# IEX share price today (Indian Energy Exchange Ltd, NSE: IEX)

> IEX share price today: ₹111.27 at the NSE close on 4 November 2026, down 19.9% in a year. Indian Energy Exchange (NSE: IEX) is worth ₹9,912 crore, trades at a P/E of 18.9 and has closed between ₹100.90 and ₹145.31 over the past 52 weeks. > Indian Energy Exchange Ltd's earnings have grown faster than its share price. Earnings per share grew +15.0% in a year while the price moved −19.9%. IEX · Exchanges · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/indian-energy-exchange-ltd

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## Key numbers

- Business trend: Growing steadily, from fewer quarters than usual
- Price: ₹111.27 (−19.9% in a year)
- P/E: 18.9× (lower than 99% of the last 7.5 years)
- Revenue (Sep 2026): ₹167 Cr (+8.4% on a year ago)
- Profit (Sep 2026): ₹139 Cr (+13.0% on a year ago)
- Operating margin: 85.0% (−2.0 points on a year ago)
- ROCE: 51%, FY26
- Profit that came in as cash: 91%, last 3 years

The main question: yearly earnings per share moved +15.0% while the share price moved −19.9%. ## What is the IEX share price today? Indian Energy Exchange Ltd's share price was ₹111.27 at the close on 4 November 2026. It has been falling for 64 weeks. That is 10.0% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹101 and ₹145, and at that close it sat 23% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 12 weeks running. Over the last 9 years the share price moved +113% while the NIFTY 500 moved +137%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 14 August 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at IEX this quarter? Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), profit up on a year earlier for 12 quarters in a row (every quarter we can compare) and highest quarterly profit in 16 quarters. 1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹167 crore, +8.4% on a year earlier. Why: Revenue rose because the core electricity business held up, but lower green and certificate business made the gain smaller than the growth in electricity volume. Next results: check whether day-ahead and real-time electricity volumes recover after the October price correction. From the earnings call on 30 Oct 2026. 2. Profit up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter profit was ₹139 crore, +13% on a year earlier. Why: Profit rose because the exchange handled more electricity trades and the cash it holds earned more. From the earnings call on 30 Oct 2026. 3. Highest quarterly profit in 16 quarters Profit of ₹139 crore in the September 2026 quarter is the highest of the last 16 quarters. Why: The record profit came from more electricity being traded and more money made on the cash the company holds. From the earnings call on 30 Oct 2026. ## What dividend does IEX pay? IEX paid ₹3.50 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 3.15% at the ₹111.27 close on 4 November 2026. The last was a dividend of ₹2 a share, ex-date 15 May 2026. ### IEX dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 15 May 2026 | ₹2 | Dividend | same day |
| 4 Feb 2026 | ₹1.50 | Interim | same day |
| 16 May 2025 | ₹1.50 | Dividend | same day |
| 31 Jan 2025 | ₹1.50 | Interim | same day |
| 31 May 2024 | ₹1.50 | Dividend | same day |
| 2 Feb 2024 | ₹1 | Interim | 3 Feb 2024 |
| 28 Jul 2023 | ₹1 | Dividend | same day |
| 11 Aug 2022 | ₹1 | Dividend | 12 Aug 2022 |
| 3 Feb 2022 | ₹1 | Interim | 4 Feb 2022 |
| 18 Aug 2021 | ₹1.50 | Dividend | 20 Aug 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Indian Energy Exchange Ltd paid out 63% of its profit as dividends in FY26, and it paid a dividend in 7 of its last 8 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What are IEX's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), IEX reported revenue of ₹167 crore, up 8.4% from ₹154 crore a year earlier, and a profit of ₹139 crore, up 13.0% from ₹123 crore. ### IEX results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹167 crore | ₹154 crore | +8.4% |
| Profit | ₹139 crore | ₹123 crore | +13.0% |
| Earnings per share | ₹1.56 | ₹1.38 | +13.0% |
| Operating margin | 85.0% | 87.0% | −2.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). IEX's management discussed these results on a call held on 30 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the IEX share price history? IEX closed at ₹111.27 on 4 November 2026, down 19.9% from ₹138.96 a year earlier (7 November 2025) and down 54.7% over five years. Its highest weekly close since October 2017 was ₹295.25 on 10 December 2021. ### IEX share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹100.90 | +10.3% |
| 1 month ago · 1 Oct 2026 | ₹105.98 | +5.0% |
| 6 months ago · 8 May 2026 | ₹134.12 | −17.0% |
| 1 year ago · 7 Nov 2025 | ₹138.96 | −19.9% |
| 3 years ago · 3 Nov 2023 | ₹127.60 | −12.8% |
| 5 years ago · 4 Nov 2021 | ₹245.73 | −54.7% |
| Earliest weekly close in our records · 27 Oct 2017 | ₹52.17 | +113.3% |
| Highest weekly close since October 2017 · 10 Dec 2021 | ₹295.25 | −62.3% |
| Lowest weekly close since October 2017 · 13 Sep 2019 | ₹39.38 | +182.6% |
| 52-week high (weekly close) · 5 Dec 2025 | ₹145.31 | −23.4% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹100.90 | +10.3% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (477 weekly closes from 27 October 2017 to 4 November 2026.)

