Indian Energy Exchange Limited (NSE: IEX)

Quick Facts / Company Snapshot

• Company Name: Indian Energy Exchange Limited
• Industry: Power Exchange / Energy Marketplace
• Establishment Year: 2007
• Headquarters: New Delhi, India
• Corporate Office: Noida, Uttar Pradesh
• Chairman & Managing Director: Mr. Satyanarayan Goel
• Joint Managing Director: Mr. Rohit Bajaj
• Market Position: India’s premier energy exchange
• Total Registered Participants: 8,500+
• Electricity Volume Traded (FY25): 121 Billion Units (BU)
• Renewable Energy Certificates (REC) Traded (FY25): 178 Lakh +1
• Total Revenue (Consolidated FY25): ₹657.36 Crores
• Profit After Tax (Consolidated FY25): ₹429.16 Crores
• Net Profit Margin (Consolidated FY25): 65.29%
• Earnings Per Share (Basic – Consolidated FY25): ₹4.83
• Net Worth (Consolidated FY25): ₹1,136.30 Crores
• Dividend Per Share (FY25): ₹3.00 (300% of face value) +1
• Subsidiary: International Carbon Exchange Private Limited (ICX)
• Associate Company: Indian Gas Exchange Limited (IGX)
• Key Certifications: ISO 9001:2015, ISO 27001:2022, ISO 14001:2015

Company Overview

Indian Energy Exchange Limited (IEX) stands as India’s premier energy exchange, providing a nationwide, automated trading platform for the physical delivery of electricity, renewable energy, and certificates. The exchange has positioned itself as the architect of next-generation solutions for sustainable energy, ensuring competitive, transparent, and reliable access to power. IEX leverages technology and innovation to establish a transparent and efficient energy marketplace, delivering affordable and reliable energy to consumers across the country.

The platform enables efficient price discovery and increases the accessibility and transparency of the energy market in India while enhancing the speed and efficiency of trade execution. IEX operates a digital-first ecosystem that ensures a secure, transparent, and responsive market experience for all stakeholders, from traders to consumers. It supports the nation’s vision of a sustainable and energy-efficient economy by driving liquidity and energy security.

IEX is a publicly listed company with the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) since October 2017. It has been approved and regulated by the Central Electricity Regulatory Commission (CERC) since 27 June 2008. The company maintains a robust ecosystem of over 8,500 registered participants, including 5,700+ industries, 75+ distribution companies (DISCOMs), 2,500+ renewable energy generators, and 1,100+ conventional generators.

The exchange is ISO Certified for quality management (ISO 9001:2015), information security management (ISO 27001:2022), and environment management (ISO 14001:2015).

Business Segments

IEX operates primarily as a power exchange, but its business operations are categorized into distinct market segments based on the nature of contracts and commodities traded. The revenue breakdown provided below is derived from the transaction fees generated by these segments.

1. Electricity Market

• Revenue (Transaction Fees): ₹47,833.81 Lakhs
• % of Transaction Fee Revenue: 93.14% (Calculated: 47,833.81 / 51,354.52)
• Operational Scope:This segment comprises the core electricity trading operations, including the Day-Ahead Market (DAM), Real-Time Market (RTM), Term-Ahead Market (TAM), and the Green Market segments (Green Day-Ahead and Green Term-Ahead). These markets facilitate the physical delivery of electricity between buyers (such as distribution utilities and industrial consumers) and sellers (power generators).
  • Day-Ahead Market (DAM): Launched in June 2008, this segment allows for the trading of electricity for delivery the next day. It operates on 15-minute contracts with a daily trade cycle. The market utilises a double-sided closed bid auction with a uniform price mechanism. The price cap is set at ₹10/kWh.+2
  • Real-Time Market (RTM): Launched in June 2020, RTM features half-hourly auctions, occurring 48 times per day. Delivery occurs with one-hour notice, providing flexibility to manage grid fluctuations. It also uses a double-sided closed bid auction with a uniform price.+4
  • Term-Ahead Market (TAM): This segment offers contracts for delivery up to 3 months (currently awaiting regulatory approval for extension to 11 months). It includes Daily, Weekly, and Monthly contracts. The trading mechanism involves a uniform price step open auction or continuous matching.+2
  • Green Market: This includes the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM). G-DAM, launched in October 2021, allows trading of renewable energy on a day-ahead basis with a uniform price discovery. G-TAM, launched in August 2020, facilitates renewable energy trading for longer durations.+1

