEX_29102026170658_IEX_Intimation_Investor_presentation_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding a press release dated October 29, 2026, titled "Indian Energy Exchange Limited (IEX) Announces Unaudited Financial Results For the Half year and Second Quarter ended September 30, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IEX_29102026170500_IEX_Intimation_Press_Release_Q2_Sep26_signed.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749025_29102026053347_WEB.xml)

### Fundamentals

Indian Energy Exchange (IEX) demonstrates a robust operating trajectory with consistent earnings growth and strong cash conversion. For the quarter ended September 2026, sales rose 8% year-on-year to ₹165 crore, while net profit increased to ₹133 crore from ₹122 crore in the prior year period. Earnings quality remains high, evidenced by Cash Flow from Operations (CFO) of ₹425 crore for FY2026, representing 113% of operating profit. The balance sheet is fortified by substantial liquidity; current investments grew to ₹1,872 crore as of September 2026, contributing to total assets reaching ₹2,622 crore. Return on Capital Employed (ROCE) stood at 52% for FY2026, indicating efficient capital utilization despite a slight dip from 54% in FY2025. Borrowings remain manageable at ₹9 crore as of September 2026, down from ₹11 crore in March 2026. While long-term compounded profit growth has been strong (18% over five years), recent TTM profit growth has moderated to 11%. Shareholder base has slightly contracted, with the number of shareholders falling to 1,431,943 in September 2026.

- Quarterly sales grew 8% YoY to ₹165 crore in Sep 2026, with net profit rising to ₹133 crore.
- FY2026 CFO was ₹425 crore (113% of operating profit), confirming strong earnings conversion.
- Total assets expanded to ₹2,622 crore in Sep 2026, driven by current investments of ₹1,872 crore.
- ROCE remained healthy at 52% in FY2026, though TTM profit growth slowed to 11%.

### Bear Case

Technical indicators for Indian Energy Exchange (IEX) on 2026-11-06 reveal a deteriorating medium-term trend despite short-term bullish signals. The monthly and weekly Supertrend directions are bearish, with the weekly ADX at 17.09 indicating weakening momentum. The stock has suffered significant drawdowns, with a current drawdown of -47.9% against a maximum historical drawdown of -52.0%. Year-to-date returns stand at -17.9%, while the one-year return is -20.7%. High annualized volatility of +39.2% underscores substantial price instability. Although the daily Supertrend is bullish, resistance levels at ₹110.11 and ₹111.15 are close to the current closing price of ₹109.50, suggesting limited immediate upside potential.

- Monthly and weekly Supertrend indicators are bearish, signaling a broader downtrend in price action.
- Current drawdown is -47.9%, approaching the maximum historical drawdown of -52.0%, reflecting severe recent losses.
- Year-to-date return is -17.9% and one-year return is -20.7%, indicating prolonged underperformance.
- Annualized volatility is +39.2%, highlighting elevated risk and price instability.

- [Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda Corp](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-nse-bse-sbi-happiest-minds-mcx-iex-and-minda-corp/articleshow/135508071.cms)
- [INDIAN ENERGY EXCHANGE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_15538_WebXMLFile_20261105_110947644.xml)
- [Indian Energy Exchange Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IEX_05112026110840_IEX_Intimation_EarningCall_Transcript_Q2_Sep26Signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "IEX Power Market Update, October'26". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IEX_03112026164846_IEX_Media_Release_Power_Market_Update_October26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Copy of Newspaper Publication of finacial results for the quarter and half year ended September 30, 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IEX_30102026120417_IEX_Intimation_NPPublication_FR_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IEX_30102026183359_IEX_Intimation_Audio_Recording_Earning_Call_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding 'Code of Conduct under SEBI (Prohibition of Insider Trading) Regulations, 2015'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IEX_30102026183858_IEX_Intimation_PIT_violation_Final_Signed.pdf)
- [Indian Energy Exchange Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IEX_29102026165756_IEX_BM_Outcome_Q2Sep26_signed1.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/IEX_29102026170658_IEX_Intimation_Investor_presentation_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding a press release dated October 29, 2026, titled "Indian Energy Exchange Limited (IEX) Announces Unaudited Financial Results For the Half year and Second Quarter ended September 30, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IEX_29102026170500_IEX_Intimation_Press_Release_Q2_Sep26_signed.pdf)

### FAQs

**What were IEX's key financial results for Q2 FY27?**

For the quarter ended September 30, 2026, IEX reported electricity trading volume of 39.7 billion units (up 12.7% YoY), revenue of INR 203 crores (up 10.7%), and profit after tax of INR 139 crores (up 12.9%). Half-year volume reached 77 billion units (up 14.2%). These figures were disclosed in transcripts filed on November 5, 2026.

