ICICI Direct has given Hold recommendation for Indian Energy Exchange with a target price of Rs. 155 in its research report issued on Oct 22, 2022
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 ~85-90% in the power exchange market • The company has a debt free balance sheet with cash & investments to the tune of ~ Rs 340 crore.
Outlook
We change our rating on the stock from BUY to HOLD. We value IEX at Rs 155 i.e. 37x P/E on FY24E EPS.