2. Certificates Market

• Revenue (Transaction Fees): ₹3,520.71 Lakhs
• % of Transaction Fee Revenue: 6.86% (Calculated: 3,520.71 / 51,354.52)
• Operational Scope:This segment covers the trading of environmental attributes in the form of certificates. It enables obligated entities to meet their regulatory compliance requirements and voluntary entities to meet sustainability goals.
  • Renewable Energy Certificates (REC): Introduced in February 2011, RECs represent green attributes of electricity. Sellers include eligible distribution licensees, RE generators, and open access consumers. Buyers are obligated entities and voluntary purchasers. 1 REC is equivalent to 1 MWh of renewable energy. Trading occurs on a double-sided closed bid auction with a uniform price.+2
  • Energy Saving Certificates (ESCerts): Launched in September 2017, these certificates are traded under the Perform, Achieve and Trade (PAT) scheme. 1 ESCert is equivalent to 1 Metric Tonne of Oil Equivalent (Mtoe). These are traded to meet energy efficiency targets.

History and Evolution

IEX has charted a path of continuous innovation and leadership since its inception.

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• 2008: Commenced operations with the launch of the Day-Ahead Market (DAM). Registered participants crossed 58.
• 2009: Registered the first Open Access Consumer.
• 2010: Launched the Term-Ahead Market (TAM). Registered participants in DAM crossed 500+.
• 2011: Introduction of Renewable Energy Certificates (REC) trading.
• 2012: First Solar REC Trade executed.
• 2015: Introduced the Intraday & Day-Ahead Contingency Market segment. Received ISO Certification, becoming India’s first energy exchange to do so. Launched 15-minute contracts in DAM.
• 2016: Introduced 24×7 trading. Signed MoU with PJM Technologies.
• 2017: Listed on NSE and BSE. Introduced Energy Saving Certificates (ESCerts).
• 2020: Launch of the Real-Time Market (RTM). Launch of the Green Term-Ahead Market (G-TAM). Launch of the Indian Gas Exchange (IGX) as a subsidiary.
• 2021: Launch of Cross-Border Electricity Trading (CBET). Launch of the Green Day-Ahead Market (G-DAM). Incorporation of the International Carbon Exchange (ICX).
• 2022: Launch of Term-Ahead Market contracts up to 3 months. Launch of PowerX, India’s first electricity price index. IEX became India’s first Carbon Neutral Power Exchange.+1
• 2023: Launch of High Price Day-Ahead Market (HP-DAM) and High Price Term-Ahead Market (HP-TAM). Launch of Ancillary Services. Launch of IEX Academy. Signed MoU with Powerledger Australia.
• 2024: ICX approved as India’s First I-REC(E) issuer by the I-TRACK Foundation. Signed MoU with JEPX (Japan).
• 2025: Achieved record electricity trade of 121 BU and REC trade of 178 Lakh.

Products and Services

IEX offers a comprehensive suite of products designed to meet the diverse needs of the power sector.