**How did October 2026 market conditions impact trading volumes?**

In October 2026, total electricity traded volume rose 16.5% YoY to 13.1 billion units. Real-Time Market volume surged 23.7% to 5.7 BU, while Day-Ahead Contingency and Term-Ahead Market volume jumped 138.8%. Conversely, Day-Ahead Market volume fell 3.8%, and Green Market volume declined 30%. The press release attributed rising demand and prices to El Niño conditions.

**What regulatory changes affect IEX's subsidiary IGX?**

IGX traded 42 million MMBtu in Q2 FY27, up 160%, with a PAT of INR 23.4 crores. However, PNGRB requires IEX's holding in IGX to fall from 47.3% to 25% by end-December 2026. IGX’s DRHP for an IPO was filed in July 2026, pending this divestment compliance.

**What is the current technical price structure for IEX shares?**

As of November 6, 2026, IEX closed at ₹109.50, down 2.4% from the previous close. Daily trend indicators are bullish, but weekly and monthly trends remain bearish. Key resistance lies near ₹110.11 and ₹111.15, while support is noted at ₹108.88. The stock has experienced a maximum drawdown of -52.0% historically.

- [Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda Corp](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-nse-bse-sbi-happiest-minds-mcx-iex-and-minda-corp/articleshow/135508071.cms)
- [INDIAN ENERGY EXCHANGE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_15538_WebXMLFile_20261105_110947644.xml)
- [Indian Energy Exchange Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IEX_05112026110840_IEX_Intimation_EarningCall_Transcript_Q2_Sep26Signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "IEX Power Market Update, October'26". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IEX_03112026164846_IEX_Media_Release_Power_Market_Update_October26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Copy of Newspaper Publication of finacial results for the quarter and half year ended September 30, 2026. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IEX_30102026120417_IEX_Intimation_NPPublication_FR_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IEX_30102026183359_IEX_Intimation_Audio_Recording_Earning_Call_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding 'Code of Conduct under SEBI (Prohibition of Insider Trading) Regulations, 2015'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/IEX_30102026183858_IEX_Intimation_PIT_violation_Final_Signed.pdf)
- [Indian Energy Exchange Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IEX_29102026165756_IEX_BM_Outcome_Q2Sep26_signed1.pdf)
- [Indian Energy Exchange Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/IEX_29102026170658_IEX_Intimation_Investor_presentation_Q2_Sep26_signed.pdf)
- [Indian Energy Exchange Limited has informed the Exchange regarding a press release dated October 29, 2026, titled "Indian Energy Exchange Limited (IEX) Announces Unaudited Financial Results For the Half year and Second Quarter ended September 30, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/IEX_29102026170500_IEX_Intimation_Press_Release_Q2_Sep26_signed.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹112.38
- Risk regime: Higher Price Risk

### Support levels
- 103.05
- 100.2
- 108.88333333333334

### Resistance levels
- 143.890625
- 149.145
- 173.26999999999998

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -2.41% |
| return_10 | +8.20% |
| return_1m | +4.42% |
| return_1y | -20.73% |
| return_20 | +5.54% |
| return_3m | -15.00% |
| return_5 | +8.52% |
| return_6m | -15.64% |
| return_since_start | -39.24% |
| return_ytd | -17.91% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -51.95% |
| annualized_volatility | +39.20% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Indian Energy Exchange Limited Q2 FY2026-27: Profit rises 12.9% year on year

Indian Energy Exchange (IEX) reported Q2 FY2026-27 revenue from operations of ₹167.1 crore, up 8.6% year on year and 5.8% sequentially. Profit for the period increased 12.9% year on year to ₹139.2 crore, while operating cash flow was ₹200.8 crore. Current investments stood at ₹1,871.9 crore at quarter-end, alongside cash and cash equivalents of ₹11.9 crore.

