ICICI Direct has given Buy recommendation for Indian Energy Exchange with a target price of Rs. 190 in its research report issued on Jul 26, 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 ~90% in the power exchange market • The company has a debt free balance sheet with cash & investments to the tune of ~ Rs340 crore.

Outlook

We continue to remain positive and retain our BUY rating on the stock. We value IEX at Rs 190 i.e. 40x P/E on FY24E EPS.

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