1. Integrated Day-Ahead Market (DAM)

• Description: The most liquid segment for electricity trading, allowing participants to transact electricity for delivery the next day. It consists of 15-minute contracts for 24 hours of the next day.
• Features: Double-sided closed bid auction with uniform price discovery. Users can trade in 15-minute blocks. The price cap is currently fixed at ₹10/kWh.+1
• Contribution: In FY25, DAM contributed 44% to the total product mix of traded volumes.+1

2. Real-Time Market (RTM)

• Description: Designed to manage real-time imbalances and grid fluctuations. Auctions are held every half-hour, 48 times a day.
• Features: Delivery commences with a one-hour notice. It utilises a double-sided closed bid auction with uniform pricing.
• Contribution: RTM contributed 28% to the total product mix in FY25, with trading volumes of 39 BU, reflecting a 29% growth.+3

3. Term-Ahead Market (TAM)

• Description: Provides contracts for electricity delivery for a duration of up to 90 days. This includes Daily, Weekly, and Monthly contracts.
• Features: Uses Uniform Price Step Open Auction. It allows participants to manage their short-term power portfolio with greater certainty.
• Contribution: TAM accounted for 7% of the total product mix in FY25.+1

4. Green Market (G-DAM & G-TAM)

• Description: Dedicated segments for trading renewable energy. G-DAM allows day-ahead trading of green power, while G-TAM offers term contracts.
• Features: Enables obligated entities to fulfill Renewable Purchase Obligations (RPO). Includes option to carry forward uncleared bids from G-DAM to conventional DAM.
• Contribution: The Green Market contributed 6% to the total product mix. Cumulative volumes stood at 8.7 BU in FY25, marking a 171% YoY growth.+2

5. Certificates (REC & ESCerts)

• Description: Trading of Renewable Energy Certificates (REC) and Energy Saving Certificates (ESCerts).
• Features: RECs are valid perpetually until sold. Trading sessions are held twice a month. 1 REC represents 1 MWh of renewable energy.
• Contribution: Certificates contributed 13% to the total product mix. A record 178 lakh RECs were traded in FY25, an increase of 136% over FY24.+2

6. Ancillary Services (DAM-AS & RTM-AS)

• Description: Launched in June 2023, this segment facilitates the procurement of capacity for Tertiary Reserve Ancillary Services (TRAS) by the National Load Despatch Centre (NLDC).
• Features: Separate windows for TRAS-Up and TRAS-Down services to support grid frequency management.

Brand Portfolio

IEX manages a portfolio of brands that cater to different facets of the energy and environmental markets.

1. Indian Energy Exchange (IEX)

• Scope: The parent brand and the core power exchange. It represents the primary platform for electricity and certificate trading in India.
• Market Share: Commands a dominant market share in the electricity exchange space.
• Financials (Standalone): Revenue from Operations: ₹535.37 Crores; Profit After Tax: ₹414.65 Crores.

2. Indian Gas Exchange (IGX)

• Scope: An associate company promoted by IEX. It is India’s first automated national-level gas exchange for physical delivery of natural gas.
• Performance: In FY25, IGX traded a record 60.01 million MMBtu of gas volumes, a 47% YoY growth. It achieved a net profit of ₹30.95 Crores.+1
• Market Share: Commands approximately 17% of the natural gas spot market share in India.+1

3. International Carbon Exchange (ICX)

• Scope: A wholly-owned subsidiary incorporated to establish a platform for trading green products and carbon credits.
• Status: Accredited as India’s first International Renewable Energy Certificate (I-REC) issuer in FY25.
• Performance: Issued 59 lakh I-RECs in FY25. Generated revenue of ₹2.1 Crores in FY25.

Geographical Presence

IEX’s operations are primarily concentrated in India, with an expanding footprint in the South Asian region through cross-border trade.

1. National Presence (India)

• Scope: IEX operates across all 28 states and 8 Union Territories of India.
• Offices: The company maintains 3 offices. The Registered Office is in New Delhi, the Corporate Office is in Noida, Uttar Pradesh, and a regional presence is maintained in Mumbai.+1
• Grid Integration: The platform serves as the backbone of the national grid, facilitating the ‘One Nation – One Grid – One Frequency’ framework. It connects 5 regional grids: Northern, Eastern, Western, Southern, and North-Eastern.
• Demand Growth: In FY25, significant power demand growth was observed in key states: Punjab (11.4%), Uttar Pradesh (11.1%), Haryana (10%), Jharkhand (9.1%), and Bihar (8.3%).