## Revenue and operating costs

Revenue from operations rose to ₹167.1 crore in Q2 FY2026-27 from ₹157.9 crore in Q1 FY2026-27 and ₹153.9 crore in Q2 FY2025-26. It remained below the ₹174.3 crore recorded in Q4 FY2025-26. Total income was ₹203.0 crore, broadly unchanged from ₹202.8 crore in Q1; other income was ₹35.9 crore in Q2.

Expenses declined 3.3% quarter on quarter to ₹32.6 crore, but were up 22.2% year on year. Other expenses were ₹12.3 crore, down from ₹12.8 crore in Q1 FY2026-27 and up from ₹8.6 crore in Q2 FY2025-26. Finance costs were ₹67.8 lakh, compared with ₹76.6 lakh in Q1.

## Profit and earnings per share

Profit before tax was ₹170.3 crore, up from ₹169.1 crore in Q1 FY2026-27 and ₹156.6 crore in Q2 FY2025-26. Tax expense was ₹42.2 crore, versus ₹42.0 crore in Q1. This comprised current tax of ₹44.2 crore and a deferred tax credit of ₹2.0 crore.

Profit from continuing operations was ₹128.2 crore. Profit for the period was ₹139.2 crore, including ₹11.0 crore in the share of profit of associates and joint ventures accounted for using the equity method. Basic and diluted EPS were ₹1.56, compared with ₹1.52 in Q1 FY2026-27 and ₹1.39 in Q2 FY2025-26. Trailing 12-month EPS was ₹5.87.

## Cash flow and liquidity

Operating cash flow was ₹200.8 crore. Investing cash flow was an outflow of ₹45.3 crore, and reported free cash flow was ₹155.6 crore. Financing cash flow was an outflow of ₹181.0 crore.

At 30 September 2026, cash and cash equivalents were ₹11.9 crore, down from ₹37.4 crore at 31 March 2026. Current investments rose over the same dates from ₹1,699.8 crore to ₹1,871.9 crore. Other bank balances were ₹58.9 crore, compared with ₹67.8 crore at 31 March.

## Balance sheet

Total assets were ₹2,621.6 crore at 30 September 2026, up from ₹2,435.7 crore at 31 March 2026. Equity attributable to owners of the parent increased to ₹1,460.3 crore from ₹1,364.6 crore, while equity share capital remained unchanged at ₹89.1 crore.

Noncurrent investments were ₹269.7 crore, and investments accounted for using the equity method were ₹101.9 crore. Property, plant and equipment was ₹24.7 crore, compared with ₹29.0 crore at 31 March. Noncurrent liabilities were ₹51.4 crore.

## Key Takeaway

IEX grew revenue and profit year on year, with revenue also recovering sequentially and expenses easing from Q1. Operating cash generation was strong; quarter-end cash was lower than at 31 March while current investments increased, leaving a larger share of the reported liquid assets in investments.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +0.00%
- FII holding: +12.63%
- DII holding: +31.47%
- Mutual fund holding: +24.21%
- Retail holding: +35.99%
- Promoter pledged: +0.00%

### Major reported shareholders

- PARAG PARIKH MUTUAL FUND UNDER ITS VARIOUS SCHEMES — +9.87%
- DPVL VENTURES LLP — +7.02%
- LIFE INSURANCE CORPORATION OF INDIA — +3.99%
- DALMIA POWER LIMITED — +3.74%
- SBI MUTUAL FUND UNDER ITS VARIOUS SCHEMES — +3.38%
- ICICI PRUDENTIAL MUTUAL FUND UNDER ITS VARIOUS SCHEMES — +3.13%
- MASSACHUSETTS INSTITUTE OF TECHNOLOGY — +2.48%
- KOTAK MUTUAL FUND UNDER ITS VARIOUS SCHEMES — +1.27%
- INVESCO MUTUAL FUND UNDER ITS VARIOUS SCHEMES — +1.09%
- MIRAE ASSET MUTUAL FUND UNDER ITS VARIOUS SCHEMES — +1.08%