## What is the latest news on IEX? 4 Nov 2026: IEX closed at ₹111.27, up 10.3% on the week and up 5.0% on the month. 30 Oct 2026: IEX held its results call for July to September 2026. Management guided: FY27 electricity volume growth around 15%. ### Earlier

- Results for July to September 2026: Revenue up 8.4% and profit up 13.0% on a year earlier. - 15 May 2026: ex-date for a dividend of ₹2 a share. - 4 Feb 2026: ex-date for an interim dividend of ₹1.50 a share. ## What did IEX management say on the latest results call? On the call for July to September 2026, held on 30 October 2026, IEX's management guided: FY27 electricity volume growth around 15%. > “If IEX is aggrieved by the final regulation, it can approach the appropriate forum, including on the grounds raised in the appeal.”
> Rohit Bajaj, on the call for July to September 2026

### What management guided

- FY27 IGX volume growth 40-50%. - FY27 ICX registry revenue growth 20-25%. - Dividend payout 50-55% of profits. - Treasury returns in 15-18% range. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/6918-30-Oct-2026.pdf). (From the call for July to September 2026, 30 October 2026.)

## What to watch in IEX's next results? When IEX reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: H2 volume delivery at flagged full-year band - check DAM and RTM rebound on flagged October price recovery. - What to check (from the call)
- H2 volume delivery at flagged full-year band - check DAM and RTM rebound on flagged October price recovery. - CERC decisions on extended term-ahead, Green RTM and peak contracts - check orders or launch disclosures next quarter. - Coal exchange licence outcome and IGX listing progress - check regulator approvals and draft prospectus advance next quarter. ## Which stock lists is IEX on? IEX is on 3 of our India lists: 52 week high & low, Dividend stocks and Power & green energy stocks. - [52 week high & low 52-week position: At 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Dividend stocks Regular dividend yield (%): 3.15](https://www.sectoralpha.in/dividend-stocks-india)
- [Power & green energy stocks Group on the list: Power transmission and trading](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is IEX profitable? Indian Energy Exchange Ltd earned ₹139 Cr of net profit in the Sep 2026 quarter, +13.0% on the same quarter a year earlier. That is the 12th quarter in a row of profit growth. Full-year FY26 profit was ₹493 Cr. Over 7 years profit has grown 16.9% a year on average. That is 83.2% of the quarter's revenue. The same quarter a year earlier earned ₹123 Cr. For the full year, FY26 profit was ₹493 Cr (+14.9% on the year before). Why profit moved: revenue changed +8.4% on a year earlier and the margin moved −2.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +11.7% and revenue +13.2%. Profit and revenue are moving at about the same pace. ## How much revenue does IEX make, and is it growing? Indian Energy Exchange Ltd reported ₹167 Cr of revenue in the Sep 2026 quarter, +8.4% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 7 years it has grown 13.5% a year on average. The last full year, FY26, came in at ₹616 Cr. The last four reported quarters add to ₹645 Cr. FY26 revenue was ₹616 Cr, +14.7% on the year before. Recent pace: the last four quarters grew +13.2% on average, against 13.5% a year over the longer run, so this year is growing at about the same pace as its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +13.2%, against +13.7% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +11.8%, against +15.4% a year (rolling over). ## How much of every ₹100 of sales does IEX keep? Indian Energy Exchange Ltd's operating margin was 85.0% in the Sep 2026 quarter, 2.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 8 years it has been between 79.0% and 84.0%. The latest quarter is above every full year in that period. Why the margin moved: operating margin changed −2.1 percentage points on the year while gross margin changed +0.0 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. ## Is IEX's profit turning into cash? Over the last 3 years, 91% of Indian Energy Exchange Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹433 Cr of operating cash against ₹493 Cr of profit. After ₹34.0 Cr of spending on assets, ₹399 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 91% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does IEX's cash go? Indian Energy Exchange Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 1 days in FY26, down from 4 days in FY21. It spent ₹52.0 Cr on assets over the last 3 years. At FY26 sales of ₹616 Cr, each day of that cycle ties up about ₹1.7 Cr, so roughly ₹2.0 Cr is tied up in the business at any time. Spending on assets: ₹52.0 Cr over the last 3 years, against ₹64.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹5.