2. International Presence (Cross-Border)

• Scope: IEX facilitates Cross-Border Electricity Trade (CBET) with neighbouring countries, specifically Nepal and Bhutan.
• Volume: In FY25, 4.2 BUs of buy and sell volume in Cross Border electricity was traded through IEX, an increase from 4.0 BUs in the previous year.
• Expansion: The company aims to integrate the South Asian power market further by encouraging participation from these countries across various market segments.

Financial Performance Analysis

IEX has demonstrated robust financial performance in FY 2024-25, driven by record trading volumes and operational efficiency.

Consolidated Financial Performance Trend (₹ in Crores)

Key Highlights:

• Revenue Growth: Consolidated revenue grew by 19.3% YoY to ₹657.4 Crores in FY25, primarily driven by an 18.7% increase in electricity volumes and a 136% surge in REC volumes.+1
• Profitability: Consolidated Profit After Tax (PAT) increased by 22.3% to ₹429.2 Crores. The PAT margin stood at a healthy 65.29%.
• EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization increased by ₹93.9 Crores to ₹574.0 Crores.

Profit and Loss Analysis (Consolidated)

The Profit and Loss statement reflects strong operational leverage and efficient cost management.

Analysis:

• Revenue from Operations: Increased by approximately 19.6% due to higher trading volumes across all segments.
• Employee Benefit Expenses: Rose to ₹4,613.84 Lakhs from ₹3,901.14 Lakhs, reflecting annual increments and higher variable pay.
• Other Expenses: Increased primarily due to higher technology-related costs (₹1,156.86 Lakhs) and legal fees.
• Other Income: Substantial contribution of ₹12,010.46 Lakhs, largely from interest income on investments (₹5,453.53 Lakhs) and fair value gains.

Balance Sheet Analysis (Consolidated)

The company maintains a debt-free balance sheet with strong liquidity.

Analysis:

• Liquidity: Current investments increased significantly to ₹1,17,768.65 Lakhs, indicating strong cash generation and surplus funds deployment.
• Total Equity: Net worth grew to ₹1,136.30 Crores, driven by retained earnings of ₹1,02,892.96 Lakhs.
• Current Liabilities: A significant portion (₹96,771.44 Lakhs) relates to other financial liabilities, which includes settlement obligations payable and trading margin deposits, reflecting the nature of the exchange business.

Cash Flow Analysis (Consolidated)

Insights:

• Operating: Cash flow from operations increased significantly by 43% to ₹427.25 Crores, driven by higher operating profits and efficient working capital management.
• Investing: Major outflow of ₹210.61 Crores for the purchase of investments, indicating redeployment of surplus cash into financial instruments. Capital expenditure on property and intangibles was ₹7.85 Crores.
• Financing: Cash outflow increased primarily due to dividend payments amounting to ₹266.99 Crores (net).

Board of Directors and Leadership Team

IEX is governed by a diverse Board comprising eminent professionals with expertise in power, finance, and administration.

Board of Directors

• Mr. Satyanarayan Goel (Chairman & Managing Director): Re-appointed for a period of three years effective from August 10, 2024. He provides strategic leadership and has overseen the company’s growth into a multi-product exchange.+2
• Mr. Rohit Bajaj (Joint Managing Director): Appointed for a period of three years effective from August 10, 2024. He previously served as Head of Business Development and Strategy.+2
• Ms. Sudha Pillai (Independent Director): Serves as the Chairperson of the Audit Committee, CSR & Sustainability Committee, and Nomination & Remuneration Committee. She brings extensive administrative experience.+1
• Mr. Tejpreet Singh Chopra (Independent Director): Member of the Audit Committee and Nomination & Remuneration Committee. He has significant experience in the corporate sector.
• Mr. Rajeev Gupta (Independent Director): Appointed effective August 10, 2024. He serves as a member of the Nomination & Remuneration Committee.+1
• Mr. Pardeep Kumar Pujari (Independent Director): Appointed effective March 12, 2025. He chairs the Risk Assessment and Management Committee and the Enterprise Risk Management Committee.+1
• Mr. Gautam Dalmia (Non-Executive Director): Represents the non-executive category and serves on the Investment Committee and Enterprise Risk Management Committee.
• Mr. Amit Garg (Non-Executive Director): Serves on the Audit Committee and Risk Assessment and Management Committee.

