ICICI Direct has given Buy recommendation for Indian Energy Exchange with a target price of Rs. 910 in its research report issued on Oct 22, 2021

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 910 i.e. 57x P/E on FY24E EPS

 

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