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is IEX's P/E ratio, and how does it compare with its own history? Indian Energy Exchange Ltd's P/E is 18.9×, about the lowest it has ever been. Its usual P/E (the middle reading) is 37.9×, over 7.5 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +15.0% while the price moved −19.9%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −14.7% a year; about +15.1% a year came from earnings growth and about −29.8 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 29% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Is the IEX business getting better or worse? Indian Energy Exchange Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 51.0%. This is based on 9 quarters of 4 measures, with some gaps. Why it matters: steady growth with healthy returns is how a business compounds over time. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## How much does IEX earn on its capital? Indian Energy Exchange Ltd earned a ROCE of 51% in FY26. That is up from a low of 50% in FY23. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 80.0% net margin and 0.25× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 80.0% net margin × 0.25× asset turnover × 1.79× leverage (assets divided by equity) ≈ 35.8% on equity. The margin does most of the work; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 29% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does IEX have too much debt? Indian Energy Exchange Ltd had ₹11.0 Cr of borrowings against ₹1,364 Cr of equity in FY26, so its debt is 0.01× its equity. Its operating profit is more than 100 times its interest bill. Over 5 years borrowings went from ₹12.0 Cr to ₹11.0 Cr. Over the last 3 of those years it spent ₹52.0 Cr on assets. The spending on assets is being paid for from cash, not new debt. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 29% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the IEX shareholding pattern? Foreign institutions cut their stake in Indian Energy Exchange Ltd by 3.6 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 12.0% of the company. Domestic institutions moved +0.3 points over the same period, to 31.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why the owners changed: foreign institutions drove it (−3.6 points). They reduced their stake. ## How far is IEX from balance-sheet trouble? For Indian Energy Exchange Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does IEX rank in its industry? 48.2 out of 100, rank 3 of 3 in Exchanges, with 79% of the evidence available. Indian Energy Exchange Ltd scores 48.2 out of 100 against the 3 companies it is compared with in Exchanges, ranking 3. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. The four parts add up to the total exactly: 12.7 + 22 + 13.5 + 0 = 48.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is IEX compared with? IEX ranks 3 of 3 Exchanges companies on the 4-Factor Sector Score, with 48.2 out of 100. 1. [Multi Commodity Exchange of India Ltd](https://www.sectoralpha.in/stocks/multi-commodity-exchange-of-india-ltd) MCX · breaking out · Sector-leading setup · 75% evidence 81.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.4/35 · Revenue 100% · Profit 100% · Operating margin change 5 points · 83% evidence Capital efficiency 21.0/25 · ROCE 71.4% · Operating margin 70% · 76% evidence Valuation 9.1/20 · P/E 52.7× · PEG n/a · 35% evidence Relative strength 20.0/20 · Lead over its industry 16% · Lead over NIFTY 500 24.3% · 1 year 72.5% · 100% evidence · 10 of 12 weeks ahead Exact sum: 31.4 + 21 + 9.1 + 20 = 81.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [BSE Ltd](https://www.sectoralpha.in/stocks/bse-ltd) BSE · turning · Most evidence points up · 75% evidence 78.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.9/35 · Revenue 60.7% · Profit 76.7% · Operating margin change 2 points · 83% evidence Capital efficiency 22.0/25 · ROCE 60% · Operating margin 67% · 76% evidence Valuation 9.1/20 · P/E 50.6× · PEG n/a · 35% evidence Relative strength 16.0/20 · Lead over its industry 5.7% · Lead over NIFTY 500 13.4% · 1 year 41.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 30.9 + 22 + 9.1 + 16 = 78 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. Indian Energy Exchange Ltd this page IEX · quiet · Evidence leans down · 79% evidence 48.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.7/35 · Revenue 13.2% · Profit 11.8% · Operating margin change -2 points · 95% evidence Capital efficiency 22.0/25 · ROCE 51.4% · Operating margin 85% · 76% evidence Valuation 13.5/20 · P/E 17.2× · PEG n/a · 35% evidence Relative strength 0.0/20 · Lead over its industry -22.5% · Lead over NIFTY 500 -15.3% · 1 year -27.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 12.7 + 22 + 13.5 + 0 = 48.2 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Exchanges](https://www.sectoralpha.in/sectors/exchanges), all 3 compared on one page. ## Which companies are close to IEX in size? IEX is the 3rd largest of 3 Exchanges companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: BSE and Multi Commodity Exchange of India. It is the smallest. ### Exchanges companies close in size