Key Management Personnel

• Mr. Vineet Harlalka: Chief Financial Officer & Company Secretary. Responsible for financial management and compliance.
• Mr. Amit Kumar: Executive Director (Non-Board). Heads Market Operations, New Product Initiatives, and Exchange Technology.
• Mr. Puneet Chitkara: Senior Vice President – Strategy.

Subsidiaries, Associates, Joint Ventures

IEX has one wholly-owned subsidiary and one associate company.

1. International Carbon Exchange Private Limited (ICX)

• Relationship: Wholly Owned Subsidiary (100% ownership).
• Revenue (FY25): ₹189.22 Lakhs.
• % of Group Revenue: 0.29% (Calculated: 189.22 / 65736.69).
• Profile: Incorporated in December 2022 to establish a platform for trading green products and carbon credits. In FY25, it became India’s first I-REC(E) issuer approved by the I-TRACK Foundation. It issued over 5.9 million I-REC(E) certificates during the year. It has also applied to become an Electronic Trading Platform for EPR certificates.+2

2. Indian Gas Exchange Limited (IGX)

• Relationship: Associate Company (47.28% ownership).
• Contribution to Profit: Share in profit of associate was ₹1,463.15 Lakhs in FY25.
• Profile: India’s first gas exchange licensed by PNGRB. It facilitates trading at 17 delivery points including LNG terminals and pipeline interconnection points. In FY25, IGX traded 60 million MMBtu of gas volume. It reported a net profit of ₹30.95 Crores for the year.+1

Physical Properties

IEX operates primarily from leased office premises and does not own manufacturing plants or factories.

• Registered Office: First Floor, Unit No. 1.14(a), Avanta Business Centre, Southern Park, D-2, District Centre, Saket, New Delhi – 110017.
• Corporate Office: Plot No. C-001/A/1, 9th Floor, Max Towers, Sector 16B, Gautam Buddha Nagar, Noida, Uttar Pradesh – 201301.
• Regional Office: Unit No. 1001 – 1008, 10th Floor, A Wing, 215 Atrium, Andheri Kurla Road, Andheri East, Mumbai – 400069.

Segment-wise Performance

The company operates under a single operating segment: “Power Exchange”. However, operational performance is tracked by product categories.

• Electricity Volumes: Reached an all-time high of 121 BU in FY25, growing by 18.7% YoY. This was driven by a surge in demand and deepening market participation.
• REC Volumes: Achieved a historic milestone of 178 lakh certificates traded, registering a massive 136% YoY growth. This surge was aided by the decoupling of floor and forbearance prices.+1
• Green Market Volumes: Cumulative volumes stood at 8.7 BU, marking a 171% YoY growth, underscoring the rising demand for clean energy solutions.
• Real-Time Market (RTM): Traded 39 BU, reflecting a 29% growth. This segment is crucial for integrating renewable energy into the grid.+1
• Term-Ahead Market (TAM): Witnessed a decline of 21% in volumes to 11.8 BU compared to 15 BU in FY24, due to regulations like GNA and lower demand during specific periods.

Founders

IEX is a professionally managed company with no identified “Promoters” in the shareholding pattern as of March 31, 2025. The Promoter shareholding is reported as Nil.

