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36% Buy 👍 Sector logoPower
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Shareholding Info
  • Foreign institutions-FII
    17.28 %
  • Other domestic institutions
    5.43 %
  • Retail and other
    61.61 %
  • Mutual Funds
    15.68 %

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Key Indices in NSE

Key Indices in BSE

Company Overview


The Indian Energy Exchange (IEX) is an energy marketplace offering a national automated trading platform for delivering electricity, renewable sources, energy-saving and renewable energy certificates. IEX recently introduced cross-border electricity trade, broadening its power market beyond India to create an embedded South Asian power market.
The company has an ecosystem of over 6,800 participants across 29 states and 5 union territories, including 55 distribution networks and over 500 traditional generators. The company has a customer base of over 4,400 business and industrial clients. These include clients involved in metal processing, food manufacturing, textiles, ceramics, cement, automobiles, chemicals and information technology enterprises. IEX also serves institutional, residential, real estate, and commercial entities.
Since August 2016, IEX has held ISO certifications for quality management, environmental management, and information security management. The company is authorised and governed by the Central Electricity Regulatory Commission. It has been a publicly traded company on the NSE and BSE since October 2017.


Company Journey


The concept of power exchange in India began in 2005 when Multi Commodity Exchange and Financial Technologies Limited collaborated to develop an application to establish a power exchange.

On 26 March 2007, IEX was registered with the Maharashtra Registrar of Companies as a public limited firm under the Companies Act, 1956. On 17 April 2007, the company was granted a certificate of incorporation.

Here is a brief overview of IEX's milestones:
  • 2011 - The trading of RECs commences.
  • 2014 - The daily average cleared volume exceeded 79 MU/day (Mega Unit per day). Over 2,900 freely accessible consumers obtain power from IEX. The highest cleared volume in a single day exceeded 117 MUs.
  • 2015 -The highest cleared volume in a single day exceeds 131 MUs.
  • 2016 - The daily average cleared volume reaches 93 MU/day. The highest cleared volume in a single day exceeds 136 MUs.
  • 2017 - The average daily cleared volume reaches 109 MU/day and the highest cleared volume in a single day exceeds 147 MUs.

Initial Public Offering


The company issued an initial public offering (IPO) between 9th October 2017 and 11th October 2017. Selling shareholders offered to sell 60.65 lakh shares in the IPO. The equity shares were traded in the main board IPO for IEX with a face value of ₹10, totalling ₹1,000 crore. The issue was priced between ₹1,645 and ₹1,650 per share. The minimum order amount was 9 shares.

Business Highlights


IEX is India's first energy exchange. It facilitates the trading of electricity on its platform, the same as the NSE and BSE facilitate trading stocks. It can be compared to a market where electricity buyers and sellers meet and trade according to the basic principles of supply and demand.

Some corporations produce electricity (known as gencos), like NTPC Limited (National Thermal Power Corporation Limited), Tata Power, Adani Power, etc. Then some corporations distribute electricity (they are known as discoms). IEX lies between these two types of electricity generation and distribution corporations.

IEX enjoys a monopoly in its industry. The company's main revenue sources include:
  • Transaction fees, which account for around 84% of revenues, and
  • Annual subscription fees, which account for 5% of revenues

The transaction volume on IEX's platform has grown at a rate of above 32% CAGR since the exchange's operations began in 2008.

Only IEX and Power Exchange India Ltd. are now operating in the power exchange industry.

Performance Highlights


  • IEX has a market capitalisation of ₹20,193 crore as of 2022.
  • The company had the revenue growth of 36% YoY (year-on-year) with revenue at ₹484 crore in FY 2021-22.
  • IEX’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) increased by ₹118 crore, taking the earnings from ₹300 crore in FY2021 to ₹418 crore in FY2022.
  • The company had a net profit margin of 63% as of September 2022 and its share price return between 2019 and 2022 was measured to be 204%.
  • The ROE (return on equity) ratio for IEX was measured to be 50 % and the ROCE (return on capital employed) ratio was measured to be 65%.
  • IEX is a small-cap company listed on BSE and National Stock Exchange of India Limited. IEX is a part of the following indices:
    • S&P CNX 500
    • CNX Midcap
  • From May 2022 to November 2022, promoter holding in the company stayed constant. As for the mutual fund holding of the company, the trend saw 2.50% rise from September 2022 to November 2022.
  • Top 5 mutual fund houses holding IEX shares as of November 2022 are:
    • Parag Parikh Flexi Cap Fund
    • Mirae Asset Emerging Bluechip
    • Mirae Asset Large Cap Fund
    • Mirae Asset Focused Fund
    • Mirae Asset Tax Saver Fund

Management


IEX's executive management includes:
  • Mr. Satyanarayan Goel (Chairman and Managing Director)
  • Mr. Vineet Harlalka (Chief Financial Officer)
  • Sangh Suman Gautam (Chief Technology Officer)
  • Rohit Bajaj (Head of Business Development)
  • Ms. Sudha Pillai (Independent Director)
  • Mr. Tejpreet S. Chopra (Independent Director)
  • Prof. Kayyalathu Thomas Chacko (Independent Director)
  • Mr. Gautam Dalmia (Non-Executive Director)
  • Mr. Amit Garg (Non-Executive Director)

Investor Relation Officer


Mr. Vineet Harlalka

Company Secretary and Compliance Officer
Plot No. C-001/A/1,
9th Floor,
Max Towers, Sector 16B, Noida,
Gautam Buddha Nagar, Uttar Pradesh – 201301

Phone No: 0120 - 4648100
Email: investorrelations@iexindia.com


Industry Overview


IEX competes with companies like Adani Transmission, NTPC, Power Grid Corporation, NHPC, JSW Energy, Tata Power, SJVN, and Torrent Power. The market capitalisation of these key players is as follows:
  • Adani Transmission ₹ 371,732 crore
  • NYPC ₹ 170,516 crore
  • Power Grid Corporation ₹ 159,040 crore
  • Adani Power ₹ 134,453 crore
  • Tata Power ₹ 73,221 crore
  • JSW Energy ₹ 54,669 crore
  • NHPC ₹ 44,098 crore
  • Torrent Power ₹ 24,545 crore
  • SJVN ₹ 15,150 crore

With an installed power generation capacity of 404.13 GW as of 31st July 2022, India is the world's third-largest consumer and producer of electricity. In 2022, power consumption is expected to reach 1,894.7 TWh. India's power industry has a bright future, and economic growth drives electricity demand.

In India, the private sector generates 49.4% of the country's thermal power, while states and the central government produce 24.6% and 26.0%, respectively. In 2021, India's per capita electricity consumption was 1181 units. It is expected to reach 1616 units by 2025, representing a 37% increase. This potential rise in electricity usage will directly and positively impact exchange trading volumes, particularly IEX.

Risks and Concerns

  • The company takes appropriate measures to monitor and mitigate these risks through a structural enterprise risk management framework. The enterprise risk management structure identifies, qualifies and evaluates strategic, operational, and external risks to the overall company profit.
  • The systems approach also provides a structure for developing a mitigation strategy and aids in progress monitoring. Every six months, the Enterprise Risk Management Committee reviews the risk and its mitigating measures.

Registrar


KFIN Technologies Pvt. Ltd.
Auditor
BSR & Associates LLP

Address -
First Floor, Unit No. 1.14(a)
Avanta Business Centre,
Southern Park, D-2, District Centre,
City: New Delhi
State: Delhi
Pincode: 110017

Contact details -
Email ID: compliance@iexindia.com
Web Url: http://www.iexindia.com

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