1. [BSE Ltd](https://www.sectoralpha.in/stocks/bse-ltd) ₹1,43,184 crore
2. [Multi Commodity Exchange of India Ltd](https://www.sectoralpha.in/stocks/multi-commodity-exchange-of-india-ltd) ₹81,312 crore
3. Indian Energy Exchange Ltd ₹8,997 crore

[All 3 Exchanges companies, largest first](https://www.sectoralpha.in/sectors/exchanges#all-companies)

### Companies close in size in other industries

1. [Rites Ltd](https://www.sectoralpha.in/stocks/rites-ltd) ₹9,049 crore · Railways
2. [Birlasoft Ltd](https://www.sectoralpha.in/stocks/birlasoft-ltd) ₹9,037 crore · IT - Software
3. Indian Energy Exchange Ltd ₹8,997 crore
4. [Avanti Feeds Ltd](https://www.sectoralpha.in/stocks/avanti-feeds-ltd) ₹8,974 crore · FMCG - Shrimp
5. [Transformers & Rectifiers India Ltd](https://www.sectoralpha.in/stocks/transformers-rectifiers-india-ltd) ₹8,954 crore · Capital Goods - Transformers

## What else do people ask about IEX? ### What is IEX's share price today? Indian Energy Exchange Ltd's share price is ₹111.27, −19.9% over the past year. The whole company is worth ₹9,912 Cr on the market. In the last 52 weeks it traded between ₹101 to ₹145; today it is 23% of the way up from the low, 10.0% below its 200-day average (as of 4 November 2026). ### What were IEX's latest quarterly results? Indian Energy Exchange Ltd reported revenue of ₹167 Cr and net profit of ₹139 Cr for the Sep 2026 quarter. Revenue rose 8.4% and profit rose 13.0% compared with a year earlier. Earnings per share were ₹1.56. The operating margin was 85.0%, 2.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is IEX's market cap? Indian Energy Exchange Ltd's market capitalisation is ₹9,912 Cr at a share price of ₹111.27. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### What is IEX's P/E ratio? Indian Energy Exchange Ltd's P/E is 18.9×, higher than 1% of its own last 8 years. Its usual level (the middle reading) is 37.9×. This compares the price with the company's own past; it is not a view on what the shares are worth (as of 4 November 2026). ### How is IEX valued against its own history? Against its own history, Indian Energy Exchange Ltd's valuation is low: its P/E of 18.9× has been lower only 1% of the time in 8 years (usual level 37.9×). This compares the price with the company's own past; it is not a view on what the shares are worth or where the price goes next. One thing to keep in mind: margins are the best this company has ever reported, and a multiple can look low when profit is at a record (as of 4 November 2026). ### How is IEX performing? Indian Energy Exchange Ltd's share price has been falling for 64 weeks. In its latest quarter, revenue rose 8.4% and profit rose 13.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 12 weeks running (as of 4 November 2026). ### Will IEX's share price go up? This page does not forecast Indian Energy Exchange Ltd's share price. What it shows instead: the share price is ₹111.27, and it has been falling for 64 weeks. Its P/E of 18.9× is higher than 1% of its own last 8 years (as of 4 November 2026). ### Where is IEX in its business cycle? Indian Energy Exchange Ltd's FY26 operating margin was 84.0%, against a 8-year range of 79.0% to 84.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 85.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the IEX story? The main question: yearly earnings per share moved +15.0% while the share price moved −19.9%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is IEX a stock worth studying right now? What the numbers show: Indian Energy Exchange Ltd's earnings have grown faster than its share price. Earnings per share grew +15.0% in a year while the price moved −19.9%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a IEX share price forecast for 2026? What management itself guided: FY27 electricity volume growth around 15%. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Dividend stocks: https://www.sectoralpha.in/dividend-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

This is research, not advice. We’re not SEBI-registered.