Historically, the company was promoted by a consortium including Financial Technologies (India) Ltd (now 63 Moons Technologies) and PTC India Financial Services, but it has transitioned to a widely held, professionally managed structure.

Shareholding Pattern

As of March 31, 2025, the shareholding pattern reflects a diverse base of institutional and public investors.

• Promoter & Promoter Group: Nil (0%).
• Top Institutional Holders:
  • Mutual Funds: 28.14% (25,08,82,960 shares).
    • Major Holder: SBI Mutual Fund (9.58%), Parag Parikh Mutual Fund (5.06%).
  • Foreign Portfolio Investors (Corporate): 16.12% (14,37,27,961 shares).
  • Bodies Corporate: 17.65% (15,73,48,508 shares).
    • Major Holder: DPVL Ventures LLP (7.02%).
  • Qualified Institutional Buyers: 5.05%.
  • Alternative Investment Funds: 0.93%.
• Public Holdings:
  • Resident Individuals: 29.71% (26,49,11,778 shares).
  • Non-Resident Indians: 0.80%.
  • Others (HUF, Trusts, Clearing Members): Remaining balance.

Parent

IEX does not have a parent company. It is a standalone, publicly listed entity with no promoter holding. It acts as the holding company for its subsidiary, International Carbon Exchange Private Limited (ICX), and its associate, Indian Gas Exchange Limited (IGX).

Investments and Capital Expenditure Plans

IEX continues to invest in technology and strategic initiatives to maintain its market leadership.

• Capex Allocation: In FY25, the company incurred capital expenditure of ₹785.10 Lakhs primarily for the purchase of property, plant, equipment, and intangible assets (software).
• Technology Investments: The company invested ₹1,061.84 Lakhs in technology expenses in FY25, up from ₹914.75 Lakhs in FY24. This includes spending on software licenses, AMCs, security tools, and data center operations.
• Strategic Investments:
  • Invested ₹122.22 Lakhs in Enviro Enablers India Private Limited (10% stake) as a strategic investment.
  • Maintains an investment of ₹3,546.00 Lakhs in its associate, Indian Gas Exchange Limited.
  • Invested ₹500.00 Lakhs in its subsidiary, International Carbon Exchange Private Limited.
• R&D: The company is not directly involved in R&D activities and hence incurred no expenditure on this front.

Future Strategy

IEX has outlined a clear strategic roadmap to capitalize on the energy transition and market deepening.

• Product Expansion:
  • Green Real-Time Market (G-RTM): IEX has filed a petition with CERC to launch G-RTM to allow renewable energy trading in real-time, helping generators minimize deviation costs.+1
  • Long Duration Contracts: Seeking approval to extend Term-Ahead Market contracts from 3 months to 11 months to offer greater flexibility.
• New Market Opportunities:
  • Battery Energy Storage Systems (BESS): Exploring opportunities to facilitate charging and discharging of BESS through the exchange, leveraging arbitrage opportunities between solar and peak hours.
  • Carbon Market: Preparing for the trading of Carbon Credit Certificates as per the Carbon Credit Trading Scheme (CCTS), expected to commence by the end of FY27.
  • Coal Exchange: Collaborating with the Ministry of Coal to set up India’s first Coal Exchange to facilitate transparent coal trading.
• P2P Trading: Exploring Peer-to-Peer (P2P) trading opportunities for rooftop solar in partnership with ISGF and Power Ledger.
• Technology: Transitioning to a next-generation technology architecture using agile development and advanced analytics to support rapid scalability.

Key Strengths

• Dominant Market Position: IEX is the premier energy exchange in India with a substantial market share in the short-term power market.
• Liquidity: High liquidity on the platform ensures efficient price discovery and reliable trade execution for participants.
• Diverse Product Portfolio: Offers a wide range of products across electricity (DAM, RTM, TAM), renewables (Green Market), and certificates (REC, ESCerts).
• Robust Technology: State-of-the-art trading platform with zero unplanned downtime and ISO 27001:2022 certified security.
• Financial Strength: Debt-free company with high profit margins (PAT margin > 60%) and strong cash flow generation.
• Professional Management: Managed by a highly experienced Board and leadership team with deep sector expertise.