## Official filings

- 2026-11-05 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_15538_WebXMLFile_20261105_110947644.xml)
- 2026-11-05 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_05112026110840_IEX_Intimation_EarningCall_Transcript_Q2_Sep26Signed.pdf)
- 2026-11-03 — Press Release: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_03112026164846_IEX_Media_Release_Power_Market_Update_October26_signed.pdf)
- 2026-10-30 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_30102026120417_IEX_Intimation_NPPublication_FR_Q2_Sep26_signed.pdf)
- 2026-10-30 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_30102026183359_IEX_Intimation_Audio_Recording_Earning_Call_Q2_Sep26_signed.pdf)
- 2026-10-30 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_30102026183858_IEX_Intimation_PIT_violation_Final_Signed.pdf)
- 2026-10-29 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_29102026165756_IEX_BM_Outcome_Q2Sep26_signed1.pdf)
- 2026-10-29 — Earnings Presentation: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_29102026170658_IEX_Intimation_Investor_presentation_Q2_Sep26_signed.pdf)
- 2026-10-29 — Press Release: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_29102026170500_IEX_Intimation_Press_Release_Q2_Sep26_signed.pdf)
- 2026-10-29 — Financial Results Filing: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749025_29102026053347_WEB.xml)
- 2026-10-29 — Financial Results Filing: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749020_29102026053317_WEB.xml)
- 2026-10-23 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_23102026174957_IEX_Intimation_Earning_Call_Q2_Sep26_signed.pdf)
- 2026-10-23 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_15538_WebXMLFile_20261023_180317302.xml)
- 2026-10-22 — Board Meeting Notice: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_15538_WebXMLFile_20261022_145006791.xml)
- 2026-10-22 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_15538_WebXMLFile_20261022_145006791.xml)
- 2026-10-22 — Board Meeting Notice: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_22102026145250_IEX_BM_Date_Intimation_Q2_Sep26_signed.pdf)
- 2026-10-14 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_14102026165119_Reg74_5__SEBI_DP_Reg2018_Q2_Sep26_Signed.pdf)
- 2026-10-13 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_13102026132246_IEX_Intimation_IGX_DRHP_SEBI_Observation_Letter_Signed.pdf)
- 2026-10-06 — Press Release: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_06102026073150_IEX_Media_Release_Power_Market_Update_September26_signed.pdf)
- 2026-09-28 — Press Release: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_28092026084253_IEX_Media_Release_Indian_Coal_Exchange_applies_for_Licence_Signed.pdf)
- 2026-09-28 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_15538_WebXMLFile_20260928_123320341.xml)
- 2026-09-28 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_28092026123150_IEX_Trading__Window_Closure_Q2_Sep26_Signed.pdf)
- 2026-09-25 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_25092026162924_IEX_Intimation_ICEL_License_25_09_2026_signed.pdf)
- 2026-09-25 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_15538_WebXMLFile_20260925_165931220.xml)
- 2026-09-25 — Generic Announcement: Indian Energy Exchange Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IEX_25092026170505_IEX_Analsyt_Meet_25_09_2026_Signed.pdf)

