Indian Energy Exchange Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indian Energy Exchange Ltd trades at ₹132, in a downtrend and 51 weeks into that stage. That is −0.3% against its own 200-day average. It sits at 45% of a 52-week range of ₹119 to ₹149. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a downtrend — week 51 of stage 4, confirmed. At ₹132 it trades −0.3% versus its 200-day average and sits at 45% of its 52-week range (₹119–₹149).

Against the market, two honest reads. Cumulative: over the last 8.8 years the stock moved +153% while the NIFTY 500 moved +154% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Indian Energy Exchange Ltd trades at 23.3× P/E, near the bottom of its own range — cheaper only 9% of the time. Its long-run median P/E is 38.3×, measured across 7.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 23.3× is near the bottom of its own range — cheaper only 9% of the time, against a long-run median of 38.3× measured over 7.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +15.0% against a +0.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −1.6%/yr price move, ~+17.7%/yr came from earnings growth and ~−19.3 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 29% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indian Energy Exchange Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 51.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

58.6/100 — rank 3 of 3 in Exchanges · 73% evidence confidence

Indian Energy Exchange Ltd scores 58.6 out of 100 against the 3 companies it is compared with in Exchanges, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.3 + 22 + 13.5 + 4.8 = 58.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indian Energy Exchange Ltd reported ₹158 Cr of revenue in the Jun 26 quarter, +11.3% year on year. That is the 11th straight quarter of year-on-year growth. Over 7 years it has compounded at 13.5% a year. The last full year, FY26, came in at ₹616 Cr. The last four reported quarters add to ₹632 Cr.

FY26 revenue came in at ₹616 Cr (+14.7% on the year), capping 7 years at 13.5% compound. The latest quarter (Jun 26) printed ₹158 Cr, +11.3% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +13.8% growth against the decade's 13.5% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +13.9% over the last 4 quarters against +16.1%/yr over the last 8 — stabilising; TTM profit +11.9% vs +16.9%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Indian Energy Exchange Ltd's operating margin is 83.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 8 fiscal years the operating margin has ranged 79.0% to 84.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 83.0%, +2.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 79.0%–84.0%, and FY26's 84.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.6 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indian Energy Exchange Ltd earned ₹135 Cr of net profit in the Jun 26 quarter, +11.6% year on year. It is the 11th consecutive quarter of growth. Full-year FY26 profit was ₹493 Cr. The 7-year compound rate is 16.9%. That is 85.4% of the quarter's revenue. The same quarter a year earlier earned ₹121 Cr.

Jun 26 profit was ₹135 Cr, +11.6% year on year — the 11th consecutive quarter of growth. On the full year, FY26 printed ₹493 Cr (+14.9%), and the 7-year compound rate is 16.9%.

Why profit moved: revenue contributed +11.3% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +12.0% vs revenue +13.8%. Profit and revenue are moving roughly in step.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 91% of Indian Energy Exchange Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹433 Cr of operating cash against ₹493 Cr of profit. After ₹34.0 Cr of capital spending, ₹399 Cr was left as free cash.

FY26: operating cash of ₹433 Cr against reported profit of ₹493 Cr, leaving free cash of ₹399 Cr after ₹34.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 91% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 91%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indian Energy Exchange Ltd's cash conversion cycle runs 1 days in FY26, down from 4 days in FY21. Capital spending ran ₹52.0 Cr over the last 3 years. At FY26 sales of ₹616 Cr each day of that cycle holds about ₹1.7 Cr, so roughly ₹2.0 Cr sits inside the business at any moment.

FY26: debtors at 1 days (an asset-light business — no inventory to speak of) — for a full cycle of 1 days, tighter than FY21's 4.

In money terms: at FY26 sales of ₹616 Cr, each day of the cycle holds about ₹1.7 Cr — so the 1-day loop keeps roughly ₹2.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹52.0 Cr over the last 3 fiscal years against ₹64.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Indian Energy Exchange Ltd earns a ROCE of 51% in FY26. That is up from a trough of 50% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 80.0% net margin on 0.25× asset turns.

FY26 ROCE is 51%, recovered from a FY23 trough of 50% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 80.0% net margin × 0.25× asset turns × 1.79× balance-sheet leverage ≈ 35.8% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 29% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Indian Energy Exchange Ltd carries ₹11.0 Cr of borrowings against ₹1,364 Cr of equity in FY26, a debt-to-equity of 0.01. Operating profit covers the interest bill north of 100×. Over 5 years borrowings went from ₹12.0 Cr to ₹11.0 Cr. Capital spending ran ₹52.0 Cr across the last 3 of those years.

FY26: borrowings of ₹11.0 Cr against equity of ₹1,364 Cr — a debt-to-equity of 0.01. Operating profit covers the interest bill north of 100×. Over 5 years borrowings went from ₹12.0 Cr to ₹11.0 Cr while capital spending ran ₹52.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 29% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 1.0 points of Indian Energy Exchange Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 12.6% of the company. Domestic institutions moved +0.2 points over the same window, to 31.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +1.0 points over 8 quarters to 12.6%; Domestic institutions: +0.2 points over 8 quarters to 31.5%.

Why the register moved: foreign institutions drove it (+1.0 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indian Energy Exchange Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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