Key Challenges and Risks

• Regulatory Risk: The power market is highly regulated. Changes in regulations, such as the implementation of Market Coupling, pose a strategic risk. CERC has issued an order to implement coupling in the Day-Ahead Market by January 2026, which could impact the role of power exchanges as price discovery platforms.+1
• Competition: Increasing competition from other power exchanges and potential new entrants.
• Policy Changes: Risks arising from changes in policies related to Open Access, transmission charges, and renewable energy mandates.
• Technology Risk: Dependence on technology makes the exchange vulnerable to cyber-attacks and system failures, though mitigation measures like SOC and DR sites are in place.
• Market Concentration: Revenue is highly dependent on transaction fees from electricity trading. A single customer contributed more than 10% of the total revenue in FY25.

Conclusion and Strategic Outlook

Indian Energy Exchange Limited (IEX) has firmly established itself as the bedrock of India’s short-term power market. With a record trading volume of 121 BU in FY25 and a robust financial performance delivering a 65% net profit margin, IEX demonstrates exceptional operational efficiency. The company is at the forefront of India’s energy transition, driving significant growth in its Green Market and Certificate segments.

Looking ahead, IEX is strategically pivoting towards future-ready markets. The impending launch of the Green Real-Time Market, entry into the Carbon Market, and the potential establishment of a Coal Exchange signal aggressive diversification. While regulatory headwinds like Market Coupling present challenges, IEX’s entrenched liquidity, superior technology infrastructure, and proactive product innovation position it well to navigate the evolving landscape. As India marches towards its 500 GW renewable energy target by 2030, IEX acts as a critical enabler, ensuring that the marketplace remains efficient, transparent, and sustainable.

Official Site: https://www.iexindia.com

FAQ

1. What is the core business of IEX?

IEX is an electronic power exchange that provides an automated trading platform for the physical delivery of electricity, renewable energy, and certificates like RECs and ESCerts.

2. Does IEX generate electricity?

No, IEX does not generate or transmit electricity. It is a marketplace that connects buyers (DISCOMs, consumers) and sellers (generators) to trade power.

3. What is the Market Coupling issue affecting IEX?

Market Coupling is a regulatory mechanism proposed by CERC where a separate agency matches buy and sell bids across all power exchanges to discover a uniform price. In July 2025, CERC ordered the implementation of coupling in the Day-Ahead Market by January 2026. This could potentially dilute IEX’s unique value proposition of price discovery.

4. What are IEX’s subsidiaries?

IEX has one wholly-owned subsidiary, International Carbon Exchange Private Limited (ICX), which deals in carbon credits and I-RECs. It also has a significant associate company, Indian Gas Exchange Limited (IGX).

5. Is IEX a debt-free company?

Yes, IEX is a debt-free company with no outstanding debt as of March 31, 2025.

6. What is the dividend policy of IEX?

IEX has a consistent dividend track record. For FY25, the company declared a total dividend of ₹3.00 per equity share (300% of face value), including interim and final dividends.

7. How does IEX contribute to green energy?

IEX operates dedicated Green Day-Ahead and Green Term-Ahead markets for renewable energy trading. It also facilitates the trading of Renewable Energy Certificates (RECs) to help entities meet their green energy obligations.

8. What is the IGX?

The Indian Gas Exchange (IGX) is an associate of IEX and is India’s first automated national-level gas exchange for the physical delivery of natural gas.

9. Who owns IEX?

IEX is a professionally managed company with no promoter holding. It is owned by public shareholders, including mutual funds, foreign portfolio investors, and corporate bodies.

10. What is the trading volume of IEX?

In the financial year 2024-25, IEX recorded a total electricity trading volume of 121 Billion Units (BU).