## News and market events

- 2026-11-04 — Economic Times: **Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda Corp** — Indian equities extended their winning streak to a fourth consecutive session, with the Nifty 50 rallying 1.58% to settle at 23,811 as broad-based buying sustained market recovery. Key entities including NSE, SBI, MCX, and Happiest Minds Technologies are in focus following strong quarterly earnings, while other firms like Chambal Fertilisers and Bata India reported mixed results with profit declines or margin contractions despite revenue growth. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-nse-bse-sbi-happiest-minds-mcx-iex-and-minda-corp/articleshow/135508071.cms)
- 2026-10-30 — MONEYCONTROL: **Hold Indian Energy Exchange; target of Rs 112: Prabhudas Lilladher** — Brokerage firm Prabhudas Lilladher has issued a 'Hold' recommendation for Indian Energy Exchange, setting a price target of Rs 112. — [Source](https://www.moneycontrol.com/news/business/stocks/hold-indian-energy-exchange-target-of-rs-112-prabhudas-lilladher-14064674.html)
- 2026-10-30 — FREEPRESSJOURNAL.IN: **Indian Energy Exchange Reports ₹274 Crore Consolidated PAT In H1 FY27, Electricity Volumes Jump 14.2%; Q2 PAT Climbs 12.9%** — Indian Energy Exchange reported a 12.3% year-on-year increase in consolidated PAT to ₹274 crore for H1 FY27, driven by a 14.2% rise in electricity trading volumes. Its subsidiary, Indian Coal Exchange Ltd, has applied for a licence from the Coal Controller Organisation. — [Source](https://www.freepressjournal.in/business/indian-energy-exchange-reports-274-crore-consolidated-pat-in-h1-fy27-electricity-volumes-jump-142-q2-pat-climbs-129)
- 2026-10-30 — BUSINESSTODAY: **IEX shares drop 4% after Q2 results; targets by JM, Axis and Ambit Capital** — IEX shares dropped 4% after reporting in-line Q2 FY27 financial results, prompting divergent analyst reactions where JM Financial and Axis Capital maintained positive outlooks while Ambit Capital initiated a sell call. — [Source](https://www.businesstoday.in/markets/stocks/story/iex-shares-drop-4-after-q2-results-targets-by-jm-axis-and-ambit-capital-564697-2026-10-30)
- 2026-10-29 — BUSINESSTODAY: **Tata Power, NTPC Green, Torrent Power, NTPC, Power Grid, JSW Energy, IEX shares: Check ratings, targets** — Ambit Institutional Equities has identified Tata Power Company, NTPC, JSW Energy, Torrent Power and Power Grid among its preferred power stocks, citing the prospect of another major investment cycle in India's power sector. — [Source](https://www.businesstoday.in/markets/stocks/story/tata-power-ntpc-green-torrent-power-ntpc-power-grid-jsw-energy-iex-shares-check-ratings-targets-564495-2026-10-29)
- 2026-10-29 — The Hindu: **Gift Nifty indicates negative opening for Indian stocks** — Stock-specific action will continue — [Source](https://www.thehindubusinessline.com/markets/gift-nifty-indicates-negative-opening-for-indian-stocks/article71638827.ece)
- 2026-10-27 — CNBC-TV18: **Power sector set for stronger Q2 earnings as demand rises; NTPC, Tata Power among top picks: Elara Capital** — Rupesh Sankhe, Senior Vice President at Elara Capital, expects stronger Q2 earnings for power companies as electricity demand and coal offtake improve. He prefers NTPC and Tata Power over pure renewable players, while seeing value in IEX after its correction. — [Source](https://www.cnbctv18.com/market/earnings/ntpc-tata-power-q2-earnings-electricity-demand-elara-capital-iex-renewable-energy-nhpc-power-grid-results-alpha-article-20020051.htm)
- 2026-10-13 — BUSINESSTODAY: **Suzlon, IEX, Tata Power, NTPC, Power Grid, CESC, ACME: What to watch in Q2** — Suzlon share, Tata Power share, NTPC share price, IEX share price, CESC share price, ACME solar share price — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-iex-tata-power-ntpc-power-grid-cesc-acme-what-to-watch-in-q2-561191-2026-10-13)
- 2026-10-07 — BUSINESSTODAY: **IEX shares: Bernstein upgrades stock to 'Market-Perform', cuts target price; here's why** — IEX shares, Indian Energy Exchange, Bernstein, IEX target price, market coupling, CERC, transaction charges, power exchange, IEX stock, Grid India — [Source](https://www.businesstoday.in/markets/stocks/story/iex-shares-bernstein-upgrades-stock-to-market-perform-cuts-target-to-rs-110-heres-why-560153-2026-10-07)
- 2026-10-07 — CNBC-TV18: **IEX shares get an upgrade but Bernstein warns of soft volume growth going forward** — Bernstein said market coupling appears inevitable but is already largely priced into the stock. However, the brokerage expects implementation timelines to be pushed out by around a year, potentially to the end of FY28, citing legal and operational challenges. — [Source](https://www.cnbctv18.com/market/iex-shares-get-an-upgrade-but-bernstein-warns-of-soft-volume-growth-going-forward-20006274.htm)
