Indian Energy Exchange Limited (IEX.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+71.0%

₹186.34

vs ₹108.96 price

Levered DCF

₹144.86

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

6.4

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.71×	36.59×	35.61×	37.41×	65.13×	48.23×	21.76×	29.62×
P/B	7.48×	13.82×	12.83×	14.34×	28.62×	18.88×	9.84×	13.18×
P/S	16.58×	29.25×	22.65×	28.6×	46.72×	31.27×	14.86×	19.22×
EV / EBITDA	15.07×	26.52×	25.21×	26.99×	46.92×	34.24×	15.75×	19.88×
Gross margin	80.7%	92.9%	99.8%	92.6%	91.7%	87.7%	88.8%	91.4%
Operating margin	80.7%	80.6%	90.5%	79.4%	80.5%	73.9%	72.8%	75.8%
Net margin	80.1%	79.9%	63.7%	76.4%	71.8%	64.9%	68.4%	65.0%
Current ratio	2×	1.57×	1.58×	1.26×	1.54×	1.93×	1.46×	1.27×
Debt / equity	0.01×	0.01×	0.01×	0.02×	0.01×	0.02×	0.04×	0×
Interest coverage	217.57×	165.26×	175.93×	129.45×	175.56×	114.18×	119.4×	262.15×
Dividend yield	2.6%	1.7%	1.4%	0.8%	0.7%	0.8%	2.4%	1.4%
Payout ratio	54.2%	62.2%	50.7%	29.3%	43.5%	36.3%	51.2%	40.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	36.1%	37.8%	36.1%	38.3%	44.0%	39.2%	45.3%	44.6%
Return on invested capital	26.7%	27.5%	36.6%	28.6%	35.5%	29.5%	33.5%	34.2%
Return on assets	20.2%	19.5%	19.8%	21.0%	18.2%	20.9%	26.3%	23.4%
Free cash flow yield	5.0%	2.7%	2.3%	-0.3%	3.7%	2.9%	3.1%	2.8%
Earnings yield	4.8%	2.7%	2.8%	2.7%	1.5%	2.1%	4.6%	3.4%
Enterprise value	₹101.2B	₹156B	₹123.4B	₹114.1B	₹199.2B	₹99B	₹38.2B	₹48.3B
Net debt / EBITDA	-0.14×	-0.17×	-0.28×	-0.1×	-0.5×	-0.12×	0×	-0.21×
Cash conversion cycle (days)	-13	117	-775	-4,957	-6,374	-1,540	-972	-2,170