Buy Indian Energy Exchange; target of Rs 285: ICICI Direct

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ICICI Direct's research report on Indian Energy Exchange

Indian Energy Exchange (IEX) is the premier electricity exchange in India, which facilitates trading of electricity. IEX commands a market share of ~95% in the power exchange market • The company has a debt free balance sheet with cash & investments to the tune of ~ Rs 700 crore.

Outlook

We continue to remain positive and retain our BUY rating on the stock. We value IEX at Rs 285 i.e. 55x P/E on FY24E EPS.

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