- 2026-10-06 — BUSINESSTODAY: **Angel One client funding book at Rs 7,453 crore in Q2, IEX shares Q2 volume growth figures** — Angel One share price, IEX share price, Angel One shares, IEX shares, Angel One Q2 update, IEX Q2 update — [Source](https://www.businesstoday.in/markets/stocks/story/angel-one-client-funding-book-at-rs-7453-crore-in-q2-iex-shares-q2-volume-growth-figures-559703-2026-10-06)
- 2026-09-28 — Times of India: **IEX subsidiary seeks licence to set up coal trading exchange in India** — NEW DELHI: Indian Energy Exchange’s (IEX) subsidiary, Indian Coal Exchange, has applied to the coal controller organisation (CCO) for a licence to operate — [Source](https://timesofindia.indiatimes.com/business/india-business/iex-subsidiary-seeks-licence-to-set-up-coal-trading-exchange-in-india/articleshow/134545361.cms)
- 2026-09-28 — BUSINESS: **IEX subsidiary Indian Coal Exchange applies for coal exchange licence** — The proposed physical delivery-based exchange will provide a transparent, technology-enabled marketplace for coal trading under the Coal Exchange Rules, 2026 — [Source](https://www.business-standard.com/companies/news/indian-energy-exchange-subsidiary-applies-for-coal-exchange-licence-126092800670_1.html)
- 2026-09-28 — MONEYCONTROL: **IEX moves to set up India’s first coal exchange, applies for licence** — coal, IEX, MCX, NSE, trade, exchange, price, bidding, auction — [Source](https://www.moneycontrol.com/news/business/iex-moves-to-set-up-india-s-first-coal-exchange-applies-for-licence-14039975.html)
- 2026-09-28 — BUSINESSTODAY: **IEX expands into coal trading as subsidiary seeks licence, stock reacts** — Indian Energy Exchange shares, Indian Energy Exchange Ltd, IEX shares, IEX stock, Indian Coal Exchange, IEX coal exchange, coal trading exchange, Coal Controller Organisation, CCO licence, coal market, energy market stocks, Indian Energy Exchange subsidiary, IGX, electricity exchange, coal trading — [Source](https://www.businesstoday.in/markets/stocks/story/indian-energy-exchange-expands-into-coal-trading-as-subsidiary-seeks-licence-stock-reacts-558135-2026-09-28)
- 2026-09-27 — Economic Times: **Centre Asks Captive Coal Plants to Pull Max Output Lever** — The government has, for the first time, invoked emergency provisions under Section 11 of the Electricity Act to direct captive coal-based power plants with more than 50 MW capacity to operate at their maximum available capacity in the next quarter to help meet electricity demand. — [Source](https://economictimes.indiatimes.com/epaper/delhicapital/2026/sep/27/sunet-front/centre-asks-captive-coal-plants-to-pull-max-output-lever/articleshow/134510231.cms)
- 2026-09-24 — CNBC-TV18: **PB Fintech share price is down 30%, but here are seven other stocks that had worse days in the past** — Shares of PB Fintech are down 28% on Thursday, September 24, marking their biggest single-day fall on record. The stock had gone public in 2021 and has wiped out over ₹30,000 crore in market capitalization and slumped to a 52-week low. However, this is not the first instance that a stock in India has seen such a sharp intraday fall. Others have had it far worse. Here's a look back at the 10 biggest intraday falls seen by stocks in India. — [Source](https://www.cnbctv18.com/photos/market/pb-fintech-share-price-crash-stocks-with-biggest-intraday-fall-zee-adani-dhfl-indiabulls-yes-bank-iex-share-price-19997542.htm)
- 2026-09-24 — Economic Times: **Didn’t get NSE IPO shares? Should you buy on listing, wait for a dip or bet on BSE?** — As the National Stock Exchange (NSE) emerges on the market, investors are presented with various investment avenues. Options include buying shares, waiting for strategic price dips, or exploring the rival BSE. Experts advise thorough assessment of market fluctuations and valuations. Long-term investors should consider a gradual approach to accumulating shares, taking into account NSE's dominance, while still evaluating BSEs promising prospects and operational frameworks. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/didnt-get-nse-ipo-shares-should-you-buy-on-listing-wait-for-a-dip-or-bet-on-bse/articleshow/134451317.cms)
- 2026-09-24 — Economic Times: **NSE shares make muted debut, list at less than 1% premium to IPO price. Should you buy, sell or hold?** — NSE shares listing: National Stock Exchange shares made their market debut at Rs 1,800, which is slightly above the IPO price. The listing reflects a market capitalization exceeding Rs 4.45 lakh crore, significantly higher than BSE's Rs 1.33 lakh crore. The IPO aimed to raise Rs 22,562 crore through an offer for sale of shares by existing shareholders. Additionally, the shares had a grey market premium of 2% before listing. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/nse-shares-make-muted-debut-list-at-less-than-1-premium-to-ipo-price-should-you-buy-sell-or-hold/articleshow/134451187.cms)
- 2026-09-21 — Economic Times: **NSE IPO Day 3: GMP at 3%, subscription reaches 1.16x — Should you subscribe?** — NSE IPO GMP Live Updates: On Day 2, the NSE IPO was subscribed 1.16 times overall against the 8.86 crore shares on offer. The retail portion was subscribed 72% of the 4.41 crore shares reserved for retail investors. — [Source](https://economictimes.indiatimes.com/markets/ipos/fpos/nse-ipo-day-3-gmp-at-3-subscription-reaches-1-16x-should-you-subscribe/articleshow/134378212.cms)
- 2026-09-19 — Economic Times: **IEX power prices hit ₹20/unit ceiling as strong demand and tight supply pressure the market** — Indias electricity market has seen prices surge in September as strong power demand and tighter supply pushed the High Price Day-Ahead Market (HP-DAM) on the Indian Energy Exchange to its ₹20 per unit ceiling on several days. — [Source](https://economictimes.indiatimes.com/industry/energy/power/iex-power-prices-hit-20/unit-ceiling-as-strong-demand-and-tight-supply-pressure-the-market/articleshow/134346259.cms)
- 2026-09-18 — Mint: **Adani Energy vs CESC vs Tata Power vs NTPC vs Power Grid: Which stock has more upside? Target price by PL Capital** — Adani Energy, Coal India, Tata Power, NTPC, and Power Grid are set to benefit from upcoming power transmission projects. According to PL Capital, CESC is expected to deliver the highest return of 54%, while NTPC and Power Grid also have positive outlooks. Check target price — [Source](https://www.livemint.com/market/stock-market-news/adani-energy-vs-cesc-vs-tata-power-vs-ntpc-vs-power-grid-which-stock-has-more-upside-target-price-by-pl-capital-11789725460017.html)
- 2026-09-18 — Economic Times: **NSE IPO impact on BSE explained: How the mega listing may benefit a rival** — NSE is set to make its grand debut on the BSE on September 24, 2026. This significant event is anticipated to enhance BSE's market presence and revenue potential. While analysts foresee only a modest revenue boost from trading NSE shares, the surge in investor activity and institutional investments could unveil far larger opportunities. — [Source](https://economictimes.indiatimes.com/markets/ipos/fpos/nse-ipo-impact-on-bse-explained-how-the-mega-listing-may-benefit-a-rival/articleshow/134325864.cms)
- 2026-09-17 — Economic Times: **NSE IPO Day 1: Issue subscribed 22% in early hours; GMP signals 9% listing gain. Should you subscribe?** — The Rs 22,569 crore NSE IPO was subscribed 22% in the early hours of Day 1, with the retail portion seeing 24% subscription. The grey market premium stood around 9%. Brokerages remain positive, citing NSEs market leadership and strong profitability, while cautioning investors about its valuation, regulatory risks and derivatives dependence. — [Source](https://economictimes.indiatimes.com/markets/ipos/fpos/nse-ipo-day-1-issue-subscribed-22-in-early-hours-gmp-signals-9-listing-gain-should-you-subscribe/articleshow/134304976.cms)
- 2026-09-09 — REDIFF.COM: **Gains for power stocks depend on execution, valuations** — India's power sector is undergoing a significant transformation, driven by a planned shift towards renewable energy and ambitious capacity expansion targets, with major players like NTPC, JSW Energy, Adani, and Tata Power prioritising predictable returns. However, execution challenges and valuation concerns remain critical factors for sustained growth. — [Source](https://www.rediff.com/business/report/india-power-sector-growth-renewables-capacity-expansion-and-investment-outlook/20260909.htm)

## Business profile

**Strategic vision:** Operates a digital platform for electricity and green energy trading.

### Business segments
- **Electricity Market:** The platform hosts trading contracts including Day-Ahead Market (DAM), Real-Time Market (RTM), and Term-Ahead Market (TAM) to facilitate power procurement by distribution companies and industrial consumers.
- **Green Energy Market:** IEX operates a Green Term-Ahead Market (GTAM) and Green Day-Ahead Market (GDAM) supporting trade in solar and non-solar renewable energy.
- **Certificates Market:** The platform enables the trading of Renewable Energy Certificates (RECs) and Energy Saving Certificates (ESCerts).

### Competitive strengths
- Operates a nationwide automated trading platform regulated by the Central Electricity Regulatory Commission.
- Utilizes a double-sided closed auction bidding system for trade clearance.
- Manages clearing and settlement services for platform transactions.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/iex
Markdown representation: https://faxioms.com/stocks/iex?render=md